As stated in my previous post, I attended Sisterhood In Motion – Empowering Women Holistically hosted by Carlana Charles of FemmePowered and Kerri-Ann Baptiste of KayNicole.com last Saturday at Priory House.
I honestly can’t stop saying how much of a wonderful event it turned out to be and I am certainly looking forward to their next event or workshops.
One of the speakers at Sisterhood In Motion was Mrs. Aine Beaubrun Brathwaite who spoke on entrepreneurship. Mrs. Brathwaite is a consultant at AJ Business Solutions which supports small to medium-sized businesses by providing training in professional development skills which aid in building sustainable and profitable enterprises.
During her presentation, Mrs. Brathwaite asked some key questions which anyone thinking about starting their own business should ask themselves and answer before venturing out. I thought these were excellent questions; something to get you thinking so I jotted them down. Her questions to the audience were:
- What do you have in your house that you can use?
- This may seem trivial, but sometimes the material we need to get going is sitting right there. No need to spend a fortune as startup capital. Use the little you have until you make enough profit to get more and of a better quality.
- Who do we have access to?
- Is there anyone you can turn to for material, capital, marketing? Networking is very important when looking to get your business idea off the ground, but be careful who you share your ideas with.
- Who can help to sell your product directly or indirectly?
- Make a list of the persons you can go to so that you spend less on advertising when starting up. Get connected to bloggers such as this one, collaborate with other business owners to provide specials for customers and get your brand out there.
- How feasible is your business? Do research.
- Use online surveys like Survey Monkey or carry out community surveys to understand what consumers want and to be informed of what is happening on the market.
“I have not failed, I have found 10,000 ways that won’t work.” Thomas Edison
- How much will it cost to start the business?
- Work out your costs.
- How will you get funding?
- Look for means and explore best possible ways to get funding.
- Differentiation. What makes your business different?
- Find a way to make your brand stand out. Be creative and come up with ideas which will grab the attention of consumers.
- What are the opportunities there for you?
- What can you gain from starting your business? Profits, networking, travelling, niche.
Mrs. Brathwaite also noted characteristics of entrepreneurs: – set standards, be professional, have a sense of time, perseverance and passion. She ensured to stress heavily on time and punctuality.
“Entrepreneurial attitude: look for opportunities, develop a mindset.” Aine Beaubrun Brathwaite
Toward the end of her presentation, Mrs. Brathwaite encouraged forming healthy partnerships to enjoy economies of scale which in a nutshell, is the cost advantage you will gain. For example, lower overhead cost such as rent and other costs attached to providing a service or producing one unit.
Hope you found these 8 questions useful as you continue this entrepreneurial journey.
Until next time.