Likhwa Tech

How to generate start up business ideas I meet a lot of people who say to me: "I  want to start a business, but I have no ideas ". If you are one of those, then you are not alone. Trust me, that happens to a lot of us. The good news is that as long as there are people, then there will always be business opportunities. In this article I will take you through the process of coming up with business ideas. P.S~ I've also included a free gift for you at the end. Wants VS. Needs Human beings have wants and needs. Wants are items that we would like to have but can do without. Needs are things that we can not do without. Examples of needs are food, shelter and clothing, while wants include things like a phone, perfume and make up. As we evolve however, we find ourselves with increasingly more needs that do not necessarily have a bearing on our survival. However, because we have become so accustomed to them, they are now a key part of our lives. A great example is wifi. I'm

Have you been trying to come up with business ideas? Or maybe you have a list of ideas and want to organize them into logical business ideas?  This tutorial will help you to organize your thoughts into a business model.  What is a business model? A business model is a brief description of how a company is set up to make money. Each business makes money in it's own unique way, and therefore a great business model is one which can satisfactorily answer the following five questions.  1. What? What product or service is your business going to produce or provide and sell? 2. Who? Who will buy this product or service? Are they willing to buy it? 3. Where? Where are you going to sell this product or service? Which platform will you use to reach and attract potential customers? 4. Why? Why should people pay money for your product or service? Why should they choose your product and not your competitor's products? 5. How? How will your product or service affect and impact the community?

  Just like anything else that is subject to time, even your business goes through stages.  Each of these stages has unique characteristics and an understanding of these will help you make the necessary decisions to move you to the next stage. Understanding these key characteristics will also save you from making critical mistakes. Just like a baby needs light liquid foods at first, even a new business has it's own sensitivities. Feeding it the wrong foods will result in failure. A great example is entrepreneurs who seek capex loans before proving their business concept. The infographic below outlines these key characteristics at each stage and also gives some pointers on what you should focus on as an entrepreneur. So as you go through it, think about your own business and what you need to do to move from where you are, the the next stage of the business lifecycle.

You've probably heard about the importance of having a vision for your life and its significance towards the attainment of your goals. You should also have a clear vision for your business. Most great businesses were founded by "visionaries" who were driven by the mental image of what they wanted to build. Well in this article I'll tell you how to write a vision for your business and the key components of a good vision.  I will even give you an example of a great vision. A vision is simply a mental image of what you seek to achieve or accomplish. The clearer the vision, the more likely you are to fulfil it.  Why you should have a vision Having a good vision is important because: • it determines the strategic direction that your business will take in terms of growth • It also helps clarify your thoughts and purpose • it makes it easier to communicate your strategic direction to your partners, employees, investors and customers. • it keeps you focused • it provides a ba

The survival of many small businesses is often threatened by a number of internal and external factors. These can range from a loss of customers due to poor service delivery or something beyond the entrepreneur’s control, such as a volatile economy. While some may argue that at some point, every business will suffer losses in one form or another, there are some measures that can be taken to mitigate loss. Many businesses tend to focus on the conventional business processes of marketing, accounting or production whilst neglecting risk management as a key part of building a successful enterprise. I remember some years ago I was looking for a publisher to help launch a children’s book. So through an acquaintance I met this guy who claimed he could do the job. Based on the level of trust I had for my acquaintance I chose to keep it as a gentlemen’s agreement and skipped the paperwork. Fast forward to a few weeks later, I still had no published book. I had lost a significant amount of money

Having a weak or poorly assembled team is one of the factors that contribute to the failure of many new businesses. Due to limited resources, new business owners tend to hire relatives, friends or inexperienced individuals who can fit within their budget. This eventually results in inefficiency, ineffectiveness, low productivity levels and eventually the demise of many-a-small business. The following article outlines how business owners and managers can recruit the best employees. This is a process which should start with an honest internal assessment and then followed by careful planning, selection, monitoring and evaluation. Assessing the need In most cases, the founders of new businesses wear multiple hats. They play the role of the developer, accountant, marketer and so on. As the business grows, the entrepreneur(s) find themselves overburdened and needing additional help. At times it might call on hiring a freelancer, a part time individual or getting a full time employee. While s

We’ve all heard it numerous times- ‘starting a business is difficult/frustrating/hard’ and so on. This is because of the numerous challenges that come with running a business. You might fail to meet a deadline and the client isn’t happy. An employee might be disrespectful and cause some discomfort in the workplace. Your main product might not sell as much as you expected and your business might just be on the brink of its demise.  All these things can be summed up in one word- ‘stressful.’ Stress, if badly handled could take its toll on your health, relationships and surroundings. It is therefore important as an entrepreneur to come up with mechanisms that will stop you from drowning in the challenges that come with pursuing your dreams. What is stress? Stress is how your body reacts to any demands, threats or changes that cause you to adjust or react. This adjustment or reaction could be physical, emotional or mental. Things that cause stress are known as stressors. Stressors There ar

Many small businesses have failed due to non-compliance as well as the owner’s failure to keep their business compliant. Starting and running a business can be quite overwhelming and oftentimes this results in the owner focusing on the operational aspect and neglecting peripheral issues. In many instances, they do so, thinking ‘I will get back to this later’, but then later never comes. This article will discuss the basic legal requirements of every business as well as some steps that one could take to ensure their business stays compliant. Compliance comes with a number of benefits. Effects of non-compliance on small businesses • Fines and penalties: Not meeting your legal obligations might result in fines and penalties for your business. • Loss of Opportunities: Many businesses want to work or affiliate themselves with reputable businesses. They subject new clients and partners to numerous vetting processes. Your business might miss out on these if it doesn’t meet its legal responsib