Over the years I have gotten to realize that why we have a whole lot of young and willing entrepreneurs fail in business is because the hardly or even never get mentorship from people who have succeeded in business. It is either because the young entrepreneurs don’t consider it relevant to have a mentor to guide them on how to succeed in business and life in general or simply because the mentors approached for guidance are unwillingly to assist the young and upcoming entrepreneurs on the growth strategy they require for being of witnessing the young boy/girl who was usually sent on petty errands become a possible success.

Below are some of the key points I have learned on my own from scratch as an entrepreneur and will over 10years in business and 4years as a Business Consultant.


• NEVER COMPROMISE TRUST: It is most pathetic to discover that most entrepreneurs of today are driven and blind folded with the “money mask”. They usually expect to go into business on a Monday evening and by Tuesday morning the next day become millionaires. It is so unfortunate that our youths of today don’t realize that you need to build trust FIRST from clients and prospects alike before they can even get to patronize you. I tell people I consult to that after 10minutes of interaction with a prospect on you providing them goods and services, they can immediately make up their minds if they will ever get to patronize you or keep on posting you till you get tired and stop marketing your goods and services to them.


• CHANGE YOUR NETWORK OF FRIENDS: It is so funny that people expect to have friends who are turkey and peacocks and expect to fly like the eagle. You will always end up being like the people who you associate yourself with. Imagine a scenario where someone has 2,000 friends on facebook, 500 followers on twitter, 200 contacts on bbm and yet you don’t have a good job or you are outrightly jobless. This is so pathetic but unfortunately this is the norm with our youths of today. People who have the most number of friends but yet have nothing to show for the endless chats and pings they do from morning to night everyday for a whole year. MOVE AND ASSOCIATE WITH ONLY THE RIGHT SET OF PEOPLE IF YOU ARE EVER DETERMINED TO GROW.


• AVIOD ETHNIC AND RELIGIOUS SENTIMENTS: I have seen young individuals lose very great and wonderful opportunities or breakthrough contacts as I may put it because they have so much poisoned their hearts with the mentality their parents instilled in them that a certainly people from a geopolitical region or religion are bad and as such should be totally avoided,. In business and life in general, NEVER place judgment on people generally because of a bad experience with someone from a particular ethnic background or religion. Using myself as an example, I have done business with people from every single ethnicity and religion as far as Nigeria is concerned and I must confess, it will kill your growth in business and life generally if you are sentimental and choosy on who to do business with based on their ethnicity or religion. Deal with individuals differently irrespective of a bad experience with people from that ethnic or religious background.



• PROFITS ARE TO BE SAVED NOT TO BE SPENT: The problem most young entrepreneurs have is that as soon as they start making profit, the begin to spend even more than they are making with the believe that the business will continue to boom forever. I see young individuals who barely make a profit of N70,000 –N150,000 monthly using 2 phones with the cheapest being in the range of a N100,000 and in most cases changing their phones like every other month. Once profits are being made, such money should be channeled back into the business to bring about growth and expansion in the business rather than eat down the whole tree because of the new fruits it produced.

I'm loving this. Nice write up!

Good advice,pls update more

thank you

More updates op,i am so loving this.

This is what i like, i myself am an aspiring Business TYCOON so i find your write up HIGHLY useful. Thanks.
Furthermore, i'm planing on going into T-shirt making/printing...what advice do you have for me?

Ademat7: Good advice,pls update more

More are definitely coming. Had to concentrate on client's needs but will post more in no distant time.

Kingsleypower@:
This is what i like, i myself am an aspiring Business TYCOON so i find your write up HIGHLY useful. Thanks.
Furthermore, i'm planing on going into T-shirt making/printing...what advice do you have for me?

Good business idea.
i will first and foremost suggest you take up an apprenticeship at a printing press with specialty in screen printing, embroidery and general printing. Volunteer to work for a reasonable duration without no pay ONLY for the experience. Most people fail too easily in business because they just jump into a business without having no idea at all of how such business strives and the owners become successful.

Lovely, i am also venturing into business want to specialize in women and kiddies cloths., however starting up is a drag...

More coming soon.....

NEVER ASSUME YOUR DRESSING WILL GIVE YOU THE JOB : Your appearance is extremely important in a business presentation or prospecting but unfortunately a lot of people spend days preparing and gathering what they will wear on the day of their business appointment instead of preparing on how to make a wonderful and convincing presentation to get the job. That is why it is common to find so many individuals who are dressed almost perfectly to represent their individual companies or business get to start messing up when it is time for them to deliver their presentation or answer questions from prospects.

READ! READ!! AND KEEP READING!!! : It is rather unfortunate to find people who want to succeed in any facet of life not willing to develop a reading culture. From Actors, Singers, Comedians, Tv and Radio Presenters, Journalist, Engineers, Stock Broker, Programmer, Public Speaker and even Small and Big business owners, the ONLY way to keep succeeded in business is to keep reading beneficial books. A MAN BEGINS TO DIE THE DAY HE STOPS SEEKING KNOWLEDGE. The like of Alli Baba, Bovi, Tuface, PSquare, Omotola, Funmi Iyanda, Basket mouth, Dangote, Jimoh Ibrahim, Ngozi Okonjo Iwealla and other successful people have never failed to mention their eagerness for knowledge through reading and research to be one of the greatest keys behind their success.


NOTHING HAPPENS WITHOUT PERSEVERANCE: The reason why most people fail too early is because they are never willing to put in that spirit of perseverance. It is so unfortunate that people want to start a business in the morning and by lunch time have made quadruple profit from their business. Most decide to just give up immediately they face a single failure. In your marriage, career, education, health and every aspect of your life, at one point or the other, you will be faced with trials, defeats and failures, it is ONLY your power to shake the setback off your shoulder and keep moving that will determine if you will ever succeed.

subscribing

shachris: subscribing

good to know.

i hope we all don't just read this and forget in the next few hours.

We needed to stick to it and make it part of our daily life if we are aiming for success.

• NEVER EMPLOY MORE STAFF THAN YOU NEED: The major problem with most entrepreneurs is that as soon as they get a big break contract or sales they go on a "labour shopping spree" by employing and recruiting more staff than they necessarily need. Most of them do it ignorantly with the believe that if they can achieve such breakthrough with few hands then having more hands on the job will give them a bigger breakthrough. While others do it only as a "status" thing to prove they have many people working under them.

• GIVE 5YEARS PERIOD BEFORE EATING FROM THE PROFIT: The reason why so many business collapse after just a few months or years of starting up is because most entrepreneurs are impatient to give themselves delayed gratifications. As soon as they start to make profit from their business, the tend to consume more than they actually make. Whereas, the ideal thing to do to have a successful business is to pump back the profit made from the business back into it for at least 5 years. only running cost and 10% of profit made each month/quarter or year should be removed from the profit while the others are spent back to develop the business.

• AVOID DEBT AS MUCH AS YOU CAN: This is actually the biggest problem of most business owners. They usually borrow what they don't need only to use it for the personal status upliftment rather than to borrow funds to grow their business. A situation where a man's yearly profit is N10, 000, 000 but is already in a debt of N25, 000, 000 by mid year.

Nice update pls drop more.

FRONT PAGE.......................................................................

Op Thank u

As much as I love your presentation and I found them too costly but u doze them out freely, may I also offer you a free standard website for your business if u do not have one yet. If you have please can we read more from your website.

08054659872
08136266466

nice

Cordova: As much as I love your presentation and I found them too costly but u doze them out freely, may I also offer you a free standard website for your business if u do not have one yet. If you have please can we read more from your website.

08054659872
08136266466

www.niromanddoch.com is currently down. our sister company www.nirominteractivesolutions.com is currently working on bringing up something (including a blog) for relationship, career, finance, and general life motivation tips to help the average Nigerian youths.

We can just sit down and watch our generation waste like that. People complain of unemployment in the society whereas that same person just spent N60,000 in purchasing a mobile phone that is not likely to add any value into their life, instead of channeling that same money into learning a skill or starting a small scale business whereby they begin to yield profit in weeks or months to come and forget of their previous 'unemployed" status.


lets talk on the offering of a website. who knows we can work together on some BIG projects.

Thanks for the tips.. Really motivating.

9japipper: Thanks for the tips.. Really motivating.

Glad you found it useful.

Good one here Op. I am already doing most of what you said here and I have seen some growth. I believe that where there is too much problems, check very well, their is a right opportunity to make an impact if you have the right ingredients. If many Nigerian youths understand this, the next world youngest millionaires will be coming from here in few decades. Keeps sharing and talking to us, I will still add when I can. Remain blessed...

^^^
So glad to know you are making use of the tips. Please don't stop or get carried away along the line. Make it a habit and you will be amazed how you will realize you also need to do away with majority of your current friends and mingle with new set of "goal getter and vision oriented" individuals.Afterall, if you want to know how your success rate is likely to be then take a look at the people you mostly associate with.

BrandKing: ^^^
So glad to know you are making use of the tips. Please don't stop or get carried away along the line. Make it a habit and you will be amazed how you will realize you also need to do away with majority of your current friends and mingle with new set of "goal getter and vision oriented" individuals.Afterall, if you want to know how your success rate is likely to be then take a look at the people you mostly associate with.

Thanks bro. I started that a very long time ago. I believe in one language. If you are not speaking one language with me, we don't go far. People around me now are more of people positioned for my destiny and positive thinkers, and that has helped too. Thanks to God

^^^
Good to know. unfortunately most of our youngsters havent realized this "little' secret.

Oh thank u very much...i enjoyed your write up, anytime i come to nairaland i do see some interesting write ups that will help me in life....thanks OP for this topic...God will give u more knowledge to teach us

Is it that am naturally an entrepreneur? Dis tips i say to myself everyday as i look forward to kicking of my solo business by january.. Not becos am stingy o, i dint even wanna involve my sis officially even when she voluntarily assisted me in marketing, let alone employing oda people tho i knw its gona b stressful for me alone but am ready for it..
Thanks for the tips OP

You are most welcome.

Do you have a viable business idea?or you are looking for where to invest in,then go to www.angelstartups.com.ng
You will find great ideas to invest in.its free.