Which Business in IT can you start with 5 Million?

This is a random question, asked by a friend today, and the response we all are giving was based on our perspective and approach to business. A business mentor (Mr Nnamdi) gave a response which inspire me to publish his response to help you achieve business success in your career.

Firstly, IF YOU ARE GIVEN 5 MILLION FOR AN IT COMPANY WHAT EXACTLY WILL YOU VENTURE ON? I want you to pause here, what will be your answer?

Out of the abundance of your heart, your mouth will speak. Consciously and Unconsciously, you are the product of your MIND.

Here is the response I want to share with you:
In this very tricky situation, if you don’t have a sketch of what you wanted to do before this cash, waste of the cash is assured. This is because “when the purpose of a thing is not defined, abuse is inevitable”

First, assess yourself on business management and your skill set as an I.T professional then choose any of these in no particular order:

1. subscribe for a course on Business Management and Administration.

2. Apply to become an Intern free of charge at a serious company that you admire and understand their dynamics of point one listed above.

3. Marketing and Branding are core components of businesses and you need to acquire them somehow. Please don’t pay for it at the onset.

4. Social media marketing is just a component of marketing.
   Therefore, Land your first lead and close a sale.
   Then check your stand again and iterate.

The expense here is not priority depending on the type of I.T sector you want to venture into.
Idea is not enough but an aggregate of a lot of measured tactics.

Conclusively, Branding is not just about having a logo. In self branding, Your Twitter time-line can be a reflection of what kind of person your clients should expect and nowadays many people can’t use that as a reference point because of the inconsistencies littered.

Disclaimer: Marketing, Awareness, Promotion and Public Relations are not the same. Understand their concept and their impact in the journey of having a business success.

Thanks for reading.