Articles by "BUSINESS START-UP"
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Jim Rohn is one of the greatest sales man and speaker to walk the earth, and these three principles I learnt from his tapes and books.

The issue of surviving through the start up process of a business has been a real challenge for entrepreneurs especially younger people. I learnt these principles listen to his tapes and they have helped me improve. Mr Rohns life was transformed from rags to riches immediately he changed his personal philosophy and applied what he learnt from his mentor (John Earl Shoaff) over the years. Before his death in 2009, he had gone ahead to teach, inspire and use his principles and philosophies to transform countless number of lives. so don't miss a line in this article here are just three principles that took him from a farm boy to millionaire in less than two years.


1.  “increase your value to the market and your income will increase”
Mr Rohn always laid emphasis on this during his seminars. Your value is a function of what you know and what you can offer; it is not just enough to kick start a business without having an in depth knowledge and proper planning of what you want to go into. You need to sit back source for knowledge, ask questions, do the neccessary researches and background study of the business at hand. Know more than average, in that start up of yours. Find out those that failed why did they fail, those that succeeded why did they succeed. This will help stir your business in the right direction.
Eventually you have already started a business, its never too late to gain more knowledge of  your industry, go ahead to  plan, apply new strategies and take action in improving your business.

Related: 

WHY MOST BUSINESSES NEVER START


2. “acquire more skills”
“As a farm boy I was always broke, until I learnt the skills of sales” said Mr Rohn. It is important as entrepreneurs to understand that every start-up depends on the skills of those heading it at the initial start and at such if the individual is limited in skills especially in terms of basic tech skills, it will cost the business some money to outsource or train people, to cover such roles. Mr Rohn went ahead to increase the number of skills he had from recruiting to organizing and I thought on this for any start up to be successful at the beginning the head must have leadership skills, organizing and recruitment skill because without this skills there may be limitations and this may lead to the loss of potential customers. 



March 20, 2017
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Looking to up your financial life and escape debt? or an entrepreneur seeking breakthrough in finance here are five all time hottest financial books.

NUMBER 5

The Millionaire Next Door


Through research into U.S. households with a net worth of $1 million or more, authors Thomas J. Stanley and William D. Danko identifies most individuals as Under Accumulators of Wealth (UAW) who have a low net wealth compared to their income.  They then provide advice (like take skimpy vacations) to help people achieve a higher net worth compared to their income.


February 20, 2017
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As an entrepreneur, one should be able to assume, manage risks and create strategies to survive a tricky economic downturn. The ongoing financial meltdown is bound to have an impact on businesses and numerous individuals for a considerable length of time to come. To the individuals and businesses that were ready, this recession would turn out to be the best of times and a terrible period to those unprepared.
The challenge is to be forceful and innovative. Business people who survive and flourish amidst difficult times must have the capacity to look past the present, to conquer the imperatives and traditions to see the firm from another point of view and to do business in an unexpected way.


Related:ONE TRAIT EVERY CEO NEED IN RECESSION







CUT SOME INVESTMENTS AND FOCUS ON BUILDING YOUR BUSINESS
It is advisable to leave all investments and focus on your business in order to be able to adjust to the financial changes that happen during the recession. For you to accomplish that, your business should be your top priority. If the Business remains solid through the economic meltdown, then it will become more grounded with the recuperation of the economy and you will have the capacity to purchase back more investments than solid.


CURTAIL POINTLESS COST
Another survival technique is to curtail all superfluous costs of doing business. To survive recession as an entrepreneur, you need to be cautious about your business expenditures. Parties, rewards, excursions, motivating forces and some other things that have no immediate effect on your organization’s development should be avoided.






GAIN STRONGER CONTROL OF YOUR CASH-FLOW
Monitoring and maintaining a positive cash-flow during recession is vital. Ensure that your monetary statements give data that is auspicious, pertinent and precise. Have the capacity to venture where you will stand three months ahead of time. Also, work closely with your clients to ensure they meet their credit commitment.


Related: WHY MOST BUSINESSES NEVER START


TAKE CARE OF CURRENT CLIENTS
Customers are usually referred to as the boss of the company and an organisation’s most prominent resource. Without them, your business would cease to exist. Research done by an advertising specialist showed that it cost more exertion and assets to discover new clients than to hold existing ones. During this recession, set up a close relationship with them and manage their complaints and issues with utmost priority.


FOCUS ON CUSTOMER SERVICE

Exceptional customer service will ensure clients return and purchase from you regardless of the fact that circumstances are difficult. Of all the business subsidence survival methodologies that exist, concentrating on the client is the best procedure that can promise long haul strength for any business. On the off chance that you neglect to deal with your clients and meet them at the point of their needs, then every other recession survival procedure you actualize will be invalid and void.

Related: TIPS FOR SURVIVING ECONOMIC RECESSION



February 06, 2017
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I was with my mentor (David Daniel Abiye) on Thursday 19th may 2016 in his house at Port Harcourt, and then two visitors who had called earlier that they wanted to see him walked into the house. One is Mr. Paul Arkwright, the British high commissioner to Nigeria and the other is Mr. Strive Masiyiwa, a London-based Zimbabwean business man, entrepreneur and philanthropist.




He is the founder and executive chairman of diversified International Telecommunications group, Econet Wireless. What they came to discuss is History and not much of concern to you but this is what I noted and learnt. "To my surprise, the British High commissioner Mr. Paul brought with him catalogs and brochures of businesses in his country. He urged my mentor to consider Investing and buying services and products from his country. I must confess I was totally amazed. Also while they were at the discussion because I was at the dinning close to the palor listening, Mr Strive Masiyiwa shared 3 IMPORTANT SKILLS IN BUSINESS. According to Mr. Strive are first; THE ABILITY TO READ, THE ABILITY TO COUNT (WORK IN NUMBERS) and thirdly, is THE ABILITY TO SELL.
After this secret encounter, while I was back home pondering on the 3 skills, my instincts made me choose the one I think is the most Important. That's the reason I wrote this article and titled it THE MOST IMPORTANT SKILL IN BUSINESS. Which is THE SELLING SKILL( The Ability to sell). 


* NEVER STOP SELLING.

Every businessman must be a good salesperson. You must never stop selling, even if you're the richest man in the world. "I remember listening to Bill Gates sometime talking passionately about one of the products from Microsoft. I thought to myself, wow, he is the richest man in the world but still interested in selling his products." This business strategy is not just employed by just Bill Gates; every great entrepreneur has this skill.
Bill Gates said this in his award winning and most inspiring New York best #10 and international bestseller book titled the Road Ahead, "When I was about eight years old, my mother gave me a packet of sweets to take to school. I sold the sweets one by one over launch break. After that, I bought another sweet and sold them to my friends using my profits. Before long I had a little business but it almost became a disaster when I took to the streets and got lost whilst trying to sell my sweets. The cops got up with me and returned me home to my mother who reported me missing. She stopped me from selling sweets and channelled my Energy into more creative things, but she did not kill my entrepreneurial zeal".
There are a lot of people who dream of getting into business but think it's beneath them to be seen trying to sell something. Never look down on a street vendor because from their ranks will come great entrepreneurs than from most business schools.
Whatever it is you're trying to do, whether it's a product or a service, you must know how to sell. There are millions of people who work for organizations even in very senior management positions who could not even sell an alcoholic beverage to an alcoholic.
(Am not a fan to Alcohol, Alcoholics are liable to die young) but if a salesperson or whoever cannot convince an addicted alcoholics, then you need to learn the art of selling.



Lack of selling skills is bad. There is an old adage amongst military planners which says "a battle plan is only as good as the first contact with the enemy". In business, it is interpreted to "a business plan is only as good as your ability to sell to a customer." The ability to sell is the skill we all need and it goes beyond selling something to a customer. It includes " making a proper pitch" to an investor and bankers. It also includes “Selling your Vision" to potential and current employers, employees and partners. It's all about the ability to sell.
You should become conscious about what it really takes to sell something. Once you become conscious of selling at its most basic level, you can move onto things like marketing.
One of the greatest sales person, I have ever known is an American. I have such admiration for his practice of sales and marketing in the United States. Imagine for a moment the guy who invented Coca-Cola, Dr John Pemberton was looking for a quick cure for his headache when he concocted the Coca-Cola formula in May 1886. Now Imagine, how on earth did he persuade people to overcome their thirst by drinking a black liquid? How could he? I imagine people would have had a second thought at the idea of drinking something that looked dirty. You need to think consciously about how a product or service can be sold or is being sold. However, you must remember that it does not matter how good you are in sales, if the product or service is bad, you will not last.

*AFTER THOUGHT


I learnt that every year members of the BRITISH ROYAL FAMILY travel around the world promoting british companies and products. They are not ashamed to go out and sell products and services developed by companies from their country. They do not consider it as something beneath them but something of high honour. They know that when British Companies are successful, it creates wealth and jobs in their countries. We should all be passionate about promoting and defending products and services produced by companies from our various countries and so should our leaders. Everyone in a leadership position, who does not take time to sell products and services from his country does not appreciate the Modern Wealth Creation Model as stated by the Commerce Secretary of The United States during a meeting of the World Economic Summit in Nigeria some time ago, which states that  " I am the chief marketing officer of all industries in the United States". Wow, we must be on the lookout for opportunities to promote products and services from our countries and continent at large. This is where wealth, taxes and jobs come from, it is not Rocket Science.






November 10, 2016
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Do you want to expand your business? Be competitive in your industry or achieve certain goals? If you answered YES to any of the above, you need a Business Plan. It doesn't matter if you just started or have been running for years, Business Planning can be the key to your Success. Below are three reasons why you need to get started on your Business plan today.

1. IT IS VITAL TO HELPING YOU SECURE FINANCE

If you are seeking finance for your Business, you will need to show Banks and Investors why they should invest in your Business. Lenders and investors can only risk their time and money if they are confident that the proposed Business will be successful and profitable. A thorough and well-researched Business Plan:
 Shows that you are serious about your Business.
 Help lenders and investors understand your Business Idea.
 Shows your predicted profits and income streams
Your marketing plan is also a crucial part in attraction of funds. Study more on finance for relevant information related to applying for finance.

2. IT CAN HELP YOU PRIORITIZE

A complete, thoughtful Business Plan is one of the most valuable tools in helping you reach your long-term goals. It gives your Business direction, defines your objectives, maps out strategies to achieve your goals and helps you manage possible bumps onyour way.
A business plan will help work-out the goals you want to achieve and the strategies to achieve them. This means you can focus your resources and energy on what you need to do rather than spreading yourself too thin. Once you have got a business plan in place, it is a good idea to regularly review and update it to:
 Remind yourself constantly of your goals and priorities.
 Know if your strategies are working or futile.
 Adapt to new changes in your environment.
 Make the most out of new opportunities as they come by.


3. A BUSINESS PLAN CAN GIVE YOU CONTROL OVER YOUR BUSINESS

Developing a Business plan helps you to step back and look at what is working in your business and what you can improve on. Planning will give you a sense of control about the future of your business and pay off on the long run. This can seem overwhelming and time-consuming but many successful people see it as an opportunity.
The process helps you learn about the different forces and factors that may affect your success. If you are already in Business, it helps you step back and look at what is working and what you can improve on. Instead of worrying about the future, it gives you a sense of control over your Business. Writing and researching for your business plan gives you the chance to:
 Learn about your industry, market and competitors.
 Write down exactly where you are and where you are headed.
 Identify challenges you may come across and work out strategies to avoid or overcome them.
 Understand your Business finances including managing cash-flow and determining your break-even point.
 Set specific goals, time-frames for achieving them and how you will measure performance.
 Make sound Business decisions that focus your activities, maximize your resources and give you a competitive edge.
It is important to have a business plan; it’s just as important to keep it up to date. A business plan is not a document you create once and store in your bottom drawer, it’s a living guide that should be developed as your business grows and changes. Successful businesses review and update their Business plan when circumstances change.

October 26, 2016
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“Are you thinking of starting a business from scratch? Here are some essential steps to build a business from the ground floor up. They will empower you to take that first dramatic step toward starting your own business and doing it right the first time.”


 ACT LIKE YOU KNOW WHAT YOU ARE DOING

Boasting is nothing to be ashamed of. It you move full speed ahead with aplomb; people are bound to move with you despite the fact that you have no clue as to what you are doing. You won’t always feel confident, but that doesn’t mean you can’t perform.

 BE PATIENT IF YOU WANT BIG CLIENT

Landing the big one takes time, it’s like fishing, you bait the hook and swing it high and might, but it can take hours to catch a big one.The same holds true for landing a co-operate giant. Finding Strategic customers or vendors who know your industry and believe in your product or business is manna from heaven. But it won’t take days or months to woo them. Count on years.




 BELIEVE IN YOUR SELF

If you do not believe yourself, who will? Every day, look in the mirror and say, "I am the best I can possibly be and I am going to do great things today" You have to convince yourself first before you can convince others.

 BUILD A CORE TEAM OF PEOPLE UNLIKE YOURSELF. 

When the going gets tough, you want people at your side who are responsible and reliable. Look for people who complement you, compensate for your weakness or offer a fresh perspective. Impose on them to challenge you constantly by taking a critical or contrasting position. How else will you and the organization grow?

 BE OPTIMISTIC

Sure, we all run into bad luck at some time or another but the secret is learning how to squeeze out the negative and only work with the positive. In other words, search for ways to turn misfortunes into benefit. The key to creating luck is to seek opportunities. Think about the good things happening in your life and work your way towards making every day an even better day.

 DEFINE YOUR BUSINESS BUT ALWAYS PUT CUSTOMER FIRST.

Refer to HENRY FORD'S classic Refer to HENRY FORD'S classic statement “An American can have a ford in any color so long as it’s black". The business is not about you, it’s about the vision you have that should serve customers. THEODORE LEAVITT had it right when he said, “The purpose of a business is to get and keep a customer” PETER DRUKER stated” companies are not in business to make items, but to make customers”



DELEGATE WHEN YOU CAN

Control freaks, perfectionists and compulsive people are OUT, delegators IN. Who's going to get more done, the person who delegates the work to 100 people or the one who does it all himself? By delegating responsibilities early on, you will have time to consider the needs of the business as a whole.

DONT QUIT YOUR JOB UNTIL YOU HAVE YOUR FIRST BIG CUSTOMER

What’s a business without at least one Rock-Solid Customer? It’s a frustrating hobby. Before you even think of starting a business and running it full time, you better have a BIG customer or a handful of small ones who pay well and are committed for the long Haul

GET A GRIP ON CASH

To run a business that is lean, alert and ready for challenge, you have to tidy up your balance sheet and have enough money at your disposal. Know where your money is coming from and where it’s going. Most new businesses fail and many do so because they are under-capitalized. Small businesses by definition tend to be thrifty even in good times and bad times. This is the reason to keep belts tight.

EXUDE ENTHUSIASM AND POSITIVENESS

What turns you on -
An enthusiastic and positive person or one who never smiles, never jumps up and down at your new idea? Start jumping up and down and look for people who will happily join you.

HAVE A MENTOR

Nothing beats turning to someone who's been there and can provide you with perspective that you are unable or unwilling to see. Mentors spare you from making costly mistakes or learning lessons the hard way.



September 28, 2016
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We live in a world where ideas rule the market, creates turnover worth billions of dollars over time. It would amaze you to know that there are so many business ideas that never make it out of people’s heads; some that make it out would never be implemented. Interestingly, some of these ideas would have changed the world completely.
Highlighted below are reasons why these mind-blowing life changing ideas never see the break of light.

FEAR
A wise man once said "what if kids were too scared to fall. Then no one would have walked". At the conception of an idea, this monster called fear always creeps in, triggering auto questions like " what if nobody likes and accept my idea?", "what if people laugh at my idea?" and most people ignorantly dwell on these fears and gradually the idea fades away.
At the beginning, nobody was interested in the IDEA of then young Steve Jobs. Decades later, his company, Apple Inc is practically the biggest technology company in the world. You never can tell what your idea can do until you implement and follow it to the end. Do not let fears of the unknown hinder the known or else you will live a life of continuous regret and shame.

ACTION POINT- Love your Ideas more than your fears (failure)
.


IGNORANCE
 This is the greatest enemy of mankind. A popular saying goes "If you are not informed you are deformed". People dive into businesses without having the necessary knowledge and information on how to start, run and succeed in it, leading to failure of the business. They blame the government, economy and every other thing but themselves.
It’s necessary that before you start any business, be it small or large scale, not minding how good the market looks, you sit and do an in depth background study of the market, top gainers, top losers and those that have failed to find out why they failed, so as to better overcome those challenges.

ACTION POINT: "Nothing empowers you for success like knowledge". Study the business before starting the business.



LAZINESS
An idea will remain just an idea until you start working it out to reality. Most people are not willing to put any effort to bring their dreams and ideas to reality, rather, they just sit and hope that someone would come by or something great will happen to them with their hands folded. Well, something great may happen or they will continue to wait forever.
ACTION POINT Get up and drive your ideas. 

LACK OF FUNDS
One major challenge facing young entrepreneurs today is lack of funds.
These big thinkers have great ideas but limited resources to execute them. Overtime, different strategies to raise funds have been developed but the most effective is to "work for your dream". That market you hope to be a part of, get a job at a company that is already part of your desired market. That way, you can learn and get paid at the same time.

ACTION POINT Get a job in a company directly related to your intending start up plan.

   

DISCOURAGEMENT
 It is advisable never to share your ideas with pessimists because they will kick you out of it. Also, the environment and present situation you are in may not be favorable. These factors can only discourage you if you take note of it and make it a major factor. Make up your mind and chase your dreams and ideas with all that you've got. People will laugh at the beginning but never mind, the end will justify the means.

ACTION POINT: Don’t let situations, conditions and people talk you out of greatness put your back into it.

FINALLY
Do not let that idea of yours remain just an idea. It’s high time you convert it to success and greatness, get to your feet and become better than you are now or you will spend the rest of your life regretting why you held back on turning your idea into a physical success
September 27, 2016
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Culled from www.entrepreneur.com
 https://www.entrepreneur.com/article/254549

Many people dream of leaving their nine-to-five jobs to start their own businesses. Many successful
entrepreneurs had to keep their day jobs until they reached a point in their businesses when it was
feasible to quit. This transition time can be stressful and difficult, especially when you don’t enjoy your job, but it doesn’t have to be
While ambition is important, it is not always enough to move you forward. Maintaining your motivation and drive during your transition from employee to entrepreneur is crucial. It’s easy to veer off course and get discouraged during this transitional phase. Here are some actions you can start taking immediately while you’re still at your day job that will keep you on track and moving forward.

1. Get crystal clear on your reason for starting your business.

Connecting with your “why” is the most important first step you can take. Maybe you are motivated by being your own boss, financial independence, time freedom, creative expression, being home with your kids or helping others. Whatever your reason, knowing what motivates and drives you is what will keep you focused and committed to your dream when times get difficult.

2. Commit yourself to your dream.

Having the desire for something to work vs. committing to it are vastly different. When you
commit to your dream, you are making a binding obligation to see it through to success. It means you
are “all in,” you find solutions when faced with obstacles and you don’t quit, no matter what. Make
that pledge to yourself, and then tell the people in your life.

3. Create a personal vision for your business.

Think about what you want in your business a year from now and write it down. Be very specific and
detailed. Describe in great detail in the present tense your ideal day, what activities you engage in,
who your customers/clients are, how many customers/clients you have and what your monthly
income is. Read your vision aloud every morning and evening, focusing completely on the end result of your vibrant, flourishing business. By keeping your focus on the result, you will be able to make the day-to-day choices to ignore any negative thoughts that may arise.

Related

4. Join a mastermind group.

A mastermind group is a peer-to-peer mentoring group that meets regularly to support each other,
brainstorm ideas and share advice and work through challenges together. A mastermind group can be
excellent for helping you stay accountable and motivated. There are mastermind groups that meet in person, online or on the phone. To find a mastermind group, Meetup is a great place to start. If you cannot find one to join, then create your own with people who are also starting a business.

5. Immerse yourself in learning.

Research and study anything you can find that is pertinent to your business. The Internet provides an
abundance of valuable information on building a successful business. Take courses, hire a coach or
find a mentor. Listen to podcasts or audiobooks during your morning commute. The more you learn
and become an expert in your area, the more self- assured, motivated and successful you will be.

6. Stay positive about your day job.

Every day, acknowledge something you appreciate about your job. Perhaps you enjoy your co-workers or always having holidays off. Maybe it’s just the free coffee or your comfortable chair.
The point is to look for the good things. The more you focus on what is positive about your current
situation, the more success you will bring to all situations, including your business. Negative
thoughts drain your energy, making it far more difficult to move forward with your dream.


7. Set daily goals.

Take small, measurable action steps each day toward your business, understanding there will be times
when it seems like you are making no progress at all. Much of the work, in the beginning, will be
tedious day-to-day tasks. Realize it is all part of building your business. By taking steps each day,
which includes doing the mundane, you will start seeing results. The more progress you make, the
more confidence and determination you have to keep moving forward.

By taking these actions while still working your day job, you will stay focused, motivated and committed to making your dream a reality. It will also make the time spent at your job seem to go by faster.
July 28, 2016
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By Daniel Onyekachi

CEO BIG DADDY EMPIRE


Raising money to start businesses has always been an issue with most start-up entrepreneurs. The importance of cash for funding a startup business cannot be over emphasized but ranked side by side with original ideas, focus, persistence, passion and vision. money ranks at the bottom. You must not start big. Apart from the fact that raising funds may be a challenge. As a beginner, you are bound to make mistakes and mistakes cost money. If you start big you make expensive mistakes and may find it difficult to recover. You can start from your living room, garage or boys’ quarters hence you do not need a shop. At the beginning, it is wiser not to hire anyone yet until you generate enough turnovers to support that overhead. Be a one man squad and learn as you go along. As for equipment, you can improvise or rent. That way, you do not have a heavy financial outlay to purchase equipment.

 SAVINGS

In raising money for a business startup, the best bet is personal savings. The best source of cash to start your business is your savings. You have to start saving towards your business if you have not done so already. This involves cutting out fat in your budget, taking off things you can do without for a season.
Depending on your lifestyle, it may mean reducing the rate you eat outside, cut your spending on clothes, luxuries, reducing your phone and cable TV bills and so on. If you can save 10 percent of your gross income, you have an equivalent of one month salary in 10 months. If you save 20 percent, you have one month’s salary saved in five months and so on.

 TURNING TRASH TO CASH

Another way of raising money for a business startup is by disposing of stuff you own that you no longer need which others are ready to pay for. It could be items bought but never opened or old equipment...

July 28, 2016
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