Small business ownership: Options for employees

Salary at best should serve as a mere solution to urgent needs, says Engr Ifeanyi Aniagoh, Senior Special Assistant to Governor Willie Obiano on Youth Development and Digital Entrepreneurship, in Awka.

In his lecture at the National Union of Electricity Employee (NUEE) 2-Day Training Workshop Themed “Post Privatization of Electricity Sector and Leadership Skill Development” held at King David Hotels, Engr. Aniagoh reminded the Electricity Workers that these needs always increase against the salary that is seldom increased.

And regrettably, the present salary scale in our dear nation does not serve our urgent needs.

Here are other quotes by Engr. Aniagoh

1. Majority of our citizens are unemployed; many under-employed and others underpaid.
2. Thus, we face the challenge of first augmenting our salaries to solve our urgent needs and then make extra income to handle other needs and take care of our wants.
3. Therefore, you cannot meet your financial needs with salary alone; you need more than one hook to catch the millions of fishes in the sea.
4. Salary is like a treatment for managing poverty but the cure for poverty is investment.
5. As a salary earner you must learn the art of converting a part of your pay to investment.
6. Unfortunately, with recession and inflation, the value of the salary surfers more devaluation and depreciation leaving many hopeless.
7. What’s the way forward? … Owning Small Business; What are the options for employees? Becoming a Digipreneur?
8. Small business could refer to any profit yielding venture usually not too expensive to start or manage but also not too cheap regarding our economic situation.
9. Features of a standard small business include: ownership; structure; few or no employees; business name; sales; turnover; profit; etc.
10. To own a successful small business, you must look out for the business opportunities around you.
11. A business opportunity exists when there’s a sufficient market for a particular product or service.
12. Don’t start a business simply because you have got an idea because a good idea is not necessarily a good business opportunity.
13. You may have a great product or service and yet the market may not be ready for it.
14. You could have a sound business idea but the level of competition would be too high for you to break in and the required resources would be out of your reach.
15. Sometimes, there might be a ready market for your business idea but the return on investment won’t be acceptable.
16. You must do a market survey to establish the right business opportunity for your business idea.
17. Findings and experience show that over 80% of new businesses fail. So, be ready to walk over the edge, no matter, the number of times.
18. A good business opportunity must indicate Real Demand; Good Return On Investment; Mutual Competitiveness; fit your Objectives; be serviceable by your Skills and Resources; etc.
19. You can see a good business opportunity when you observe: Market Vacuum; poor Quality Products and Services; Overpriced Products and Services; Monopoly; increasing Demand; new and improved Technology;  and alternative Raw Materials.
20. In Nigeria of today, a lot of business opportunities exist in Agriculture; Solid Minerals; Hospitality and Tourism;  Telecommunications;  Fashion;
21. In all these opportunities, you have the choice of starting big or small… In either way, you can grow out to become the biggest.
22. But you must avoid a few factors that make new businesses fail, especially small businesses.
23. When you are making little or no profits, don’t be discouraged particularly in the gestation period.
24. Maintain proper accounting and record keeping… It’s a must to separate personal issues from business affairs.
25. Don’t be over ambitious but maintain the highest level of confidence and don’t compromise good attitude… Attitude is everything!
26. Naturally, as salary earners, you source fund from Personal Savings;  Loans; and special venture packages.
27. But your salary is so low; no easy access to loans and employers aren’t coming through with alternate funding opportunities.
28. Except ndi Anambra who enjoy the privilege of having Anambra State Small Business Agency; other Nigerians find it difficult to startup and when they do,  they hardly stay in business due to lack of funds.

So what next?

29. While you obey the basic rules above to invest in small businesses to augment your salary, you can do better by becoming a Digipreneur.
30. Everything you need is already around you except the right orientation and the use of creativity already inherent in you.
31. A Digipreneur is a Digital Entrepreneur… An Entrepreneur that plays on the digital space or applies innovation to an existing enterprise.
32. In search of business opportunities, look out for a challenge in the society and think of how to solve it while making profit… By this, you are an entrepreneur!
33. Start using your gadgets to solve these challenges; add innovation to businesses you already doing… You are then a Digital Entrepreneur; a Digipreneur. So, with your handsets and Social Media presence, you can start “a thousand and one” new small businesses as well as use them to improve on your current ventures.
34. If you all become Digipreneurs, your success will reduce pressure on the economy; you will create more jobs and more people will live better and longer.
35. Summarily, small business ownership is a vital option for you to augment your salaries; to take care of your needs and to satisfy your wants. Most importantly,  it’s better you become a Digipreneur… Do so now and secure your future!