Introduction: What is an Entrepreneur?

An entrepreneur starts a business or has an idea for a business and then takes steps to make that idea happen. Entrepreneurs are risk takers. They take a risk and hope for the best.

Entrepreneurs have to be willing to take on the challenges of running their own company, which means they have to be self-motivated and able to work hard and long hours. 

Entrepreneurship is a risky endeavour that requires a certain amount of courage. 

As an entrepreneur, I am always willing to take on new challenges and work strategically to see things work as planned. It is important that you focus on your business and also keep an eye on your expenses. For your information, technology will constantly change, and it’s important to stay up to date. 

Based on my business experience, here are ten steps to starting a business: 

1 Step: Develop an idea for a business

With the rise of start-up culture, there are endless opportunities to find a business idea. And with the internet being accessible to nearly everyone, you can take your business idea and start your own company. But before you think about starting a company, it is a good idea first to consider what kind of business objective you want to achieve. Once you know what type of work you want, then it becomes easier.

At 20 years, I started a registered sole trade printing business service (Abdulazeez Majekodunmi Nigeria Enterprises) before joining the Nigerian Airforce. The idea came to mind during my apprenticeship program. If you pay close attention to your surrounding, anything around you could inspire or motivate you and becomes a source of idea to start a new business. 

If you have a business idea, you should test it. You can test your idea by talking to people who may be interested in it and asking them how they would feel about it. Or you can find a local business that you think would be similar to your idea and see if there is a market for it. 

If you want to test your idea, consider your target audience and the market. 

Step 2: Identify your goals.

What is your goal in starting a company? Is it to create a product or service, or is it to become an entrepreneur? Whatever the answer may be, make sure that you have a clear goal and that you know what it is.

When I started my business in my twenties, I wanted to be financially independent and add value to society by creating employment opportunities for others.

Defining your goals is very important in setting up your business because It helps you focus on what you want to achieve and enables you to understand how much time and money you will need to invest to reach your goals. 

Every entrepreneur has a goal or set of goals. Your goal may be to be self-independent, financially independent, successful in life, be your boss, or raise your brand awareness. It will help if you start by defining what you want to achieve. And how much time and money you are willing to invest.

Step 3: Create a Business Plan.

A business plan is a document that outlines the goals and objectives of the company and the resources required to achieve those goals. In order to develop a good business plan, it’s important to have a clear understanding of what your company does and who your target audience is.

A detailed business plan can be used for many purposes, such as raising capital for your company or use in marketing campaigns. The more detail you provide in your plan, the more likely you are to receive funding from investors or attract customers from potential clients. 

Here are key areas to focus on when writing a business plan: Executive Summary, Company Summary, Market Analysis Summary, Strategy and Implementation Summary, Management Summary, financial analysis etc. 

When I started my business, I went to a bookshop to ask for a book on a business plan and luckily, I got one. The book gave me an insight into what I needed to do, how to do it and how to build a strategic and analytical business process and implementation. 

Step 4: Identify your target audience.

Understanding your target audience is the first step toward a successful marketing campaign. The more you know about them, the better you can cater to their needs.

The second step is to identify what you want to achieve with your marketing campaign. Do you want to grow your business and make more sales? Knowing this will help you find the right target audience and determine which channels are best for reaching them.

In my area in Bariga, Lagos, there are a lot of motor spare part sellers around my locality. Then I saw this niche as my target audience. I applied a face-to-face strategy to communicate my new business with them. 

As a printer, I printed a complimentary card and letter header paper. Then, I distributed the card to all the sellers.

In the information age, you could leverage technology to find a niche and reach out to them through social media platforms.

For example, if you’re looking for new customers, then social media would be an excellent place to start, whereas email marketing would be a better choice if you’re looking for leads.

Step 5: Choose your business name.

Choosing the right business name is an important decision for any company. It is not just about the name but also the address and contact information.

It is vital to choose a name that will stand out in your industry and make it easier for you to be found by potential customers. The business name should reflect your company’s values and what you do and be easy to spell and pronounce.

I used my personal and family name as my company name because I was popularly known as Azeez Majekodunmi, then I decided to use it as a brand name, and it works. 

Choosing a business name is an essential step in starting your new business. You want to ensure that your business name reflects your business type and that it is easy to spell and pronounce.

A company’s name plays a role in branding and marketing efforts. It also helps people find the company online when searching for products or services. 

Registering your business with the state or country you live in is vital before choosing a name. This will ensure that no one else has already registered it as a trademark, which can result in legal issues down the line.

Step 6: Pick your business location.

Choosing the right location for your business is a very important decision. It is not only about finding a place with a suitable climate and environment but also about finding a place with the right resources and economy.

Then, I started my business inside my bedroom using my house address. I had a handbag, business card, letter header paper, and pen; as the company grew, I decided to register it in 1990 as Abdulazeez Majekodunmi Nig. Enterprises.

Thus there are many factors to consider when deciding on the location of your business. The first thing to consider is what industry you want to be in. For example, if you want to open a restaurant, you would like to find an area with lots of people looking for food, such as a downtown area or near universities. 

Step 7. Your business needs a website

Now it’s time to build your website. Creating a website for your business can seem overwhelming, but I promise you it doesn’t have to be. A website is an essential part of your business. It is a digital representation of your company, and it is crucial to have one if you want to have an online presence or target an online audience.

A website is one of the most important aspects of a business. It needs to be designed in such a way that it is easy to navigate, attractive, user-friendly, and up-to-date.

Nowadays, a website is not enough for your business; you need a social media presence. A social media account for your company has many benefits: it will help you grow an audience, attract new customers, and increase brand awareness.

If you need my help with a website design or social presence, please do not hesitate to contact me.

As a web designer and social media manager, I can help you to build a website that drives traffic and increase sales. You can contact me for your next project.

Step 8: Make a financial plan.

Starting a business is an exciting and challenging journey that can often feel like it’s the most daunting thing you’ll ever undertake. You will need to do many things before starting, such as learning what it would take to start your business. Research your competition, understand the markets you’ll be entering and have a strong vision for success. 

I raised capital through savings to start my business idea, so every penny meant a lot to me. After my apprenticeship program, I worked at Exam Success Press at Palmgrove, Lagos, for two months as a lithographer.

There are six financing options for small business owners. These include traditional loans, credit cards, personal loans, venture capital, angel investors and crowdfunding.

Step 9: Create a brand that stands out

A strong brand is a business’s best asset. A strong brand will make it easier to gain loyal customers, keep them coming back and have them recommending the product to their friends. A company with a strong brand is also more likely to be chosen by investors because the company has a greater chance of future success. 

My business brand then was ‘MAJEK’, with a blue rounded logo, and I still use the brand name to date. 

A brand can be considered a business’s good reputation or reputation for excellence with its current and potential consumers. A strong brand fulfils these expectations and has long-lasting value. A brand can be defined as an intangible asset that enables firms to differentiate their products or services in the marketplace by identifying what they stand for, who they are, and how they do business. The brand is a vital component of any marketing strategy and is one of the essential marketing tools.

Step 10: Open a business bank account

Opening a business bank account is a necessary step for the success of your business. You will need to open an account with a bank that has internet banking for an easy business transaction. You must supply personal information about yourself and your business at the bank.

The first step in opening a business bank account is to choose which type of account you want. Do you want an individual or joint account? Individual accounts are used more often by sole proprietorships, while joint accounts are used more often by corporations.

If you decide on a corporation, you must file with the state for your articles of incorporation. You will file your company name and address. You’ll also have to complete the paperwork with federal inland revenue for tax purposes in Nigeria.

Once you have decided on the type of account, you will need to find a bank that offers it. Visit the bank near your location to open your business account.