Business Concept and Idea Development

In order to market your product or service, you will want to be very clear about what it is that your business actually does or has to offer. You should be able to quickly and accurately describe your business concept in just a few sentences.

You will probably have to rewrite and refine your starting idea several times as you gather more information about your business idea.

As a businessperson, you want customers who are happy with your product or service. You want them to keep coming back to you with their needs or problems.

What are the ways of going onto business?

There are three ways someone can get into his/her own business:
1. Buy an existing business e.g. TBL bought by INDOR of South Africa
2. Purchase the rights for a franchise e.g. Coca-Cola and PepsiCo companies
3. Plan and start your own venture.

Buying an existing business

Independent business are bought and sold on a regular basis. You may find out about pending sale of a business through real estate agents, an accountant, a lawyer, a banker manager or the current owner of the company.

If you chose this option of getting into your own business, you will need cash to invest. You will also need the guidance of an accountant and lawyer to help you prepare the initial offer to purchase and assist you with the negotiations.

Purchase the rights for a franchise.

The franchise option is very popular and becoming more and more popular every day, even in industries that one would not think of!

While a franchise has a higher than average rate of success when compared with independent businesses, the down side is that most franchises require a substantial initial cash investment together with some type of ongoing royalty fee. Further, there is often not the flexibility to do things β€œyour own way” once you sign the franchise agreement.
Plan and start your own venture
Perhaps the most appealing to the entrepreneur is the opportunity to start your own venture! This option, while allowing the greatest flexibility, requires diligent planning and commitment on behalf of the entrepreneur. As in the previous two options, the entrepreneur should seek professional help and guidance, on as needed basis.

Type of businesses someone could start

There are three types of businesses someone can enter. These are:
1. Retail/Wholesale distribution
2. Manufacturing/Assembly
3. Service

Retail/Wholesale distribution

With any distribution business, whether it is wholesale or retail, you are in business of buying finished products from manufacturers and selling these to purchasers. In the case of retail, you may need a store or shop for customers to come to.
Wholesale distribution might require a showroom for viewing products as well as sending catalogues and flyers to customers with shipments made from a storage warehouse.

Manufacturing/Assembly

This type of business involves the actual creation of a finished product from raw materials or semi-processed materials. Whether it is considered manufacturing or assembly depends on the degree and amount of the raw materials used. For example, if all the materials used are themselves finished components, we would refer to the activity as assembly. On the other hand, if the materials to be used were in a raw or unfinished state the activity would be called manufacturing. Even a small handcraft business such as quilt making, pottery, or knitting may be considered as small manufacturing or assembly businesses. TAMCO Kibaha is a good example of an assembly company.

Service

A service business does not make a product or distribute a product. Its focus is the business owner who usually has some skills or ability that customers are willing to pay for. In exchange for a fee, the individual provides the service.

Examples of service businesses include auto repairs, landscaping, consulting and personal care businesses. Typically, a service business requires a small amount of capital.

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πŸ“° Recommended PostsπŸ‘‡

πŸ“Œ Things are always not they seem

🌽🌽THINGS ARE NOT ALWAYS WHAT THEY SEEM
A guy met one of his school mates several years after school and he could not believe his eyes; his friend was driving one of the latest sleek Mercedes Benz cars. He went home feeling awful and very disappointed in himself. He thought he was a failure.
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
What he didn't know was that his friend was a driver and had been sent on an errand with his boss's car!
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
Rosemary nagged her husband always for not being romantic. She accused him of not getting down to open the car door for her as her friend Jane's husband did when he dropped her off at work.
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
What Rosemary didn't know was that Jane's husband's car had a faulty door that could only be opened from the outside!
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
Sampson's wife went to visit one of her long time friends and was very troubled for seeing the 3 lovely children of her friend playing around. Her problem was that she had only one child and have been struggling to conceive for the past five years.
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
What she didn't know was that one of those children who was the biological child of her friend had sickle cell and had just a year to live; the other two are adopted!
🌽Life does not have a universal measuring tool; so create yours and use it.
🌽Looking at people and comparing yourself with them will not make you better but bitter.
🌽If you knew the sort of load the camel carries, you wouldn't ask why it takes those gentle strides.
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
So be thankful to God for what you have and enjoy it. You never know, someone may earnestly be praying for what you don't appreciate but take for granted.
🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽🌽
GOD BLESS US WITH MUCH MORE AS WE APPRECIATE WHAT WE ALREADY HAVEπŸ™

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πŸ“Œ What is agribusiness

(i) supplying of inputs needed for farming and
(ii) Marketing of the products grown from farm.

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πŸ“Œ Interesting story for new year

Ezra and Thomas joined a company together a few months after their graduation from university.

After a few years of work, their Manager promoted Ezra to a position of Senior Sales Manager, but Thomas remained in his entry level Junior Sales Officer position.

Thomas developed a sense of jealousy and disgruntlement, but continued working anyway.

One day Thomas felt that he could not work with Ezra anymore.

He wrote his resignation letter, but before he submitted it to the Manager, he complained that Management did not value hard working staff, but only promoted only the favoured!

The Manager knew that Ezra worked very hard for the years he had spent at the company; even harder than Thomas and therefore he deserved the promotion.

So in order to help Thomas to realize this, the Manager gave Thomas a task.

β€œGo and find out if anyone is selling water melons in town?”

Thomas returned and said, "yes there is someone!"

The Manager asked, "how much per kg?"

Thomas drove back to town to ask and then returned to inform the Manager; "they are 13.50 per kg!"

The Manager told Thomas,

"I will give Ezra the same task that I gave you. Please pay close attention to his response!"

So the Manager said to Ezra, in the presence of Thomas;

β€œGo and find out if anyone is selling water melons in town?”

Ezra went to find out and on his return he said:

"Manager, there is only one person selling water melons in the whole town.

The cost is 49.00 each water melon and 32.50 for a half melon.

He sells them at 13.50 per kg when sliced. He has in his stock 93 melons, each one weighing about 7kg.

He has a farm and can supply us with melons for the next 4 months at a rate of 102 melons per day at 27.00 per melon; this includes delivery.

The melons appear fresh and red with good quality, and they taste better than the ones we sold last year.

He has his own slicing machine and is willing to slice for us free of charge.

We need to strike a deal with him before 10am tomorrow and we will be sure of beating last year's profits in melons by 223 000.00.

This will contribute positively to our overall performance as it will add a minimum of 3.78% to our current overall sales target.

I have put this information down in writing and is available on spreadsheet.
Please let me know if you need it as I can send it to you in fifteen minutes."

Thomas was very impressed and realized the difference between himself and Ezra.
He decided not to resign but to learn from Ezra.

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πŸ“Œ Factors of Life

factor of life.
1. be grateful for what you have

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πŸ“Œ Too good to read

*Just too good*πŸ‘‡

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πŸ“Œ BUSINESS MANAGEMENT PLAN

Managing a business requires more than just the desire to be your own boss. It demands dedication, persistence, the ability to make decisions and the ability to manage both employees and finances. Your management plan, along with your marketing and financial management plans, sets the foundation for and facilitates the success of your business.

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πŸ“Œ Avoid a bad Marriage

AVOIDING A BAD MARRIAGE.
By Pastor Chris Oyakhilome PhD.

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πŸ“Œ Try this if you think you speak English fluently

try dis!
''THREE WITCHES WISH THREE WISHES,BUT WHICH WITCH KNOWS WHICH WISH WHICH WITCH WISHED."
Send it back as a voicenote, let's hear accents,
Don't spoil d fun….
Waiting 4 ur voicenote πŸ˜€πŸ˜€πŸ˜€

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πŸ“Œ Basic business skills

Starting up and running a business requires special skills such as careful planning, research risk assessment, commitment and patience.

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πŸ“Œ Where do entrepreneurs come from and how do they develop?

If you choose an entrepreneurial career much will depend on your ability to learn quickly from experience, cope with uncertainty, respond to changing circumstances, and deal with unexpected critical incidents. You will find these things less difficult if you develop your general enterprising tendencies.

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πŸ“Œ STORY: Do not ignore everything

A young man was
getting ready to
graduate from
college. For many
months he had
admired a beautiful
sports car in a
dealers showroom,
and knowing his
father could well
afford it, he told him
that was all he
wanted.
As Graduation Day
approached, the
young man awaited
signs that his
father had purchased
the car. Finally, on
the morning of his
graduation, his father
called him into his
private study, told
him how proud he
was to have such a
fine son, and how
much he loved him.
He handed him a
beautifully wrapped
gift box.
Curious, but
somewhat
disappointed, the
young man opened
the box and
found a lovely,
leather-bound Bible,
with his name
embossed
in gold.
Angrily, he raised his
voice to his father
and said,"With all
your money you give
me a Bible?" He
stormed out of the
house, leaving the
Bible behind.
Many years passed
and the young man
was very successful in
business. He had a
beautiful home and
wonderful family, but
realized his father
was very old. He
thought perhaps he
should go to him.He
had not seen him
since that graduation
day.
But before he could
make arrangements,
he received a
telegram telling him
his father had passed
away, and willed all
of his possessions to
him. He needed to
come home
immediately and take
care of things.
When he arrived at
his father's house,
sadness and regret
filled his heart. He
began to search
through his father's
important documents
and saw the Bible,
new,just as he had
left it years ago.
With tears, he
opened the Bible and
began to turn the
pages. His father had
carefully underlined a
verse, Matt 7:11,
"And if ye, being evil,
know
how to give good
gifts to your children,
how much more shall
your Heavenly Father
which is in Heaven,
give to those who ask
Him?"
As he read those
words, a car key
dropped from the
back of the Bible.It
had a tag with the
dealers name, the
same dealer who had
the sports car he had
desired.
On the tag was the
date of his
graduation, and the
words…
PAID IN FULL.
How many times do
we miss God's
blessings because
they are not
packaged as we
expected?

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πŸ“° Recent PostsπŸ‘‡

A Be careful

You have been single throughout the year, and two weeks to Christmas you fall in love

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A How to be charismatic

Relax Your Way To The Top If you are looking to be charismatic, then the first and foremost thing that you have to do is to actually learn to relax. Some people try too hard to be charismatic, but only end up making a fool of themselves. This is not something that you would want to do. So, in order to work on your charisma, learn from the mistakes of others and relax. When you master the art of relaxing in a social setting, you automatically exude charisma. It's a known fact that people love to be around people who are calm and composed. Learn to channelize peace and tranquility to everyone you know and meet. This will help you seem extremely calm and a lot more attractive. With a personality of this sort, apart from wanting to be with you, people may even aspire to be like you. Confidence Concerns While being confident can be easily mistaken for being charismatic, there is a very distinct difference between being confident and being charismatic. Charisma is that quality that makes you seem like you have an extremely attractive personality, and confidence is that quality that adds to your charisma. Appearing confident can make you seem extremely charismatic, because your confidence apart from acting like a magnet will also help put the others around you at ease and create in them a desire to be around you. Here, however, you will have to take a lot of care to stay away from going overboard, because while confidence is one thing, overconfidence is a different thing altogether and it's that one quality that no one can really be fond of. Dish Out Attention In order to seem charismatic, it is important to listen and pay attention. When you manage to do this your charisma quotient automatically reaches new heights. You can pull off attention tactics by simply listening to what people have to tell you and talk as less as possible. However, when you actually do talk, make sure you talk sense and make sure the words that are coming out of your mouth are the kind of words that the other person would want to listen to. Make it a point to smile while you are talking. This will help add quite a lot of appeal to your personality. Be Considerate You are truly a considerate person when you treat others around you just the way you would want to be treated. You wouldn't want to be discriminated against under any grounds, so then there is no reason why you should treat one person differently from the other. Exercise this behavior pattern in your day-to-day life and watch how people are attracted to you like bees are to honey.

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A How to calm down

Breathe Deeply Though it is an old and repeated technique, nevertheless it really works well. Comfort yourself in a relaxing position and take a deep breath. Hold your breath and start releasing slowly. As your breath leaves you, assume as though you are breathing out fire. To feel the fire exiting from within you, place your hand underneath your nose. Exercise Exercising is, indeed, the best technique for calming down. Move out and indulge yourself into vigorous aerobic exercises for a longer duration than normal to release the pain and anger within you. Also, you can take up running as all it matters is finishing the run rather than worrying about the reasons for your stress. Push yourself against the barbell or the fitness equipment. This would help your mind to focus on nothing else, but finishing the exercise. Close Your Eyes Gently close your eyes and retreat from the present world going deeper and deeper. Let those drops moisten your eyelids helping you regain your equilibrium. You will gradually get back your balance and proper focus. Move Outdoors Whenever you are in an agitated mood, give yourself an hour to indulge into the beauty of the nature. Whether you are angry, opinionated, cynical or uptight, you will soon return home as a relaxed person. Engage yourself into some activities, say walking, biking, running or swimming, in order to clam yourself down. Find Your Way To Water All you guys, who had assumed water to be only a thirst quencher, think again! The various healing and mood effects of water can do wonders to calm you quickly. So, the next time whenever you are over aroused, drink a big glass of water every hour. Besides, you can take a walk along the water, take a look at it or listen to it. If possible, throw yourself into it by going for a bath or swim. Step Back Take a step back and observe the world that you are living in. Lift your head up and look at the stars in the sky. Realize the number of stars filled with many planets just like one of ours. Compare your problem with one of those twinkling stars? Probably, it is just a fight between two ants. In the event of so many serious problems, yours would not seem as a big deal. All it requires is some framing of things and events here and there. And voila! You'll have the solution to your problem in a few moments

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A Story of Peter and his Girlfriend Mercy

*Peter and his girlfriend Mercy were walking during the night..*

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A How to become smarter

Exercise Your Brain Just like you workout to build and strengthen your muscles, your brain, too, requires proper exercises to sharpen itself. Often, it is assumed to be a useless body part, but this is not true. As such, whenever you are engaging yourself in some activities, you are exercising your brain. Consider practicing activities, such as puzzles, crafts, reading, painting, gardening, and other recreational activities that will refresh and rejuvenate you and your mind, in particular. Read Quality Books Most of us love reading. But we often end up reading fiction, suspense, or romantic books. However, these books do not mentally stimulate us. So, if you really want to improve your thinking and writing skills, pick up books that force you to really focus. Read a classic novel that changes your perspective towards this world and exposes you to precise, elegant English. Do not feel shy to pick up new words and find their meanings. This, in turn, will make you smarter with a more comprehensive vocabulary. Make reading fun as well as useful. Avoid The Idiot Box What do we do after a long tiring working day? Pick up a bag of chips and a can of cola only to land up in front of the television. Though there is no problem with refreshing yourself while watching a reality or a talk show, it doesn't really put your mental capacity into use. Further, watching television continuously does not relax you, instead, it exhausts you. Hence, pick up a book or magazine when you want to relax. Or, switch off the idiot box when you have friends or acquaintances around and indulge in a conversation instead. Learn A Foreign Language Researches indicate that learning an unknown foreign language boosts brain power. Quite smart, indeed, right! Learning and understanding the foreign culture through the language induces your brain to implement its muscles. Identify Your Qualities All of us have had our share of several idols and dream jobs during childhood. A scientist, a social worker, an airhostess, a 40-wheel lorry driver, an astronaut, or even a rock star! But, in reality, how many of us are really able to convert our childhood dreams into a reality? Probably, just one out of hundred. That's because to move onto their paths, we need to understand the values, commitment, and endless efforts to meet the requirements and achieve our goals. However, this should not be mixed with our idols. For if we try to imitate our idols, we will only land up making a fool out of ourselves and not creating a niche amongst the rest. Hence, it is important to identify your qualities and be yourself rather than being others.

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A To learn how to love yourself

Accept Your Personality Your life has not ended yet. You still have plenty of years to live. Hence, it's never too late to improve or develop yourself throughout your life. However, it is best if you accept yourself for whom you are. Be happy and celebrate your unique qualities and characteristics. After all, you are a unique individual created from God's own hands. Be Happy With Your Body Size Both men and women are often too conscious about their physical appearance, especially when they see a well-toned and figured person crossing their way. In case of women, some feel that their breasts are just too small, while there are others who feel they have heavy butt. Men, on the other hand, feel inferior to those who are well built or have a great muscular body. For all such gentlemen and ladies, remember that we are not produced from a single factory. Each one of us is different; hence, it is better if you accept, or rather love, your physical appearance. Built Confidence No person is born with natural confidence. It is the upbringing and your surroundings that help you develop poise and self-confidence. Children who are taught to become self independent from an early age have greater level of confidence than those who look up to their parents for every knick and knack. Start revealing a positive attitude and a feeling of self assurance and see how confidence comes natural to you in no time. Find Out Your Good Qualities And Achievements Looking out for some good qualities in yourself? Were you not able to find any? Does that make you hate yourself further? Why? Aren't you a homosapien? Just like every person has some negative attributes, so does he have positive characteristics as well. It is good to criticize your self but then do not be over critical. Accept your flaws and try to come over them. As for your positives, just keep on bettering them and who knows you might be able to love yourself all the more. Stop Regretting On Your Mistakes So, you have committed a mistake? So what? It's just a mistake. No one is going to beat or punish you to death. Making mistakes is natural to any human being. So stop beating or cursing yourself over and over again. Instead, sit down and analyze your mistakes. Take positive lessons from them and find out what different you can do next time to avoid these stupid and silly errors. Forget the past and plan the future. Don't Let Others Dominate You Sad but true, often people treat you like a doormat simply because you allow them to do so. It's your life and no one has the right to control or rule it, except you. So stop being too kind and generous when a friend constantly borrows money from you with no promises of repaying it back. Stand up and dump that guy who calls and looks up to you only for sex and nothing else. Remember, do not let anyone treat you badly because you deserve better than being only used or criticized.

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A MARKETING STRATEGIES FOR YOUR BUSINESS

Marketing is a complex subject but one of the most important contributing factors to the success of your business. Without customers there are no sales and therefore no profits.

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A Think Critically act Positively


1. ON EARNING:
Never depend on single income. Make investment to
create a second chance.

2. ON SPENDING:
If you buy things you do not need, soon you will have to sell things you need.

3. ON SAVINGS:
Do not save what is left after spending, but spend what is left after saving.

4. ON TAKING RISK:
Never test the depth of a river with both feet.

5. ON INVESTMENT:
Do not put all eggs in one basket.

6. ON EXPECTATIONS:
Honesty is a very expensive gift. Do not expect it from cheap people.

7. Past is a waste paper, present is a newspaper, and future is a question paper. Come out of your past, control the present, and secure the future.

8. When bad things happen in your life, you have three choices. You can either let it define you, let it destroy you or you can let it strengthen you.

9. Our eyes are in the front because it is more
important to look ahead than to look backwards.

10. We use pencil when we were young, but now we use pens. Do you know why? Because mistakes in childhood can easily be erased, unlike now. So read and write carefully, otherwise, life will be a
tissue paper.
__

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A What is agribusiness

(i) supplying of inputs needed for farming and
(ii) Marketing of the products grown from farm.

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A An infant rejoice in the presence of the Lord

β€œMost blessed are you among women, and blessed is the fruit of your womb. And how does this happen to me, that the mother of my Lord should come to me? For at the moment the sound of your greeting reached my ears, the infant in my womb leaped for joy. Blessed are you who believed that what was spoken to you by the Lord would be fulfilled.” Luke 1:42b-45

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A Stages in the development of a business career

Scanning for opportunities, idea generation, and innovation/creativity.

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A How to bring people around you

Begin with praise and honest appreciation. Call attention to peoples mistakes indirectly. Talk about your own mistakes before criticizing the other person. Ask questions instead of giving direct orders. Praise the slightest improvement and praise every improvement. Let the other man save his face. Give the other person a fine reputation to live up to. Use encouragement. Make the fault seem easy to correct. Make the other person happy about doing the thing you suggest.

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A Beautiful story

Couldn't resist sharing this beautiful story 😊

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A Understanding Entrepreneurs and Entrepreneurship

There is no clear consensus among entrepreneurship specialists on the definition of the word β€˜entrepreneur’ or that of its derivative, 'entrepreneurship'. While some people would treat small business owner managers and entrepreneurs as synonymous, the bulk of the entrepreneurship specialists attempt to draw a distinction between them. This distinction is central to an understanding of the meaning of 'entrepreneur'. We proceed to look at the definitions of these terms with a view to delineating the differences among them.

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