“Business O’clock”
What business are you currently doing, or what business would you like to start? Explain why you chose it.
I recently paused my oil business because of my examination. I am into buying and exporting palm oil to the northern part of Nigeria. In my state, Cross River, oil is a bit cheaper than in the northern part of Nigeria, so I buy in Cross River State and send it to the northern part of Nigeria.
I chose this business because it is a bit lucrative and there is money in the business with less risk, which I can put a phone call across that I need palm oil and my suppliers would deliver it to me. The business is a fast-growing business that is moving well for me, so I am thinking of expanding the business to have a brand.
If you were given $200-$500 today to invest in a business, how would you use the money? Give a simple business plan.
I were given $200-$500 to invest in a business, I would use the money to expand my oil business, like having a store in the northern part of Nigeria, registered my business name so I can have my own brand.
First, I will go to the Corporate Affairs Commission (CAC) and register with them, then rent a shop and design it, and then furnish and fill the shop with quality oil. This will increase my business publicity and promote my brand, thereby bringing in more customers.
What do you think are the three most important qualities every successful entrepreneur should possess? Explain your reasons.
I think the three most important qualities every successful entrepreneur should possess:
Resilience
Adaptability
Vision
Resilience: this is the ability that requires an entrepreneur not to quit when things go wrong. You need to learn fast and take mistakes as lessons to do better next time.
Adaptability: this is the ability for an entrepreneur to change plans according to customer needs.
Vision: this is the ability for an entrepreneur to spot gaps in the market that others miss.
Have you ever experienced a business failure or major challenge? If yes, what lesson did you learn from it?
Yes, I have experienced business failure and even challenges. I was in the clothing business, which didn't go well for me as the business failed. Every failure is a lesson, which is what I believe. From that, I learned the following:
- I learned not to trust someone when it comes to business
- I learn not to put family members in charge of my business
- I learn to treat business as business without emotional attachment
- I learn to be serious and consistent in whatever that I want to do
- I learn to be very strict in business.
Cc:-
@ninapenda
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