Success In Your Business: How To Become A Successful Entrepreneur

SUCCESSIN YOURBUSINESS

HowtoBecome A Successful Entrepreneur

PeterOsalor

TABLE OF CONTENTS

Preface

Foreword

Foreword

Acknowledgements

Introduction

Chapter One

What IsBusiness?

BusinessStructures

SoleProprietorships

Partnerships

Corporations

LimitedLiabilityCompany(Llc)

SelfAnalysis

ChapterTwo

HowToGenerateABusinessIdea

Creative Methods

Systematic Methods

ChoosingYourOwnBusiness

Business Development Concepts

FindingTheRightTimeToBeginYourBusiness

ActionPlanToStartingYourBusiness

Great Idea,But Will It Fly?

FindingBusinessOpportunities

WhatYouShouldKnowAboutYourBusinessIdea

ChapterThree

AnalysisForTheBusinessPlan

Market Analysis

Environmental Analysis

Swot Analysis

Pest Analysis

IndustryAnalysis

FindingA Niche

ChapterFour

BusinessPlanning

Before You Start

WhatIsA BusinessPlan?

PurposesOfABusinessPlan

StepByStepGuideToWritingA BusinessPlan

BuildingA BusinessModel

Types Of Plans

ChapterFive

FinancesSourcesOfFinance

Types Of Funds

What InvestorsWant

Types Of Investors

HowToAttractInvestors

28WaysToRaiseFunds

Why InvestorsMay Say No

StartingA BusinessWithoutFunding

SixTacticsForStartingA BusinessWithNo/MinimalCapital

Chapter Six

SuccessfulMarketingOfTheBusiness

Distribution Modes

TenSuggestionsToBuildCustomerLoyalty

Marketing Mistakes To Avoid

ProtectingYourBusiness

ChapterSeven

WhyBusinessesFail

WhyPeopleFailInTheirBusinesses

Conclusion

Sources

Appendices

Appendix1:FindYourPassion

Appendix 2: List Of Business Ideas

Appendix 3: Aptitude Test

Appendix 4: Market Study

Appendix 5: Marketing Plan

Appendix 6: Business Plan Template

Executive Summary (Write This After You Have Written All The OtherSections.ItIsSimplyASummaryOfYourBusiness Concept):

Marketing Plan (How Do You Plan To Sell Your Products?Refer To Appendices 1 And 2):

Financial Investment Data (What Funds Will You Need To Start And Where Do You Plan To Get Your Funding?How Will YouContinue To Invest Capital Into Your Business?):

Resources

PREFACE

MyLife’sJourneyandMotivation

I was born into a family of six in the mid-1950s in Warri, Delta State of Nigeria. We lived in a mud house where there was no electricityand it was difficult to access drinkable water. My father was always in and out of menial jobs. At times, it was difficult for us to get adecent meal to eat. In fact, from an early age, I began to fend for my family by going to the waterside to collect firewood to sell. Unlikeus, neighbours and friends never had to struggle to eat, some tooktheiraccesstofoodforgrantedandtheirparentswouldevendiscipline them or buy them multivitamins when they refused to eat.

From this early age, I realized that knowledge was key and began to dig deep to satisfy my curiosity about the big social difference insociety where some lived in affluence and others in abject poverty. I went to college as a houseboy to a teacher because we could notaffordtopaytheschool fees.I studiedaccountancyandaftercollege, I went to work for Panalpina World Transport Company inKano. While there, I wrote exams to become an accountant and also began to apply the knowledge I learnt to run businesses.I bought ahouse for my mother and established a hotel for her.Then I bought a Taxi and began to buy more vehicles.But I was not satisfied withmy level of knowledge.I wanted more.I wanted to be a globalentrepreneur not only a local one.So I took exams and left forEnglandtostudyfortheACCAin1983,becameacharteredaccountant in 1987, and a chartered tax advisor in 1992. As I wasinvesting in my global education in Britain, my wife and I boughttwo shops in 1995 but had to sell them in 1999 to fight bankruptcy.In 2000, we established a training institute, East London High Tech.

From 2001-3, I established branches of Peter Osalor and Co. in Port Harcourt, Warri, Yenagoa, and Lagos and we became a truly global enterprise;amultinational.BelievingIcouldmakeadifferencein the government’s state of affairs, I ran for governor of Delta state in 2007 but was not elected. All along the way, I have gained extensive experience in teaching, accounting, management, and capacity andbusinessbuilding.Overtime,Ibegantonoticetheconsistent,predictable patterns and principles that seemed to accompany andgovern all business and career success. The most important of these principles is having an entrepreneurial attitude.As a result of mydiscovery, I wrote several books such as this one, to teach peoplehow to have the entrepreneurial spirit.

My mission in life has been the same for more than thirty years. It is to liberate the in-built potentials of individuals by giving them ideas and strategies to fast-track the benefits and rewards they can achieve as successful entrepreneurs. I also seek to motivate people by helping themrealizethatsuccessisachoicetheyhavetomakeandANYBODY CAN BE SUCCESSFUL if they choose to be.

Putting into practice my vision for entrepreneurial development inAfrica, I have established several initiatives:

-    I have established Success in Your Business, a UK registeredcharity committed to eradicating poverty by equipping individuals withtheentrepreneurialspiritandtherightskillssucceedin business.

-    I have an on-line TV program

-    As part of my awareness creation strategy for entrepreneurship, I run a weekly TV programme called Success in Your Business onAfrican Independent Television, Abuja. A programme formerlyairedonBenTV London,NTA WarriandPort-Harcourt.

-     IwriteaBusinessBlog.Iamaregularcolumnistforthe Vanguard Newspaper, commenting on the Nigerian economy and policy needs.

-      IamafoundingmemberoftheAfricanandNigerianEntrepreneurs.com

-  I amthe CEO of Posag Consulting - a financial consultancy and businessadvisoryserviceproviderwithofficesinNigeria,the United States of America and Europe.

-      Ihavewrittenseveralbooksonentrepreneurialsuccessincluding: The Entrepreneurial Revolution: A Solution for PovertyEradication, Why and How to Start your own Business, and Howto write your Business Plan.

This book is written specifically for people who want to start theirown business i.e. they want to become an entrepreneur; be their own bossandabsolutelysucceed.Thisbookwillteachyouhowto identify your passion and attract funds to convert your passion intoyour business.More so; for people working in the business worldwho wish to maximize their personal potential and get the bestquantity and quality of business satisfaction, this little book willserve as a veritable compass. As you read, put into action what youread.Remember, if you do what successful people do, you will getthe results thatsuccessful people get.

Best Wishes. Peter Osalor

FOREWORD

Entrepreneurship as a field of study has been developing rapidly and hascontinuedtogainrecognitionasbothaviableacademicdisciplineandasignificantforceintransformingtheeconomythrough creativity and innovation. This must have informed thedecision of the National Universities Commission (NUC) to makeentrepreneurship study in Nigerian Universities a compulsory course and to give a directive to Universities to establish EntrepreneurshipCentres to further reposition the course and provide students and the university communities with opportunities to acquire skills to be self- employed and economically self reliant.

As the nation marches forward in the aspiration for greater achieve- ments inspite of the increasing competition from globalization andtechnology,theentrepreneursremaintheenginerequiredtogalvanize and accelerate economic development and growth. It isessential therefore, that such entrepreneurs should have a manualwhichwillserveasabasisforpreparingthemtobecomingsuccessful entrepreneurs.

Peter Osalor’s book: Success in your Business is meant to fill thisneed. The book which is divided into seven chapters is designed for thosewhowanttostarttheirownbusinessesbybecomingentrepreneurs, be their own boss and absolutely succeed. This bookwill teach them how to become successful entrepreneurs. We believe that in getting this book across to the public, a firm foundation would have been laid in equipping entrepreneurs with the initial apparatusrequired in making them successful in their businesses.

Prof. Sarah O. Anyanwu

DepartmentofEconomicsandFormerDirector,Centrefor Entrepreneurship

University of Abuja

FOREWORD

The economic turbulence in our world today which has made jobsecurities to be volatile has probably created a ground swell forinterest in business ownership and the expression of entrepreneurial skills. In spite of the presence of university education in our worldfor almost 1000 years, no school offered a degree in entrepreneurship until the 1970s. In the 70s there were only 16 universities thatoffered courses in entrepreneurship in the whole of the USA, today, over 1,600 do. Prior to that, every course directed people to learnhow to manage a business on behalf of others. There are severalreasons why the ownership of business is preferable to job seeking or the pursuit of employment.

A business gives you the opportunity to take your future in your ownhands. Like they say in Latin Carpe Diem seize the moment. Abusiness quite unlike employment can be inherited by your children, therefore giving you the opportunity to create generational blessings and prosperity for your family. That is why today we see the FordMotor companies, Heinz, Rolls Royce, which was started by Mr.Rolls and Mr. Royce. The examples are endless.The best that cancome out