Introduction
This paper seeks to propose an agency kind of business whose responsibility is to mine data on behalf of its clients. It has been established that Nigeria, as a whole, has a poor culture of making data available to the general public, hence the need for a structured agency that would conduct surveys, interviews, research into issues and provide reliable data for decision-making. Many organizations in Nigeria find it difficult to access reliable data for their business strategy, proposal, planning, and product development.
The target audience/market
We will market our services to manufacturing companies in the FMCG, FinTech, Banking, and Insurance sectors, plus the Academic industry, etc.
Core Services
- Survey
- Research
- Data Mining
- Insight
- Consulting and Advisory
- Budgeting and Planning
- Feasibility and business planning writing
- Business analytics and management
Year 1
Sole Proprietorship
This type of business is characterized by low cost, less administration, and is quick to set up. Starting up a business as an entrepreneur is a little bit arduous, but it becomes more manageable and straightforward when one begins as a one-man business even with its shortcomings. The name of the business shall be called Digging Deep Enterprise.
In Year 1 of this business/idea, all functions would be handled by the founder alone. The reason is not far-fetched as he is skillful and experienced in performing all the core services of the business.
Even though the business would be run by the founder, there shall be a delegation of duty to subordinates. The founder would perform all the functions of the manager which include planning, staffing, controlling, organizing, directing, and budgeting.
The founder would recruit two permanent staff and two internship roles would also be made available to complement the permanent staff. The founder would delegate managerial roles to the permanent staff in the area of controlling, directing, etc. while ensuring total supervision of the project.
With this plan in place, the business will thrive and stand the test of time. Everybody will be involved in the running of the business and no one should be left behind on the issue of decision-making. This will run for a period of four years, as the business expands the founder will employ more staff to meet up with the high demand for the company services.
Year 5
Partnership
A partnership involves two to twenty people joining a business enterprise. The business/idea will metamorphose into a collaboration due to the growth in demand for the services of the company which calls for more funding, ideas, employees, and directors.
The founder would advertise for a new partnership in the three popular newspapers. The financial performance of the company would be published alongside. The partnership deed would include the sharing of profit based on capital contributed by the new partners. The founder will remain the CEO of the company while the new partners will serve in other capacities like Deputy CEO and member of an advisory committee.
We will take in more innovative ideas, employ more staff as well, and reward employees based on their involvement in decision-making. All the active and secret partners will earn salaries on a monthly basis, while profit sharing will be done at the end of the year. Dormant, sleeping, and other partners will not earn monthly salaries.
About the Author
Oluwole Crowther is a CIAPS Graduate of Business Administration.
