Entrepreneurship: A Synergy to Combating Poverty -By Isiaka Qudus Oyewole

People’s perspective on business enterprise can be diversified. It might be any form of apprentice that people engaged in, all other way around. It can be anything we engage in to sustain our day to day activities. The people who made it in life are not 100 percent into salary earnings; they engage in one or two other enterprises in order to be delivered from the dictatorship of salaries to meet the sustainability of life. 

People who engage in entrepreneurship do not only make profit, but also contribute to the society at large through provision of the basic needs of the community and fostering the development of that community as well.

Majority of people who top the forbbes list, are entrepreneurers. They also started by being determined and focused on which business(es) they will engage in. 

Forms of Business Organization 

The forms of business organizations been categoried into three (3). We have: sole proprietorship, partnership, and corporation.

Sole proprietorship is a form of business known as one man business. This is a business in which an individual establishes with the frame purpose of profit maximization. Here, single body can establish it because it doesn’t require any huge capital (money) to carry on. 

The second form of business is partnership. This is form of business which it subsist between two to twenty people to carry out with the motives of making profit. Here, people come together to put their resources in order to make profit. The business encourage people who can not single-handedly bear the business by providing capital to establish it. By during so, people will be invited into it with some certain agreement to carry on the business. 

The last forms of business is known as corporation. This is the form of business in which people gather together, subscribe to have a share in that company and it is treated as a separate entity to the owner’s property.

Now, worry no more on which type of business you should venture into. What’s the next procedure after identifying the business you have the capacity of doing.

How to Establish a Solid Business 

If you’re starting as one man business. Firstly, source for capital to establish the business. This is the foundation in which other things we lay on. Note that without capital, business cannot exist at all. The provisions of capital will pave ways for other things to come in. Opening capital/starting capital should be sought for, in carrying out business(es) operations. 

Secondly, this is the major thing in which most people skip before they venture into business(es). As a person who wants to start business, he/she should do proper survey on marketing and society to establish business. This must be put into consideration. This is where you will know what are the challenges confronting the society in terms of their needs. At least, people will just come and ask for it. 

Thirdly, check out for better location to establish your business. Good location will tell how the business will be operated and remain in existence by growing rapidly. This is where the theory of sales come in. No location, no sales. though, there are some online business(es) which do not require eye to eye contact, but the internet serves as the location of meeting. If the internet doe not serve as a bridge for connecting the communication together, no sales and engagement will exist.

Lastly, the customers whom to buy your goods. How can you source for customers? This is through advertisement. You will let the society be aware of what you want to offer them, the full details of that particular goods.

Note that, first time in business is not for too much profit, what did I mean by not for too much profit; the aim is to sell at flat rate to create proper awareness to the customers and gain chances on your products. This will now bring good relationship with customers by treating them well as they deserve because there’s no business (es) without customers. Customer is also a stakeholder in a business by getting quality goods and services.

When nothing seems to pay, business (es) will pay one day to challenge poverty and foster the means of sustainability.

Isiaka Qudus Oyewole is a 200- level from department of Accounting, Faculty of Management Sciences, usmanu danfodiyo university, sokoto.