This document provides advice on building a successful business. It emphasizes establishing God as the cornerstone of one's business and having a strategic vision. It stresses the importance of understanding the market, having capable management, and strong financial controls. The document warns that businesses can fail due to uncontrolled cash flow, insufficient sales, high costs, or incompetent managers. Overall, it presents building a business as requiring hard work, perseverance, and focusing one's efforts on developing a niche in the market.

1. Building A
Successful
Business
By Bolaji Osime – Small Business Mentor

2. My Road Map To Success
If success means

Making God my Cornerstone

Praying and fasting hard

Establishing a God Given Dream

Working very hard 24/7

Empty panadol packs

Attending numerous seminars

Overcoming several Challenges
Then definitely
I have a
successful business

3. Where Are You Now?

Starting a new business?

Working to grow current business?

Enjoying success in your business?

What is the cornerstone of your
business ?

4. Are you Ready?

Are you cut out for this?

Why are you doing this ?

Where will your business
be 5 years from now?

What makes your business
different

5. 20 Years Proven Track Record

Story of

Determination, perseverance, hard
work, patience, long suffering

Grew Gic

From 13 students to 600 students

Grew Global Bookshop

From one customer to

World of fun

From to over 200 in attendance

Total Turnover for all biz

Now N350 million

6. Steps to a great Business

An Entrepreneurial Spirit (Traits needed)

A Sound Business Concept and Vision

Growing Market

Understanding the Market

Capable Management

Able Financial Control

Consistent Business Focus

7. Consider This:

Have you chosen your corner stone?

Have you prayerfully established your
business idea, vision and mission

God wants you to succeed

Joshua 1v8 Read
Word + Obedience = Success

Jeremiah 29V11

Deutronomy 18v18

ASK GOD FIRST!!

Ask God for an idea, a clear vision.

8. Personality Traits You Need I

Ambition , Drive and Achievement

Optimistic Attitude

Calculated risk taker

Innovative and Creative

Works under stress

Skilled Organizer

9. Personality Traits you need II

Goal and People oriented

Eye for opportunity

Self-confident & Self reliant:

High level of energy and Hard worker

High tolerance for ever changing situations

Disciplined, persistent & Determined

10. Strategic Business Vision

See into the future

A Divine Vision

that fills a need

necessary capital

burning desire

Clear picture of how
to reach destination

Job33 v14-15

Proverbs 29 V18a

Hebrews 2v1

11. A Sound Business Concept

Is your idea sound?

Do you fill a need?

Do others fill that need?

Will a lot of customers buy it?

Are your returns attractive?

Are the risks acceptable?

12. Business Concept Validation

Check your idea for faults

Be ready to answer questions

from investors and bankers

Is the market ready for it?

How soon will your idea be
put into operation?

(Assume delays, worst case scenarios)

13. “I never perfected an invention
that I did not think about in
terms of the service it might
give others
…I Find out what the world
needs, then I proceed to
invent”
Thomas Edison, Inventor

14. Opportunities In Nigeria

Unsatisfied needs

Transportation, alternative to energy

Changing government policies

Privatization - telecoms, ban on importation
of biscuits, juice, furniture

Technological changes

Internet cafes, website pages for coys, flash
disks, cake graphics

15. Opportunities In Nigeria
 Demographic changes

Working mothers - daycares

Environmental changes

Poverty- breaking bulk, more demand for
repair shops & Tokunbo markets -cars,
Okadas, clothes etc

Trends

Entertainment, sports, leisure, eating habits

16. Growing Market

You must attract and retain a
sustainable growing market

Potential customers

Why will they purchase it from you?

Identify your market

size and locations.

How will you reach your customers?

How will you advertise & market your
products services

Explain your pricing strategy

Define your revenue streams

17. Finding A Niche Market

Select specific target market

Ensure right configuration:

Products/services, Quality, price

Least direct competition

Know & analyze competition

Competitive advantage?

Delivery of better quality service

18. Marketing Strategy

Who can you better serve than your competitors?

Tailor your product, prices, distribution, promotion

Profitably meet unmet customer needs?

Determine customers needs by market research

Analyze your competitive advantages

Develop a market strategy

Select specific markets by target marketing

Satisfy needs by identifying a market mix

19. Capable Management
• Look for experienced people
• Who you like and admire
• Have good ethical values
• Have complementary skills
• Are smarter than you
• Hire the skills you lack
• Define your unique ability
• Seek others who turn your
weaknesses into strengths

20. Consistent Business Focus
People who specialize in a
product or service will do
better than people who do
not specialize.
Focus your efforts on
something that you can do
so well that you will not be
competing solely on the
basis of price.

21.  Explain your source and the
amount of initial equity capital.
 Develop a monthly operating
budget for the first year.
 Develop an expected return on
investment and monthly cash flow
for the first year.
 Provide projected income
statements and balance sheets for
a two-year period.
 Discuss your break- even point.
Financial Control

22. Financial Control

Explain your personal balance sheet
and method of compensation.

Discuss who will maintain your
accounting records and how they will
be kept.

Provide "what if" statements that
address alternative approaches to
any problem that may develop.

Have a hands on approach and
ensure you monitor your daily income
and expense

Keep Costs Down

23.  Stay in a field you love.
 Know your business before you start
 Work for someone else in it

Develop human talent
 Value your customers
 Establish a loyal customer base
 Make your business “process, not
people” Dependent
 Document your business processes
 Keep a very close eye on your
business especially the financials
Other Tips For Success

24. …And

Copycat the winners in your business

Specialize, even to a single product

Find a product or service that is:

Needed or desired

Thought by customers to have no close substitute

Not subject to price regulation

Set a cap on your liability

Learn computer skills

Learn communication skills

Have a lawyer, accountant, and
insurance agent before you start.

25. …FINALLY

Prepare a business plan

Prepare the site criteria model for your
particular business

Do "for and against" lists for major decisions

Buy when everyone is selling
(and vice versa)

Deal with those you like, trust and admire

Learn accounting

Create your own internal control plan

Keep going to school in important subjects
Give back to the community

26. Rewards of Entrepreneurship

You will be your own boss.

Hard work and long hours benefit
you, rather than someone else.

Earning and growth potential are
far greater.

A new venture is as exciting as it
is risky.

Endless challenge and
opportunities for learning.

Independence

Satisfying way of life

27. Rewards of Entrepreneurship

Work harder, earn more money, and are happier
than if you worked for a large company.

Opportunity to gain control over your destiny
-- achieve what is important to you.

Opportunity to make a difference -- combining
concerns for social issues with the chance to
make a good living.

Opportunity to reach your full potential --
situations where your growth is limited only by
your own talent and energy.

Opportunity to reap unlimited profits.
Although money is not the driving force for most
entrepreneurs, profit can be a motivating factor.

28. Why Businesses fail

Uncontrolled cash flow:

Run out of cash, you crash.

Project cash flow for expansion very
conservatively

Be sure to:

Forecast income (sales) very low

Forecast expenses very high

Provide for unanticipated contingencies.

Insufficient sales:

Ruthlessly cut costs.

Higher costs:

Increase volume of sales?

Offset with higher prices?

29. Business failure

New competition

Business recessions

Incompetent managers or
employees: Act swiftly to rid
yourself of them.

Dishonesty and theft.

Study your most successful competitor

30. Why Businesses fail

Slow growing Market

Lack of experience

Insufficient capital

Poor location

Poor inventory management

Over-investment in fixed assets

Poor credit arrangements

Personal use of business funds

Unexpected growth

31. Do’s of Business

Motivate your managers with
monetary incentives tied to their
individual success.

Copycat the successful marketing
and policies of your large
successful competitors.

Stick with what you do best during
downturns in business cycles.

Compartmentalize your expanding
business into profit centers.

32. Do’s of Business

Copycat the internal controls used by
your successful competitors.

Prepare monthly financial statements
of your individual profit centers.

Act swiftly to rid yourself of
incompetent or dishonest
employees.

Take the initiative to keep creditors
informed of your problems and
needs.

33. …Don’ts

Never sign a lease without your lawyer's
review.

Avoid a "commodity" business
(one without pricing power) i.e. Trading

Don't burn bridges of job security to start
a business if you can help it.

Don't become a business zombie:
take time off.

Don't compete with category killers
(Shoprite) unless you have a special niche.

Don't even think about your second store
until the first one is reliably profitable.

34. …Don’ts

Do not give you personal guarantee
unless absolutely required; then limit
your liability.

Do not let commissioned salespersons
set prices.

When required for any reason, do not
fail to promptly cut cost to maintain
positive cash flow.

Don't cut the value or quality of your
product or service.

Do not delegate signing checks (any
amount) or making capital
expenditures.

35. Want More Information?

See fate foundation

email me at:

osime@hyperia.com

36. ThankThank
YouYou