Archive for January, 2009

Plan To Delegate Tasks Before You Need To

Wednesday, January 28th, 2009

How often have you felt overwhelmed with the load of tasks awaiting your urgent attention? Quite often I guess. Wondering what to do about such situation? Simple, Plan to Delegate Tasks before you feel you need to.

Too often, we over-rate our ability and insist on doing everything by ourselves instead of assigning it to others. This is more glaring in the case of perfectionists who can never get satisfied with anything done by another person. They always want to give every task that personal touch. Well, in business, the earlier you learn to delegate the better.

Since you are just a human with limited time and abilities, your business will eventually need more attention than (more…)

Tips for Small Business Success

Saturday, January 24th, 2009

Who is more qualify to give tips for small business success? A professor in the business school or a die-hard small business owner digging it out in the trench. I have observed that some of the successful small entrepreneurs who are now celebrities in their industries never attended business school (some were even college drop-outs). Many of them ran uphill against better judgment of business scholars while starting their small business. When they were starting, nobody believed they will succeed, however, against all odds they persevered with the seemingly stupid ideas and gut feelings and succeeded.

I studied business in school, but it has not been of much help in the hostile economic environment I do business in.  What has really helped much is  listening to successful entrepreneurs who are practicing what they teach. My business mentors who are practicing entrepreneurs have helped me better in my entrepreneurship adventure. One of them  jokingly said that the recent global economic crisis is a proof that success in business is not achievable by propounding theories and hypothesis on paper.

It is all about learning how to survive by participation in the business guerrilla war. To help you get properly kitted, here are ten proven tips for small business success.

1. Knowledge is power. Learn as much as you can about the business idea you want to implement. Hey, you don’t go to the battle field to learn how to shoot a rifle! That will be suicidal. Go get yourself a business mentor.

2. Your estimate may be wrong. Accept the fact that starting a business always takes more money and time than you anticipate. That is why you are better off starting now while someone is still paying you salary in your day job. Waiting to invest your gratuity in a small business is not the best idea. Start on part-time basis.

3. Study successful competitors carefully. It is survival of the fittest out there. You need to know as much as you can about your competitors.

4. It is not all about money. If you go into business with the sole objective of making a lot of money, you will simply end up a loser. If you put quality service and customer satisfaction as your goal, money will naturally follow. People will exchange they money for satisfaction, nobody will give you money just because you want it (except you are pointing a gun to their head).

5. Being your own boss doesn’t mean you will do less work. Get prepared to harder and longer than you have ever worked before. Until you establish a system that the business can run with, there is no relaxation. Stop dreaming about a vacation in Hawaii with all expenses paid by your small business. Diligently set the business running with a good system, first. When you have accomplished that, you can then dream of cruising around the world on a 90days vacation.

6. Keep accurate records. Even though your hate Tax and the IRS, in your own interest and for your own safety keep complete and accurate records. This is not just for tax purposes, your banker may require it. Also, it serves as a good reference for your future ventures.

7. Get good and reliable employees. You can’t do it all alone. Even though you are starting from your bedroom, as time goes and your small business grows, you will need to delegate tasks.

8. Right from day one, make friend with a lawyer, an accountant, a banker, and an insurance agent. I know not many people love this professionals because of their high professional fees. Instead of waiting until the day of trouble before inviting them, go and make friend with them before you ever need their service. Friendship won’t cost you money, just time and good behavior. If you have them as friends, you will spend less when you need their services.

9. Mind your own small business! You heard me right. Don’t be a fool that invest his life saving in a small business and then handed it over to an employee who was hired by him. Of course the business took less than six months to run aground. Run your business yourself. never take vacation when you have not establish a system that can run without your physical presence. No one will look after your money, your property, and your business like you will.

10. Remember Abraham Lincoln. You may need to learn how to do it right by first learning how not to do it wrong several times. Get ready for disappointment and frustration as you start your business. There is no successful entrepreneur who did not experience that. Heroes are made by battles, champions are made by challenges. So don’t quit, be persistent and never give up on your dream.

One final word before I stop. Or rather I’ll ask you a question. I think asking a question is a better approach, here it goes.
How much success have you achieved by reading up all the business books you’ve ever read? The truth be told, your answer is nothing. Isn’t it? This post will be of no benefit to you if you don’t start a small business of your own! Remember wisdom is the proper application of acquired knowledge.

A small business of your own will provide you the much needed laboratory for testing and trying out the tips for small business success shared above.

Why You Should Stop Using Free Email Services For Your Business

Monday, January 19th, 2009

Stop Using Free Email Services For Your Business

Free Email Service

Free Email Services

Do you want your prospects to take your business serious? Then you’ve got to stop using free email services to run your business! Come to think of it, how will you feel if you receive an email from Apple Inc. and the email address is mr_apple@gmail.com? You most likely will assume that the email is fake and probably the work of scammers.  Successful Entrepreneurs don’t use such services to run their business!

Why You Should Stop Using Free Email Services

The online community has a peculiar way of evaluating business outfits. You will hardly be taken serious as an entrepreneur if you do not have a  unique domain name registered for your business. Online prospects will simply assume (more…)

Traders Criticize Demolition Of Oshodi Market

Thursday, January 8th, 2009

Retail Traders Decry Demolition of Oshodi Market

Several Small Retail Traders in Lagos, who operates their businesses in the popular Oshodi Market, returned from the holidays to face their worst nightmare in the New Year 2009. They have been rendered jobless! I guess they never imagined that the Lagos State Government will demolish their places of businesses without providing alternative location. Well, that is what the Lagos State Government did on the 4th of January, 2009.

oshodi_market_nigeria

Oshodi Market Nigeria

Government and Elites Argument In Favor of Market Demolition

Governor Fashola wants to transform Lagos from a “garbage and lawless” city to (more…)

Happy New Year!!! 2009

Thursday, January 1st, 2009

Happy new year! Welcome to a brand new year, 2009. Welcome to a fresh year of business opportunities. This year holds great potential for every diserning entrepreneur.

Each of us are presented a unique opportunity to build on our previous successes and correct past mistakes. All it takes is the right attitude and frame of mind. Believe that you can achieve success this year in your private life and in your business ventures. Work with a fresh enthusiasm and your dream will become a reality that will make people marvel.

Remember that as at this time last year (1st Jan. 2008), Barak Obama only had a dream about the US presidency. But today he has the people’s mandate because he believed his dream and worked for its fulfilment..

See you at the top! Cheers 😉