First 3 things to Consider in Starting a Business in Africa

In this episode, I discuss what I consider as the first 3 pertinent conditions to consider when you think of starting a business. The notes are below;

Who can start a business?

1. You don’t need a university degree
2. You don’t necessarily need a bunch of money in the bank
3. A business experience is not a necessity

But 2 main things that you require to be successful in any business venture:

1. A good plan
2. A strong drive and the ability to bounce back

The 3 things to consider that I will be discussing are:

1. Evaluating yourself
2. Thinking of a business idea
3. Doing a market research

1. Evaluating yourself

A key question that you have to ask yourself is: Why do I want to start a business?

Once you have a reason, there are several other questions to ask yourself:

1. What skills do you have?
2. What are you passionate about?
3. What kind of lifestyle do you want to live?

Honesty is key here

• Thinking of a business idea

If you already have a business idea then this part will probably not apply to you

Ways to come up with one;

1. Ask yourself what’s next
2. Fix something that bugs you
3. Finding a new way of doing something does already existing
4. Provide a cheaper alternative to something or a better

• Doing a market research

Set objectives

Is anyone else doing what you want to do?

Research

1. similar products or services
2. competitors
3. potential partners