What is the best way to run a successful business enterprise was the issue the engaged the thoughts of a 50 year old friend of mine having been in paid employment for quite a long time and can scarcely make both ends meet financially and socially no matter how hard he tried. It was not his original intention to leave the job to which he has put in several years of unbroken service but had to be laid off with several hundreds of others because of the seemingly irreversible downturn of the current global economic impasse which paralyzed the business of his employers.

It is really quite a pity that the man did not have a solid business plan, all he did after collecting his entitlement from his employers was to start a television viewing center because of his strong passion for football and his belief that the venture will rake him adequate financial means that will enable him pay his house rent, medical, children’s school fees and other social responsibility bills. Apparently this friend did not put into consideration the major factors that would have made that business successful.

After sometime and having spent the few thousand dollars into that business, he realized that the business was not making any headway since there was scarcely quite very few people that patronized him contrary to his previous thought and within a few months the business collapsed like a pack of cards while the friend had to return to point zero while the entire investment went with the winds.

Just like any human endeavor, running a successful business enterprise is subject to a set of rules and principles without which success will be nothing but a mirage. There are thousands of businesses out there that have suffered abject failure just because the entrepreneurs are not mindful of certain rules and regulations that are the body and soul of success whatever the niche may be. In order not to run into debts as our plan less friend, experts are of the view that some cogent principles must be followed among which are financial discipline, re-investment of profit and total commitment to one’s goals and aspiration in the effort.

The first thing one must do before embarking on any business venture is to save adequate money as much as possible otherwise borrowing money from friends, banks and other financial institutions can be an ill-wind that will not blow one any good in the long run. This is more apparent because a business, just like any other human efforts, takes time to grow and the lenders might not be patient enough to recover their loans no matter their nature of kindness to the upcoming entrepreneur.

It is always good to start a business on a shoe-string by thinking small and not acquiring a high flyer apartment when you know that a small space will do for now while hiring of employees might be delayed until there is an assurance that the business will yield enough profit to take care good care of them otherwise the tendency to lose their loyalty is not farfetched. One of the best ways for running a small business is to set solid goals since they are quite crucial to entrepreneurial development and ensure that these goals are strictly followed.

Author's Bio: 

Ade Adenekan is the Executive Director of Pan-African Reconciliation Centre in Lagos City, Nigeria. He is equally a leader in the third sector of the global economy.

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