Good to Think big But Start Small !!!

Every great thing starts small. That includes great business ventures.
For instance, some global corporations like Walmart started as a family business. And it grew to become what it is today. So, in this post, I will be shedding light on the benefits of starting small in business.
It is one thing to learn the principles and theory of managing a business. And it is entirely another ball game for you to manage a business in practical terms.
Starting any venture opens you up to some levels of trial and error, uncertainty, and changes in the environment and also allows you to relate with different persons with different personality traits. Hence, starting small will help you to minimize the risk of wastage which may arise from the uncertainties in the world of business.
For the sake of brevity, I will list about 9 benefits of starting small in business. And I will briefly explain a few of them. Here they are;
It gives you the ability to handle uncertainties in business.
It gives you the ability to handle personnel (i.e. human resources) issues.
It eases your ability to access funds for start-up
It gives you the ease to introduce alternate products, in addition to your existing product line.
It helps you to avoid the possibility of being overwhelmed by situations and circumstances.
It reduces the risk of loss of capital due to lack of experience in the trade
It gives you the opportunity for your product to gain acceptance.
It allows you to gradually take your own market share.
It gives you the opportunity to be dynamic.
Let me explain just four of them.
Reduces level of likely loss of capital. At startup, some factors may not align as projected or calculated. That could lead to one form of loss or the other. Let me use a bakery business for example.
You might have learnt that you need XYZ kg of butter for your bread to taste nice. But if the brand of flour (you used) failed to deliver the expected outcome due to other factors like the temperature of the oven, quantity of water, or even sales being lower than what you projected, you are likely to experience some forms of loss.
However, if the size of the setup is small, it will help to reduce the loss you will incur. And it will enable you to better understand how it works best for different circumstances. But if you had started big, the initial cost of learning might send you out of business permanently while someone that started small will find it easier to bounce back

2. Market Share: Most products and services have been in the market before you came. Therefore, there will be a need for you to capture your share of the market. And it will happen gradually.
3. Gaining Product Acceptance: You need time to gain client acceptance. And if you flood the market with a new product, the risk of low sales could run down the business as the overhead cost will be unbearable for the new business.
4. Opportunity for Dynamism: When you start small, you can easily see the market reaction to your product. And where there is a need for adjustments, you can easily review and adjust to suit your clients’ demands. That may be difficult or challenging for you to do if you started with a large volume of products.
   What is the crux of this post?
   Here it is. Dream big. But ensure you start small, as you work towards becoming a global brand. See you in my next post.
   Nkem Adenuga