Experts say there are steps required to start a successful business. Take one step at a time, and you will be on your way to successful small business ownership. Step 1: Do Your Research Most...
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Akshay MI’ll list out a few tips that should serve you well.
Focus on your customers more than the competition. It’s tempting to copy everything the competition does. While you may make some money, your business won’t stand out. If you focus on your customers then they’ll sing your praises.
Always be learning. There’s always more to do in your business but take out the time to level yourself up. Dedicate at least an hour a day to pure learning.
Set rules and follow them yourself (and enforce them). D... moreI’ll list out a few tips that should serve you well.
Focus on your customers more than the competition. It’s tempting to copy everything the competition does. While you may make some money, your business won’t stand out. If you focus on your customers then they’ll sing your praises.
Always be learning. There’s always more to do in your business but take out the time to level yourself up. Dedicate at least an hour a day to pure learning.
Set rules and follow them yourself (and enforce them). Did you know that it’s illegal to live with your girlfriend or boyfriend in about 10 states? It doesn’t matter because that particular law isn’t enforced. Everyone you work with is looking up to you. If you don’t follow rules and enforce them then they don’t matter and your company will descend into anarchy. Do I sound dramatic?
Understand your unit economics like the back of your hand. In retail, they say “we lose money on every sale but make up for it in volume” No you don’t. You’re slowly going out of business. Moving a million units isn’t where the money is made. You make money on every single unit you sell. If your unit economics are off then you’ll eventually crash your ship.
Enjoy the business while you’re building it. It’s tempting to reinvest every single penny waiting for the day you’ll become a deca millionaire. While it may happen, it’ll probably take longer than you expect. Don’t sacrifice your present for a future that may never come.
Learn to sell. As a business owner, you’re always selling something. You sell your vision to employees and shareholders. You sell your products to customers. You sell your dreams to your family. If you’re afraid to sell then you won’t win. Period.
Get on the right side of the law. Ignorance of the law is not protection from it. Understand what your business requires to continue operating. Get an idea of tax requirements. Call an attorney. Call an accountant. It’s cheap insurance.
Get a mentor. You don’t know it all and never will. It’s the gift and curse of business. A mentor will help balance your experience and perspective when you encounter difficult problems. At the same time they’re a few steps ahead of you and make it possible to accelerate your growth.
Develop a strong vision but don’t sweat the details. It’s important to know where you’re going as a company but how you’ll get there should be flexible. You may have put a lot of energy into a product but if it doesn’t pan cut your losses and move on.
Don’t kill yourself. We live in a society that glorifies working hard. There’s nothing wrong with it but the concept has been distorted to mean working all day every day is cool. No, it’s not. Take a break. Get away from it all. Give yourself the opportunity to recharge. You’ll be happy you did.
Learn from the failures. This may be the most important tip of them all. You will fail and make mistakes. It’s expected. What most people do is try to put it behind them and move on. Instead, analyze the why of your failures. Write about it, gather your team and debate it, and implement changes that’ll prevent it from repeating itself.
This should be enough to get you started.
The Director General of the Lagos Chamber of Commerce and Industry, Muda Yusuf, has called on the Federal Government to grant the education and the health sector tax holiday, to help mitigate the...
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Increase budgetary allocation to education and improve the quality of the sector, government has been urged to sensitise all taxable adults on voluntary payment of Tax.
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Former Arsenal striker, Thierry Henry, has backed Liverpool to win this season’s Premier League title ahead of Manchester City after the Jurgen Klopp’s men thrashed Leicester City...
Zlatan Ibrahimovic is set to rejoin AC Milan on a free transfer, Sky Sport Italia reports.
It is believed the deal will be confirmed in the coming hours.
Ibrahimovic spent two seasons with...
Daniel Olukoya, General Overseer, Mountain of Fire and Miracles Ministries (MFM), has explained why the church does not celebrate Christmas.
Olukoya while speaking during the Wednesday Manner...
Comrade Adams Oshiomhole, the National Chairman of All Progressives Congress (APC) and former Governor of Edo, has rejected Christmas gifts from Edo State Government.
Mr Crusoe Osage, the...
Governor Abdullahi Ganduje on Wednesday, December 25, placed a ban on men and women boarding the same tricycle in Kano State.
The Kano State Governor who was represented by Commander-General of...
Reno Omokri has shared his thoughts on parenting and, according to him, people who are on minimum wage should steer clear having so many kids.
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Popular lawyer, Femi Falana(SAN) has responded to an attack from the presidency regarding his claims on President Muhammadu Buhari’s “third term agenda”.
Garba Shehu,...
Antonio Rudiger has spoken out publicly after suffering alleged racist abuse during Chelsea’s win over Tottenham and demanded to know “when will this nonsense stop?”
Rudiger...
