A New Business Venture: Start with a Blank Canvas

The first month in the year is ending. We will be in the second month soon. With our accomplishments behind us in the last year, and our list of new goals ahead of us, it got me thinking about new ventures that may spring up this year, not by experienced entrepreneurs, but by first-timers. Those with experience, will carry lessons into new ones, but those who are venturing for the first time would need some motivation. I am not about to delve into the mechanics of a new venture; rather, I would like to share some inspiration to first-timers on how to approach their dreams.

Creating new things whether in our personal or professional lives brings uncertainty. Most times we do not know where to start. So I would start by saying that when creating your new venture, start with a blank canvas. I think two of the best examples of entrepreneurs’ small beginnings who started with a blank canvas that I have read about are: Hamdi Ulukaya, Founder of Chobani Greek Yoghurt, and Ibukun Awosika, Founder of Chair Centre.

When they arrived at the factory, one of his staff members asked: “What do we do now?”, and at that moment, he had no idea, so he said, “Let’s get paint, and paint the walls.”

Hamdi, an immigrant from Turkey to the United States, started a Greek yoghurt company, that has become one of the most successful companies in the US today. In one of his interviews in a magazine, he shared the story of how he began the company. He had rented space for a factory and hired a few people. When they arrived at the factory, one of his staff members asked: “What do we do now?”, and at that moment, he had no idea, so he said, “Let’s get paint, and paint the walls.” So, each day they took on new tasks and completed them. When a task had been completed, it brought new things to his attention to do. In the process, he created the basic infrastructure that he needed, and built his company brick by brick. For Ibukun Awosika, forging out on her own after leaving a furniture company, she had no money to start with, so she decided to progress, she would ask for an advance of the fee from clients, which she used to make the furniture and pay the workers. She continued to take those small steps to get money and plough it back until she was able to earn enough to make a profit.

The lesson is “you don’t have to figure it all out all at once”. Other things you should consider are:

1.    Write your objectives and set your milestones: You may not figure it all out all at once, but you still need to write down the reason you are starting a business and what you want to accomplish. They must be solid enough to carry you through moments of doubt when things are tough. Create milestone. Put dates, tasks, and deadlines. Write it all down. Been organised helps give one a sense of purpose. As you tick through your milestones you have achieved, you build your business brick by brick. For example, Funke Opeke, founder of Mainone Cable, a leading provider of telecom services and network solutions for businesses in West Africa, launched Main One, running a 7,000-kilometer undersea high capacity cable submarine from Portugal to Lagos, on time and on budget. She definitely had a plan. So, writing your objectives and setting milestones can help to accomplish your own ambitious plans.

2.    Build basic infrastructure: Build the small things set the foundation. To introduce yourself to the world, build a website where people can read about who you are, your vision and mission, among others. Set up social media pages and think of clever ways to attract attention to yourself. Think about the name for your business, and about registering it so that you can operate legally. Purchase simple communication tools such as a phone and phoneline dedicated to your business and Internet. Set up an email; subscribe for cloud storage and accounting services. Note that there are free accounting software tools online to use such as Wave. You may not need an office, so maybe a workspace would be useful. Building the basic infrastructure that you need creates a sense of ownership, and makes you feel more in charge and in the path of achieving your goals.

If you decide to hire: find good people; people who are teachable—those kinds of people are flexible and open to ideas.

3.    Explore your market: Finding your niche market is a good thing; however, approach your niche market like an adventure to discover ways to continually meet clients’ needs and create profitable services or products that will help you earn money. One solid suggestion is while you sell your basic idea to clients, observe if there is a pattern in requests for certain services or products that you may not offer already. It may be an opportunity. It’s not set in gold that unique requests from clients can turn into a profitable service, but it’s a good feedback.

4.    Look for good people: Simple support. You need friends and family. The hours can be long, and the days can be unrewarding. If you decide to hire: find good people; people who are teachable—those kinds of people are flexible and open to ideas.

So, for those setting out this new year for the first time to set up their first venture, Goodluck to you. Remember you don’t have to figure it all out all at once, be open and receptive to ideas, and take small steps to lead you there.