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Five Things You Need To Know Before Establishing Your Own Business

There are five basic things you need to know before venturing into establishment of your own business. 


1, Complete and total knowledge of the business. You don't need to enter into a business that you know nothing about, there are secrets that govern every business, those in the business know, which those outside the business did not know.So you need to do an underground work to discover those things that make the man in the business you want to do to excel. One of the things is, where to get the goods cheaper than others, what type of the goods does the customers like most, you don't sell what you like but what the customers like.

If you really want to understand me clearly, take a look at the Igbo traders, they have servants that are under them learning the trade, those servants may be under their master for up to 4 or 5 years even more years, depending on their agreement, what they are doing is to master the skills in that business, when they eventually come out, with your piles of degrees you can never bit them in same business, that is what I am trying very hard to explain to you. You may not serve the number of years that the igbo servants did, but at least have a foreknowledge of the business you want to do.

2. You need money to do business: one who dreams to have a business of his's or her's would make money available, nobody does business without money at hand.Though, the amount of money needed is not important, but the knowledge of the business is more important than the amount you are having, it is better to start small and gradually grow the business. When the you have mastered the business, you can then put in more money. That is one of the benefits of starting small and allow natural growth of the business. If you put in much money, you may lose all your money because of inexperience.

3. You need a shop: A safe place for the purpose of storage of the goods is very important, its important that your goods is not expose to danger of pest or thieft.

4. Be charismatic in nature: Try very hard to be an interesting person, customers would always patronize you, if you are inspiring, admiring, and genuinely concerned. Be the kind of fellow that customers would not find it hard to bargain with, naturally, no customer would want to do business with one who quickly get annoyed at the slightest comments by the customers. It is said, that customers are always right, learn to be calm and interesting when attending to your customer.remove friction between you and your customers. Somebody can't be buying something from you and at the same time afraid of you.

5. Finally, Believe in yourself: This is the most important aspect, your success and failure depends on this no5. If you don't believe in yourself, there is no magic under the planet that would make you succeed. Inferiority complex is the worst thing that can happen to any business man. 

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