By – Richard Dappa
Hey guys, so last week i was talking about doing something asides education. Turning work into play ( http://myefiko.com/blog/turning-work-play ) and I believe if we considered that a lot of us will be looking at venturing into trading or production. It is the easiest kind of business venture we can indulge in as students.
Today, I will actually be looking at business as an aspect of diversifying and doing something else. In that line of thought, I want to bring the four pillars of any business venture to your door step. These four questions have to be considered if there be a chance for our venture standing out.
Normally, this is something that we can be taught in school under elementary economics. It is presented to us as the things to consider before going into production. I still choose to talk about this as most of us were not opportune to actually study this in school and the few that actually did, do not even consider these things before going about their day to day business ventures. I urge you to take the next line as important as the air you breath and I promise success in any thing you do.
I will start from the question “what to produce?” This is the most important question as it goes a long way to defining our goal and purpose. What we are to do, streamlines our thinking as we go further. Also if this question is giving proper thought then all other questions become easier to answer.
Following suit in a very close race is “how to produce?” Of cause, we have made a choice of what we want to do. Now we have to follow it up with the cheapest but most effective means of doing it. In doing this we maximize profit and reduce our cost price.
Thirdly, you consider “for whom to produce?” Now this cuts across a lot. I’m i doing this for the male or female gender or will it be a unisex product. Will it have an age restriction on its use. Is it meant for a particular group of a gender, for example pregnant women. All this has to be considered before getting into any kind of production.
Lastly, we look at “where to produce?” After all this we have to consider where our factory will be located. We need to bring this product as close to its raw materials and consumers as possible. All resources that will be needed for the purpose of production are suppose to be as close to the factory as possible. Considering this will facilitate the aspect of profit maximization.
A wise man once said that if you fail to plan then you have already planned to failed. As we all dream to be financially independent, it is important that we make all necessary plans to ensure success and I believe if all this four steps are considered then we take ourselves just one more step away from achieving success in our endeavor.