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There are several things to consider before starting your own venture, least of all what type of business you would like to get into. Among other things you need to think about the legal and financial side of registering a company, consider the financial implications of striking out on your own, and have a Plan B in place lest things not go as planned. This quick quiz will reveal whether you have put enough thought into your idea and are ready to take the plunge, or whether you need to spend more time at the drawing board first.
1. Do you have an idea in mind as to what type of business you want to start?
2. Have you drawn up a business plan?
3. Have you considered whether your intended business meets an identified market need?
4. Have you undertaken any market research of your own or have you studied existing market research?
5. Have you fully considered the financial implications of starting a business?
6. Do you have enough money saved to float or fund your business for the first three to six months?
7. Have you elected who will manage your business's books and records, and complete and submit the relevant tax returns?
8. Have you identified your business's target audience or customer?
9. Have you established what registrations, licences, permits or similar legal requirements you need to have in place for a new business?
10. Have you considered where your business will be based, if not from home, and what you need to secure premises?
11. If your idea is something you need to copyright, or which will have intellectual property rights, have you researched this thoroughly and consulted a lawyer?
12. Do you have a plan in place should your business fail?
13. Have you defined goals for your business, be they short term or long term?
14. Do your friends and family support your decision to start a business?
15. Are you ready for all the stress – and the risk – that comes with starting a business, such as long hours, financial pressure, uncertainty and possible failure?
‘MTN has been exceptional in service and we at UMEME LTD find it extremely easy to recommend them to any serious business in search of a stable, reliable and competitive ISP provider.’
Nelson M. Bagenda - IT Service Delivery Manager
UMEME Ltd, Uganda
‘"Une stratégie claire a tous les citoyens et à tous les employés contribue à faire avancer la societe et l'enterprise."’
Donald Kaberuka - Président de la Banque Africaine de Developpement
‘"IL faut se dire Qu'échouer N'est pas une option."’
Stanislas Zeze - CEO & Chairman de Bloomfield Investment
‘Etre Leader C'est savoir parfois partir de zéro pour atteindre la premier place.’
Habib Koné - Directeur Général de la Banque Atlantique Côte d'Ivoire