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COURSE CODE NUS 322 COURSE TITLE :

ENTREPRENEURSHIP
CREDIT VALUE 2
LECTURE HOURS 20
TUTORIAL HOURS 5
PRACTICAL HOURS 5
.
INDICATIVE CONTENT
MODULE I
INTRODUCTION
DEFINITION OF TERMS
 Business
 Entrepreneur
 Entrepreneurship
 Etc
THE PROS AND CONS OF BUSINESS
 THE PRONS (BENEFITS)
 Control
 Money
 Creativity and independence
 THE CONS (DIMERITS)
 Uncertintity
 Risk
 Lack of ETRUCTURE
BUSINESS AND SELF EMPLOYMENT
 Entrepreneurial Culture
 Identification and generation of business ideas and opportunities
 Business Organization and Management

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WHY MANY EMPLOYEES

THE DIFFERENT NATURE OF AN ENTREPRENEUR
FAILURE RATES 0F SMALL BUSINESSES
CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR.
 Guts
 Brains
 Capital
THE 10 Ds OF AN ENTREPRENEUR.
 Dream
 Decisiveness
 Doers
 Determination
 Dedication
 Devotion
 Details
 Destiny
 Dollars
 Distribute.

Aim and objectives of the course

The most common serious mistake made in business is not picking the
right business to begin with. This session will provide the student with
important evaluation techniques to decide which is right for him/her
and what it takes to start, run and grow a business

INTRODUCTION:

WHAT IS ENTREPRENEURSHIP: Essentially, entrepreneurship is the

process of developing, organizing and running a new business to
generate profit while taking on financial risk. In a broader sense,

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entrepreneurship is the process of transforming the status quo by

solving the most pressing problems and pain points in our society,
often by introducing an innovative product or service or creating new
markets.

WHAT IS AN ENTREPRENEUR? An entrepreneur is someone who has

an idea and who works to create a product or service that people will
buy, as well as an organization to support that effort. An
entrepreneur takes on most of the risk and initiative for the new
business, and is often seen as a visionary or innovator.

Entrepreneurs come in all shape and sizes, including small business

owners, content creators, startup founders and anyone who has the
ambition to build a business and work for themselves

Four types of entrepreneurships are:

a. Small business
b. Scalable startups
c. Large company or intrapreneurship
d. Social entrepreneurship

Common traits for entrepreneurs

- Enjoyfreedom and flexibility

- Are inventive
- Are goal oriented and ambitious
- Think creatively
- Are fearless
- Problem solvers
- High self initiative
- Understand basic finance principles

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THE PROS AND CONS OF ENTREPRENEURSHIP

While aspiring entrepreneurs have the potential to earn massive

fame and fortune by starting a successful business, entrepreneurship
is not without its hazards. Here are some of the pros and cons of
entrepreneurship.

1. Work flexibility: Entrepreneurship means self employment,

which comes with the ability to set your own schedule and work
where you want.
2. Ability to follow passion: If your innovative idea is related to
your passion or hobbies, entrepreneurship enables you to make
a career out of what you love.
3. Total control: Because they own their business, entrepreneurs
have complete control of their entrepreneurial ventures, with
the ability to make decisions quickly.
4. Creativity: Without the burdens of bureaucracy common in
large, mature companies, entrepreneurs can solve problems
creatively and experiment often.
5. Unlimited earning potential: As famous entrepreneurs like Mark
Zuckerberg or Bill Gates show, a startup entrepreneur with a
successful business idea can make millions or even billions of
FCFA

CONS OF ENTREPPRENEURSHIP

1. Financial risk: Becoming an entrepreneur means putting money

on the line of your idea. If it does not work out, you will be
responsible for dealing with disappointed investors and
outstanding bank loans.

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2. Long hours: Between brainstorming new ideas, wooing

potential investors, and managing the day-to-day operations of
their businesses, many entrepreneurs work long and hard to
make their dreams a reality.
3. Greater responsibility: As the leader of your own business,
everyone will be looking to you for vision and direction, which
can cause tremendous personal stress.
4. High competition: Just because your business idea is innovative,
does not mean you will not face still competition, whether from
established firms in your industry or other entrepreneurs
looking to beat you to the finish line.
5. Unreliable income: While successful entrepreneurs may see a
big payday, it will not happen overnight. In the meantime,
expect lean times as you invest all of your income into growing
your business.

WHAT IS BUSINESS?

We all know what is business in its basic form (buying and selling of
goods). We hear the term constantly and engage with different types
of enterprises daily. yet, when it comes down to defining the
meaning of business and its characteristics, many fine it difficult to
explain.

So, what is a business precisely, how is it structured, what types are

out there and how can one start their own company.

An organization or enterprise that engages in commercial, industrial

or professional activity is called a ‘business’. The aim of a business is
to carry out some kind of economic activity of production of goods or

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services. When it comes to defining the business, the single factor

that matters is that the establishment wants to make money from
that which it engages in.

Enterprise can be legal entities that operates for profit or non -profit
organizations that support a social cause or have a humanitarian
purpose. From small sole proprietorships to large international
corporation, businesses come in all shapes and sizes.

Advantages and Disadvantages of Business Ownership

Before deciding to be a business owner, you might want to consider

the following advantages and disadvantages of business ownership

Advantages of Small Business Ownership

Being a business owner can be extremely rewarding. Having the

courage to take a risk and start a venture is part of the big dream.
Success brings with it many advantages:

 Independence. As a business owner, you’re your own boss. You

can’t get fired. More importantly, you have the freedom to make
the decisions that are crucial to your own business success.
 Lifestyle. Owning a small business gives you certain lifestyle
advantages. Because you’re in charge, you decide when and
where you want to work. If you want to spend more time on
nonwork activities or with your family, you don’t have to ask for
the time off. If it’s important that you be with your family all
day, you might decide to run your business from your home.
Given today’s technology, it’s relatively easy to do. Moreover, it
eliminates commuting time.
 Financial rewards. In spite of high financial risk, running your
own business gives you a chance to make more money than if

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you were employed by someone else. You benefit from your

own hard work.
 Learning opportunities. As a business owner, you’ll be
involved in all aspects of your business. This situation creates
numerous opportunities to gain a thorough understanding of the
various business functions.
 Creative freedom and personal satisfaction. As a business
owner, you’ll be able to work in a field that you really enjoy.
You’ll be able to put your skills and knowledge to use, and
you’ll gain personal satisfaction from implementing your ideas,
working directly with customers, and watching your business
succeed.

Disadvantages of Small Business Ownership

Here are some of the risks you run if you want to start a small
business:

 Financial risk. The financial resources needed to start and grow

a business can be extensive. You may need to commit most of
your savings or even go into debt to get started. If things don’t
go well, you may face substantial financial loss. In addition,
there’s no guaranteed income. There might be times, especially
in the first few years, when the business isn’t generating enough
cash for you to live on.
 Stress. As a business owner, you are the business. There’s a
bewildering array of things to worry about—competition,
employees, bills, equipment breakdowns, customer problems. As
the owner, you’re also responsible for the well-being of your
employees.
 Time commitment. People often start businesses so that they’ll
have more time to spend with their families. Unfortunately,
running a business is extremely time-consuming. In theory, you
have the freedom to take time off, but in reality, you may not be
able to get away. In fact, you’ll probably have less free time than
you’d have working for someone else. For many entrepreneurs
and small business owners, a forty-hour workweek is a

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myth;Vacations will be difficult to take and will often be

interrupted. In recent years, the difficulty of getting away from
the job has been compounded by cell phones, iPhones, Internet-
connected laptops and iPads, and many small business owners
have come to regret that they’re always reachable.
 . Undesirable duties.When you start up, you’ll undoubtedly be
responsible for either doing or overseeing just about everything
that needs to be done. You can get bogged down in detail work
that you don’t enjoy. As a business owner, you’ll probably have
to perform some unpleasant tasks, like firing people.

In spite of these and other disadvantages, most business owners are

pleased with their decision to start a business.

BUSINESS AND SELF EMPLOYMENT

Entrepreneurial Culture

DEFINITION
There exist several definitions about entrepreneurship culture. To easy
explain this complex term, some authors have divided the concept in
the two words it is composed ‘entrepreneurial’ and ‘culture’

Defined by Wickham (2006 cited in Browson, 2013), the word

entrepreneurial is the adjective that is given to describe how the
entrepreneur undertakes what they do. Using the adjective
entrepreneurial demonstrates a particular style of what entrepreneurs
do.

On the other hand, Brownson (2013)mentions the term culture that is

defined as the attributes, values, beliefs and behaviour in which on the
individual learns or acquires from one generation to another, and
passed through one person and group to another. The transfer of these
certain attributes, values, beliefs and behaviors show the intention of
fostering a certain type of culture.

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Therefore, the union of these two terns has been conceptualized as: ‘A
society that enhances the exhibition of attributes, values, beliefs and
behaviors that are related to entrepreneurs (Brownson, 2013).

The direct actions of the entrepreneurial culture while spreading the

set of values, beliefs, ideologies, habits, practices, customs and actions
are directed to foster the entrepreneurial spirit and show the benefits
of entrepreneurship in the population.

According to Sanchez 2009 and Mattinez 2017, it takes time to

develop an entrepreneurial culture.

It requires efforts between the actors that are involved and

particularly the entrepreneurial culture should aim to high impact
businesses. Where the principal indicators to measure
entrepreneurial culture are the entrepreneur’s social image, their
success and impact and the motivation to start a business.

IDENTIFICATION AND GENERATION OF BUSINESS

IDEAS AND OPPORTUNITIES
Although many aspiring entrepreneurs start with an idea for a new
business, the question remain: is the idea a business opportunity? In
other words, does it fulfill a market need, solve a customer pain
point, or improve an existing product?

Perhaps you want to assess whether your business idea is viable or

you like the concept of entrepreneurship and are searching for the
right opportunity to jump in. either way, you need to familiarize
yourself with different types of business opportunity and learn to
identify them.

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5 Simple Ways to Identify Business Ideas That Could (Really) Change the
World

Want to come up with a world-changing business idea? First step,

think locally. What exactly does your community need?

It's one thing to be able to identify industries and businesses that

are poised for major market success. But entrepreneurship requires
more than just finding an idea that can make a lot of money. For
entrepreneurs to tap into the motivating power that drives lasting
success, the ideas they conceive must be powerful enough to change
the world through major economic, social or environmental impact.

If your idea meets that criterion, quite simply, you'll be far more
motivated to get through the entrepreneurial challenges that will
follow if your product or services are a force for good. The reason is
that it will be something you can truly become emotionally invested
in. The challenge, of course, is identifying these business ideas in the
first place.

How to do that? Here are five simple ways through which you can
identify world-changing business ideas:

1. Find opportunities in your own community.

Though cultures and languages may vary, many of the challenges

facing our world are similar across many parts of the globe. As such,
one of the best ways to identify world-changing ideas is to start
locally: Look for issues that concern your local community. So many
of the best ideas come from our own personal observations But to
obtain these insights, you have to get out in the community.

Rather than trying to transform the entire world all in one go, you
might instead identify ideas that can first be tested in your local
community. This can serve as a great way to fine-tune your efforts and

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quantify your impact as you prepare to take your idea to a much

bigger stage.

2. Draw upon your own personal experiences.

Many of the most powerful world-changing ideas come from the

experiences and challenges an entrepreneur has faced in his or her
own life. Take a moment to consider the problems you're currently
dealing with. These problems could be affecting your current business
endeavors, your personal life or your home.

Chances are, you're not the only person facing these issues.

Rather than wait for someone else to solve your problem for you, take
steps to change the world by developing a business idea that directly
addresses the issues you're confronting. More importantly, understand
that when you're addressing your own problems, you'll be more likely
to be passionate about creating and making available the best solution
possible.

3. Look for ideas that get other people involved.

Many of the most successful world-changing ideas don't just offer a

new product or service. They seek to change the way people approach
their day-to-day living. Changing someone's mental outlook will have
a far greater reach and impact in the long run.

4. Go out of your way to ask others how you can help.

Coming up with ideas on your own isn't always easy. That's

why brainstorming has consistently been found to be such a powerful
tool. You may be struggling to come up with a world-changing idea.
But there could be plenty of people around you who have great
insights that can lead you in the right direction.

Don't be afraid to consult with several different groups to find ideas.

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For example, you could ask family and friends about specific
challenges. You could consult with like-minded coworkers who also
wish to make an impact. You could even conduct focus groups in your
own community.

Successful businesses don't operate in a vacuum, especially if they

want to change the world. As you leverage others' input, you'll
generate more ideas regarding potential issues you can address -- and
even some possibilities for how your business could solve these
problems.

5. Give back through meaningful philanthropical work.

Your initial business idea doesn't necessarily need to be world-

changing in and of itself. But when you pair it with a properly aligned
philanthropic effort, you can become a true force for good.

Whether you're seeking to improve living conditions for impoverished

people or trying to revolutionize your industry, finding a greater
purpose in your work can make all the difference for your
entrepreneurial efforts.

HOW TO IDENTIFY A BUSINESS OPPORTUNITY

Many times, we hear friends, family members or colleagues asking

about the kind of business to invest in, recognizing a good business
opportunity does not necessarily require talent or a special skill set. It
all comes down to scanning your surroundings to fine a gap that you
can then plug in and turn into successful business.

Let’s have a look at approaches you can use to identify a business

opportunity.

1. TURNING YOUR TALENTS, SKILL OR PASSION INTO A BUSINESS

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Are you good at something? Cooking? Website design? Taking

care of young children? Do you like to write? You are sitting on
a business opportunity. With your passion, you can start and
grow a business to its full capacity. Of course, you will require
some capital and a well laid out plan to make it work.

2. ADDRESSING AN EXISTING GAP OR NEED

3. PROVIDING A SOLUTION TO AN EXISTING PAIN-POINT
4. IMPROVING ON AN EXIXTING IDEA

PART II
TABLE OF CONTENT
 The keys to success in entrepreneurship
 Business plan
 Formalities of creation of a company in Cameroon

KEYS TO SUCCESS IN BUSINESS

Everyone dreams of achieving success overnight. But as the late

Steve Jobs once noted, “Most overnight successes took a long time.”

Running your own business takes determination, and it takes guts.

According to data from the U.S. Bureau of Labor Statistics, most
businesses fail within their first five years. Only one in four
businesses make it to the 15-year mark.

So how do you achieve success? There’s no one answer, of course,

but there are some habits that you can adopt to make your company
more fruitful. Here are some keys to success in business that can
help your company grow and help you reach your potential.

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1. SUCCESSFUL BUSINESS STARTS WITH A PLAN

One of the most important keys to success is a well-researched

business plan. A proper plan will set the tone for everything you do
in business and be the yardstick by which you measure success.

Additionally, if you ever need funding for a new business project,

your lender will likely ask to see your plan before approving a loan.

What should my business plan include?

Business plans generally include the following features:

 Executive summary (highlights key points of the plan)

 Business description and structure
 Market research and strategies
 Management structure and personnel
 Financial documents
 Appendix (optional, used to highlight additional data about
your company)

Writing down your plan makes your business idea concrete and will
help you determine the course of the rest of your business activities.

TIPS FOR A SUCCESSFUL BUSINESS PLAN

A business plan is one of the most important keys to business

success. Here are some tips to get the most from your plan:

 Plan for five years into the future

 Be specific but also concise
 Back up your plan with careful, up-to-date research
 Get input from friends or another business owner

Don’t be afraid to refine your plan as you go. New businesses

especially will need room to adapt and evolve as the company
grows, so your plan should be flexible enough to make these types
of adjustments.

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2. STAY ORGANIZED

Being a business owner demands a certain collection of

organizational skills. For most business owners, this includes
creating a daily to-do list to help them stay focused.

Staying organized also means thinking beyond the day-to-day.

Organization means that you have a clear system for keeping
business records, maintaining your books, and keeping track of your
cash flow. Staying on top of everything is a large part of business
success.

It’s also helpful to distinguish between your short-term goals and

long-range plans. By staying organized, you’ll be better equipped to
divide and conquer, meaning you can break up larger projects into
smaller, more manageable tasks that can be completed over time.

This segmentation will help you stay focused and keep you from
feeling overwhelmed by the sheer number of tasks that accompany
small business ownership.

3. KEEP DETAILED RECORDS

Your accounting and bookkeeping practices won’t help you achieve

success on their own, but they can save you from a major business
failure.

Maintaining detailed records of your company’s finances will

ensure that you always understand exactly where you stand,
financially speaking, and these records will also help you when it
comes time to pay your taxes.

Having the records to back up your income and expenses will make
it much easier to report your earnings, receive deductions, and
comply with all existing tax codes.

RECORDS THAT EVERY BUSINESS OWNER SHOULD

KEEP

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Here are a few of the top accounting and business records that you
should hang onto:

 Bank statements
 Invoices
 Office supply expenses
 Vehicle/mileage expenses
 Marketing expenses
 Receipts for other business-related expenses (meals, travel,
etc.)
 Past tax returns

The good news is that having electronic copies of many of these

records (such as electronic invoices) can help you maintain good
records without cluttering up your workspace.

4. KNOW YOUR AUDIENCE

Many entrepreneurs make the mistake of going right to the stage of

developing a final product or service. Sure, it’s great to be able to
showcase your business idea through a final, fully-realized product,
but it’s only a valuable idea if it connects with the needs of your
target market.

Successful business people spend time learning as much as they can

about the needs, habits, and desires of their potential customers.
Instead of asking “How can I sell this product?” start by asking
“What do people need?”

Asking this question will help you focus on the needs of your
customers and not just the features of your product. This approach
might require you to do some preliminary research before moving
forward with your idea, but it can help you refine your strategy so
that you’ll have a greater shot at business success.

Identifying your customers’ needs will also help you develop a clear
marketing strategy. First, it will help you highlight product features
that your customers are likely to find desirable. Second, it will help

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you determine what marketing methods work best for your target
audience (social media, email, direct mail, etc.).

5. STAY FLEXIBLE AND CREATIVE

With luck, your first business venture will be a roaring success. But
if you’re like most entrepreneurs, you won’t succeed right away.

One of the most important keys to business success is also the most
painful: rejection. But the most successful people experience
rejection, learn from it, and use it as an opportunity to grow.

For example, when you debut your initial product to your friends or
family, you might receive a lukewarm reception. Try to listen to
them and invite constructive criticism that you can use to refine
your process.

6. TAKE CALCULATED RISKS

Ever heard the phrase “the paralysis of analysis?” Any business

owner will need to spend some energy thinking through analytical
issues and financial plans, but if you’re not careful, you could spend
so much time thinking about the worst-case scenario that you
neglect your company’s ultimate goal.

Learn as much as you can about your industry, your customer base,
etc. But don’t be afraid to be bold and decisive. Sometimes this
means you’ll need to spend money to fund new ideas or to invest in
a new piece of technology.

The point is simple: Taking calculated risks can help you maintain
momentum. Not every risk will lead to success, but as we noted in
the other keys, even failures can be learning opportunities.

7. LEARN FROM YOUR COMPETITORS

It’s unlikely that your business idea is so rare that others aren’t
providing similar products or services. Many successful businesses
seek out their competitors, whether they be other small businesses
or even large corporations.

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Specifically, look at details like:

 What key service do they offer?

 What is their marketing strategy?
 How do they navigate tough situations?
 What are their customers saying in their online reviews?
 How much money do they earn?

For example, restaurant owners might look at other local restaurants

to better understand the success of their competitors and also
explore ways that they might set their own business apart from other
small businesses.

Remember, you don’t have to duplicate everything that they do in

order to succeed. But one of the keys to business success is learning
from successful peers and finding ways to adapt their strategies into
your operations.

8. FOCUS ON GREAT CUSTOMER SERVICE

One of the greatest keys to success in business is also one of the

oldest: Put people first. The most successful companies understand
it’s imperative to stay focused on the needs of the customer.

This truth might initially sound obvious, but you’d be surprised at

how easily new businesses can get distracted by their administrative
details and daily to-do list and neglect customer service.

You can help achieve business success simply by putting your

clients first. Chances are that your customers will remember the
connection they made to your company and be more likely to come
back rather than visit a competitor.

This retention is all the more important as we enter the age of digital
communications. If your business has an email address or social
media account, make sure to check your messages daily (including
your spam folder). A successful business will respond to customer
inquiries within 24 hours or even less.

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9. SUCCESSFUL BUSINESSES HIRE THE RIGHT PEOPLE

In the early days of your small business, you might be totally fine
serving as a solo entrepreneur. But as you start making money, your
needs will grow, and you’ll find that you can’t do it all.

One of the keys to business success lies in your hiring process.

You’ll need to create a clear path for onboarding and training new
workers and ensuring that they understand the goals of your small
business and the services that you provide.

Admittedly, it will cost more money to hire employees. But a

successful business owner understands that the right workforce can
bring great advantages, such as:

 Sharing the workload so you can focus on growing your small

business
 Bringing new, creative ideas to the table
 Possessing business skills that you might lack
 Helping you expand your small business or a key service

In other words, your team can be one of your greatest assets,

helping you achieve business success by handling administrative
tasks so you can stay focused on long-term goals.

Of course, hiring the wrong people can have the opposite effect and
may even jeopardize your company’s public reputation. This
possibility is why it’s important to create a clear hiring and firing
policy so that you’ll have recourse when put in tough situations by
an employee who isn’t pulling their weight.

10. FIND THE RIGHT BALANCE BETWEEN WORK AND

REST

Here’s what your business coach might not tell you: It’s not all
about making money. If you’re not careful, you might become so
focused on your business success that you neglect the other
important things in your life, like family, friends, and your own

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mental health. Achieving business success won’t matter much if you

are too stressed out to enjoy it.

No matter what type of business you are in, make it a point to take a
day off. Turn off your cell phone if you have to, and find something
to do that’s completely unrelated to management or your cash flow.

You’ll likely discover that you’re more successful when you’re

rested. Taking time away can be something of a reset button for
your emotions and help you return to work refreshed and more
willing to engage in the world of business.

Business Plan
Great business plan can help you clarify your strategy, identify
potential roadblocks, decide what you’ll need in the way of resources,
and evaluate the viability of your idea or your growth plans before
you start a business.

Not every successful business launches with a formal business plan,

but many founders find value in taking time to step back, research
their idea and the market they’re looking to enter, and understand the
scope and the strategy behind their tactics. That’s where writing a
business plan comes in.

What is a business plan?

A business plan is a document describing a business, its products or
services, how it earns (or will earn) money, its leadership and staffing,
its financing, its operations model, and many other details essential to
its success.

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Why write a business plan?

Investors rely on business plans to evaluate the feasibility of a
business before funding it, which is why business plans are commonly
associated with getting a loan. But there are several compelling
reasons to consider writing a business plan, even if you don’t need
funding.

 Strategic planning: Writing out your plan is an invaluable

exercise for clarifying your ideas and can help you understand
the scope of your business, as well as the amount of time,
money, and resources you’ll need to get started.
 Evaluating ideas: If you’ve got multiple ideas in mind, a rough
business plan for each can help you focus your time and energy
on the ones with the highest chance of success.
 Research: To write a business plan, you’ll need to research your
ideal customer and your competitors—information that will help
you make more strategic decisions.
 Recruiting: Your business plan is one of the easiest ways to
communicate your vision to potential new hires and can help
build their confidence in the venture, especially if you’re in the
early stages of growth.
 Partnerships: If you plan to approach other companies to
collaborate, having a clear overview of your vision, your
audience, and your business strategy will make it much easier
for them to identify whether your business is a good fit for
theirs—especially if they’re further along than you in their
growth trajectory.
 Competitions: There are many business plan competitions
offering prizes such as mentorships, grants, or investment
capital. To find relevant competitions in your industry and area,
try Googling “business plan competition + [your location]” and
“business plan competition + [your industry].”

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How to write a business plan in 9 steps

Few things are more intimidating than a blank page. Starting your
business plan with a structured outline and key elements for what
you’ll include in each section is the best first step you can take.

1. Draft an executive summary

A good executive summary is one of the most crucial sections of your

plan—it’s also the last section you should write.

The executive summary’s purpose is to distill everything that follows

and give time-crunched reviewers (e.g., potential investors and
lenders) a high-level overview of your business that persuades them to
read further.

An executive summary shouldn’t exceed one page. Here’s what your

business plan’s executive summary should include:

 Business concept. What does your business do?

 Business goals and vision. What does your business want to
do?
 Product description and differentiation. What do you sell, and
why is it different?
 Target market. Who do you sell to?
 Marketing strategy. How do you plan on reaching your
customers?
 Current financial state. What do you currently earn in
revenue?
 Projected financial state. What do you foresee earning in
revenue?
 The ask. How much money are you asking for?

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 The team. Who’s involved in the business?

2. Describe your company

This section of your business plan should answer two fundamental

questions: who are you, and what do you plan to do? Answering these
questions with a company description provides an introduction to why
you’re in business, why you’re different, what you have going for you,
and why you’re a good investment bet.

Clarifying these details is still a useful exercise, even if you’re the

only person who’s going to see them. It’s an opportunity to put to
paper some of the more intangible facets of your business, like your
principles, ideals, and cultural philosophies.

Here are some of the components you should include in your company
description:

 Your business structure (Are you a sole proprietorship, general

partnership, limited partnership, or incorporated company?)
 Your business model
 Your industry
 Your business’s vision, mission, and value proposition
 Background information on your business or its history
 Business objectives, both short and long term
 Your team, including key personnel and their salaries
Next, craft your vision statement: what impact do you envision your
business having on the world once you’ve achieved your vision?
Phrase this impact as an assertion—begin the statement with “We
will” and you’ll be off to a great start. Your vision statement, unlike
your mission statement, can be longer than a single sentence, but try to
keep it to three at most. The best vision statements are concise.

Finally, your company description should include both short- and

long-term goals. Short-term goals, generally, should be achievable

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within the next year, while one to five years is a good window for
long-term goals. Make sure all your goals are SMART: specific,
measurable, attainable, realistic, and time-bound.

3. Perform a market analysis

No matter what type of business you start, it’s no exaggeration to say

your market can make or break it. Choose the right market for your
products—one with plenty of customers who understand and need
your product—and you’ll have a head start on success. If you choose
the wrong market, or the right market at the wrong time, you may find
yourself struggling for each sale.

This is why market research and analysis is a key section of your

business plan, whether or not you ever intend for anyone else to read
it. It should include an overview of how big you estimate the market is
for your products, an analysis of your business’s position in the
market, and an overview of the competitive landscape. Thorough
research supporting your conclusions is important both to persuade
investors and to validate your own assumptions as you work through
your plan.

Some sources to consult for market data include government statistics

offices, industry associations, academic research, and respected news
outlets covering your industry.

4. Outline management and organization

The management and organization section of your business plan

should tell readers about who’s running your company. Detail the
legal structure of your business. Communicate whether you’ll
incorporate your business as a corporation or create a limited
partnership or sole proprietorship.

If you have a management team, use an organizational chart to show

your company’s internal structure, including the roles, responsibilities,

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and relationships between people in your chart. Communicate how

each person will contribute to the success of your startup.

5. List your products and services

Your products or services will feature prominently in most areas of

your business plan, but it’s important to provide a section that outlines
key details about them for interested readers.

If you sell many items, you can include more general information on
each of your product lines; if you only sell a few, provide additional
information on each.

6. Perform customer segmentation

Your ideal customer, also known as your target market, is the

foundation of your marketing plan, if not your business plan as a
whole. You’ll want to keep this person in mind as you make strategic
decisions, which is why an overview of who they are is important to
understand and include in your plan.

To give a holistic overview of your ideal customer, describe a number

of general and specific demographic characteristics. Customer
segmentation often includes:

 Where they live

 Their age range
 Their level of education
 Some common behavior patterns
 How they spend their free time
 Where they work
 What technology they use
 How much they earn
 Where they’re commonly employed
 Their values, beliefs, or opinions

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7. Define a marketing plan

Your marketing efforts are directly informed by your ideal customer.

Your marketing plan should outline your current decisions and your
future strategy, with a focus on how your ideas are a fit for that ideal
customer.

If you’re planning to invest heavily in >Facebook marketing, for

example, it might make sense to include whether Facebook is a
leading platform for your audience—if it’s not, that might be a sign to
rethink your marketing plan.

Most marketing plans include information on four key subjects. How

much detail you present on each will depend on both your business
and your plan’s audience.

 Price. How much do your products cost, and why have you
made that decision?
 Product. What are you selling and how do you differentiate it in
the market?
 Promotion. How will you get your products in front of your
ideal customer?
 Place. Where will you sell your products?

8. Provide a logistics and operations plan

Logistics and operations are the workflows you’ll implement to make

your ideas a reality. If you’re writing a business plan for your own
planning purposes, this is still an important section to consider, even
though you might not need to include the same level of detail as if you
were seeking investment.

Cover all parts of your planned operations, including:

 Suppliers. Where do you get the raw materials you need for
production, or where are your products produced?

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 Production. Will you make, manufacture, wholesale, or

dropship (drop shipping is a business model that allows you to
sell products online without having to own or operate the
physical location where those products are stored and processed)
your products? How long does it take to produce your products
and get them shipped to you? How will you handle a busy
season or an unexpected spike in demand?
 Facilities. Where will you and any team members work? Do you
plan to have a physical retail space? If yes, where?
 Equipment. What tools and technology do you require to be up
and running? This includes everything from computers to
lightbulbs and everything in between.
 Shipping and fulfillment. Will you be handling all the
fulfillment tasks in-house, or will you use a third-party
fulfillment partner?
 Inventory. How much will you keep on hand, and where will it
be stored? How will you ship it to partners if required, and how
will you approach inventory management?

THE FORMALITIES FOR SETTING UP AN ENTERPRISE IN

CAMERRON

The competent services for the accomplishment of the first formalities

for enterprise creation are indicated in the following table

COMPETENT
FORMALITIES
SERVICE

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Declaration of Ministry of
investment Finance

Deposit at the Registry of the

registry competent CFI

Registration in the Registry of the

Trade register competent CFI

Regional
Statistic
Service of
registration
Statistics

Declaration of Regional
existence at the Agency of
NSIF NSIFA

Regional
Declaration of
Delegation of
existence
Labour

Insertion in a Cameroon

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news paper of tribune for

legal example
announcements

TAX REGISTRATION OF ENTERPRISES

Registration is a formality which permits the potential taxpayer to be

known by the taxation services, and to obtain the taxpayers card
demanded on several occasions of his fiscal life.

The place of the fiscal registration

The registration file is deposited at the taxation centre of the place

where the enterprise or business is situated.

It may be deposited at the Medium sized enterprises taxation Centre

(METC), at the Specialised Taxation Centre (STC) if its turnover is
equal or higher than 100 million, or at the Large Tax Unit if its
turnover is equal or higher than 1 billion.

Simplification of procedures

Since the insertion of the Centres of Business Creation Formalities

(CBCF) in Yaoundé and Douala, all these formalities can be fulfilled
in the said centres, where all the structures involved in the business
creation process in Cameroon are found.

It is henceforth possible to create an enterprise within only 72 hours.

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HOW TO START A BUSINESS

Starting a business requires planning, patience and a lot of paperwork.

Here's how to start a business, step by step.

STEPS

1. Find the right opportunity

2. Write a business plan
3. Choose a business structure
4. Get a federal tax ID
5. Apply for licenses and permits
6. Open a business bank account
7. Understand your startup financing options
8. Get a business credit card
9. Choose the right accounting software
10. Prepare to pay your taxes
11. Protect yourself with business insurance
12. Establish your online presence
13. Figure out how you’ll accept credit card payments
14. Learn how to hire employees
15. Get financing to grow your business

Starting a business takes research, smarts and self-confidence — and a

measure of fearlessness. You may already be asking yourself: How
can I start my own business with no money? What's the right
equipment? Am I getting the best advice?
Here are the essential steps on how to start a business, from choosing
the right business idea, creating a solid business plan and structuring
your company to opening a business bank account and choosing the
right accounting software.

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1. Find the right opportunity

What business should you start? It depends on your expertise, plus
how much time and money you’re able to invest. Some small-business
ideas can be launched from home.

2. Write a business plan

A strong business plan can help you prepare for every aspect of your
business. This document should include details of the products or
services you plan to offer, how you plan to make money, who you
need on your team and more.
You’ll need a business plan to show to potential investors and lenders.
But the process of writing it will help you chart a course for your
business, too.

3. Choose a business structure

The legal structure of your business can affect everything from your
taxes to what you're liable for. Talking with a tax professional can
help you choose the right business structure for you. And you can
change your structure as your business grows.

4. Get a federal tax ID

Getting an employer identification number (EIN) is necessary for
most businesses to file taxes, open bank accounts and perform other
essential tasks. The online application only takes a few minutes.

5. Apply for licenses and permits

In general, restaurants need health inspections and liquor licenses.
Hair stylists need cosmetology licenses. Your city may require you to
apply for a business license regardless of what field you’re in. And if
you’re renovating a space to sell products or perform services, you
may need to ask local officials for a zoning change.
Set aside time early on to find out what licenses and permits you need
before you can open your doors. Industry associations and local
business associations, like your Chamber of Commerce, may be able
to offer advice. If your city has officials who work on economic
development issues, they may be helpful too.

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6. Open a business bank account

Keeping your business and personal finances separate is key to
managing your business finances. A business bank account can help,
and they’re easy to set up.

7. Understand your startup financing options

Most businesses need a little capital to get started. In general, business
loans are not available to businesses that have been operating for less
than six months, and most online lenders prefer at least a year in
business. Startups should look to other financing options.

8. Get a business credit card

A business credit card can help keep your business and personal
finances separate, and it can come in handy for purchasing needed
supplies and paying your bills while your cash flow is still uneven.
Usually, you can qualify for a business credit card based on your
personal credit score, so these can be good tools for startup financing.

9. Choose the right accounting software

It’s essential that you keep records that show how much revenue
you’re bringing in and how much you’re spending. Accounting
software can make this process much easier.
As your business grows, you may want to start working with a
bookkeeper. This person can help ensure your records are complete
and accurate, which makes it easier to file your taxes, apply for
financing and more.

10. Prepare to pay your taxes

You'll have some new tax responsibilities as a business owner —
including, potentially, the need to pay taxes throughout the year, not
just during tax season. But you'll probably discover some new tax
breaks, too.
Filing taxes can be complex, especially as a small-business owner.
Developing a relationship with a tax professional early on can help set
you up for success, and they can be a trusted adviser to your business
later on.

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11. Protect yourself with business insurance

It's important to protect your business and your personal assets, and
business insurance exists to do just that.

12. Establish your online presence

An online presence is critical for almost every business — especially
if you want to sell products online. Setting up a website and social
media profiles early on, even if they’re simple, can help you start
developing relationships with potential customers right away.
Here’s what you need to know to start your business website:

13. Figure out how you’ll accept credit card payments

If your business takes credit and debit cards, you'll likely need a
payment processor and a merchant account. If you take payments in
person, you’ll probably need a point-of-sale system too.

14. Learn how to hire employees

You may not need to hire employees right away — and some small-
business owners prefer to remain solopreneurs throughout the life of
their business. But if you do choose to hire, you’ll probably need
workers’ compensation insurance, payroll software and more. Here’s
what goes into hiring your first employees.

15. Get financing to grow your business

Once you’ve been in business for six to 12 months, you may start
qualifying for business loans. Financing can help your business grow
and expand — by buying equipment, renovating an office or
expanding your inventory.

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