SEC-S20W1| My Business Ideas | "The Palm Enterprise"

Hello friends, I gladly welcome you all to the SEC: S20/W1 in this great community. I would be sharing my thoughts while answering the required questions emphatically.

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"Are you planning to start a business or already in business"

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A business enterprise is always not so easy to run. It might seem easy to start but working on it to grow and become a great venture is not necessarily easy, it requires resilience, hardwork, discipline, tracking expenses and investing wisely. There are little tips I would love to add to a struggling entrepreneur in our midst.

However, I presently own a business which is the POS [Point Of Sales] business, I have a shop space in one of the biggest market in my city. I love the business because I serve as an ATM cash dispenser in the market. In other words I'm the bank in the market where there is availability of cash for the people. Earning a gross income from the service charge I bill these customers per transaction. I started the business about 5 months ago and I had little capital.

Moreso, I would say that I have tripled my capital during the time frame even after making gross expenses such as paying house rents, shop rents, water bill. It is really a big business to me. I earn a lot from the traffic generated by in flock of people into the market which makes me earn this much. More people in the market demanding for cash makes my spot a hot cake as my customers turn to returning clients daily due to good customer service I deliver to them.

I plan on growing my business having more than one spot where I perform the business in the market, having more spots require more workers and this eventually earn me more fortune, making me more wealthy and rich tok. I plan on diversifying into other businesses too, but firstly I would have to be a master in the field I find myself.

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"Keeping in mind that you can start your business alone or in a partnership basis, what is your idea of your business model? Describe in 200-250 words"

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My business model would most definitely be a big one. I would love to explore the palm oil business. In Africa, Nigeria is located in the West African zone, I live in the South Eastern part of Nigeria. Basically in the tropical rain forest full of canopy-like trees and thick lustful vegetation filled with yet to be milked resources and I would be sharing my business idea with the house.

sourcepalm plantation yet to be explored

Palm Oil is a major source of income for som countries. They export pam oil to other countries thus generating income. The worth of palm oil in the international exchange is really high and this is really a great resource to nations too. The palm oil business would definitely earn me a fortune. I had well planned out approach towards this respect. My family has an acre of land due to the fact that we are from a royal home. I plan on summoning agricultural power to planting palm trees which would be used to process palm oil from the palm fruits.

Palm oil production ad sales has been a family business when I was little, it was believed to give my grand parents the wealth we are enjoying today. They used it to build the family house and buy lots of assets too. They processed these palm oil and transported them to neighboring villages and cities through beast of burden they raised such ravishing wealth.

However, I would summon financial power and human power. A team of 20 workers who would cultivate the palm trees in the land over a period of time to grow enough trees to produce enough barrels of palm oil enough to be exported and equating a fortune on international exchange.

Furthermore, If I can summon such huma resources and financial resources to process the palm fruits into palm oil, transport to other countries through the ports, clearing these barrels of oil, If i can produce over 2000 barrels in an estimate in 4 months for exports. The return of investment would be massive because it would be in dollars. I guess it would sky rocket my financial status and thus would make me become one of the biggest explorers and exporters of palm oil in my country. I aim on being the top richest in Africa on Forbes list. This business can indeed fetch me this great achievement.

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"Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words"

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Advantages Of the Business Model

• The business has a great return of investment. I would export in our local currency. The worth would be equated against dollars this profit margin is truly going to be high.

• It would be less stressful for me because I would have local workers who would do the labor, human resources at less cost would be ideal as these people are from my town.

• It would definitely put our brand on the spotlight as one of the biggest brands since it would be a great chapter for us on the international trade.

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Disadvantages Of the Business Model

• Capital intensive due to the fact that the intend on growing the business to a high level. It would demand a great amount of financial buoyancy.

• Paying workers and clearing at the ports during exportation would add to the stress in the business, I would say it would be so outrageous in paying the tax and custom duty seeing the exchange rate is high against my country's currency.

• High risk involved, it has a high risk to reward ratio, the barrels of palm oil could spill over the ocean during turbulence and cause a great loss. Thus tendencies of loosing assets and loss of investment could be on the toll and would b a major challenge.

This business model would most definitely grow my financial status by 10X I plan on mobilizing financial power from loans, insurance policies and other means with this said, a success in the model would make me a multi-millionaire in dollars.

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"You are in a business now and doing well, lets know what your plans are and what efforts you are making to expand your business for the long term, will you do it on your own or hire professionals?"

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I am in the business of cash dispensing overtime, I have a saving pattern, which would enhance me in attaining this height. My sister is a medical director of a hospital in Florida, she earn pretty great and has been saving to this respect for about 2 years. She claims that she would raise about $50,000 before the year runs out for the family business, this would be enough to start the business at least to an extent.

Hopefully, I have contacted various foreign associates through her connect in the custom and ports in our country. A major success to this claim. We would hire the services of the best foreign professionals who would guide us through the process in making our first export of the processed and stored barrels of palm oil. This would be a major success and I gladly anticipate this giant stride!

Conclusively, we made inquiry into the success rate of the business, the economist in Florida shared his thoughts stressing that $50,000 would be enough to start it up for the family seeing we have basic requirements already although some are crude and outdated. We are most hopeful that before next year we would launch the "Golden Palm Mine"

I invite @yenny47 @pea07 @pandora2010 @nancy0 to join challenge