This document provides guidance on basic principles for starting and running a successful business. It outlines key areas to consider such as deciding your business focus, managing cash flow and employees, and maintaining integrity. The document emphasizes the importance of vision, passion, and having what it takes to succeed as an entrepreneur. It also discusses developing a business idea, creating a business plan, obtaining funding, building systems and teams, and leveraging technology and best practices. The overall message is that successful entrepreneurship requires thorough preparation and a strong work ethic.

1. Looking at some basic principles to
starting and running a successful
business.
Yembe Nfor
Chief Executive, Y’ems Group Incorporated
www.yemsgroupinc.com
Starting a
Business!

2. • Decide what you do (and what you don’t do)
• Decide who you serve (and focus on them intensely)
• Decide what makes you different (and do it)
• Manage cash flow (very closely)
• Manage employees (incentivize them for success)
• Manage customer expectations (under promise and over deliver)
• Set goals (and go after them)
• Expose yourself (tell the market what you do)
• Persevere (through the tough times)
• Always maintain your integrity (in everything you do)
10 Basic Principles

3. “Business is about
people… not
numbers!”

4. It Begins with YOU!

5. • A Vivid Picture of a desirable Future.
• The ability to think about or plan the future with
imagination or wisdom.
Every Great Entrepreneur had a Vision…. every great
person had a vision
Vision!

6. • Passion
• Determination
• Tenacity
• Crazy
• Risk

7. • Do you have what it Takes?
• Do you want to do this?
• Are you good at this?
• Being ridiculously good at What you do!
“Living a few years like others won’t, so that you can live
the rest of your life like others can’t”
What it Takes!

8. • Trustworthiness
• Professionalism
• Respect
• Represent your Brand
• Honest
Your Personality

9. Ideation!

10. “Brilliant entrepreneurs
are driven by an idea…”

11. • Passion
• Experience
• News, Research
• Environment
• Etc.
Where do Business Ideas
come from?

12. • Develop something people will want to buy
• Develop something so good people will wonder how
they lived without it – Steve Jobs
• Develop something that stands out!
• Create a Revolution.
• Have a Unique Selling Proposition.
Develop your Biz Idea

13. • Know everything there is to know about the business
• Be a consultant
• Learn consistently
• Offer Everything you can.
• Always offer something more than promised
• Speak to people, don’t speak about your products
Become Ridiculously Good at
your Business

14. Business Planning

15. “If you don’t know
where you’re going…
you can’t know how to
get there…”

16. • Strategic Planning – for the future!
• Marketing Planning
• Product Planning
• HR Planning
• Financial planning
• Evaluation
• Financing
Have a Business Plan

17. • Family and Friends
• Savings
• Bank Loans
• Investors (Angel)
• Incubators/Accelerators
• Crowd-Funding
Getting Funding

18. • Use services to generate cash flow
• Grind it out.
• Get creative. Funding sources are everywhere
• Use current resources in new ways
• Use an Incubator (ActivSpaces)
• Find an Accelerator
• Crowd-funding
• Differentiate yourself. Small things make a big difference
(Forbes)
No Funding?

19. Look To the Future
• Where do you want to be in 3 years?
• What do you want to be doing next Year?
• What do you want to accomplish this year?
• What happens when you aren’t there?
• Continuity
Think Strategically

20. Going Legal!

21. “Businesses must be
recognized and respected
by every authority…”

22. • Business Opportunities.
• Training and Development Opportunities.
• Motivation.
• Government Assistance.
• Information.
• Liability.
• Funding.
Why?

23. • Sole Trader
• Partnership
• Private Limited Company
• Public Limited Company
• Etc.
Business Forms
}Limited Liability

24. Open your doors!

25. “Businesses should either
solve a problem or
provide an opportunity
for its clients…”

26. • Location
• Borrowed office, your room, garage, market, etc.
• Customer Service
• Relationship with the people you serve.
• Marketing and Communication
• Organizational/Personal branding
• Team
• Unique Selling Proposition
• Client Relationship

27. • The difference between big and Small companies.
• Business is all about Systems
• The way you deliver your services
Build Working Systems!
Working Systems

28. • You can do much work on your own, but you can
never grown bigger working on your own.
• Hire people Smarter than You!
• Ensure their growth and development.
“If you want to go fast, work alone… if you want to go
far, work with the right people”
Human Resources

29. • Focus should be on growing
• Growing your revenue
• Growing your outreach
• Growing your team
• Growing your clients
Growth

30. • Successful Team.
• Procedures.
• Know when to Scale
• Seize opportunities
Be Ready!

31. • People
• Networking, benchmarking
• Skills.
• Formal and informal education
• Resources
• Financial, Human, Technological
• Contacts and Networks
• Business networks, Alumni, njangui, etc
• Vision
• Passion, Direction, Belief
• Stick-to-itiveness.

32. Business and IT

33. • Faster processes
• Greater outreach with the Internet
• Better business
• Distant business.
• Reduced cost.
• Marketing

34. • Website
• Social Media
• Blogs
• SEO
• Financial Recording and MGT
Tools

35. • Networking Services
• Online Internet Researcher
• Virtual Assistant
• Career Counselor
• Messenger Service
• Consignment
• Franchisee
Trending Business Areas

36. • Client Service
• Attention to Detail
• Adding Value, Solving Problems
• Be Unique, Differentiate, Brand
• Deadlines before Details
• Build the Right Team
• Learning / Consulting
Best Practices

37. • Know your business.
• Know your customers
• Know the law
• Know your assets
• Add real value
• Keep good customers
• Manage money wisely
• Do it better
Summary

38. Thank You!