see my 1st aricle here https://www.nairaland.com/nigeria/topic-703247.0.html

NOT MINDING YOUR OWN BUSINESS

Sit down and work on your business and on your ideas until it announces you to the world as a person of value. Stop moving from place to place and chatting idly with people all over the places.

Mistake 2: Not minding your own business: While on a personal retreat outside Lagos, I called my pastor on phone around 11.30 p.m. (we had mutually agreed on the time) to discuss some issues. I started by apologising for not linking up with him for almost seven months even though I see him in the church most of the time on Sundays. His response got me thinking for a week: “The key thing is to spend time to sort out your life first. Leave other people out of it initially. God will not reward you for the time you spend in other people’s business when you should be on your desk working things out. When you fix things, get back and we would understand, and gladly, welcome you back as long as you are able to make it. The truth is that you will only remain in people’s reckoning when you are doing well and they perceive that you can add value to what they are doing. The moment they can’t see that value most people (including me) will have to look elsewhere.”

I almost abandoned the earlier discussion I came to have with him in order to ponder on his words. But I have found that to be the truth and I have thanked him for that candid advice. One of my advisers who has been able to build a company worth N0.8 billion from N80, 000 seed money in five years shared an experience with me that reinforced that truth. When he wanted to start his business, he had contacted one of his closest friends to help him with money. Before that time, they used to hold meetings in his friend’s private bedroom. That, however, changed when the issue of money surfaced. According to him, the next time he visited his friend, he asked him to fill a visitor’s form and that he should see his son first for clearance . Humiliated, my friend took time to meditate on the turn of events and he resolved to do everything possible to make it. He sold virtually everything in his house to raise the necessary money. In less than four years, he steered the company (an international IT franchise) into international reckoning. Guess what! His old friend has been on a hot chase asking them to partner! We were reflecting on that incident a couple of days ago and this is his conclusion: “Don’t ever boast that you know anybody until you have worked yourself into reckoning in their books.” I hope the message sinks. Sit down and work on your business and on your ideas until it announces you to the world as a person of value. Stop moving from place to place and chatting idly with people all over the places. It does not matter where your business is located once people can perceive value in what you are offering, they would search you out. Believe this also: your mentors and friends would pardon your being incommunicado if you are able to make it!

Mistake 2: Bringing partners too quickly into your business without seeing what you can do first to advance the business personally: One of my mentors told me that he had lost three businesses to what he calls youthful exuberance. He said: “When young people come to me these days and say that they want to go into partnership with this and that person, I usually tell them to soft-pedal. The real dimension of a business cannot be easily discovered at the initial stage. It takes some trial-and-error attempts and it is dangerous to bring in people in when you have not yet explored other options. My advice is that you should start your business small at first and grow it with as little financial outlay and personnel encumbrances as possible. When you are sure of the nature of the business, you can then, bring in joint venture partners who are not necessarily shareholders. These are people you can do business with and share profit. The arrangement can be disbanded once the transaction is over. It is a need-based partnership” It is a good piece of advice I suggest you meditate on.

Mistake 3: Abdicating accounting and marketing function as the CEO. If you are not on top of the financials of your company, you are not on top of anything. When you now combine that with lack of interest in how what you produce is sold, it is safe to say that you don’t have a company. My mentor shared his experience: “For more than five years after I started my business, it was struggle every inch of the way. I was busy spending money on production and money was not coming in. The agents did everything they liked. By the time I knew what was happening I was already sitting atop N21million in debts. I had to call in friends who are consultants to help me out. They came out with two recommendations: First, I had to learn everything about how to interpret financial information coming from my accountant; and second, I should spend less time in the office as money is made outside while you are networking and not when you are sitting down in your cosy office. It was tough initially but I had to learn those two aspects of the business and that saved the company from bankruptcy. You don’t have to be an accountant to know how to interpret financial information, you can learn it. You can also learn how to meet people and introduce the company. Today, our business is a huge success in the true sense of it.” I think that is a wise counsel you should absorb into your spirit and soul!


Mistake 4: Failure to qualify those who have access to you: The biggest mistake you can make is to allow unrestricted access to yourself. The truth is that everybody wants an aspect of you, and people would do anything to extract what they want, irrespective of your discomfort. It is your responsibility, however, to create mechanisms for qualifying access to you otherwise you would lose out in life. One of my mentors said this: “There is always a people’s pressure. You must, however, ensure that you fit people into your schedule, not the other way round. When people invite you for an occasion, you should be the one to determine if it fits your schedule or not. The antidote to this is to fix your schedule for at least a year ahead. Put the time you would spend with your spouse in the calendar and make those times irreversible. I remember when someone important invited me for a speaking engagement, I told him I was not free on the day he fixed, but when he checked my diary as we were looking at it together, and he saw that I filled time with family, and he said but I could fix it on that day. I refused flatly. You must protect your personal schedule from external invasion.” Store this in your soul; it would add more years to your productive lifespan.

This is good stuff, thanks for sharing.

Really impressive material you have presented. It is thoroughly thought provoking. Thanks.

Joyce, it's been a couple of days ago you posted this, but it was timely, informative and insightful. I VALUE people who wish to add meaning to people's lives. I'm truly grateful for the help. And may God grant you more insight.

i am reopening this article again

Thank you sir..

This series will be continued in 2014

joyceok: This series will be continued in 2014

i have started already due to popular demand

https://www.nairaland.com/1571612/salary-slavery-series-business-life#20513667

bestads:

i have started already due to popular demand

https://www.nairaland.com/1571612/salary-slavery-series-business-life#20513667

Thanks

this type of articles will come up again

this is still true today