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African Entrepreneurial Development Initiatives

African Entrepreneurial Development Initiatives. BUSINESS DEVELOPMENT SEMINAR Titled: Be Your Own Boss @ Gospel Light Redemption Church, Karu, Abuja Nigeria Saturday 04 th April 2009. Principles of Starting and Operating Your own Business. Onyemalu Chinenye, ACA President

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African Entrepreneurial Development Initiatives

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  1. African Entrepreneurial Development Initiatives BUSINESS DEVELOPMENT SEMINAR Titled: Be Your Own Boss @ Gospel Light Redemption Church, Karu, Abuja Nigeria Saturday 04th April 2009. Principles of Starting and Operating Your own Business Onyemalu Chinenye, ACA President African Entrepreneurial Development Initiatives (AEDI)

  2. Discussion Outline • Who is an Entrepreneur • Steps towards starting and/or expanding a business. • Summary

  3. Who is an Entrepreneur • Entrepreneurs are • Risk takers • Creative, inventor and are not afraid of mistakes • In control and take responsibility of the success and failure of what they start • Opportunity seekers i.e. they observe, think and listen • owners and employees of business they start and operate.

  4. Steps towards starting and/or expanding a business • Investment: in starting your own business you need to invest time, energy and money. Time Management Cash/Fund Management Opportunity cost of energy investment

  5. Steps towards starting and/or expanding a business • Risk and Return: consider the risk, return availability of information for improvement. Evaluate the business through proper research using different research mechanisms. Check out for the following results • How many people have been into same businesss? • What is the ratio of success to failure. • Identify areas of improvement. • Evaluate the possible demand and supply with the price.

  6. Steps towards starting and/or expanding a business • Selecting your business: 1. Turn hobbies, skills, interest etc into profitable venture. 2. Identify opportunity Roots to recognising opportunity • Where there is existing problems • Where there is change in law, situations and trend • invention • Competition • Technology advantage • Unique knowledge

  7. Steps towards starting and/or expanding a business 3. Develop it into product or services Identify your competitive advantage • Quality • Price • Location • Selection (provision of wider range of choice) • Services (Can you provide personalize and better customer services) • Speed/turn around (Can you deliver product and services more quickly than competitors)

  8. Steps towards starting and/or expanding a business 4. Identify your market: who are your target market? Demography Naming your business: this is the first impression your give to people How do you intend to create awareness? Advertising Method: design flier, poster Organise a promotion Consider Commission

  9. Steps towards starting and/or expanding a business 5. Identify basic requirement for starting or expanding a business. • Availability of raw materials, labour and overhead • Initial Capital requirement (asset, cash, good will etc) consider different financing methods • Evaluate running cost and different alternatives e.g. utility, salary, advertisement, interest, rent, depreciation, etc.

  10. Steps towards starting and/or expanding a business • Keep Records: record enables you identify the level of growth, create the business an entity, increase in fund, helps in evaluation etc. Income Statement, Balance sheet, Cash Flow etc • Trading i.e. buying and selling: the following daily record format should be used Name of Company Date Description cash bank • Sales book • Purchases book • Expense book • Cash book

  11. Steps towards starting and/or expanding a business b. Record for Manufacturing Company Production Cost=Direct cost + Fixed cost Name of company Sales XX Direct cost Material X Labour X Overhead X(X) Fixed Cost: Utility X Rent X Salaries/wages X(X) Profit XX

  12. Summary Others Started their own Businesses and They are successful Today . You too can make it, if you start now. What are you waiting for? Don’t let this crisis cut up with you.

  13. Thank you for listening Onyemalu Chinenye, ACA Chief Executive Officer (CEO), African Entrepreneurial Development Initiatives (AEDI) 0805 543 6097, 0806 926 1950 website: www.aeding.org

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