Entrepreneurial Process 2

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INVITE PARTNERS INTO YOUR BUSINESS

Entrepreneurs are usually overwhelmed with enormous work to carry out at the beginning of their businesses ranging from getting the office to marketing to managing social media pages to hiring to advertisement to business development etc. Hence, they are left with the option of inviting people who share a similar vision with them to run the new business.

This is a serious decision where an entrepreneur must be careful to know the caliber of people they are inviting into the new business. Are you inviting your friends or your family members or your neighbors or outsiders who are unknown to you? A long term friend might be willing to support as well as family members while neighbors or outsiders might be skeptical about what you are trying to do. Each of these people requires a different approach because they will have different dispositions to your business.

The invitation of partners to your business must be guided by law which clearly states the rule of the engagement. It is very important for them to know their positions and limitations in the business. Some entrepreneurs have taken this lightly and they had bad experiences where their businesses were hijacked from them after some years when it has become a star.

Another important point to consider while inviting partners into your new business is that different suggestions and ideas will come from them in anticipation to quickly build the business. This is very good but, as an entrepreneur, you must be in charge of which of them to take at a time based on your vision for the organization.

.Therefore, as an entrepreneur, what are you thinking? Are you ready to take up the whole responsibility or interested in inviting partners into your business? The decision is yours but you must exercise caution.

REGISTER YOUR BUSINESS

Most entrepreneurs operate without registering their businesses for one reason or the other best known to them, and when the need arises to submit their documents for scrutiny to enjoy a benefit, they start running around. Which entrepreneur do you want to be?The type that follows the laws of the land or otherwise.

In Nigeria, there are different types of business registration. This is the main reason it is advisable to approach the lawyers when you are ready that will guide and assist you in the documentation.

Here, we will discuss two ways you can register your business.

Sole proprietorship

Limited registration

Sole proprietorship indicates that the owner is the sole signatory to the account of the business. He controls the affairs of the business. The charges for the registration keep changing depending on the decision of the Corporate Affairs Commission. We advise you to visit their website for the current amount of registration.

Limited registration will require the selection of directors who will make decisions in the business. Be alert here as well and know whom to include because as soon as you include them, they are part of the business. We will advise that anyone you are going to make a director in your businesses who are outsiders must have financial contribution equivalent to the number of shares that will be allocated to them.

Adetokunbo Adekanla is the innovation consultant at Thinking House Consulting.