David who is the DG of Badagry Chamber of Commerce with many years of experience in business management proposes two ways of getting a business idea.
- Solving a problem or bridging a gap in a certain market by looking around you
- Looking inwards and thinking of solutions to problems peculiar to you.
The best way to get funding for your business is by bootstrapping. This means using your personal savings. Getting a loan from private entities is not always advised when starting a business. This is because businesses don’t always make profit in the first few months of startup. Family and friends may be of help as well.
Drawing up a business plan is key. A business plan helps you make research on your intending field and market. It also helps put things in perspective and gives you a realistic idea of how businesses work.