Entrepreneurship to many people means an opportunity to be your own boss. The idea of owning a successful company or business that you have tirelessly worked to build from the ground up would be a great source of joy and pride to anybody. The journey to realizing this is not as simple as just dreaming though, there are several things one has to do before completing it.
- Identify your core business; This is key for any entrepreneur as it enables you to work towards something and pinpoint the fundamentals of your business.
- Set clear goals and objectives; you have to outline what you want to achieve and create strategies that help you achieve this goal.
- Carry out research; continuous research will help you identify market gaps, find new ways of conducting business and enable your business to stay afloat as you are able to cope with the ever-changing industry trends. Research is not only important in the initial stages of planning, but it also plays an important role in your entire entrepreneurship journey.
- Creating a business culture; this will define how you work, how your business operates and the rules and regulations of your business. Integrate employees into this culture to enable them to work best and champion your business. A good work culture will further increase employee loyalty.
- Insure your business; The entrepreneurship journey is not easy but that does not mean that you cannot make it. One thing that the majority of individuals overlook after building an empire is analyzing their risk and insuring their businesses. There have been cases of disasters completely destroying businesses with no ability of recovery. Entrepreneurs should utilize insurance to ensure business continuity in whatever field they are in.
- Lastly but mostly importantly-Get started! As Mark Twain once stated “The secret of getting ahead is getting started” your dream will remain just that if you don’t take the first step.
Written by Alice Mwai- MD Resolution Insurance Kenya.