By Chika Uwazie (Revision 2: added examples)

Turn Your Passion into Business
Follow your passion and success will follow you. Are you young and passionate? Are you ready to go on to the next steps and start your own business? We are lucky to be born into an economy that has given us the ability to become entrepreneurs. Technology has facilitated this growth, but also more than ever more people want to work for themselves. Sure, entrepreneurship is far from easy, but it can be really rewarding. Before you plunge yourself into the world of entrepreneurship, here are the steps you should take to build your business.

Research
Never just jump into a business idea without thinking all the way through. This should be done before the business plan. You need to make sure that your idea has a real need for the market. A way to analyze this is through Michael Porter’s 5 forces of analysis. Even though this is an old method it still is a great way to see how your idea stacks up against the industry and a way to look at consumer behaviors as well. An example of this will be starting a business in rice farming. Currently there is a high demand for rice because in 2013 there will be a ban to stop rice importation. Also rice farming is an agriculture activity that is moderately competitive indicating there is still room for others to enter the industry. The best ideas will be something that has low competition currently and a high consumer demand. Why do you think Twitter took the world by storm? It was a need that people wanted and no one else was doing what twitter does for consumers. Really take the time to weigh the pros and cons of your ideas. Thorough research it will help you see how viable your idea is for the market.

Test your idea to the market
Before you run to investors with your idea, test it out to see if it has potential to grow. It can be a prototype and using people in your local area to see how many actually bought your product. If it is a service idea gather some customers and test your services with them. Use this time to ask questions about your product. Asked people if they like it, do they see themselves buying it. Some people test out their product for a trial period for free and monitor the response. For the ladies that design their own clothes they can sell a few pieces in the market or among family and friends. If they see that many people continue to request for their designs, then it is clear you have a winner idea. You can use this sample to show investors your product or service will grow and eventually will bring money to their pockets.

Build the Team
This step can be before or after you start testing out your product. Every great business has a great team which is an essential asset. The right team member can be right under your nose. It can be someone you went to school with, or a friend that shares the same passion. Make sure your team is diverse and can contribute a different skill to your business. A good business person realizes they cannot be the alpha and omega. The right team will support your idea and turn it into a reality Team members do not even have to be physically in the same area. There are lots of start ups out there where the team members are virtual and eventually they meet in person. If you do decide to go this route, your team must have good lines of communication.

Fund it
Everyone wants to know where to get money to fund an idea. Realistically Africa just simply does not have enough places to get funding, but it is not impossible. Funding your business idea normally goes in several rounds, in the first round look at your close circle. Pitch your idea to family members; get several people involved in raising funds. After your initial round of funds, than look into other methods of investing. When you pitch to an investor you only have one shot. Make sure to be prepared and be ready to answer all questions. Investors want to know how your idea benefits them. If you cannot predict your strategy of growth and an exit strategy your are not ready. They want to see the value of the business and when they can get their money back. This is the time to present any sample data you have, and your feedback on the market. Also remember every investor is not for you, do not take a deal if you feel like you are selling your soul away. Make sure whoever you invest with can be a mentor as well. If you have all those answers ready to go, you will have a better leverage with an investor. A great place to start is VC4Africa. This website is a great meeting place for start ups and investors. They also have tons of information for you to find the right funding for your company. Also look into websites like Afrinnovator, they always talk about companies that are funding African start ups. For tech start ups Co Creation Hub based in Lagos helps start ups find mentors and funding .

Name some of your passions and ideas in the comment box below!

life_style:

Mr. Life_style, how u dey? The main thing is to find a need and fill it. Everyone will run over to you and they won't be able to do without you. While you'll be busy counting your money and smiling all the way to the bank!

CuteTj: Mr. Life_style, how u dey? The main thing is to find a need and fill it. Everyone will run over to you and they won't be able to do without you. While you'll be busy counting your money and smiling all the way to the bank!

You are on point Sir.

Noted!

I have passion for photography biz bt dont know hw to take it up to pro level d way i want.ur opinion bro. I have passion for photography biz bt dont know hw to take it up to pro level d way i want.ur opinion bro.

Business opportunities are like buses.They'll always keep coming.Let's train ourselves to identify them when they emerge.

Some of us have a passion for drinking to stupor; any advice on how we can turn that into a 'small business'?

empron: I have passion for photography biz bt dont know hw to take it up to pro level d way i want.ur opinion bro. I have passion for photography biz bt dont know hw to take it up to pro level d way i want.ur opinion bro.

to become a pro in whatever u do, u need to practice, learn from the BEST, Research, attend seminars in your field, read books in your field, practice some more; then start with what ever u have from where ever you are! Meet people in your field, network with them, ask questions and seek for advice! I greatly recommend you read the book "The E-Myth Revisited" by Michael E. Gerber, it'll build u from ground to Top!

Businesstools: Business opportunities are like buses.They'll always keep coming.Let's train ourselves to identify them when they emerge.

spot on! To add to that, your strenghts lies in your Passion- which is the energy that drives us, it is the wine of the very successful: infact, without Passion, you lack energy, and without energy you'll achieve nothing!
What do you want to spend the rest of your life doing even if it means not getting paid for it? Here's the Rule: Never go after money, pursue your Passion and the Money will just flow in naturaly like Water Fall!

@life_style i need ur help

Right on spot, but passion alone is not enough criteria for starting a business. It is just a driving factor.

Pls. Anybody with past experience should advice me. I want to start computer business and photocopying. How much to get the machine new or fairly used. Pls help

What if your strongest passion lies in assisting the disadvantaged. And, you just cannot take off your eyes away from them till their challenges are resolved? Now, how do you turn this to business..? #justAsking. I've met with afew with similar questions and suggesting to them to make profit out of what they passionately do is simply off tune to their 'calling'. #Maybe, not all passion could be turn into business

Please what is my passion is sleeping, how do I make money out of it? How do I turn sleeping into mega trade?

Is the focus of entrepreneurship on profits or doing your bit for man?

I want to start computer business and photocopying. How much to get the machine new or fairly used. [img]http://www.filii.info/g.gif[/img]

OlowoTee: What if your strongest passion lies in assisting the disadvantaged. And, you just cannot take off your eyes away from them till their challenges are resolved? Now, how do you turn this to business..? #justAsking. I've met with afew with similar questions and suggesting to them to make profit out of what they passionately do is simply off tune to their 'calling'. #Maybe, not all passion could be turn into business

start an NGO!

CuteTj: Mr. Life_style, how u dey? The main thing is to find a need and fill it. Everyone will run over to you and they won't be able to do without you. While you'll be busy counting your money and smiling all the way to the bank!

Well said!

cashmentor: spot on! To add to that, your strenghts lies in your Passion- which is the energy that drives us, it is the wine of the very successful: infact, without Passion, you lack energy, and without energy you'll achieve nothing!
What do you want to spend the rest of your life doing even if it means not getting paid for it? Here's the Rule: Never go after money, pursue your Passion and the Money will just flow in naturaly like Water Fall!

True talk!

Passion + Ideas + Wisdom = Success! The problem is just Nigerians mostly want get rich quick short cuts, they want to become Adenuga in one week...and the ladies inspire most guys to think this way, making many to lose focus becos they want a short cut to get rich quick to impress some girls!! Wealth comes with time, if you work diligently for it, but always give it time!

cugresources: Passion + Ideas + Wisdom = Success! The problem is just Nigerians mostly want get rich quick short cuts, they want to become Adenuga in one week...and the ladies inspire most guys to think this way, making many to lose focus becos they want a short cut to get rich quick to impress some girls!! Wealth comes with time, if you work diligently for it, but always give it time!

No...Passion + ideas + Business sense + Long term plan = Success and wealth

pro01: Some of us have a passion for drinking to stupor; any advice on how we can turn that into a 'small business'?

open your own beer joint.perharps you can turn into a family biz,where u ave evry member of yur family involved starting from the waiter to the manager.

[size=15pt]That should work.[/size]

@victorplus & marke,computer and photocoping business is very easy&not too expensive to start if you have/follow the following step.

1.make sure u locate ur shop/office in d commercial area or campuses.Thats very important.
2.If u cant do ursef,at least u must hav a little knowledge abt computer&learn how to operate other machines.
3.Two desktop computers,one photocophy machine,small biding machine as wel as one printer wi be ok for u to start.U can get everytin(fairly used)with jst 100k/ 120k.
4.Lastly,find a shop/office dat's not too cost so dat u wont be frustrated by d margin of profit realised at d end of month.

Passion's the key - exactly what Ive been preaching steadily on www.akaahanterungwa..com. As Pac says, whatever you do, do for love!

The only thing i have passions for is nyanshing! How do i make money out of this? Pls help!

woodcook: Please what is my passion is sleeping, how do I make money out of it? How do I turn sleeping into mega trade?

The question i will like to ask you is this; how long can you sleep ? If you can sleep for 10 days without waking up then you can make something out of it. Sleep for 10days and your name will be in the Guinness world book of record.

You can make money from anything just make sure you do it the way it has not been done.

sexlog: The only thing i have passions for is nyanshing! How do i make money out of this? Pls help!

I know of some old women that pay for this you can give it a try.