The document provides advice for starting and running a successful small business. It emphasizes the importance of experience, research and development, education and training, mentors, and financial discipline. Location and marketing are also highlighted as important factors. The key recommendations are to gain experience in the industry before starting, conduct thorough market research, continue learning and improving skills, and reinvest profits back into the business for growth.

1. By
atim ehin
. O sh
uses an G
Ol © 2009

2. Business does not lend itself to a single definition as its
definition is as many as there are many authors on the subject.
will like to define Business as “an activity that a person or
group of persons engage in by adding value to the life of
other people with the aim of being rewarded” by reward does
rewarded
not 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 the
purpose of satisfying human wants with the underlying motive of
adding value to people

3. Most business fail as a result of inadequate experience
required for their business. You have to gather experience
(Observation of events as they occur, Knowledge gained
from such things). You have to undergo a business
conversion by which you gain mastery the business you
are venturing into. By experience I mean basic the TOT
(TREND Of the TRADE).
Get involved in Research and Development in all areas
relating to your business, be inform in other not to be out
of form.

4. You can acquire this by reading literatures, attending
seminars, trainings & workshops to keep abreast of the
current trend in your business. You so times need to enroll
in some form of business related courses and certifications
to keep you on uptight in your field of business endeavour.
There is nothing bad in having business Coaches and or
mentors as the case may be. These people will help you in
developing your self and discover the path to business
success. There are so many journals, e-magazines, report
and updates on the world wide web that can be just perfect
medium of getting updates on your business and groom
your business sense.

5. So many small businesses owner believe in having all the
capital required for their business to commence, this will
only keep you from starting up your business in time. All
you need is the little to commence first 3 – 6 months
operation, while some only need transportation fair to start
up in the case of consultancy almost nothing is required to
start up in Nigeria.
The MAJOR capital requirement to start up a good
business is a creative brain and a sound mind.
Read books and get involved in personal development in
areas relating to your business in order to improve your
capital (head)

6. Most Small business do not go the extra mile to survey the
business world before venturing into it, such businesses
ends up a disaster.
Consideration of the competitors is to know your potential
competitors (know their Strengths, Weaknesses,
Opportunities and Threats). This will aid carving out a
comparative advantage strategies over your competitors.
Counting the cost before you begin can help to avoid
expensive mistake.
“For by wise guidance you will wage war, and in
abundance of counsellors there is victory” Proverbs 24:6

7. The best psychologist you can ever find around is “you”.
A positive mind set says ‘Yes I Can…’ a negative mind
Can
set says ‘No I Can’t’. A positive mind set culminates into
Can’t
possibilities but a negative mind set is possibility
repellent.
You can never rise beyond your mind set
read, see, think, live and move with possibility always to
set 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 another
entrepreneur I am the outstanding entrepreneur around
here. Be mentally and physically passionate about your
business.

8. I love to say “Productive thinking leads to proactive and
prosperous business, think ahead of your competitors,
think what your competitors may not, have not thought and
or can not think of in other to be a head of them. Learn
from every thing around for improvement and make
“quality” your watch word. You can never do things the
ordinary way in life and expect to get an outstanding result
in life ”
Embellish your products and services with creative
thinking and innovative approach in other to have a
comparative advantage in your field of specialisation.

9. You don’t necessarily need to start with all the resources
your business will require rather start with the expedient
resources needed for start up, having all the required
resources is good when you can afford to, but in the case
where it can not be afforded it is wise to get the most
required first.
The most important asset is to be well prepared with the
little resources available at the start of the business. In
some cases an entrepreneur can work with the resources of
a friend or colleague who may or may not be in the same
business with you just to start up, and agreement must be
made with such individual or organisation.

10. Dr. David Oyedepo once said “an extra mile in life will
earn you an extra mark in life”.
If laziness leads to poverty, then try smart work. To
become a successful entrepreneur, talent and creativity is
never enough but the principle of going the extra mile in
your products and services will ever give you a
comparative advantage over your competitors and earn
you a brand name (good will)” Remember “success
attracts success and failure attracts more failure.
Keep thinking, working, strategising and designing new
service and product and you will earn the dividend of hard and
continuous work.

11. 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.

12. Situating ones business in a suitable environment is one of
the key booster of any business. One of the reasons why
small business start-up fail is the inability of the business
owner situating such business in a suitable environment.
By location is not limited to geographical location but also
InfoTech location. There are divers medium in making
your business visible to million of potential clients and or
customers, creatively buying into this medium will
generate and drive traffic to your business and if they are
satisfied with your product and services they will keep
coming for more and referring others to you. For detail on
InfoTech presence register for our infopreneur class.

13. “IF YOU MAKE A PROFIT, BE WILLING TO DIVIDE IT
WITH THOSE WHO HELP YOU” - NAPOLEON HILLS
Learn to motivate your employees or partners
think of your employees or partners’ well being by being
a positive influence to employees or partners
self discipline makes you think before you act. adopt
discipline. Learn to delay gratification when you have
made unprecedented profit by sending most if not all the
profit back to the business not on riotous living.

14. •Contribution
•Proceeds from consultancy and services rendered
•Donations (philanthropists, community etc)
•Donor funds (proposal writing)
•Leasing
•Partner incorporation

15. Professionals Non-Professionals
There are times you may need to hire
qualified and skilful result oriented There are times you may need to
employee in your TEAM. i.e. Business hire staffs such as Gardeners,
Development Manager, Human
Resources, Research Professionals, Security, Cleaners.
Customer Care
Consultants Volunteers
There 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.

17. For Personalise or group Career, Business and Self
Discovery, Session log on to www.palmsworth.gnbo.com.ng
and drop your questions
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