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Tag: funding

Business success

Business Success requires these six secrets

Business success is always one of the often most searched items on the internet. Everyone wants to succeed in business but success is not something that will come without little work. To truly succeed in business you need to cultivate good habits, develop a strong work ethic, and adjust your overall mindset.

Apply these six points to become successful in business;

mindset.

Know what you want

Most often than not, a lot of folks who go into business don’t know what to expect from the business, because they don’t know what they want. When you have a clear vision about what you want from a particular business, it becomes a lot easier for you to achieve business success.

Be willing to do whatever it takes 

Starting a business is a lot easier than managing it successfully. Thousands of businesses pack up after a year or two of been formally launched. Achieving business success requires a whole lot of sacrifice. You must be prepared to be willing to do whatever it takes to succeed in your business. Some go the extra mile to get additional knowledge in the business. If the business requires you to undergo further training, then you must be willing to do exactly that.

Get a mentor

A mentor is a guide that helps you along the entrepreneurial journey. One of the advantages of getting a mentor is the fact that your failure rate is greatly reduced. They help ensure you avoid certain potholes that may lead to the collapse of your business.

When you are going into a business that you don’t have so much knowledge about, a mentor will no doubt help you not to make obvious mistakes. Right from the business planning stage up to the actual implementation, a mentor will help to increase your rate of success.

Forge your path

It is always common to see people trying to copy what their competitors are doing. Though there is nothing bad in emulating some positive aspects of your competitor’s business, you must learn to carve a niche for yourself. Get an identity. A brand that is unique and different from the average businesses within your circle.

Learn from criticism 

There is positive criticism and there is negative criticism. Learn from the positives and always ignore the negatives. There is always room for improvement in every business. Something to be added and some aspects of the business may need to be restructured. Have an open mind that is void of rigidity.

Business success is not for those who are not flexible. Businesses are evolving and those who are willing to learn from their mistakes are always ahead of their competitors.

Keep going

The journey towards achieving business success is a rough one. Along the way, there are moments of doubts and challenges like lack of funding, logistics, bureaucracy, lack of sales, future uncertainty, and increased competition in the market. Each of these challenges is unique in their sense and require different approaches.

You must keep going when the race becomes intense. That is what makes successful entrepreneurs unique. They overcome hurdles and achieve business success even in the most unfriendly market environment.

small

Start small, but don’t end small

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. 

Secondly, draw up a watertight business plan, outlining every aspect of the business and the model to be implemented. If you 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, local thrift/cooperative society, money lenders, banks, and 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. A  Good engine with the needed lubrication, proper valve checks. 

Note however that the beginning of every business venture is usually tough and filled with lots of hurdles. It’s not smooth sailing like most entrepreneurs usually find out at the middle of the journey. The most crucial aspect of starting a small business venture is to aim high and 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 business as long as they’re a mutual relationship when it comes to funding repayments. As we approach the end of the year, let your goal of setting up that small or medium scale investment become a reality.

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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