Entrepreneurs share start-ups survival tips

Starting up a business is not a walk in the park. Often many businesses that have started with much promise have collapsed within a period, while others drag on uncertain of survival.

Business owners in different fields give tips on how start-ups can flourish:

 

According to Mutesi Gasana, the founder of “Arise Bookshop,” once a business owner decides to become an entrepreneur and turn their ideas into a business, they are ready. She recommends starting with a business plan, to lay out their projections and plans.

 

This might serve them when seeking a loan or funds, and set them to start running their business. “A business without a business plan is like a body without a heart,” she said.

 

“Stakeholders, be it fellow business partners or staff, critical for growth, therefore, focus on their attitude and character than their skills. An entrepreneur will need a team that goes beyond the job description for the startup to thrive,” she states.

Gasana added that an entrepreneur should also continuously build his or her skills. “It is normal to start a business and not have enough to invest in personal development but what is essential is to invest in oneself more than anything else,” she said.

She explains that the world rotates every minute and skills will assist someone with the knowledge they deserve to run a business.

Gasana expounds that business owners ought to learn the art of selling and marketing. It doesn’t matter the skills they have, because if marketing is missing, the startup might not be able to live for next time.

The bookshop owner also stresses that it is important to always have people to lean on in times of uncertainty. Sincere people, to tell the truth, and give advice that will help the business to grow or pick up.

For James Monari, a lawyer and the brains behind DMF consulting law firm, raising the initial capital for one to have their business running before they can see returns on investments, matters a lot while starting up a business.

 “As a new business, expect competition, there are already those that are established in the business unless an entrepreneur brings in total uniqueness,” he notes.

Monari points out that having the right human resource to implement the vision of the business also counts. Do a survey and find a niche where there is a business opportunity and capitalise on that. 

He emphasised that investing in networking while trying to create a brand that will outlive the business personnel. Which is why it is imperative to have the right-minded people to assist in the realisation of the business vision

Proper marketing coupled with embracing technology is the business perception and is key in business as clients want to relate with what they see, he added.

Augustin Bukuru, the founder of Show me around Rwanda Safaris Ltd explained that one needs to know how much initial capital is required, location accessible to their clients, how to find clients and where to find them and how to follow-up to ensure that the clients are satisfied by the services offered to them.

“Well, speaking from my experience, I will say that it’s not that easy but again it is possible. All that it will require entrepreneurs is to first know what they want and how to embrace their missions,” said Emmanuel Chris Niyokwizerwa, the owner of ‘Umulinga fashion Rwanda Limited.’

He noted that entrepreneurs have to believe and genuinely get excited in what they are targeting, the most successful entrepreneurs are incredibly passionate about their work.

Niyokwizerwa urged start-up owners to brace for the long working hours and not to forget setting expectations of the company, as this would push them to even work harder.

He encouraged entrepreneurs not to expect their business not to have it all figured out.  “A startup is often still establishing its guidelines and formalising its business. That is one of the reasons why the work is both exciting and scary. However, they should embrace the chaos and take an active role in shaping the business,” he added.

Niyokwizerwa noted that start-up owners should identify what matters most to them and look for creative ways to make time for those priorities.

He added that business owners must take advantage of social media for instance, Twitter, Facebook, Instagram, Facebook and others, as they are platforms that can win them customers, if used aptly.

The fashion designer noted that entrepreneurs must take a breather.

“The business will be stressful at times, but it is important to take some rest for example, through either meditating, playing some games, listening to music, or do anything that would help them refresh,” he said.

editor@newtimesrwanda.com

Subscribe to The New Times E-Paper


You want to chat directly with us? Send us a message on WhatsApp at +250 788 310 999    

 

Follow The New Times on Google News