start a business
You have a lot of good business ideas but you are waiting for a good time to put them to good use, probably when you have access to some cash or you are waiting for the environment to change in favor of one of those ideas, so you keep giving yourself many more reasons why you have to wait and wait. What I believe is, this is the best time to start your business. Here are 6 reasons why:
1. Idea ages fast
There is nothing new under the sun. There are a million chances that what you thought of as a new business idea has already been made into a viable business by someone else. What you are thinking now might be the current topic of debate by someone else looking for businesses to start immediately. Subject that idea to a quick test by launching your minimum viable product before your target market is saturated with various solutions that can render your planned product or service dead before arrival. As Eric Ries wrote in the Lean Startup book, you don’t learn until you launch. In order to learn fast, ditch the excuses, put the fears behind you and just go for it. That’s how to start.
2. Rapid technological advancement
All industries have been transformed by various novel technologies and there is never a better time to leverage on these innovations to bring your ideas to life than now. With the proliferation of smartphones and increased accessibility to the Internet even in countries categorized as underdeveloped, getting your business online to tap into new markets, even from the comfort of your home, can happen through several do-it-yourself technology solutions available today at a very low-cost.
3. Availability of Information
Experience is the best teacher and there are many contents out there today you can freely access for guidance on any business you are starting. Majority of the contents are from experienced, and some successful, people in any line of business similar to what your idea will help create so you can learn from how they started, immediate challenges and how to avoid the common pitfalls made by many entrepreneurs that are pursuing similar interest as yours. LinkedIn has tons of such contents shared by various professionals across all business areas; YouTube has countless number of videos on virtually anything you want to learn or know about. There are also several blogs, articles, reports etc. out there for you to seek information from before starting out.
4. Increasing number of startups and small businesses
It’s now a cliche that small businesses contribute immensely to a country’s economic growth. In the USA alone, small businesses generate almost half of the country’s GDP with over 29.9 Million of them spread all over the country. The UK has up to 2000 startups generating several billions of pounds in annual revenue and the African startup scene is also on the rise. According to ICF (2015), the small business sector in South Africa employs 60% of the labor force and contributes approximately 34 percent of the country’s Gross Domestic Product (GDP). In Ghana this sector contributes 70% of GDP and over 92% of businesses in the country. Startups are now the new cool as more people summon the courage to start their businesses against all odds. This is a bandwagon to join with the promises the future holds for today’s business owners, as there are growing needs to be met globally. You only have to ensure your focus is more on the creation and the delivery of employee and customer value and everything else should fall into place.
5. Easier access to external funding
With a complete and thorough business plan, access to funding for your business is much easier now. There was once a time when the only places to approach for an investment or business loan were the banks but now, there are many accelerator programs constantly on the lookout for innovative businesses to invest in. Technology has even made access to investments easier through several crowd-funding platforms. There are angel investors looking to invest if your business can guarantee complete value delivery for all involved. As long as your idea is good enough to create, add and capture value and you are able to pen it down and demonstrate how, getting it in front of investors should never be much of a hassle. It becomes easier when you have some data to prove your concept too.
6. The world needs you now
A recent survey of the world population by the UN shows an increasing world population from over 7 billion now to more than 10 billion by 2050. According to the UN, half of the world’s population growth is expected to be concentrated in nine countries: India, Nigeria, Pakistan, Democratic Republic of the Congo, Ethiopia, United Republic of Tanzania, United States of America, Indonesia and Uganda by the year 2050. India’s population is expected to surpass China in seven years time and Nigeria is expected to surpass the populations of the USA and become the 3rd largest by 2050, which isn’t that far off. The big challenge however is that, this increase will come with an increased demand for available services which will pave the way for new ones that will be created. Present resources in most organisations are already under massive pressure and will need new ways, processes, products or services to cater for the additional demands set to come. Your idea brought to life today can help relieve some of these resources already begging for assistance now or better yet cater for the new demands, some of which are available now or soon to come from these future population projections.
While these are some reasons for you to start your business now, I must mention also that entrepreneurship is not for the fainthearted. It is a risk worth taking but a costly one at that. Costly, not necessarily in financial terms but in time, energy, efforts, sleepless nights, denied family times, lost vacations, social life etc. You have to be willing to sacrifice a lot to birth an idea and make it a success.
What will determine your success in the end are not the results of the risks you take, but the number of risks you are willing to take.
With the increasing challenges in our world today searching for a solution, do us all a huge favor and start that business now.
Read Richard Branson’s advice on how to turn your ideas in to viable businesses here(Click here to read)
Here are a few tech tools that can help you run a small business (Click here to read)
Click here to read the 2015 UN report on the world population trends and consequences.
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