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entrepreneurs

Business tips for entrepreneurs

Entrepreneurs are always in search of innovations and new solutions to help them achieve success in their business. In this article, I will be highlighting some useful tips that entrepreneurs will find very valuable.

Tips #1

If you’re an entrepreneur, Make sure whatever you’re selling is relevant, useful, and be consistent. People don’t buy just the products but they look out for benefits. You don’t start something one day and disappear the very next day.

Tips #2

The formula for a successful business is: do what you love and love what you do. Turn your talent into a business, not just a hobby. For instance, if you can easily motivate others. You turn your passion for motivational speaking into a business. It is something that can create multiple income streams for you if properly channeled! 

Tips #3

Impressing people isn’t worth it. The more you impress, the poorer you become. The poorer you get, the less they respect you. Stop impressing people by using your little money to buy things you can’t afford and start impressing your future by investing the money instead. Entrepreneurs need capital for investment, not to impress people who don’t even care if you exist.

Tips #4

If you want to double your income and create a new stream of income as an entrepreneur, it may not work the first time. I have tried several ideas in the past and the never worked, but it doesn’t mean those ideas were wrong. You cannot lose by taking action, you only lose when you refuse to work on your dreams.

Tips #5

Building a system around your business is one sure way of ensuring uninterrupted income streams. You can start the process by automating as many parts of your business as possible. Having an online presence, for example, allows you to keep your business open 24/7 without further effort on your part. Modern entrepreneurs have leveraged the awesome power of the internet to increase their business spread.

Tips #6

Building a successful business requires focus. Why? Because that’s how you build momentum. As an entrepreneur, you must remain focused on a particular niche. Don’t get easily distracted by what others are doing. So don’t do multiple things at once. Instead, focus on just one thing, and do it in the best possible way.

As the author puts it: “A scattered focus leads to scattered results.” Business is all about patience. 8 years ago, crude oil was the real deal. Today, lots of investment in that sector has diminished. Those who started web-based businesses 8 years ago are more relevant than ever before. It’s all about focus.

Tips #7

There’s nothing wrong in being a salary earner, but there’s a lot of wrongs if you cant create a plan B from your salary.  Think and make the right choice, because as a salary earner, you can get fired tomorrow or your company can be liquidated. Make your plan B source of income a top priority this year!  A plan B that will grow into another huge income source. Most entrepreneurs started as salary earners and diversified into a business of their own.

7 Amazing Characteristics of an Exceptional Entrepreneur

7 Amazing Characteristics of an Exceptional Entrepreneur

An entrepreneur is someone who starts a business and develops the necessary model that will enable him to successfully run the business. Although every business owner is unique and positively endowed in terms of gifts, talents, and abilities, however, some possess some exceptional qualities which stand them apart from the average business owner. Highlighted below are some of the qualities that can make a difference in the life of an entrepreneur:

Positive Mindset

To succeed in life, one must have the ability to be optimistic. Optimism is the ability to think possibility even in the face of failure and defeat. A positive minded entrepreneur is always searching for a solution to a problem. This unique quality gives the businessperson an edge over the average business owner.

Goal Setters

The ability to set and achieve a goal is another unique characteristic of an entrepreneur. Setting daily, monthly and yearly goals is a priority in the life of an enterpriser. These goals are a great source of motivation and incentive.

Focus

The success of every business owner depends largely on the ability to focus on the essential things in life. It is only when one can focus on life, that one can have the rare ability to concentrate on issues that are key to the attainment of the desired end. This unique characteristic is present in the life of every businessman.

Passion

There must be a desire and a burning passion inside of you before you can obtain whatever you need in life. If you are passionate about success, it is a sign that you are on the right track. Having a passion for something will give you the extra energy to continue when others have given up. It is what keeps you awake at night when others are busy sleeping.

Foresight

To envision the result of plans and proposals earmarked for the achievement of the desired goal. An entrepreneur can see profit where others are seeing losses. Foresight will enable the entrepreneur to make a sound decision and set distinct goals.

Determination

This is the ability to remain committed to a course or goal. If you are determined, procrastination will never be a problem. Determination is a virtue that keeps the entrepreneur on alert. it is like a prime mover in the wheel of the businessperson as the ability to venture into areas where others are afraid to go is made available.

Creativity

What distinguishes an exceptional entrepreneur from the average business owner is the ability to come up with new ways of doing things. They are creative and unusual in their thinking pattern. One thing that they have going for them, is the ability to implement these creative ideas. Fear of failure does not hinder them from achieving their set goals and desires.








Business

Business lessons for entrepreneurs

introduction

Business is always interesting when everything is going according to plans. Unfortunately, it doesn’t always go according to plans. Entrepreneurs generally go through a lot before they become established in their chosen business. There are several lessons to be learned along the entrepreneurship journey. These lessons may knock some entrepreneurs out of the race, while others will finish strongly. 

Family and Friends may not patronize you 

Don’t make the mistake of ever believing that family and friends will be falling head over heels in a bid to patronize your new business. The fact remains that, more than 80% of people who will patronize your business will be strangers. People you’ve never met in your lifetime. Jack Ma, the founder of Alibaba puts it more succinctly: ” When doing sales, the first people who will trust you will be strangers. Friends will be shielding against you. Fair-weather Friends will distance themselves from you. The family will look down upon you”

A lady who is recently launched a Beauty spa shared her experience. She was shocked to realize that friends wanted to collect some of her beauty products free, but she refused. They went elsewhere to buy the same products at a higher price than what she was offering. It was a bitter lesson she was forced to learn. 

Theory is different from practical 

Don’t be carried away with the beautiful adverts you see on television. When it comes to launching a new business, entrepreneurs should be prepared for a bumpy ride.  On your business plan, everything looks perfect. You are expected to break even within the next 3 years. You are in your 4th year and the business is still shaky. That’s the difference between theory and practical. What you see on the field is quite different from what you see on papers and even on the advert. 

Business is not for the fainthearted.

It’s for those who are willing to brave the storm and get up when reality knocks them down. I once had a friend who was excited about the prospect of opening a new restaurant. In the first 3 months, the business was booming and it all seemed like his plans were becoming a reality. 

In the 4th month, his two gas cookers became faulty and he had to find a way to fix it. It cost him quite a lot to fix. In the 5th month, there was a lull in patronage as some of his customers were no longer coming to his restaurant due to job loss. In the 8th month, He was forced to drop 2 of the 4 staff he had working for him because he couldn’t afford to pay their salary anymore. The lessons he was learning was coming so fast, he was struggling to cope.

There is a clear difference between business and friendship. 

When it comes to business, there should be a demarcation between your business and your relationship with family and friends. You don’t mix both and expect to succeed as an entrepreneur. Treat friends and family as clients and avoid making the mistake of giving out your products to family and friends free of charge due to sentiments. 

 

retirement

Retirement Plans: Six things to consider

Introduction

Everyone who has worked in the formal or informal sector knows that there is a limit to the number of years one can continue to work. The need to plan towards that crucial period normally referred to as “retirement” cannot, therefore, be overemphasized.
Below are six things we should consider as we plan towards retirement.

Do I want to do anything when I retire?

The answer to the above question should be yes. The reason why you must do something after you retire is to avoid boredom which can have negative implications. I once visited my former boss who had just retired from service in 2010 and I was shocked by what I saw. He was sitting down doing nothing and all he was thinking about was his retirement benefits. It got me thinking and I knew right away that I needed to do something even before retirement comes beckoning.

How do I decide and choose what I want to do?

The decision as regards to what you want to do after retirement needs careful consideration. One of the things to consider is your core competence and skills. Decision making is made easier if you are already engaged in something before your retirement. Some factors to consider in choosing what to do after retirement include your gift/talent, the location where you want to eventually settle down after retirement, funds available, and market opportunities or prospect in that line of business.

Do I have a flair for that business?

That is a crucial question that demands a sincere and honest answer. It will be foolhardy for one to jump into a moving train, as the outcome is death. That can also occur in the business world if you decide to risk all your retirement benefits on a business you do not have passion for.

Where and from whom can I get information from?

  • Those who are already running a similar business and making a profit from such businesses
  • Business Coach or mentor
  • A banker
  • An accountant or advisor

How do I raise the capital?

The issue of how to raise funds must start from your active years in service, not after retirement. Begin to make monthly savings for retirement purposes. Secondly, you can apply for a small business loan from your local bank. This normally comes with a little interest. Thirdly family and friends can come in handy, as they will support your line of business, as long as it has potential and prospects.

Discuss with your spouse

Before thinking about starting a business after retirement, think about discussing it with your spouse. You will also need her advice and support in running the business. So many feel talking to your spouse about your business plans is not necessary, but they do so at their peril. You may be shocked at the amazing inputs from your spouse, which can go a long way in helping your plans.






business

Business Start-Up- Small beginning shouldn’t discourage you

business

The business world may appear lucrative and eye-catching, but building a small scale business into a giant conglomerate is never an easy task. It involves a whole lot of processes and principles, which many find so tough to implement.

One of the many advice entrepreneurs are given while venturing into the business world is to start with whatever resources one has. So many business owners who have chains of businesses never started big.

The first step is to birth that profitable idea into life. Not all ideas may eventually become profitable when implemented. Test run the idea on a small scale using different business tools and confirm if the feedback is positive or not. This can be done via the use of surveys or questionnaires.

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you are not too good in the technical areas of the business plan, that can be outsourced.

The next step is one of the most crucial steps in your journey towards starting that small business of yours. You got to draw up various sources of funding for your business. Personal savings, family and friends, angel investors, banks, and other SME donor agencies are some of the options available. In making your choice of where to draw your funding from, wisdom must be applied.

Finally, having secured funding for your business, ensure you already have all the contacts, tools, and other logistics in place before attempting to kick start the business. A small scale business is like a small car about to undertake a long journey. The car needs enough fuel (finance) to get to the desired destination. Good tyres with the needed air pressure, proper engine checks.

Note however that the beginning of every venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out in the middle of the journey. The most crucial aspect of starting a small business venture is to aim high.  You should also avoid staying at the same level each year.

There is always room for expansion as the business starts picking up. Financial institutions are always keen to support a thriving enterprise as long as they’re a mutual relationship when it comes to funding repayments.

As we approach the middle of the year, let your goal of setting up that small or medium scale investment become a reality.

 

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