Hello, we are glad to start a series on entrepreneurship and business. Business people and entrepreneurs will be here to share vital tips to help us on our entrepreneurial journey.
Today, we have Bukola Owo-Bello in the house! Who's excited?
Bukola Owo-Bello is an entrepreneur, a spirited storyteller, content creator, digital marketing expert, and best selling author. She loves sharing amazing opportunities, inspiration, and ideas for growth with aspirational youths.
We asked her a few questions that we can all learn from. Let's jump straight to the questions
1. What are your tips for small business owners?
Know your customers, know your market, know your competition and know your competitive advantage and UPS (unique selling point).
2. Can business growth occur with no or very limited funds?
YES. It’s not all businesses that needs money to grow. For example, if you sell footwears online, you don’t need lots of money to grow your business.
You need to get your orders first and then take payment from customers. Once customers pay, you would use their monies to purchase the item and take your own profit from it, then deliver the good to your customer.
With some money however, serious businesss owners can scale faster. Some entrepreneurs also think they need money when all they need is dedication and passion.
3. How do you know when to abandon a business idea/project?
When there is no need for your product and nobody is willing to pay for your products/services.
4. When is the right time to get a team as a start-up? What are the factors to consider?
As soon as possible.
Factors depends on the type of business and what you want to achieve by having a team. Look for team members who would believe in the dream and vision of the business. Also they must have skills needed in the businesses.
5. Are there authentic sources of funding available to Nigerian entrepreneurs or startups
Yes of course. There are angel investors, venture capitalists and grants for entrepreneurs in Nigeria. It all depends on how well a person positions their business.
6. If you had one piece of advice to someone just starting out, what would it be?
Entrepreneurship is not a trend, don’t become an entrepreneur just because others are doing the same.
PS: Can we get a picture of your work space?
I work from home.
And that's it today on our entrepreneurship series. We are grateful to Miss Bukola for taking her time to share these insightful tips with us.
Do you want to learn more about business, entreprenuership and making money from our guest? Then read more of her articles and tips at Ideas lane. Also make sure you share this article with others if you found it useful.
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