Angela Itambo Company

Winning is the verb for win, and according to the OXFORD dictionary winning is defined as ‘to be the most successful in a competition, race, and battle‘. For the benefit of those reading this column that are in small businesses we encourage you to come to the realization that it isn’t business as unusual, things have changed, the global economy and trade is well integrated therefore no longer should one be careless about how he or she conducts his or her affairs. Being in business is also a career and carries with it great responsibilities which should not be abdicated. As the definition goes to show to win means you must be in a competition or race or battle, which means you are not competing against yourself but with other businesses for the attention and constant patronage of targeted customers. The wrong perception of I alone mentality has resulted to one of the reasons why many small business owners are not able to play their roles in business thereby abdicating their responsibilities which often arises from lack of passion for a business once it is started or grows due to wrong choice of business opportunity.

The cause is created based on the notion that to succeed in business starts with a great idea. Many times we hear of this adage ‘ what you need to succeed in business is a good idea’ this isn’t correct, an idea which is defined by Oxford dictionary as ‘ a plan, thought or suggestion, especially about what to do in a particular situation’ only borders on the individual self interest often times (money gratification) What makes an idea a wrong premise to invest in, has to do with the fact that an idea originates from your own analysis or premonition, what every start-up or business man or woman should be concerned about is an opportunity in the market place that can be translated into a business. The difference between the two has to do with the focus group. The former is concerned about his or her personal interest which often are self indulging while the latter has to do with the customer, on what he or she is willing to exchange his or her business offer for their hard earned money.

From my experience in counseling /consulting it has been found that most people start businesses with the wonderful idea notion, and spend a lot more on time and all available resources to no avail. This has to change, the cry for additional funding, no market is often as a result of this practice. To address this misdemeanor the owner manager must undertake a thorough audit of its business along these lines;

• The motive for going into such a business, to succeed in business you should have a passion for what you are about to invest in , not having one can transcend down to others who assist you in running a business. Lack of passion terms from the wrong choice of business opportunity. Some individuals are coaxed into a business through the promise of instant pay back and often times these individuals have no nag for this choice of business, what propels them to invest was the promise of getting rich quick. No business is an instant money maker; there will be a period of inertia, where it seems everything is slow.

The motive for starting a business must take into consideration that there is a time to plant another time to harvest and it is in this middle field one has to wait and often this period records high drop outs of entrepreneurs. To contain this period you need to have a passion for it to outlive the dryness. Do you seem bored about the business you are in, especially as a startup or even emerging business? May be you are in the wrong business? What was the real motive for investing in such a business? Does it match the type of business you are in? There is a great difference between small business and entrepreneurship, small businesses are often ventures undertaken by individuals to fulfill the physiological needs of Man which are the need for food, shelter e.t.c this are immediate needs to alleviate poverty, the need for expansion isn’t there that is why such individuals find it reluctant to open up to outside funding which comes with its own set of rules such as diversity in management.

While being an entrepreneurship is about a long term vision to solve market need in a spectacular way. Often times these ventures are started on a small scale; however the vision for this business is not restricted to a geographical or immediate environment. Nevertheless, the entrepreneur is interested in solving a customer need often times those targeted may not be aware they need help so this takes time to make meaningful impact, the bottom line is these individuals are ready to wait. The thoughts we leave with you are; are you sure you are meant to be in this business? What are you, is it in small business or in entrepreneurship? Both are good but have different impacts. God bless you God bless Nigeria. Amen.