Curious Case Of An Entrepreneur

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vuka entrepreneurship week 2013

 

 

 

November 20 2013 l ndbs  
   

Dear Entrepreneur... You are on your own

When you share your business idea with family and friends no one seems to understand what you are trying to say. 

When you share with those you think have been in business before you they tell you it is impossible. 

When you make it, everyone wants to be close to you in case they will need help in the next 24 hours.  When business blossom and grow they call you savvy.  When it starts to crumble they start to dig out your weaknesses trying to find a reason why the business failed. 

When you venture into multiple operations and make money they say you diversify but when you loose money they say you are all over hence you fail.

Never say you have no money because everybody will be shocked to hear those words coming from you.  Even when you want to borrow money you have to come with words like: “My card has a problem please borrow me cash I will pay you tomorrow”. 

The government look up to you to grow the economy, the churches look up to you for substantial tithe, NGOs look up to you for donations, schools expect you to pay the fees upfront and offer you 10% discount.  Shops rely on you as a cash buyer for them to sort out their rentals. You can’t afford all these if you are to leave in a day that has tomorrow.

You can meet all these demands when you:

Maximise the now in order to overcome the challenges of tomorrow

Tomorrow is just the next 24 hours from now.  Yesterday is the past 24 hours, Your existence is dependent on the 25th hour which is now, Today, this hour.  You can reach the next day but not tomorrow.  If we can understand the now effect we will not allow the pains and failures of yesterday to hold us ransom, we will realize that as days go by the things that hurt us are getting further and further away from us.  We need to learn to do things as they come and make use of the time we have now than to put it for tomorrow. 

The number one enemy of today’s success is the worry about tomorrow.

Don’t wait for perfect time and a perfect product

You need to understand that there is a big difference between what you perceive and the reality.  Most products that sell the most are those owners did not have full confidence in and those that failed are those owners thought it’s a brilliant idea.  When Obama introduced Obamacare he was certain most Americans will sign up in a month and to date only less than a million did sign up.  The website went down, Republican shut down the government in protest.  And it is in that period that he has to find way to perfect it whereby the republicans can be happy, website can be running, and Americans can sign in numbers.

Think product

This is very crucial because many entrepreneurs put a lot of energy in selling the product that has expired.  What you sell today may no longer be relevant to the market and if you keep holding on to customer loyalty than revamping your product the loyal customers will leave you for better product somewhere.

Spend time looking at new ways of improving your service delivery or the product you sell, such measures should not be dictated by the sales figure because if you will measure the product based on sales what you will do is offer discount than value of the product to keep your customers.  Blackberry once owned the market but focused much on the loyalty of their clients whereby they gave clients same handset for years with one app BBM and when others came with designs and introduced own apps it became a challenge.  Change the look even when people still prefer the old look.  And change for the better than hanging on to old formula.  Introduce new menu like Mcdonald who introduced Maxican burger. 

Trade, sell it or shut down

Many of us look up to Richard Bronson as the most successful entrepreneur, but I look at him as the most persistent entrepreneur.  He has had his hands on everything.  He started many ventures world wide and in South Africa he started Virgin Mobile yet to date the leading companies in South Africa are Vodacom and MTN.  And what keeps him going is that he managed to change the laws and policies by challenging anti-competitive behaviors of other service providers. 

Google has close so many businesses they tried to launch and recently closed down Chromebook which most of us may not even know what it was all about yet they invested billions into the project.  Don’t be afraid to concede that it did not work out and close down.  Have a price tag on your business just in case someone offers to buy it or to go into partnership with you.  

Save part of what you make

This is been over emphasized for many years yet most entrepreneurs have no money saved.  Saving takes disciple.  Don’t allow money to control how you should use it but spend it the way you want.  For one to achieve this it is when you have a list of things you would buy when having money and when money comes you will stick to the list and even with the list you will prioritise on the things that will keep the business moving.  Proportionate the money you make according to the budget.  You need to save in case you are sued or taken to court by a client.  Knowing that you have money somewhere that has no assignment yet is a reliever. 

Don’t regret the past failures

All those who made it in life had their challenges too.  When Steve Jobs friend sold his shares at Apple in 1978 he did not anticipate that the shares that he sold for $700 and today those shares are said that they would have been worth billions.  And here is Steve Jobs who held on to the company and became a billionaire, but, passed away while his friend still has a chance to live.  Don’t beat yourself for failing but learn from that and do things differently.  Your success in life may look like a failure to others, but what matters most is what satisfies you after doing it that you would still do it even if no one would pay you. 

Don’t expect people to understand you

People will understand only what they went through themselves but what they did not remains a mystery to them.  Don’t expect too much encouragement from people and don’t try to prove them wrong either as you will loose focus on building your business and start building your esteem just to fit in a society.      

Do not hurt yourself expecting:

Your dad to borrow you money from provident payout to fund your idea

Your mother to understand why you are not getting married while building your business

Your partner to understand that you can’t fetch kids today because you have important business seminar.

Your uncle to borrow you his car because yours is broken on your way to buy stock.

You are on your own, plan, execute, evaluate and move forward on your own.


     

  


From A Poor Child To A Rich Dad


October 27  2013 l ndbs  
   

You may be born in the poor family where it was tough growing up that you had to work in order to get money to pay school fees or have money for transport, but you have a choice to change all that by how you save and spend what you earn on your daily job for you to become rich. 

It would be futile to redefine what has been defined million times that if one was to google the word Poor so many explanations will pop up, the same with the word Rich. 

You can google if you want just to get a clear meaning as sometimes we get caught in familiarity that some words we think we know the meaning when in reality we know what others told us.  In case you know by now what the words really mean, lets look at how can you work your way to riches:

Read Full Article

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Forget Profit Threshold, Maximise Your Sales

October 08  2013 l ndbs  
   

Every business owner has an ambition to grow the business and expand sales but very few keep focused on this ambition.  There is a lack of consistency when it comes to monitoring sales growth and implementing new strategies or maintain existing strategies that will see company growing in profit.   

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Excuse Me Boss, You've Got Mail

Whatsapp, Facebook Inbox, WeChat, Viber, gmail, ymail, you name them, that is what has been made available in our finger tips.  You ignore an email that a friend sent, you then receive whatsapp asking if you did go through it.  You ignore whatsapp, the moment you update your status someone dash into your wall and say: “I am still waiting for your response on the email I sent”.  No more excuse, no place to hide, that is how connected we have become and ignoring any means of communication is inexcusable in today’s life.  

Staying Positive Under Negative Economic Circumstances

Petrol price is going up and up and up, GDP figures are declining, Inflation is rising,  Most companies are closing down due to financial constraints, Operating costs are swallowing the profit every month.  These things have a potential of rising the blood pressure especially if you are a business owner caught in this economic turmoil.  Resilience and determination is needed coupled with positive attitude in order to sail through the storm.

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Be A Sales Rep Not A Beggar

"Thank you thank you thank you mcwaaaaaa! I owe you a lot”, that is the expression you get from a desperate sales Representative after getting a business from a client.  Those are the expressions that make the buyer wonder if they were the only client the sales representative had.

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The First 100 Days In Your Business

First 100 days are crucial for any head of state as that is the time to get settled in the office amidst all the hype and the excitement of having won the elections.  That is when the head of state appoint the cabinet, meet different Director Generals who have been serving in the previous term, handing of olive branch to opposition, chopping and changing.  
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Work From Home Without Taking Your Work Home 

Working from home has been associated with clients not trusting your delivery ability and your business efficiency.  That was acceptable years back where a landline would be a proof that you have an office and your business is reliable.  Today we are living in the integrated society where communication has been made simply through ICT.   

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Personal Ingredients Entrepreneur Should Have

In life everything has a source and components that comprise of that particular thing.  And for one to understand the use and the conditions that particular item should be exposed to one has to have an understanding of what it is made of.  

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Who Stole The Cookie From The Cookie Jar?

"Lerato stole the cookie from the cookie jar. Who? Me? Yes you. Couldn’t be.  Then who stole the  cookie from the cookie jar?  Nkateko stole the cookie from the cookie jar. Who? Me? Yes you. Couldn’t be.  Then who stole the cookie from the cookie jar?  Derrick stole the cookie from the cookie jar. Who? Me? Yes you.  Couldn’t be.” 

Read Full article

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Previous Articles

 Personal Ingredients Entrepreneur             Should Have

 5 Keys To Creating Precision And                 Harmonious Work Environment

 Dump New Year Resolutions, Stick             To Daily Routine

 Harness Your Idea, No One Will

 Don't Waste Your Time On                             Marketing Gimmicks

 Branding The Easier Way

  How To Save Money On Web

 Quiting Your Job At Own Risk

  Establishing Your Business                             Embassies

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