1. Starting, Growing& Sustaining Your BusinessBashir Abolore Muse 08033623996

2. Starting YourBusiness 3. How Do I Come up with A Winning Business IdeaCreate a vision Close your eyes for a few minutes andconjure up a detailed image of what youwant your life to look like in 5 years. Be asspecific as possible. Where do you live? How do you spend your days? What kind of work do you do? Do you work alone or with other people? Who are you surrounded by? What do you do when you arent working?3 4. How Do I Come up with A Winning Business Idea Dont limit yourself to these questions; create avivid vision of yourself, touching on things that areimportant to you. These are all personal issuesthat will impact the type of business you pursue -being a city or country person; wanting to travelor sit at your computer; liking to meet people orwork on the phone. This activity will help youcreate a foundation for choosing from smallbusiness ideas, making business decisions, andsetting clear goals. It is best to do this exercise with someone elseand share your vision. If you cant, write it down to4make your vision more concrete. 5. (How Do I Come up with A Winning BusinessIdea)Determine what youre good at andwhat you like to do Its often useful to look inside yourself tofigure out what you like and dislike, andwhere your talents lie. Its one thing tocome up with a winning business idea.Its another to come up with one that fitsyour skill set and interests you. Yourbusiness has to keep you excited so youcan thrive over the long haul.5 One of the best ways to do this is to 6. (How Do I Come up with A Winning Business Idea)Inward SearchList 1: What youre good at Everyone is good at something and many skills can be the foundation for a business. You might be naturally organized or have a knack for fixing things. You may be so used to your skills that they dont immediately come to mind, so assemble this list by observing yourself for a few weeks with an eye out for your aptitudes and by asking people6 who know you well for their impressions 7. (How Do I Come up with A Winning Business Idea)Inward SearchList 2: Skills youve acquired over the years Whether or not youve worked in a conventional environment, you no doubt have accumulated many. Write down all the work responsibilities youve had; think about the varied tasks you know how to complete. Make sure this list is complete -- there should be at least 10 distinct items7 8. (How Do I Come up with A Winning Business Idea)Inward SearchList 3: Things you like to do List the things you enjoy doing. This may not be as easy as it sounds. This list should be at least 10 items long. Stretch beyond your hobbies and interests that spring to mind immediately. If youre stymied, ask people who have known you for a long time -- particularly people who knew you as a kid -- what they have seen you8 doing when youre happiest. 9. (How Do I Come up with A Winning Business Idea)Inward SearchKeep these three lists in an accessible place (for instance on your desk) for several weeks, and when small business ideas come to you, jot them down in the proper category. Ask people who know you well for their input or to help you jog your memory.9 10. (How Do I Come up with A Winning Business Idea)Outward Search Figure out what the market needs So far, youve been looking inward to come up with your business idea. Now its time to look outward to discover an unfilled need that you can meet with your product or service. There are plenty of "Top 10" or "Hot New" business lists out there. These may stimulate some ideas, but the best business ideas will come from you and will be based on who you are and what the market is looking for. So while youre doing your soul searching and list10 making, put up your antenna and look out for 11. (How Do I Come up with A Winning Business Idea)Outward Search Figure out what the market needs When you are contemplating businesspossibilities, keep in mind that you dont have tostay in the business you start forever. You can runa business for a few years until you come up withan off-shoot idea or are in a position to start amore capital-intensive business. Keep your business antenna up, with an eyeout for unfilled opportunities Research themarket by: Reading the newspaper and magazines11 Watching television Talking to people 12. (How Do I Come up with A Winning Business Idea)Outward Search What products or services would you want that you havent been able to find? Is there something that everybody hates to do that you can do for them? Is there a product or service that would make life easier for people you know? What business trends are happening that you want to participate in...that really light your fire? Are there gaps in the market that you can fill with your talents? What are they? (For example, corporate downsizing has opened up the market for services like consulting, desktop publishing, graphic design, staffing services, and computer maintenance).Now... Write down some potential business ideas. Be12 specific.... dont list something like import/export; 13. Growing YourBusiness 14. Strategic Planning for Small BusinessGrowth This session will help you: Keep your business on the right track(Focus) Allocate your resources appropriately Evaluate and re-align businessobjectives with outcomes14 15. Getting started! Provide answers to the following questions: What is your vision? What is your Mission? What are your values? What does your product/service promise?15 What segment of the market is your target? 16. Self Assessment? Do you have a vision statement? Do you have a mission statement? Do you have the values written down? Do you have a product/service promise? Do you know the segment of the market youwant to play?16 17. Vision, Mission and Values Vision: Who we want to be! Mission: what we want to do! Values: what we stand for!17 18. The Mission Statement The Mission statement should answer the following questions: What do we stand for? Who are our target customers? What are our products/services that will satisfy their needs? Why should they do business with us? What is our competitive advantage?18 19. Define your core competencies What is unique about our product/services What added value service can we provide? How skillful are our staff/workers? How would we respond to changes in the economic environment? What is our management capabilities? What affiliations/alliances can we leverage on?19 20. Segment the Market Define basis for segmentation Ensure segments are large enough and with enoughpurchasing power to generate profits Ensure the segment is accessible Use your natural competitive advantage forpositioning20 21. Evaluate your SWOT Prepare a Balance Sheet of strengths andweaknesses Include all key performance areas: humanresources, financial control, systemscontrol, marketing, legal etc. Narrow your option initially to your areas ofstrengths.21 22. Opportunities and Threats Opportunities: Look for new potential market Look for niches that competitors are overlooking Threats: Look for new competitors, Government policy changes, economic recession, technological improvements/advancements Look for substitute products/services22 23. Examine key success factors These are critical factors influencing a companys ability to compete in the market, such as: Cost factors Services offered Location Availability of Capital Access to Technical support23 24. Set Goals & Objectives Goals:the Broad long range attributes we seek to accomplish Objectives:Specific Targets ofperformance They should be SMART(specific, measurable, attainable, realizable, timebound)24 25. Strategic Options Strategy is the means to the end. It must focus on achieving the key successfactors and generally revolves around Cost Leadership Differentiation Focus25 26. Strategy to Action Strategy must be turned into projects by defining Purpose Scope Contribution Resource requirements Timing Deploy committed people to the project26 27. Summary The following should be considered: The consumer perception Evaluation of the important attributes for the productclass Judgment of the existing brands Rating of the Ideal brand27 28. Sustaining Your Business 29. Succession Planning This session will help you: Understand the dynamics of Business continuity (management and leadership) Vision preservation Mission enhancement Value protection Product/service improvement/diversification29 30. Getting started! Why do want your business to continue? Why do you want to preserve your vision? Why do want to enhance your mission? Why do want to protect your value/s? Why do want to continue to improve and/or diversify your product/service base?30 31. Self assessment? Are you aware that you must plan andprepare for transition? Are you preparing anyone to take over fromyou Are you deliberately developing internalcompetence (showing your workforce how it isdone, should be done and done very well) Do you trust your workforce?31 32. What is succession? It is the process ofidentifying and preparingsuitable employees throughmentoring, training, andjob rotation to replace keyplayers(such as the CEO/MD)within an organisationas their term expire.32 33. Succession planning = Practicecontinuity It safeguards: Management style/orientation Leadership frameworks/competence Vision (who we are) Mission (what we want to be) Products/service delivery33 34. Benefits of succession planning Helps to develop a diverse workforce Promotes and improves internal competence Promotes workforce/brand Loyalty Helps retain skillful and qualified staff Institutionalize management and leadership frameworks Ensures openness and empathy34 35. Summary Succession planning helps internalize a process of systematic review of the potential successors prior to the CEO/MDs (or other key management staff) retirement35 36. Business Investment Triangle36