finance

Habits every entrepreneur MUST practise

 

  1. Make use of your most productive time of the day.

Whatever yours may be, I always advocate for getting up earlier in the day when there are little to no distractions and doing something that develops you. It could be reading books, researching, meditating, praying or even exercising (even if you are not a morning person). Just do anything to ensure your day is started right and you are in a good frame of mind.

People have different times of the day when they are able to maximise their thought processes. Some people are morning people and others are not. Identify yours and use it ideally to brainstorm and document your ideas.

2. Read books.

This is one habit that is essential for personal development. To be a successful entrepreneur you need to set out time study and read books. Get your hands on that will develop you as a person and your trade. Never stop seeking knowledge and never stop learning. Set a target for each week to read at least a chapter or two per day, gather the books you need to read that month and keep them in a visible place to remind you of your daily target. If you don’t like to read hardcopies, look out for audiobooks. Just read, read, read.

3. Network.

Maintain a good network and grow it, I always say your network determines your net worth. Keep the right set of people around you; people with whom you feel comfortable sharing your goals and dreams. Network with people you can also partner with. Connect with like-minded individuals who tell you your dreams are too small. Connect with those that will motivate you when things are not looking up.

4. Have mentors.

Identify someone who really challenges you to do better, act better and be better. I have 2 mentors, one who mentors me in my industry and I really look up to for his excellent leadership qualities and technical skills, who knows me personally and believes in me, gives me great advice and always encourages me. And my second mentor (T.D. Jakes) whom I have never met but I look up to him and admire him so much, read his books, watch his videos and follow him on social media. I personally think he is one of the wisest people around. I still have a lot more people I admire and look up to, but those are the two who mentor me. Having people mentor you is really important for you and your trade, I think it is important for every entrepreneur to have these two type of mentors at the least. They give you a direction, coach you, are honest with you, help identify your strengths and help with your personal development.

5. Be disciplined.

Start by being disciplined in any aspect of your life – it could be as simple as training yourself to go to the gym each morning – and make no excuses for yourself, from that one aspect, you can translate that to other areas of your life.

The importance of being a disciplined individual cannot be over-emphasized. When you are self-disciplined, you are able to be much more diligent, effective and successful. This will inadvertently tell on your trade and the way you do things. Be committed to what you do and have zero-tolerance for indiscipline which leads to mediocrity. Also be disciplined with your time and time management. It irks me when people use the term ‘African Time’ and expect it to be generally accepted, this leads to a culture of indiscipline.

6. Take risks.

As an entrepreneur, you will probably be turned down on some opportunities, don’t get put off by hearing ‘No’, all you need to do is keep pushing on. When your ‘light bulb’ idea gets turned down in some places., remember the light bulb (LOL).

Every entrepreneur is a risk-taker. Sometime calculated, sometimes not even calculated, sometimes we just go with our gut-feeling (I try to back mine up by research though) I once read an article on Mark Zuckerberg and he said he didn’t even expect Facebook to become what it is today, someone was willing to invest thousands of dollars on his site and he was willing to take the risk.

I hope these habits are able to help someone out there.

Here’s to making the best of 2017!

If  you want to learn about finance, investments, entrepreneurship, go to my YouTube channel https://www.youtube.com/channel/UC0yw3YyhtyFrPNrvyY1AOHw

 

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finance

Sustainability in businesses

Hello readers,

I know I’m long overdue for a new post so here goes:

Ever wondered why you see businesses you once thought successful fold up? Today’s topic, Sustainability in Business, is on my mind and here are a few points to keep in mind when creating and sustaining a successful business, I hope you learn a few things from it.

  1. Try to create a business that can be sustained in your physical absence. A business that requires you to be there before things move smoothly needs to be re-structured to ensure long term sustainability.
  2. Focus on building a global brand name for the purpose of (but not limited to) franchising; think what contributes to McDonald’s success (trust me on this one, I’ve done a couple of their  financial analysis). You would not only benefit from a sustainable and reputable brand name, you would also benefit financially from this.
  3. Closely monitor economic trends, if there’s industry changes, you would want to know the causes and determine if you should strategically move with the big players; think why Kodak failed. Also, for instance in the next 15 years the world would be relying on sources of alternative and sustainable energy, oil might be no where and at that point Oil industry players should be moving towards where the patterns are leading.
  4. Don’t undermine the power of your competitors even if you are an industry leader; pay close attention to market trends.
  5. Make realistic financial projections. Expecting to break even too soon can sometimes be the cause of financial stress on a business. Not breaking even or making profit in the first few years is not an indicator of an unsustainable business.
  6. Engage your customers. Pay close attention to feedback and be particular about customer service. They are why you are in business. As much as you can, pursue brand loyalty.
  7. Partner with people that believe in your brand. Successful businesses are not smooth sailing all the time but having partners and strategic alliances who support you makes it easier.

Creating sustainability in your business requires much more than can be outlined in one post but keeping these in mind is a great place to start and always refer to. Overtime, I would also be writing about specific topics. I’m also open to writing on topics you suggest.

Thank you readers and have a great week ahead. Cheers. xx

success biz

If  you want to learn about finance, investments, entrepreneurship, go to my YouTube channel https://www.youtube.com/channel/UC0yw3YyhtyFrPNrvyY1AOHw

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