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Harsh truths a successful business owner should know

Discussion in 'Investments to Grow Your Business' started by madeafricans, Jan 24, 2018.

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  1. madeafricans

    madeafricans Member

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    First of all statistics.

    Here is an interesting fact for You according to the bureau of Labor statistics:
    • About 80% (four-fifths) of businesses with employees will survive their first year in business. (The most recent data shows that of the small businesses that opened in March of 2015, 79.9% made it to March of 2016.)
    • About 50% (one-half) of businesses with employees will survive their fifth year in business. (Data shows that of the small businesses that opened in March of 2011, 51% made it to March of 2016.)
    • About 30% (one-third) of businesses will survive their 10th year in business. (The most recent data shows that of the small businesses that opened in March of 2006, 32.8% made it to March of 2016.)
    These facts are not to scare You but it’s good to just do Your Homework and learn the facts before starting a business, though one of my philosophies in this life is “99.9% of all statistical facts in this world are not true” but I know it’s a lie I learnt from motivational Speaker Daniel ally and it helps me get some work done.
     
    Edvin likes this.
  2. madeafricans

    madeafricans Member

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    1. It’s not all about You.

    Most of us don't like to accept this fact, but it is true for all of us, we all see ourselves as the center of the Universe and everything in this world revolves around us. Life is either happening in front of us or behind us or on our Tv set. Other people have to communicate their feelings and emotions to us to make it known to us.
    This Philosophy may work for life but it's not the same with entrepreneurship. When You are starting a business, You have to forget about You and start thinking about everyone else if You want to end successful, because the world won't end if Your company goes under, neither will Your business end if You were to be fired by Your Board of directors.
     
    Steve41 likes this.
  3. madeafricans

    madeafricans Member

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    2. Great success is often preceded by failure.
    Many People never turn their ideas into businesses because they are scared of failure, while others never think of starting a second business after their first venture has failed. The truth is when it comes to entrepreneurship You have to be thick skinned to make it in this world, and a lot thicker to make it in Africa. Jason Njoku(Iroko TV’s CEO) failed in his first 10 ventures before he finally got it right.
    That’s why we should read more about successful entrepreneurs. Their stories are there to inspire us. Almost all entrepreneurs have failed at one point or another in their lives when it comes to starting a business, but they just learnt from their failures and moved on to start another business.
     
  4. madeafricans

    madeafricans Member

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    3. Being busy does not equal being productive.
    Hard Work is a very important quality for success in entrepreneurship, but it doesn't mean all hardworking people are successful. If the most hardworking people in the world were millionaires then it means all the cleaners and bricklayers would be some of the richest people in the world.
    Make sure anything You are doing in relation with Your business is productive before You do it. Always find the best and fastest ways to solve a problem effectively. Don't waste time doing work You can outsource to someone else who can also get the work done efficiently. Delegate Your work and focus on the most important things.


    4. INVESTORS ONLY CARE ABOUT WHETHER YOU CAN MAKE THEM MONEY.
    This is true. Investors don't really care about You or Your business except it is going to put money in their pockets. Investors give You money and except a lot more in return.
    If You ever get an opportunity to pitch Your idea in front of a group of investors, don't waste time telling emotional stories about how passionate You are about Your project and Your life and how many lives You hope to touch. Go straight to the point and tell them what You hope to achieve from the project and give them solid numbers on how they will get their ROI (Return on Investments).
     
    Edvin likes this.
  5. madeafricans

    madeafricans Member

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    5. Change is inevitable -- embrace it.
    Albert Einstein's definition of insanity was " doing the same thing over and over again and expecting different results". So if something is not working for You in business, change it and take a different approach in solving that problem.
    In entrepreneurship, You must be ready to embrace change. When change happens don't complain about the country and the government and other petty things people like to complain about. But try and see new opportunities, new markets and new methods of getting solutions.

    6.THE MORE SUCCESSFUL YOU GET, THE HARDER IT IS TO MAKE FRIENDS.
    Freddy Heineken once said : "There are two ways a man can be rich in this world, he can have a lot of money, or he can have a lot of friends. But he cannot have both." .
    If You know You don't want to end up lonely, don't wish for Success. Most of us want to be rich and successful in this world but we are not ready to make the required sacrifices or go the mile to get what we want in this life. If You want to start a business get ready to feel lonely a lot. However, once You start coming up, You’ll find that more and more people want to hang out and be friends with You. But still, good luck finding someone that really wants to get to know You for who You truly are once You have reached that high point in life.

    7. You Can't Do it All
    I believe in the popular Quote " If You want to see something done, then do it Yourself". But You don't have to do it all by Yourself. You need to learn to outsource and delegate some of Your work. Most times the person You outsource Your work to may be better than You at handling that work, so why don't You just allow him/her to do just that.
    Also don't bother about letting other people know about Your ideas and business, You may think Your ideas may get stolen and then it’s better to work on it alone. The truth is no one has the time to steal Your ideas. The number of business ideas that get stolen are none in 1 million. If You try to do it all, You'll burn out and set Your company up for failure.
     
  6. madeafricans

    madeafricans Member

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  7. Edvin

    Edvin MVP Member Top Contributor

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    Great tips madeafricans and I want to share how this is applicable to my marketing plan.

    As part of community outreach I want to expose kids to chess.
    I think a cool factor is to have a robotic arm playing chess against another chess machine. This can lead to Public Relation (PR) press coverage as part of my community outreach. But, I don't have a robotic arm; so, I have to build it first! This lead to the idea that I can reach out to high-school kids to provide FREE after school robot-learning-building opportunity (I'm doing it anyway); again, this becomes another PR opportunity.


    But, now lets tie it back to busy =/= productive statement.

    How does my time translate to quantifiable value?
    What is the marketing divide (i.e. demand generation, branding, customer equity, etc.) for my time and money?
    I find that I have no S.M.A.R.T. (Specific, Measurable, Attainable, Relevant, Time-bound) goals with this plan.
    This realization is making me re-evaluate my plan.
     
    VirtualGlobalPhone likes this.
  8. VirtualGlobalPhone

    VirtualGlobalPhone Moderator MVP Member

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    @madeafricans@madeafricans ; good one .. but wondering why posting so many threads when you can post all in one. Is any issue please let us know.

    Secondly don't you feel today! what we need is action on the ground than these statistics and motivational Jargon's ? Many times i have seen the same words we seek pushes us back and not allow to move forward....
     

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