WHY DO BUSINESS?
It is vital for you to plan for the future. What will you do after graduating from school in order to build a prosperous future for yourself and your family? There are over 19 million people in Malawi. 45% are under age of 15. This means that after graduating from school there is a very high competition for jobs. 80% of jobs available are in agriculture and farming since getting into the service industry requires experience and social connections. This is why doing your own business is a great alternative.
HOW IS A BUSINESS STARTED
A business begins with a business concept (the idea) and a name. There are several things to consider before choosing the idea:
Business is a marathon not a race, meaning that you might have to do it for many years before it turns successful. This is why it is important to pick something you would love to do because you will have to do it every day for at least the next 5 years. Too many people pick an idea just because they think it will bring loads of money. This presents several problems- firstly, it turns into a boring routine you don’t want to be doing. Imagine, it’s like doing the same chore for the next 5 years! Plus, if you don’t like doing something, the chances are you won’t be very good at it either. Doesn’t sound like a recipe for success, does it? Secondly, as soon as difficulties arise, you are much more likely to give up.
Persistence is hard enough with things you do like. To increase your chances for success, you need to have a compelling reason why you’re doing it. A compelling reason is something beyond just money or fame. In fact, the further away the reason is from yourself, the better. It’s the answer to the question why you are doing it and when things get tough. For example, for your parents or to create a legacy. According to Forbes magazine (2018), only half of small businesses survive beyond 5 years and it’s because of some of the aforementioned reasons.
Do the market research to see if turning the idea into a business is possible. Market research means exploring the conditions for your idea. Just because you think you have a good business idea, doesn’t mean other people will think the same. You might be passionate about making wooden boxes but if people don’t want them, you won’t make any money. This is why you need a confirmation that people will buy your product or service before you set up your shop. You need to think about and find out the following things: CONTINUE….
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