how to start small scale business

8/6/2019 How to Start Small Scale Business

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Enterprise DevelopmentAppreciation

How to Start a SuccessfulSmall-Scale Business?


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Overview:

Introduction What is a small-scale business Sources ofbusiness ideas Characteristics of successful small-scale

business Characteristics of successful

entrepreneurs

8 Steps to starting a successful small-scalebusiness Conclusion


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Introduction

Small-scale businesses are said to be thedriving force of the economy as theyemploy a high percentage of the

populace.

However, 80% of the MSMEs fail withinthe first three years due to lack of

proper planning, inexperience, poorlocation, and many others.


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What is a small-scale business?

Small-scale business is a business whichemploys 10 or less people, this is alsoknown as Micro Enterprises with an assetsize below 3 million.

Businesses that fall into: Retailing Wholesaling Manufacturing Service providing


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Sources ofbusiness ideas

From yourexperience,hobbies, etc

From newsreports, books,

magazines, etc.

Trade fairs,techno fair, and

exhibits

From theenvironment


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Questions to ask yourself

What are your interest, profession,hobbies etc.?

What business idea can be derived from

these interests?

How can I generate good business ideasbase on local resources and activities?

What are the gaps in the communitywhich can be filled?


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What makes a small-scale

business successful?A successful business is one that isbased on:

A product or service that customer wants. A product or service you can sell at a price

customers can afford and which will giveyou profit.

The knowledge or skill you have or can get. The resources and money you are able to

invest.


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Are you ready to be an

entrepreneur who.....

Takes full responsibility for the

management and success of thebusiness? Works long hours? Is ready to acquire the necessary

skills to make the business asuccess?


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8 Steps to

Starting aSuccessful Small-

Scale Business


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Step 1. Create an ideas list

You may have thought of an ideaalready thats a gooddevelopment.

Apart from sources mentioned,brainstorming is another greatway to get ideas.

Compile a list of your ideas andadd a brief description.


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Step 2. Analyze each idea and

select the one which suits youbest

A SWOT analysis helps you focus onpossible problem area and potentialadvantage of each idea.


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Step 2. Analyze each idea and select

the one which suits youbestAsk/research on: Which needs will my products or

services satisfy for the costumer? What quality of the product or service

do costumer wants? Who are my competitors?

How does running this sort ofbusinesssuit my personal characteristics?


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Step 2. Analyze each idea and select

the one which suits youbestFlashback: Are you the right kind ofperson to start a particular business?

Assess your own strength andweaknesses.

Business management skills. Knowledge of the line ofbusiness. Personal characteristics and situations. Financial situations.


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Step 3. Define your business idea

What product or service will mybusiness sell?

Who will I sell to? How will I sell my products and

services? Which need will my business fulfil

for the customer?


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Step 4. Develop your business idea

ondu t ar et resear ,nvesti ate le al and inan ialra e or o t e business.

You ay need to spea to so epro essionals or attend trainin ssu as:

Entrepreneurial trainin sSkills or Te no Trans er trainin s


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Remember....

Proper planningprevents poor

performance


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Step 6. Select a suitable form of

business and register the businessExample:

- Sole proprietorship

- Partnership- Corporation

You may need to consider the advantages

and disadvantages of each form as wellas obtain advise before you select.


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Step 7. Create a time-table for

implementing the business plan

State activities you need to carryout such as looking for shoppremises, paying rent, recruitmentof staff etc, in sequential order

within specific time frame.


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Step 8. Open your doors and

START your small-scale business!!!

Remember to monitor your businessto ensure it grows into a successfulone!!


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Conclusion Sometimes, making money can bea question of being at the right

place at the right time, but youcant take advantage of thesituation if you are not prepared.

-John Wajarian


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Finally.........

Deliberation is the work of many

men, ACTION, of one alone(Charles de Gaulle)


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how to start small scale business

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