When Can You Start You Own Business?

We have already seen the processes that lead to wealth creation. We have seen that:

1.       Capitals are required to create wealth.

2.       Some capitals are naturally endowed while others are acquired. And acquiring the capitals involve training and education to acquire skills which are then used in the work place to work on other capitals, like material and financial resources to create value(i.e. provide service) and get rewarded.

3.       The rewards which come in form of wages and salaries can be saved and used as capitals in an investment to create further wealth.

4.       Apart from these ways, you can also get possession of material and financial capitals through inheritance, gift etc.

5.       You can also acquire capitals through internship and settlement.

      Whatever legitimate way you use to acquire your capitals: (which are physical, mental, material and financial capitals), you can then trade them for rewards. So it is when you have these assets that you can be in apposition to start a business with any of them. But note that the process of acquiring these capitals can take a considerable time. And the success or otherwise of your business depend on the potency of your  capitals, among other factors which include monopoly, location, source of raw materials, availability of critical infrastructures, fortune, the value that your potential market attaches to your service at any point in time etc. Hence, before you can start a business, you must work hard to acquire capitals with which to set up and run your business.
It is good to work first in an employment such as in a corporate organization in order to gain experience and to make and  save money before starting your own business.
However, before starting a business, you should consider the following: 

1. Your product
2. Your target market
3. Your location
4. Your capital
5. Your source of raw materials
6. Your marketing strategy

                                         

                                                           What Is A Market

The market is not just a place where people meet to exchange goods and services for a value, convergence of the forces of demand and supply. It is the number of people that are able and willing to buy your product and service at a particular time and at a particular location.

To assess the feasibility of your market, check the following factors:

1.       Ability to afford

2.       Willingness to buy

3.       Location to sell ( how you can reach your customer)

4.       Season to buy

WHY WORK  WITH  A CORPORATE ORGANIZATION FIRST BEFORE STARTING YOUR OWN BUSINESS?

1. The company is already well established and it has money to make big investments (something you do not have).
2. The company has already built its customer base and has sustained patronage, so it can stand the test of time. ( something you do not have)
3. They are already well organized, probably, with different departments for handling various aspects of their business. So, their workers are more focused on their areas of assignment. This arrangement makes them to be more effective and efficient, and their services, more qualitative.
4. The company already has structures and assets that aid them in creating wealth, while you only came in and work on those assets. (these are things you do not yet have).
5. Although you do not have much experience yet, you share in the fortune of the big organization as you work with them. If you were on you own, you probably would not be earning as much as what you earn from them.
6.  After working with an organization for a while, you would have better knowledge of what is involved in setting up and running such a company. You would have earned and served money toward opening your own business.
7.  A corporate organization provide you with a platform to trade your skill for income which you save as capital to start your own business. It also afford you the opportunity to gain vital experiences with which to start your own business.