I was lucky as I was not indebted to
anybody. That gave me peace of mind and also made me want to reconsider
being an entrepreneur. But on the other hand, I had to check myself if I
had done it right, I had to go back to ask questions both to me and
some relevant authorities in the industry.
First, I asked myself one big question; WHAT DO I REALLY WANT?
Jumping from one business to another can never make you successful. It is said that “Jack of all trade is master of none”
I will be listing some lessons I learnt
after examining myself and also from some successful entrepreneurs like
Robert Kiyosaki, Richard Branson and Innocent Chukwuma of Innoson Group of Companies.
10 Startup Lessons for Young Entrepreneurs
1. KNOW WHAT YOU WANT
If you are a “Jack of all trades” you
will find it difficult being a master in one business. You need to
concentrate on building and promoting a business. Do not start a
business because you heard it bring high returns, venture into a
business you love and have background information on, study the business
carefully, build an energy around the business, acquire more skill on
the business, apply your own ideas, bring in experts that will help you
grow the business. No life ever grows great until it is focused.
Here are some questions you must ask yourself before starting: What do I want? What must I do to have it? Where can I get the necessary skill? How would I feel when I have it?
Here are some questions you must ask yourself before starting: What do I want? What must I do to have it? Where can I get the necessary skill? How would I feel when I have it?
The more you know what you want, the less you lose focus.
Special Bonus: 10 Causes of Business Failure
2. DON’T EXPECT TO START PERFECTLY
Procrastination is the killer of dreams.
Do not expect to have enough money or investors before you can start
that new business. You can start very little, what matters is your dream
for the business. You can only stop growing when you stop dreaming
higher. Do not be content with where you are per time, always aim for
the top while you gradually take the steps.
“Do not despise the days of small beginning”.
3. HAVE YOUR CUSTOMERS AT THE BACK OF YOUR MIND
Every business is set up not for the
owner but for the people. Whatever business you plan to venture into,
have your intending customer’s interest at the back of your mind. If
your service/product is good, you will have not only return customers
but referral customers too. Your satisfied customers will be part of
your media team. LOL. Funny but it’s the truth. But in the reverse case,
you can only see a dissatisfied customer once. If possible, when
starting that business, conduct a survey on what the people want.
“A bad product can only be sold to a wise unsuspecting customer once”
4. INTEGRITY MATTERS
Integrity is regarded by many people as
the honesty and truthfulness or accuracy of one’s actions. It is the
concept of consistency of actions, values, methods, measures,
principles, and morals. You must be truthful and upright when dealing
with your subordinates, customers and investors. This act of honesty can
help sustain your business even after you are gone. Don’t create
barriers that can stop your journey to success by being greedy.
“Integrity is needed by every man to excel. If one is not upright with a given skill, that skill will not only be killed but have the capacity to kill the bearer”
Special Bonus: Principles of Financial Prosperity
5. SUCCESS IS A GRADUAL PROCESS
If you want to stay on top, climb, if you want to fall from the top, jump.
You must do what is required to acquire what is desired. Do not rush
success. It takes the demands of discipline and diligent to be
successful. Take your success journey one day at a time, be focused on
your defined goal and be determined to attain your goal and you will
definitely get there. Stop jumping up, just grow up. No one ever arrived
at a future that he has not seen.
“On your way to success, if you don’t suffer the pains of discipline, you will suffer the pain of defeat”
6. LEARN HOW TO MARKET
If you cannot market your product, you
are not going to succeed as an entrepreneur. As a matter of fact, I
think marketing should be one of the basic concepts a young entrepreneur
must learn how to do. There are different forms of marketing, so
depending on the service you are rendering or product you are selling,
you can choose the best that suits your business and brings higher
returns.
A young entrepreneur should keep
assessing different market strategies until he finds the most effective.
He should also seek the service of a good marketing manager to help
promote his business.
“The heart of your business success lies in its marketing”
7. BE UPDATED WITH THE TRENDS
To be successful in any business, you
must keep abreast of the latest trends. Always do research on how the
business is being done by your competitors. In the business world today,
most entrepreneurs have developed easier ways of doing business with
maximum profit assured. They spend lesser time and still get better
profit. Most business schools won’t tell you this.
I was reading a book “Atomic Knowledge” and I was surprised as well as scared for many factory employees and lecturers. DO YOU KNOW WHY?
A lot of robotics can do what you are doing now at a far lesser cost. I
am aware of robots that teach, pack manufactured products, operate
machines, advertise on workshops etc. From the book, a manufacturer
bought a robot, and the robot was performing so well that he had to
relieve up to 4000 employees of their job. After a certain period, he
found out he was making good profit as maintaining the robot cost him
far less what he spend on maintaining 4000 staffs, he sacked another
4000 of his workers for more profit and efficiency. That is what
technology can do to humanity. The robots do not ask for wage increase
nor do they ask for leave or medical checks. The manufacturer is making
more money now in Japan with lesser staffs and more productivity. That
is an advantage he has over his competitors.
“Always go with the trend”
8. DON’T OVER PROMISE AND UNDER DELIVER
In the business world like I mentioned
earlier, integrity matters. If you are rendering a service make sure you
deliver as promised. If you promise your customers anything, try to
keep your promise, it will help build a trust between you and the
customer thereby making return customers. In one of my small service
business, I try to promise my customers and over deliver. Meaning, when I
give completion date of 48 hours, I call them before 36 hours that
their job is done and awaiting collection. It always made them happy and
wants to come back. That is one secret to success, making happy
customers.
“Always know the limit of what you can do”
9. DON’T BE AFRAID TO FAIL
Life is too short to let fear make the
decisions for you. It is not easy to overcome the fear of failure but
once you build up the confidence to not let fear hold you back you will
achieve more success. Tony Robbins said “I’ve come to believe that
all my past failure and frustrations were actually laying the foundation
for the understandings that have created the new level of living I now
enjoy.” So if you must be successful, be ready to face failure.
Many successful entrepreneurs failed countless times before they
succeeded, let your passion for the business see you through.
“You’ll always miss 100% of the shots you don’t take.” Wayne Gretzky
10. BELIEVE IN YOURSELF
If you don’t believe in yourself, you
cannot succeed in your business adventure. You cannot sell very well
what you don’t believe in. No matter what you are facing, always brace
up to the challenge. Be proud of yourself and the small success you
achieved and you will be a big success.
“What would life be if we had no courage to attempt anything?” Vincent van Gogh
In conclusion, I want
you to know that nothing is impossible if you believe. Trust in
yourself, be diligent and upright, you will attain your desired goals.
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