Do you have what it takes to start your own business?

start your own business

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When you decided to start your own business, I understand there might have been a thrill when you came up or discovered the best idea for starting your business, whichever way the idea came (fresh, improving what is existing, filling a gap), there are some things you need to do before you start your own business.


The first thing you need to do is research, find out more information about your idea. Getting this right will make you know whether your idea is valid or would be successful. You can get started by doing any or all of the following.

You can simply use the internet, it is convenient, though you might not get the right or all the info.

Ask people questions like,

a.      What’s their opinion on your thought?

b.      Would they purchase or use it?

c.       Why might it matter to them?

d.      What amount would they pay for it?

Make sure their responses are real and factual.


Setting up your business can both be challenging and rewarding, there is nothing exciting that doesn’t have an element of risk in it. According to an interview of the billionaire (Aliko Dangote) I watched, you can’t start a business without taking risks but always take calculated risks.

Since it is your business, you can determine the level of risk(s) you want to take. From my experience, I live by these two rules:

1.      If the risks outweigh the rewards, I won’t take the risks.

2.      I don’t take risks what I can’t afford to lose or have a recovery plan for.

Some might say taking big risks has higher returns, I answer them by saying if things go south, will you be there for me?


Like the famous brand (Nike) motto, “just do it”. You don’t have to get it all right as you start your own business, you can get started by just having an online presence, like Mark Zuckerberg once said, you don’t have to figure it all out when starting, you’ll learn along the way.

You can also start your own business while still keeping your regular job, this would even allow you to have gotten your business to a certain stage.


You have the best idea, but if the skill-sets are not applied, your business might not get to the heights you want. Though you can’t have all the skill-sets, there should be plans to upgrade your skills to competent levels and get other personnel to fill in the gap. For instance, you might have the best technical skills, you’d need someone with a marketing and sales skill-set.

Technology has even made things easier. With the use of business management software (accounting), you can manage your business on the go, keep track of your expenses and revenues.


One thing you should know as you start your own business is, be prepared to do most of the work yourself. These can translate long hours, hard work, and no days off.

Another thing to know is, you’d be taking most of the decisions, and most of the responsibilities of paying bills, tax returns, legislation, managing customers, etc. fall on you. Are you ready to take on these responsibilities?

Conclusively, as you start your own business, passion, and determination are very important in the initial stages of your business.


Tijani Olayiwola Ahmed:
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