Hello all.

For everyone and most people reading this you must have an idea or a lingering fear of starting a business. With the media and populace complaining of lack of capital and the government the only people who are in serious business are those who give a middle finger to those excuses.

That's because it's what they are- excuses.

I'm sure you're pissed right now. that's good at least that means you're paying attention. If everyone took a look at the following facts you'll see that life's unfair at the start and forever will.

During mating between parents :1/1,000,000 chance of swimming fastest to meet the egg.
Everyday minute death rate: 1/16
Examinations
Graduating from school etc.

all of those don't have high success rate but we do them anyway. why?

let me tell you why, it's because "Society" makes it the roadmap. Getting a job is not a bad plan but more importantly it has to be YOUR PLAN.

Same in business, you can either go with the others or go alone. People have won anyways but they usually are people who choose to do so.

Hence the first message here is:

CHOOSE. Make sure it's you drive or desire to start a business not just because you want to follow the crowd only ( you can want to follow the crowd and lead, that's not bad) but make sure what you want to achieve is rock solid.

I'll be dropping tips and experiences here, no need for emails or a private group, we can work together here.

Next posts coming up.

we're going to look at things in categories:

Mental/Emotional Quotient
Intelligence and Adaptability
Experience



Emotions: Generally people say: No emotions in business. Word for word, that's totally wrong. We all have a favorite brand, barber, salon, drink etc. even in a crowd of people in a market they're some subliminals that draw you to certain sellers. Emotions play a major role and it's the obligation of every business owner to know such.


First of, KNOW THY SELF. Then thy Market

You should know how you react to people and how other people react to you. A common strategy of mine is to either record myself trying out. a sales pitch or recording the whole session to know how I sound compared to how I sound in my mind. it's the same technique singers use to get their mind and body in sync. You need to know your temperament, your reaction to threats, cajoling as well as other situations one comes across in dealing with people. NEVER TAKE THIS FOR GRANTED. In the art of war " He who knows himself and the enemy would never be afraid of the outcome of a million battles"

Emotional bank account, favors and implied debts.

FREE.

flee from this word as much as possible.

It's a common phrase to chop something "SARA" or the likes. In most cases people want things for free without looking at their implied costs. From experience it hurts a lot when a cost springs up on you rather than it being in front.

If you're not paying for the item, you're the product. Do you pay for Facebook, Twitter, Instagram etc? no. but they make advertising money off your engagement on those apps. is that bad for you? you choose but that's a quick example.

You're struggling and looking for a free developer, free consultant, free investor etc. You're buying shackles my friend, getting them on predetermined terms is fine but for free without anything in return is similar to those who sell their soul and act surprised that they're repercussions.

Newton's law of motion about equal and opposite actions comes to mind.

EMOTIONAL BANK ACCOUNT

Simply put. these are Goodwill, favors, likeness,etc. These are important with those you'd most likely do business with again as if you offer them a great experience and as little as a discount, freebie or awesome customer service you get to retain these customers, partnerships and others.
Case Scenario: you want to buy from two traders, assumingly a suya seller, just a guy that gives you "taste" can be the difference and you'd might never think it at all. Another good way of building the EBA with people is via the above: free things.

Giving free is a show of good faith and an ability to market the product more than yourself can ever do. if it's done right and properly, it's a win-win and business booms for everyone.

When starting a business, especially if you have partners here's the key : Never give equity for what you can pay for. You can't make someone a partner in a business where his use is limited to perhaps the startup phase if so you need to, structure the deal where he's inclined to perform and your not pained to deliver on promises.

I can give examples on that later. Always pay now to avoid issues later.

Okay.

The mind is going into the zone now let's talk about how to choose a business you're going into.


Simply put, the aim of a business is to create value which the user can't generate by themselves.

if you're looking for a Target market please work on the one which has a reasonable use. for example in a place like Port Harcourt where oil and gas workers reside mostly, A home service cleaning offer would make sense Especially those who go offshore a lot compared to densely populated or rural areas where he financial capacity is not available. You can test the offer in a sandbox manner before "collecting loan " and all that. Speed and ability to adapt are key survival tools here.

You try such out, if it gets a paying customer , kindly get a feedback to know ,what other services they might need in addition to that as it's important to get into the mind of the customer and improve it as such.

Always treasure Negative feedback. Not those shouting like there's a match playing in their heads but the meaningful ones because they point potential loopholes to your businesses. Check out businesses that have overtaken the older ones like Tesla and the rest, they capitalized on loopholes from the likes of GM and bigger brands to build something great.

Feedback, likes, comments are welcome. It'll help a lot to know what you're thinking.

*an example of the above*

Next up..

Creating a business.

You need to have the following in order to know whether you're in business or not

1. Business Model
2. Projections and Cashflow Analysis
3. Minimum Viable Product.


Business Model: we hear a lot of people asking for business plans, business ish and that. That's for the 20th century. In a revolving world like this where a single policy change can tear apart what you are aiming at, a long businness plan is only followed by a long nap. No one wants to read all that. A business model is more of a prototype of how you intend on making money. It outlines whether you're a B2B, B2C or a a non-profit aiming to get grants and funding. With a model, you outline to yourself and investors possibly, how you're going to make make money from comissions, signups or subscriptions etc.

Projections and Cashflow Analysis: This is primarily a long phrase but it is imbibed in the paragraph above. How are you planning to spend? how do you plan on recruiting people? What's your annual wage budget? etc. These things also cover best case, worst case, the minimum amount of money you need to make per item or transanction to break even, stay afloat etc. It doesn't need to be long, just written down that's the point.

Minimum Viable Product: The MVP is what you use as a litmus test for whether you're going to proceed with the business or not, it's a basic product you need to test the profitability or potential lifespan of a product.

e.g You want to start a salon: Rather than getting 10 dryers and all in bulk you can start with a little input, see the response and then scale from there. If you're waiting to get every piece in place, you'd want to start small and scale fast in order to proceed.

More info coming...

I'd like some feedback

Tech Businesses:

Tech is the new gold blah blah blah.

Technology is just a medium. Check out the great companies around, they all might start online but definitely have to maintain an offline presence because while people stay online, they exist offline.

I'll be sharing some tips and experience from tech businesses shortly, You'll know how to bootstrap without a dime, more importantly how to increase the little you have and knowing when to search for investment.