How Entrepreneurs understand these questions in Nigeria – Entrepreneurs in Nigeria have a lot of questions to address for their business success. Some of the questions are; what questions should a startup entrepreneur ask? And what are the 4 basic business questions? The answers to these questions will explain the important questions in entrepreneurship in Nigeria. It will also showcase the 5 questions people ask themselves before they start a business. Therefore, the focus of this post is on entrepreneurship questions and answers.
Business Questions:
Furthermore, in business literature there are over 50 questions, 100 and more questions to ask an entrepreneur at every time. These re made up of business questionnaire for startups and research questions about startups businesses. In fact, here are expert tips at cessummit.com to take your business to the next level. Read, understand and follow the handful of strategic ways to grow your business. They are hot, profitable and untapped business growth ideas in Nigeria.
How Entrepreneurs understand these questions in Nigeria
These Questions are for Entrepreneurs:
Being own boss is very exciting. But then, there are serious research work to be done. There are also some homework about yourself and business location.
Personal Entrepreneurial Questions:
It’s actually time to ask yourself these questions; Do I have –
- The personality, temperament, and mindset of taking on the market on my own brands?
- The required ambiance and resources to devote to the business
- All the time for the venture?
- An exit plan ready with a clearly defined timeline in case my venture does not work?
- A holistic plan for the next “x” number of months or will I face challenges midway due to family interference, financial, or other commitments challenges?
- Standardized mitigation plan for those challenges?
- The required network spread to seek business development assistance and mentorship as needed?
- Identified notable business bridges builders with experienced as mentors to learn from their expertise?
- Prepared a draft of complete risk assessment, including dependencies on external factors?
- Tentative SWOT analysis
- Realistically assessed the potential of my offering and how it fits into an existing market?
Furthermore;
- In case my offerings are going to replace existing product in the market, how will my competitors react?
- Do I need a patent to keep my offering secured?
- Do I have an identified target customer base for the initial phase?
- And, do I have scalability plans ready for a larger markets?
- Do I have an identified sales and distribution channels?
How Entrepreneurs understand these questions in Nigeria
Questions That Delve into External Factors:
These questions are very necessary to address your business external factors, such as;
- Is my business in line with the industry regulations and laws?
- And if this is not possible here, can I or should I relocate to another region?
- How long does it take to get the necessary license or permissions from concerned authorities?
- Do I have a plan of getting the necessary resources and skilled employees,
- Have I made cost considerations for these resources?
- What are the tentative timelines for bringing the first prototype to market or for services to be operational?
- Who and who are my primary customers?
- Who are the funding sources need to approach to scale up?
- Is my venture good enough to convince potential stakeholders?
- What technical infrastructure do I require?
- Once the business is established, will I have sufficient funds to get resources and take it to the next level?
- Will other big firms copy my model and kill my operation?
How Entrepreneurs understand these questions in Nigeria
FAQ About Entrepreneurship
Who is the Entrepreneur? And what is he/she?
An entrepreneur is an individual who takes the risk to start own business based on an idea he/she has or a product he/she has created while assuming most of the risks and reaping most of the rewards.
The Best Definition of Entrepreneurship?
Entrepreneurship is the process of setting up a business. It’s a process taking from an idea to realization.
What Are the 3 Types of Entrepreneurs?
These are the Small business, scalable startup and large company.
What Are the 7 Characteristics of Entrepreneurs?
Versatile, resilient, flexible, money-savvy, business smart, focused, and communicators.
The Bottom Line:
An entrepreneur is an individual who takes an idea or product and creates a business. It’s process is known as entrepreneurship. As a matter of fact, the creation of a business requires a lot of work and dedication. This is why everybody is not involved. In fact, entrepreneurs are highly motivated risk-takers with a vision and make a lot of sacrifices to achieve the vision.
Entrepreneurs enter the market to capture market share. They believe their product will have a positive impact on the market. And, hope to make profits from their risk efforts. That is how the entrepreneurs fuel the economy. That is by creating businesses that employ people and make products and services that consumers buy.
Our Approach in Solution Finding:
Furthermore, we present several approaches born out of experience and research. In fact, with over 30-years of industry experience, we have come to realize that the under-listed are big businesses development and support challenges to many entrepreneurs. So, they form part of our business niche. Therefore, we found solutions to them for our clients business growth and development. Now check out what we do for you.
- Corporate certificates:
Part of entrepreneurial challenges is on corporate documentations. Therefore, we assist clients obtain corporate certifications and other documents. So, we
- Register your business appropriately with C.A.C.
- Make incorporation changes for you @ C.A.C. – change of MEMART, Director, Shareholding etc.
- Render annual returns for you @ C.A.C. and obtain other certifications/reports for you
- Assist you apply and obtain SCUML certificate for your banking purposes
- Assist to apply and obtain contract bidding compliance certificates for you – PENCOM, NSITF, ITF, BPP IRR, Tax Clearance certificate
- Apply and obtain regulatory certificates – Import/Export licenses, NCC licenses, NAFDAC certificates etc.
Our consultancy services will assist you plan and structure your business operation properly. So, get from us the following;
- Bankable Business Plan for all scope of operation
- Prepare Executive summary, Business plan Pitch and business proposals
- Generate and build up your business Profile
- Generate Business plan financial analysis for clients
How Entrepreneurs understand these questions in Nigeria
3. Accounting & Auditing Services:
In addition, as professional Accountants, we assist clients carry out their statutory duties for keeping proper books of accounts for internal control purposes. And as external auditors, we audit your accounts and do your tax computations and annual returns for Federal Inland Revenue Service (FIRS) and State Internal Revenue Services (SIRS). By this we assist obtain your tax clearances which is one of the contract bidding compliance certificates needed in Nigeria.
4. Funding Arrangements:
- Train and apply for CBN/BOI/ NIRSAL MFB AGSMEIS
- And other loan facilities
5. General Business:
- Generation of business ideas
- Start-up mentorship programs
I hope you love our services! Then, contact today.
Read Also for How Entrepreneurs understand these questions in Nigeria
- Startup questions and answers for entrepreneurs
- Best type of business plan
- Sample Business Plan Executive summary
- What Narrow client base does to your business
- Why do you narrow down your client base
- Business support services for scaling up business
- How and where can i get funding for my business in Nigeria
- How do i start my own office support business
- What is the roles of business support services?
- The 5 important business plans
- Examples of business support services
Finally, Cessummit.com has special business template for High profile Business plans. These include those for Oil & gas, Petroleum filling stations, Cooking gas, Air Travel, Agriculture and Food processing business. Others are for Real Estate, Hotel, Transportation and Telecommunication business and many more. We also assist fellow consultants generate a matching business plan financial plan analysis. For getting the best business plans visit our website today. Contact us via +234 905 313 0518 or cessummit0518@gmail.com