By Faith Olaniran
Fela Durotoye, motivational speaker and Chief Executive Officer of GEMSTONE, last week faulted the notion in some quarters that running a business is for only experienced graduates and professionals.
Delivering his presentation last week at the maiden edition of Ondo State Youth Economic Summit at the Adegbemile Cultural Centre Hall, Fela shared his thoughts with over 2000 participants from Federal University of Technology Akure, Joseph Ayo Babalola University, Rufus Giwa Polythenic Owo, Adekunle Ajasin Univeristy Akungba Akoko, Obafemi Awolowo University Ile-Ife, Ekiti State University, among others.
Said he: “Business is an activity you engage in for the purpose of achieving a stated goal which is usually to make profit. Every business comes with risks but ability to take these calculated risks makes you a business person. If you can’t take risks then you cannot run a business. I am going to show you five reason why that belief [that running a business is the game of experienced graduates and professionals] is wrong.”
“Starting a business requires several things but the three key requirements are: Idea – without an idea you can’t start a business and your ability to generate ideas depends on your mindset, environment and information at your disposal. If you are positive, and informed you will be able to discover opportunities in your environment that can translate to a viable business.
“Capital: Every business requires capital no matter how small.
“Plan: Plan is very essential to the success of any business, you must ensure you have a very good business plan.”
He gave the participants five reasons why they should start a business while they are students.
1) Taking risk is easier: Taking risk is a common thing in business. As a student, you have the liberty to take risk without burning your fingers. Even when you fail, it is always easy to move on.
2) It is Easier to Discover Opportunities: Business opportunities, ideas are best discovered while in school, this is because school environment is like a small sample of the real world. Likewise it is easier to study the school environment and exploit opportunities that can still serve the outside world. Furthermore, the school environment provides you with free tools (internet access, library etc) to carry out your researches and gain knowledge.
3) Free and Effective Promotion and Consultation: As a student you can leverage on your colleagues to help you grow your business. your friends at school will easily promote your business for you at no cost and most effectively. You can also get advice from your family and your professors free of charge.
4) It is Fun: Starting a business as a student is fun because you treat it as a game, losing hurts but not much. Remember the feelings you get as a kid when make money for doing a menial job? Thats how you feel when you run a business as a student.
5) Others have proved it: Most of world’s famous and richest today started out while they were in college. Successful Entrepreneurs like Bill Gates (Microsoft Inc), Mark Zuckerberg (Facebook), Kevin Rose (Digg), Pete Cashmore (Mashable), Sir Richard Branson (Virgin Airways), Steve Jobs (Apple), John D. Rockefeller, Sr(America’s First billionaire), Orji Uzor Kalu (Ex Governor of Abia State) and many others. Some dropped out while some completed school, but the most important thing is that they discovered an opportunity while in school and utilized it effectively.
#Faith Olaniran is a graduate of Biochemistry, Federal University of
Technology, Minna Niger State.He is into Community Service and
Development Consultancy, Journalism (New Media), Child Advocacy; he is a
Creative Speaker , HIV/AIDS PET Advocate and has a strong passion for
MDGs related issues alongside Climate Change.
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