It is quite easy to say I want to start my own business; I want to be my own boss. It is quite easy to say I am going to be the next Aliko Dangote or Jeff Bezos. Of course, there is nothing wrong with positive declarations. You can be whatever you want to be regardless of how tough it is to start and grow a business. But you must leverage on the following factors or else your big picture will only exist in your imagination.

Number One-You need more that just passion: passion is a very strong emotion that cannot be controlled. Quite a number of times, I have interviewed would-be and budding entrepreneurs, asking them why they want to start a business. And it amazes me when they respond by saying because I am passionate about what I want to do. That isn’t good enough. Starting a business needs more than an uncontrollable emotion. This may be perfect if you are in love with a lady, but for business, you need more. Passion is not enough. It is one of the ingredients, but it won’t help your business success. To successfully start a business, you need that passion that is under control because business is technical and requires deep thinking. Passion, most times, doesn’t give room for thinking. And thinking is one of the key factors you need to be successful in business. Although some business owners have recorded quite a number of success by following their instinct, but most times, you have to sit down to think deeper to be successful in business.  

Number two-You need the three basic skills: Businesses appear like a rabbit from a hat every other day and they are being set up by those who barely have the three foundational skills needed to be success in business. To build a successful business, you must have the business, financial and investment management skills. The business management skill will help you manage and grow your business. The financial management skill will help you control and manage your money, and the investment management skill will help you invest and multiply your money. With these three basic skills, you will become a successful entrepreneur.  

Number Three-You need a mentor: Every successful person has a mentor, whether distance, close or dead mentors. Business mentors are those who will help you navigate through the potholes on your journey to success. They will teach you based on personal experience, making sure you are not falling into the same pit they fell into. But note this: your mentors are to guide you and not make business decisions for you. They are like your advisors, not your classroom teachers. 

Number Four-You need money: whoever said you don’t need money to start and grow your business lied to you. One of the key factors that will help your business growth speedily is money. You need money whether you are starting small or big. I will always advise that you start small so you won’t have to waste resources on unnecessary activities that may not be important at the early stage. However, have it at the back of your mind, you need money. It is called seed or startup capital. And as your business grows, it will still need more money. So as an entrepreneur, you must become a fundraiser. You must know how to raise capital for your business. It is a learnable skill. .  

Number five-Networking is necessary: networking isn’t a difficult task; it is as simple as meeting acquaintance in a party and instead of just telling them your name, you also tell them what you do. But when networking, do not bombard your potential clients or associates with too much information about your business; get to know them and how you can help their businesses or personal growth. That way, you will have access to them and their network.

Number six-Be a people manager: the failure of many businesses and economies is due to lack of human capital management. The success of most business leaders is the ability to manage people and their skills. When you are in business, you will meet all kinds of people with different temperaments and skills. It is important you create a business or corporate culture that gives everyone the room to be comfortable. Learn to value people, their time and abilities. Know how to be the cheerleader and coach that drives people to achieve the business goals. That is what makes you the owner of the business.     

Number seven-Giving up isn’t an option: Business, I repeat isn’t rocket science; it is tougher than that. So, know these: there will be that moment when you will feel like quitting. That moment is called the “give up” moment. Every successful entrepreneur experienced this cruel moment. But when it comes, that is when you have to tell yourself that giving up isn’t an option. To help you stand against this cruel moment, always keep the big picture of your business close. And in no time, you will pass through that moment and the rest as they say will be history.