Creating An Innovative Entrepreneurial Mindset – A Way Forward For SME
registration.
These steps include:
1. Doing your research - for a small business to be successful, it must have an innovative solution to solve a problem, fulfill a need, or offer a product or service demanded by the market.
This step is really important and requires a lot of initiative from you in terms of you asking the what, why, when where, who and how questions about the products or services you intend to offer to the market or your accessibility to the consumers.
2. Draw up a business plan – this is a road map of your business, which should tell you where you are and where you want to be with the actions you need to take to get there. Remember, these documents guide your business from the initial startup phase to business growth and hence needs to be updated as the business progresses.
3. Identify financing needs – starting a business can be a daunting task and require startup capital depending on the complexity of the business.
Starting a small business may not require a lot of money initially; however, enough investment to get you started and cater to your initial expenses.
Research needs to be done here to identify whether your business can be supported through the loan, concessions, and grant support available, which can ease the financial burden.
4. Decide on a business structure – the business structure one chooses determines many factors from its name, entrepreneurs’ obligations to the tax liability, and filings.
It is advisable to take legal and business advice to select the right structure for your investment from the start
The existing structure can be re-evaluated, and changes made as the business progresses.
Location is another vital factor that needs thinking.
5. Decide on the business name and register – the business name defines a business, and hence a lot of thought and research is needed to look at its implications.
There are multiple registration processes to be followed, given the structure one chooses. More information can be sought from the registration bodies freely available on reputable sites.
6. Obtain licenses and permit – an entrepreneur needs to carry out searches ad obtain relevant licenses and permits depending on the business type before starting a business.
7. Choose your accounting system and business location – financial literacy is an important skill to have, which allows the entrepreneurs to have better control of their business.
An effective financial system provides prudent reports which enable better decision making.
8. Get the team ready and promote your business – from hiring laborers to doing business alone, you need your support team or mentors to guide you through your transition.
Make sure to take your time and create job descriptions for the required positions.
Financial literacy – an added bonus
Financial literacy is a crucial aspect of any thriving business.
In order to make the right decisions, management needs useful information, and that information comes from the accounting system.
As a manager or an entrepreneur with financial responsibility, you have to be able to interpret this information yourself.
Being able to calculate and assess the overall financial health of your business is an integral part as it allows effective management and control.
Understanding the relationship between certain items of financial data can help identify areas where your business is excelling and, more importantly, where there are opportunities for improvement.
The story of any business, whether big or small, is told through its financial reports, and hence understanding and being able to speak the language of business is an added advantage for any new or existing business owner.
Role of Educators in assisting budding and existing Entrepreneurs
As the National Productivity Organisation of Fiji, the National Training and Productivity Centre (NTPC) has always partnered with stakeholders such as industries, Government and the general community to promote productivity in the country and take the initiatives to the next level whereby Fijian organisations including individuals are eager to learn and adopt best practices and become more innovative, productive and competitive.
To assist in sustainable livelihood, NTPC has designed multiple entrepreneurship and financial literacy packages to equip participants with the necessary prerequisite business planning and management tools to start a successful business venture.
Starting their own business can be a daunting task for those individuals who have a passion for venturing into business creation; however, they lack the necessary skills and mindset.
Entrepreneurial, innovation, and financial literacy training provide the required qualities and skills to enable the learner to survive in the world of business.
This pandemic has added uncertainty to the workforce around the country, causing negative impacts on thousands of employees and the economy at large.
This has compelled NTPC to assist affected individuals offering reskilling training for workers who have been laid off to work or wish to start their own business to provide security to their families and support the community.
The Fiji National University through NTPC has recently partnered with Crystal Delta to offer a free online course on Business and Computing Fundamentals to the members of the Fiji community and to the individuals who would like to learn a new skill of how to start a small and medium enterprise business.
Given the new era of digital transformation in Fiji, this training has an innovative mode of delivery through the use of the internet with e-learning platforms where participants can learn at their own phase remotely. In a business environment, it can take years to learn the entrepreneurship skills through lessons learned and experienced gained.
The entrepreneurship training, on the other hand, builds the much-needed foundation for the budding entrepreneurs and youth alike, fostering creativity, confidence, innovation, and self-employment by providing business skills such as business planning, accounting, finance, sales, and marketing.
Grant Support for upcoming and existing Entrepreneurship in Fiji
Fijian Government over the past decade has supported the new and emerging entrepreneurs through micro and small businesses grants schemes, concessions, and provision of entrepreneurial skills development opportunities for the young and innovative mind to become job creators rather than job seekers.
Here in Fiji, the definition of a small to medium enterprise is a business that has a turnover or total assets between $100,000 and $500,000 and employs between 21 and 50 employees.
Some of the initiatives, such as Young Entrepreneurship and the Micro Small Business Grant scheme, continue to encourage innovation and entrepreneurial growth in Fiji.
Given that every grant has a strategic purpose or objective to achieve, as an entrepreneur, you should ensure that the business idea in your application is feasible and aligned with these objectives.