How Sure Are You FROM IT? 1

How Sure Are You FROM IT?

To start a small business you must have a nerve of steel because the business environment is very challenging. You have to cope with factors that cause many businesses to fail in addition to stiff competition in the Lagos Nigeria business environment. But even at that you still need to arm yourself with the right kind of information that will make it easy for you to start a little business and what am I talking about? Are you experiencing the right business idea already? How sure are you of it? Will your business truly generate income and what are the odds against you?

Whatever business you wish to pursue make sure of 1 thing, a wrong idea will be a recipe for devastation but I assume that is not the case. After getting the basic idea, the next thing is to join up your business. This is necessary to be able to have that unique name for yourself because businesses are starting every day and you never know who may have an identical name to your selected name. So register the business with the corporate affairs payment and get the certificate which demonstrates that you truly are authorized to transact business. No serious business succeeds without a plan.

Knowing this implies ultimately a business plan must anticipate to guide the would-be business owner and get him/her prepared to face investors or lenders when enough time to raise capital to execute the business comes. No business plan means huge losses and ultimately failure in business. Therefore get that business plan set up. The best location for doing any business is one where the business man can certainly access recyclables and reach his desired market. Quite simply place which ensures closeness or proximity between suppliers and customers is an ideal location for a business although this might not continually be possible.

But we can still aspire to something close to the ideal. Although honestly speaking not all businesses require a set location. Some businesses can be done on the run. You can do them anywhere apart from in a fixed place. You have the right location Once, this is the time to get the various tools, machines, and equipment you will need to make your business work.

If for instance you are into digital photography, after you have situated your business, it will be time for getting your tools (camera, computers, photo printers and other relevant devices). The last and final stage to starting a business is handling the marketing. That is obtaining a brand trade or name mark, logo, company slogan and other measures necessary for improving the selling position of the business, its services and products. The marketing aspect also involves meeting and networking with people who are relevant to the business and are spreading the word round. So those are the easy steps to starting a business in Lagos Nigeria. Do you have a comment to leave?

Henry Sy: I don’t usually prefer to get loans. Actually, the key reason why we do well and completed our first mall task, SM North Edsa, even following the 1983 economic turmoil, and following the Ninoy Aquino assassination, was because we then experienced hardly any loans. I got my first credit line in 1949, it was from China Bank or investment company and I had been lent by them P1 million. My line of credit was approved by Mr. Yap Tian Siang in their head office before at Juan Luna Street, corner Dasmarinas Street.

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Philippine Star: Did you ever think about in 1949 that you’ll someday own more than 70 percent of China Bank, and that you’ll have Banco de Oro and soon, possibly, Equitable PCIBank? Henry Sy: No, I never dreamed then that I would own banks. You understand, despite our many shareholdings in China Bank, the Dee category of the initial founder has managed the institution so professionally and profitably, we never attempted to change the incumbent chairman Gilbert Dee or president Peter Dee. We aren’t that greedy, it isn’t good.

I don’t believe in seeking both power and profit. Even those executives who’ve been with China Bank for quite some time, they are still there. If a venerable institution like China Bank is doing so well, why make changes? Philippine Star: Is it true you already own 11 percent of San Miguel Corporation?