ARE YOU IN BUSINESS OR BUSY-NESS?

Our Corporate Financial Accounting facilitator posed the above question as to whether we were running a business or we were just busy which he termed busy-ness. He then asked another question, “Why am I in business?” and the general answer from the class was “to make a profit,” which, by the way, wasn’t wrong. However, there was more to the question that meets the eye, which made me ask myself the same question in retrospect: “Why am I in business, or why do I want to go into business?”.

This question lingered in my mind for a while, during which my classmates started to suggest other reasons for being in business, ranging from rending services to solving a social problem. Some even said passion. But as the class went on, things were beginning to be put in perspective.

Starting a business stems from an idea that is often influenced by the environment, but the fact remains that you can have an idea, but it doesn’t make it a business. Based on this, business goes beyond what we all perceive to be doing. In fact, the majority of people are just busy, which, according to our facilitator, is “busy-ness.” That is something they are just doing. In other words, something without a structure. Systems and structure are vital when running a business or when operating within an organization hence the internal business dynamics.

Internal business dynamics include the Organization beacons, which focus on the mission, vision, and core values of a business or an organization. Then, there is the owner’s requirement, which entails the goals and objectives of a business and the ways by which these goals and objectives are measured. Then, we have a strategy that encompasses understanding the current position of a business, the future of the business, and how to get to such a future. In other words, executing plans to activate the goals and objectives of a business. Finally, there are resources, which are those assets deployed or utilized to achieve the goals and objectives of such a business.

Aside from this new revelation, another thing that stroke me during the session was the attributes of an ideal business, which are:

• An ideal business must have a persistent problem it is solving, which translates to recurring revenue generation.
• It must have a unique niche that a business with fewer competitors.
• It must have a rich audience
• It must have a clearly identifiable channel
• And simple tech requirements, so one does not need to raise much money.

However, what is starting a business without funding or raising capital? It is imperative to note that funding is for scaling a business that works rather than finding a business that is working. This statement sent me on food for thought journey. With this idea about funding in mind, there are some critical questions one, as a business owner or aspiring business owner, must answer honestly.

First is how much do I need to raise? One needs a specific and defined amount of capital in mind rather than just going about with a general or estimated amount.

Secondly, what will the money be used for? It would be best if you had an outlined plan for the execution of the said capital.

Thirdly, what type of investor do I want? Bothers ethics, transparency, and integrity.

Lastly, am I ready to answer to third parties? Bothers an individual’s willingness to submit and be held accountable for business decisions made.

With these brief explanations, take a retrospect and see if you are truly in business or you are just busy and also question your motives for wanting to translate that idea into a business.

#MMBA5