6 things to do before starting a business

Creating or starting a business is a huge commitment. It’s not an uncertain path, and often features details you may never have considered. To make sure you have covered all your bases before kicking off your business adventure, here the things you must do before starting a business.

Do your research

One of the essential things to do before starting a business is to research the competitive landscape. You do not venture into a business because you have a brilliant idea. If you can’t offer something better or cheaper than your competitors, you may want to re-think starting a business in that area.

Read Also: 6 Sacrifices You Must Make To Be A Successful Entrepreneur

Ask yourself why

Every entrepreneur should be able to answer the question, Why are you doing this? It seems like a simple question, but you may be going into it for the wrong reasons. It does not matter if it is for money or for the passion. What is needed is for you to have both and maintain focus. Outside of that, you are probably wasting your time.

Network

Networking helps you get potential partners and investors. You need to attend events where you will need to talk with many entrepreneurs, who have either succeeded or failed.  The most helpful advice to learn is the impact of their lifestyle including finances, personal relationships, and health.

Get a mentor

A new business owner should have a mentor. The mentor will offer his advice as well as experience to keep you on track and ensure you do not lose focus.

Survey your target market

Determine and survey a focus group of the target demographic for the service or product you are offering. You must ensure that you are delivering what your customer wants, not what you want.

Seek legal advice

This is another important point entrepreneurs must take note of before officially opening a new business. They should seek legal counsel. Do not make the assumption that legal counsel is only necessary when you get into trouble with the law.

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EFCC recovers N328.9b from oil marketer in just 1 year

The Economic and Financial Crimes Commission (EFCC) reveals it has recovered a total of N328.9 billion from nine major oil marketers in one year.

Spokesperson of the commission, Mr Wilson Uwujaren, made the disclosure in a statement on Wednesday in Abuja.

Uwujaren said the marketers include Conoil Plc, MRS Oil Plc, Oando Plc, Forte Oil and Gas Plc, Total Plc, Mobil Plc, OVH Energy Plc, and NIPCO Oil Plc.

He said the recovery was made by the Kano office of the commission between July 2016 and July 2017; adding that the recovery comes after a petition against the management of the Nigeria National Petroleum Corporation (NNPC) and its subsidiary, Pipelines and Product Marketing Company (PPMC).

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He included that the petition claims that N40 billion had been diverted by the major oil marketers in connivance with the leadership of the NNPC and PPMC.

“The EFCC, in a swift reaction, referred the petition to a special task force which swung into action by conducting discrete investigation.

“Findings by the operatives of the EFCC revealed that the oil marketers were actually indebted to the Federal Government of Nigeria to the tune of N91.5 billion between 2010 and 2016.

“Further investigation into the allegation also revealed that the oil marketers had continued to obtain petroleum products from the government without proper payment, in violation of the NNPC/PPMC credit facility regulations.

READ ALSO: EFCC seals multi-billion naira Enugu Mall

“A probe of which further led to the discovery of N258.9 billion.’’

Uwujaren explained that the total amount of debt stood at N349.8 billion following the latter discovery.

He continued, saying that upon conclusion of the preliminary investigation, officials of NNPC/PPMC and all the managing directors of the companies concerned were invited to the Kano zonal office of the commission.

There, he added, their statements were recorded following which the recovery process began.

According to Uwujaren, “So far, a sum of N328.9 billion has been recovered from the major oil marketers. The outstanding debt now stands at N20.7 billion’’.

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Man city set to sign Dani Alves

The Blues had hoped to sign top targets Benjamin Mendy and Kyle Walker before securing their other options but are close to a deal for the Brazilian.

Manchester City are closing in on a deal for Juventus right-back Dani Alves, Goal has learned.

City are targeting four full-backs this summer and it has now emerged that Alves was identified as one of the four top names in April.

The Premier League club are also working on deals for first-choice targets Benjamin Mendy, the Monaco left-back, and Kyle Walker, the Tottenham right-back.

Txiki Begiristain, City’s director of football, had hoped to conclude deals for Mendy and Walker before signing the Blues’ other options, Alves and Southampton left-back Ryan Bertrand.

But despite renewed efforts in recent days City are yet to agree on transfer fees with Monaco and Tottenham.

Senior City sources remain confident of signing their top two targets but Alves could now become the club’s third signing of the summer, following in the footsteps of Bernardo Silva and Ederson, as talks with Juventus have advanced significantly in the last 48 hours.

Whereas Monaco and Tottenham are keen to make as much money as possible for Mendy and Walker, Juve are thought to be requesting a relatively nominal fee for Alves.

The former Barcelona man, like Mendy, Walker and Bertrand, is also keen to link up with Pep Guardiola and City sources expect the team to agree personal terms swiftly.

Alves was a key member of Guardiola’s dressing room at Barcelona and it is believed the Catalan wants to bring more big personalities to the Etihad Stadium this summer.

Though Guardiola is happy that he has a committed, loyal squad of players under his command, he has identified Aleksandar Kolarov as one of few colourful characters in the squad and believes Alves will bring a lot to his team, both on and off the pitch.

Guardiola has also stressed the need for City to adopt a winning mentality in almost every area of the club, on the pitch or otherwise, and Alves is also expected to contribute in that regard, given his long and successful career at the top level.

The 34-year-old demonstrated throughout last season that he still has what it takes to play the kind of intelligent, high-intensity football that Guardiola wants from his City full-backs in the coming years.

Those are traits identified in Walker, Mendy and Bertrand, and City will continue working on those deals in the coming days and weeks.

Despite recent reports that some of City’s Premier League rivals, such as Liverpool and Chelsea, could swoop in and tie up a deal for Mendy, sources close to the Blues’ decision makers believe the France international has his heart set on a move to the Etihad Stadium.

City are aware that Monaco would be happy to keep the 22-year-old, should they not receive what they regard as a suitable offer, but the Blues are determined to bring him to the club as he has long been identified as one of Guardiola’s priority targets.

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I have seen Nigeria's economic future-osinbajo

Acting President Yemi Osinbajo, has declared the future of Nigeria’s economy lies in the growth of small and medium scale businesses and has promised the continuous support of government to ensure this becomes a reality.

According to a release by Laolu Akande, the Senior Special Assistant to the President (Media & Publicity), Osinbajo made this assertion at the launch of the MSMEs clinic in the Nation’s capital at the eagle square on Thursday.

“This has been a very exciting afternoon for me because I have seen the future of the economy of our country and that future lies in the small and medium scale enterprises, many of who are here today advertising their products”.

“The business of making our country truly great is not just the business of government. Government is transient, it passes away but it is the business of every one of us.’’

“I can assure you that whatever it takes to make our country truly where it should be in the comity of nations in Africa and anywhere in the world, we will give it.’’

“I want to say that the future of our country is in small businesses, medium size businesses doing great things, and that is what we are seeing here today.”

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“I want to say that all of the businesses we have seen here today, many of them are young men and women who believe in this country and who are using Nigerian products, Nigerian crafted machines in many cases, fabricated and who are producing incredible things with what they have.”

“A lot of the capital they have is from several of the micro finance businesses that are working with them.”

He also emphasized government’s commitment to create conducive environment which will support business growth.

“But it is not enough for these businesses to produce and manufacture and to work hard as they are doing, it is our business as government to do our part.”

“That is exactly why we have this MSME Clinics, the reason why we decided to have this clinics in the different states where we have held them so far and now in Abuja, is because we believe that government has a key role to play in creating an environment for businesses to prosper and for businesses to make good.”

“We recognise that one of the chief problems that small businesses have is with regulatory agencies; being able to access regulatory agencies and get quick and efficient service from regulatory agencies.”

“Secondly, funding is also an important constraint for many of these small businesses.”

“So we thought that it would be wise to actually take these regulatory agencies to the small businesses rather than wait for the small businesses to come to the regulatory agencies”.

“I recently signed two Executive Orders which are closely related to improving the business environment for MSMEs. These Executive Orders are also important in the work we are trying to achieve.”

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The Acting President further expressed government’s commitment in ensuring the country achieves self sufficiency in the production of certain foodstuffs by 2018.

“By 2018, we expect to be completely self-sufficient in rice production, we are going to do the same for tomatoes; we are going to do the same for several others of our products. In this Executive Order which was signed barely six weeks ago, we are saying that the Federal Government of Nigeria and state governments must patronize locally produced goods.”

“So, the first point of call is to patronize locally produced goods. Already the Armed Forces are patronizing those who are making boots and some people who are making fatigues and different kinds of fabrics for the Army. We are going to insist that this should be so in our purchases especially where we have events such as this and where we have state dinners and so on. And it is also our desire that we patronize locally produced clothing as much as we can.”

“I want to just say that the Federal Government is committed to MSMEs and to developing MSMEs. So, we are going to work very hard to ensure that we don’t just do exhibitions and come round to places like this and see what you are doing, but we are going to follow up; we are going to see that those who require funding, those who have the talents, those who have the creativity, are funded.”

“I can assure you that whatever it takes to make our country truly where it should be in the comity of nations in Africa and anywhere in the world, we will give it.”

Lil kesh dumps music for business (video)

Keshinro Ololade, popularly known by his stage name Lil Kesh, is a Nigerian singer, rapper and songwriter who came to limelight after his song titled “Shoki”. The 22-year-old singer disclosed this in a video that he has quit music and would be venturing into business.

Lil Kesh however gave no reason as to why he made the decision, if true, he will be missed.

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