SMALL BUSINESS

  

THE WISE MOTIVE FOR SETTING UP A SMALL BUSINESS

Setting up a small business is the dream of every success minded individual, but to make your business highly successful, the motive for setting it up has to be wise. Now what makes a motive a wise motive for setting up a small business? Good question! A motive for setting up a small business is considered a wise motive if the motivation behind your business enterprises is centered on offering quality of services that adds value to your life and that of the market you have decided to service. 

In view of this, I have made it my commitment to show you some practical fundamental wise motive for setting up a small business.

    1.     The satisfaction of prevailing needs: The first wise motive for setting up a small business is the satisfaction of basic needs. For your small business to be successful, it has to be one that will offer solution to problems in a particular niche. Nobody will give you his or her money in exchange for your goods and services if it does not help in one way or the other make their life better.

2.     Excellence in affordable price: The second wise motive for setting up a small business is excellence in affordable price. To offer excellence in affordable price is a wise motive for setting up a small business. If there is anything the contemporary society is lacking, it is quality of service or goods. Many business owners set up their business with the aim of exploiting their customers. They offer poor quality of service and yet demand high pay. They do not care about the poor quality of services or goods they are offering to their targeted market.

Your motive should not be to exploit your customers, but rather it should be to offer exceptional quality at an affordable price. The masses should not die because you are Mr. Quality. Do not try to get all the money with which you use to set up your small business at once.

3.     To reduce unemployment: Any business owner who does not put into consideration his or her contribution in the struggle to reduce unemployment is operating under the influence of selfish interest. The wise motive for setting up a small business should be to reduce unemployment rate through the empowerment of people around you. No business exists for itself and succeeds on its own. By bettering the lives of others, you equally better yours and that of your business. It is a wise motive to set up your small business to improve the economy of your country.

   4.     Profit maximization: The fourth wise motive for setting up a small business is profit maximization. To maximize profit, your business in addition to quality of service or products must generate enough traffic-quality traffic. Quality traffic is the number of quality customers who patronizes your business. A quality customer is one who has the capacity to make effective demand (make full payment) for goods and or services rendered.

Your business must be positioned in such a way that you are able to convert a high percentage of people who come in contact with your business into quality customers. You may have the best business idea, but if you fail to market your business and yourself properly, you will not make profit. There are so many people and business out there offering the same services as you do, if people do not know you and what you are doing, they will never patronize you.

The motive of setting up your small business with all the creativity to maximize profit is a wise motive. You are a business man, and not a philanthropist. Never use your business as a channel for charity work. You need to make profit to stay in business. People may criticize you for being money conscious. Others may tell you that money making motive is not a good motive. Never allow their negative comments to make you turn your business into a charity organization. Have you seen any successful business man who is not money conscious? Obviously not! That is to tell you that setting up a small business to make profit are a wise motive.

However, while you keep and groom your money making motive, remember that it is more profitable to have 1% profit from one hundred customers than to have 100% profit from one customer. The wisdom in this is: Traffic to your business is more important than the cravings for huge profit. Rome was not built in a day, and in the same way millions are not made over night. Build your business one step at a time. Spend more time gathering quality customers who are loyal to you and to your business and the time will come when you make real money. Money that brings real satisfaction.

5.     Economic development: The fifth wise motive for setting up a small business is economic development of the area where the business is situated. For the economy of a country to improve, there must be a proliferation of quality and high impact small and medium scale business enterprises that are set up to positively transform the lives of people around them.

6.     Self Expression: The sixth wise motive for setting up a small business is to give expression to the hidden potential of the entrepreneur. There are potential that is inherent in you, each of which is a business idea that can offer solution to peoples needs. Setting up a small business to better the lives of others is a wise motive that requires commendation.

    Conclusively, it is important to realize that there are various reasons why people go into businesses. However, any motive that helps a business to enhance personal, corporate, local and global lives is a wise motive. Check your life! Check your business! Are any of the above wise motives for setting up a small business applicable? If yes, you are on the right track!

     Have a highly successful business experience!