Business does not lend itself to a single definition as itsdefinition is as many as there are many authors on the subject. will like to define Business as “an activity that a person orgroup of persons engage in by adding value to the life ofother people with the aim of being rewarded” by reward does rewardednot necessarily mean in cash or in kind it can mean satisfaction,knowledge gained and so on.Business can also be defined as a passionate (Profession,Occupation or Trade) exchange of goods and services for thepurpose of satisfying human wants with the underlying motive ofadding value to people
Most business fail as a result of inadequate experiencerequired for their business. You have to gather experience(Observation of events as they occur, Knowledge gainedfrom such things). You have to undergo a businessconversion by which you gain mastery the business youare venturing into. By experience I mean basic the TOT(TREND Of the TRADE).Get involved in Research and Development in all areasrelating to your business, be inform in other not to be outof form.
You can acquire this by reading literatures, attendingseminars, trainings & workshops to keep abreast of thecurrent trend in your business. You so times need to enrollin some form of business related courses and certificationsto keep you on uptight in your field of business endeavour.There is nothing bad in having business Coaches and ormentors as the case may be. These people will help you indeveloping your self and discover the path to businesssuccess. There are so many journals, e-magazines, reportand updates on the world wide web that can be just perfectmedium of getting updates on your business and groomyour business sense.
So many small businesses owner believe in having all thecapital required for their business to commence, this willonly keep you from starting up your business in time. Allyou need is the little to commence first 3 – 6 monthsoperation, while some only need transportation fair to startup in the case of consultancy almost nothing is required tostart up in Nigeria.The MAJOR capital requirement to start up a goodbusiness is a creative brain and a sound mind. Read books and get involved in personal development inareas relating to your business in order to improve yourcapital (head)
Most Small business do not go the extra mile to survey thebusiness world before venturing into it, such businessesends up a disaster.Consideration of the competitors is to know your potentialcompetitors (know their Strengths, Weaknesses,Opportunities and Threats). This will aid carving out acomparative advantage strategies over your competitors.Counting the cost before you begin can help to avoidexpensive mistake.“For by wise guidance you will wage war, and inabundance of counsellors there is victory” Proverbs 24:6
The best psychologist you can ever find around is “you”.A positive mind set says ‘Yes I Can…’ a negative mind Canset says ‘No I Can’t’. A positive mind set culminates into Can’tpossibilities but a negative mind set is possibilityrepellent.You can never rise beyond your mind setread, see, think, live and move with possibility always toset in motion the laws of attraction.You cannot receive from what you do not believe in,believe in your business, tell yourself I am not just anotherentrepreneur I am the outstanding entrepreneur aroundhere. Be mentally and physically passionate about yourbusiness.
I love to say “Productive thinking leads to proactive andprosperous business, think ahead of your competitors,think what your competitors may not, have not thought andor can not think of in other to be a head of them. Learnfrom every thing around for improvement and make“quality” your watch word. You can never do things theordinary way in life and expect to get an outstanding resultin life ”Embellish your products and services with creativethinking and innovative approach in other to have acomparative advantage in your field of specialisation.
You don’t necessarily need to start with all the resourcesyour business will require rather start with the expedientresources needed for start up, having all the requiredresources is good when you can afford to, but in the casewhere it can not be afforded it is wise to get the mostrequired first.The most important asset is to be well prepared with thelittle resources available at the start of the business. Insome cases an entrepreneur can work with the resources ofa friend or colleague who may or may not be in the samebusiness with you just to start up, and agreement must bemade with such individual or organisation.
Dr. David Oyedepo once said “an extra mile in life willearn you an extra mark in life”.If laziness leads to poverty, then try smart work. Tobecome a successful entrepreneur, talent and creativity isnever enough but the principle of going the extra mile inyour products and services will ever give you acomparative advantage over your competitors and earnyou a brand name (good will)” Remember “successattracts success and failure attracts more failure.Keep thinking, working, strategising and designing newservice and product and you will earn the dividend of hard andcontinuous work.
Most entrepreneurs do not take cognisance of the “Little drops of water make a mighty ocean” theory. Every remnant (Kobo) not spent ‘must’ be refunded into the company account. Such money goes a long way to increase business capital. The more you increase your capital the more your business expands while the less your capital the more likely your business will collapse. Learn the act of boosting your business income.The success of your business financially is dependent on how prudent you are financially, you have to discipline yourself to be financially frugal.
Situating ones business in a suitable environment is one ofthe key booster of any business. One of the reasons whysmall business start-up fail is the inability of the businessowner situating such business in a suitable environment.By location is not limited to geographical location but alsoInfoTech location. There are divers medium in makingyour business visible to million of potential clients and orcustomers, creatively buying into this medium willgenerate and drive traffic to your business and if they aresatisfied with your product and services they will keepcoming for more and referring others to you. For detail onInfoTech presence register for our infopreneur class.
“IF YOU MAKE A PROFIT, BE WILLING TO DIVIDE ITWITH THOSE WHO HELP YOU” - NAPOLEON HILLSLearn to motivate your employees or partnersthink of your employees or partners’ well being by beinga positive influence to employees or partnersself discipline makes you think before you act. adoptdiscipline. Learn to delay gratification when you havemade unprecedented profit by sending most if not all theprofit back to the business not on riotous living.
•Contribution•Proceeds from consultancy and services rendered•Donations (philanthropists, community etc)•Donor funds (proposal writing)•Leasing•Partner incorporation
Professionals Non-ProfessionalsThere are times you may need to hirequalified and skilful result oriented There are times you may need toemployee in your TEAM. i.e. Business hire staffs such as Gardeners,Development Manager, HumanResources, Research Professionals, Security, Cleaners.Customer Care Consultants VolunteersThere are times you may need to This are temporary staff that employ professionals that are are not paid but are given to work for a given period of incentives. time, they handle project that may be a little technical.
For Personalise or group Career, Business and SelfDiscovery, Session log on to www.palmsworth.gnbo.com.ng and drop your questions Follow me on Twitter on @Sesan-Oshat BB Pin: 312E20AB Facebook: sesan oshat e-mail: email@example.com