₦airaland Forum

It's Very Easy To Go Broke

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

Am sorry, you are really poor in the mind.

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

So, entrepreneurs are now lazy people?

Tomorrow now when they sack you, you start running around looking for who to help you pay your house rent.

NIJJAking:
in africa or nigeria as a case study one of the important factor to fight against is spiritual attack from your enemies and competitors. any businessman that is not well protected spiritually will certainly loose the business. only Jesus can save from high level juju,occultic people,witches/wizards.etc

Shut up

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

You mean salaried job created by another human being with one head, like you abi? This Article is not for your kind, its for men and women with balls not for sissies. Unlike you not everyone can be under others, some of us are pathfinders, and leaders, we are not meant to eat out of other peoples hands, or crawl on the floor to beg for increases and salaries every month end. When men are discussing, dknt come near.

madgoat:
Mumu keep suffering there because u want to be a business owner meanwhile ur mates are collecting fat salaries and living large
When poverty hits you well, they will not tell u twice.

Shut up.

A salary earner can never live large. If you know anyone show me.


As a salary earner, you're caged even to respond to emergency at home you'll take permission else you'll be fired.

madgoat:
Lies from the pit of hell
If they check ur account balance it might not be up to 5K there.

not here to throw jibes. I have got customers waiting on the standby. Take care.

Well they are all true.

But as a business minded person. Who is probably an inventor or processor or solution creator.

You must be resilient and rugged. Also read stories of other people who have made it in business....

Check out their pitfalls and you'd come out tops in time.

chronique:
Well said. Being a business owner is one of the most difficult tasks you would ever undertake in life cos the success of that business first and foremost, depends on you. There would always be periods of discouragement where you'd be tempted to give up. Perseverance is what you'd need at such instances. I Reg my first biz in 2008 and at that time, I had nobody to look up to for guidance. No capital came from anywhere and all I had was my ideas and a very big "I can do it spirit". I gave myself a 30yrs plan of succeding cos I had to learn everything on the job. I made lots of mistakes and learnt from them, I got duped, was cheated on severally, etc. At the end of the day, 10yrs has gone and I've been able to master my craft to an extent. In this short while, I've been able to mentor some friends and a few strangers too... There are going to be many days of being broke cos you have to put every penny back into the business. There are going to be periods where govt policies would almost ground you and put you out of business but you have to be innovative to stay in business and not fold up. There are going to be days when you would need cash/capital and wouldn't see anyone to bail you out. You'd need to keep reinventing yourself to keep up with so much competition and all that. You might need to move from one business to the other before you settle into the right one for you. Entrepreneurship ain't for the faint in heart but for people with the never die spirit.

U know I use to follow your diary since the last two years and I must confess I always pray that the universe bless you,whenever am buying a guy,I must surly ring you up..God bless you man

jesse8048:
Wow, it's really an eye opener. As a small business owner I've seen and faced most of them.
It's not always as rosy as it looks from outside until you start. But in all hard work, persistence and God's grace will help conquer.

send me ur whatsapp no, how did you overcome it, am also a small business man thats into printing press

chronique:
Well said. Being a business owner is one of the most difficult tasks you would ever undertake in life cos the success of that business first and foremost, depends on you. There would always be periods of discouragement where you'd be tempted to give up. Perseverance is what you'd need at such instances. I Reg my first biz in 2008 and at that time, I had nobody to look up to for guidance. No capital came from anywhere and all I had was my ideas and a very big "I can do it spirit". I gave myself a 30yrs plan of succeding cos I had to learn everything on the job. I made lots of mistakes and learnt from them, I got duped, was cheated on severally, etc. At the end of the day, 10yrs has gone and I've been able to master my craft to an extent. In this short while, I've been able to mentor some friends and a few strangers too... There are going to be many days of being broke cos you have to put every penny back into the business. There are going to be periods where govt policies would almost ground you and put you out of business but you have to be innovative to stay in business and not fold up. There are going to be days when you would need cash/capital and wouldn't see anyone to bail you out. You'd need to keep reinventing yourself to keep up with so much competition and all that. You might need to move from one business to the other before you settle into the right one for you. Entrepreneurship ain't for the faint in heart but for people with the never die spirit.

pls bro qoute me with ur WhatsApp no pls�

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

Salary job and peace of mind? In which country please?

Please real entrepreneurs aren't lazy.

Know what you are typing, better still, use your head more, not your fingers.

Very impressive. If you need practical business ideas then this is the book to help you.

chidekings:
U know I use to follow your diary since the last two years and I must confess I always pray that the universe bless you,whenever am buying a guy,I must surly ring you up..God bless you man

Thanks man.

adetoroamos:
pls bro qoute me with ur WhatsApp no pls�

Check my topics and look through any of the adverts.

NIJJAking:
in africa or nigeria as a case study one of the important factor to fight against is spiritual attack from your enemies and competitors. any businessman that is not well protected spiritually will certainly loose the business. only Jesus can save from high level juju,occultic people,witches/wizards.etc

That's the pure truth

OkaNaUbe:
Nothing beats doing (legit) deals and businesses.

with time it will ease

madgoat:
Mumu keep suffering there because u want to be a business owner meanwhile ur mates are collecting fat salaries and living large
When poverty hits you well, they will not tell u twice.

If the people that started the companies that you now call salaried job were thinking like You, where would you see salaried job to do?

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

If you think owning a business is not your forte, why not leave the few who've got the nerve to strive for it rather than castigate them.

I sometimes get rattled when I read comments like yours. Your mindset is sticking to a salaried job which is never secure. I honestly don't think you understand the joy and fulfillment of owning something you can call your very own, something that takes your entire life, I mean your time, yet leaves you with so much joy and sense of ownership, that feeling that money cannot buy even if you earned a million pounds per month as an employee elsewhere. Mind you, as a business owner, you are still an employee but this time, you work in your own company which could be a multi-billion dollar firm.

I do not mean to appeal to your reasoning but keep it at heart that someday if you don't leave that job, the job will leave you and when it's time for your children to start working, you will be submitting their CVs to your ex-colleagues or associates.

Why not put the energy you currently use to build another man's dream into your own thing, work hard at it, make it successful and hand it over to your children.

I have said it several times, you can earn fat pay in salaries, benefits and bonuses but nothing compares to the kind of money you'll make if your business blows. Yes it could fail but who says your career cannot come to an abrupt end as well.

Note that it is not a bad thing to work for others via a structured organization but make plans to own yours some day.

Cheers.

chronique:
Well said. Being a business owner is one of the most difficult tasks you would ever undertake in life cos the success of that business first and foremost, depends on you. There would always be periods of discouragement where you'd be tempted to give up. Perseverance is what you'd need at such instances. I Reg my first biz in 2008 and at that time, I had nobody to look up to for guidance. No capital came from anywhere and all I had was my ideas and a very big "I can do it spirit". I gave myself a 30yrs plan of succeding cos I had to learn everything on the job. I made lots of mistakes and learnt from them, I got duped, was cheated on severally, etc. At the end of the day, 10yrs has gone and I've been able to master my craft to an extent. In this short while, I've been able to mentor some friends and a few strangers too... There are going to be many days of being broke cos you have to put every penny back into the business. There are going to be periods where govt policies would almost ground you and put you out of business but you have to be innovative to stay in business and not fold up. There are going to be days when you would need cash/capital and wouldn't see anyone to bail you out. You'd need to keep reinventing yourself to keep up with so much competition and all that. You might need to move from one business to the other before you settle into the right one for you. Entrepreneurship ain't for the faint in heart but for people with the never die spirit.

Great post. Thanks for sharing.

Kingsleyumeh007:
As a small business owner, nothing motivates like the hope that your enterprise will eventually buy you financial freedom.

Sadly, it's not every entrepreneur that gets to see this reality. It has been reported that only 33% of small businesses make it to their 2nd year anniversary. Although most entrepreneurs set out with foolproof business plans, well researched market analysis and an attitude that could bring down the moon, they seem to loose motivation, money and the enthusiasm to continue as time goes on. It is my opinion that such entrepreneurs got more than they bargained for because they were not prepared for the challenges when the complex responsibility of maintaining the balance in a densely competitive market place came knocking. Below are 6 little truths every small business owner should know about small businesses.


1. IT TAKES TIME TO BREAK EVEN

Many startup entrepreneurs entering the market place come with the illusion of recovering their invested capital in the shortest time possible. This puts undue pressure on both the entrepreneur and the business in general. There is need for every small business to establish an enduring business brand before going to maximize profits as no building can stand firmly and securely without a strong foundation. It is important to avoid putting the cart before the horse to prevent business failure. Every small business entrepreneur must give himself ample time to establish a clean chain of command, mode of operations, proper market presence, efficient bud geting and record keeping strategy, excellent customer satisfaction and commiserate staff salary and allowance structure. As a business entrepreneur, you need to understand that the market place is designed as a reward system and revenue is only generated based on the value added.

2. STARTING A SMALL BUSINESS AFFECTS YOU EMOTIONALLY

This is a rarely discussed factor that affects all small business entrepreneurs. The fact is that the journey into the realm of financial freedom will definitely take it s toll on you emotionally, and otherwise. This happens because you will have to work for longer hours, make complex administrative decisions and adhere to a strict budgeting structure.Society has a way of misunderstanding every entrepreneur with the determination to succeed; so you must get used to criticisms and feelings of loneliness. These are the price you as business entrepreneur must pay if you're to succeed.


3. EVERY SMALL BUSINESS ENTREPRENEUR IS BOTH A LEADER AND A MANAGER

It is important to be able to switch roles, as a small business entrepreneur, between leadership and management. As a leader, the vision for, and eventual outcome of the business is your personal responsibility. This is usually an enormous weight to bear because you are to blame, or to be praised for the success or failure of the business. As a manager, it is also your duty to coordinate the daily operations schedule of the business. Most small business owners make the mistake of outsourcing the management of the business; this is ill advised as you can't give a new born baby to a nanny to nurture. You need to prepare yourself for duties such as accounting, budgeting, employee relations, customer relations, branding, sales and marketing,etc, because swapping between these roles will be psychologically and emotionally challenging.


4. SMALL BUSINESSES ALSO PAY TAX

Many small business owners become frustrated when the little profits made are swallowed up as taxes. Be that as it may, it is advisable to forge the habit of prompt tax payment to avoid legal action against your business which could affect your brand.


5. GET READY FOR ATTACKS AND OPPOSITION

In preparing for competition, you should prepare for the worst and hope for the best. Every business faces internal and external attacks and oppositions, especially from more established corporations. It's best to create a unique market presence (brand) and perfect your unique selling proposition.

6. YOU WILL MAKE MISTAKES

Lastly, it's important to know that mistakes are part of the game. It's important to allow yourself make the necessary mistakes that build the right character and tenacity for success. Don't allow your mistakes to end your dreams, but use them as stepping stones to success. Mistakes allow us to explore our strengths and weaknesses and to become aware of them.

Mistakes are the rungs in the ladder of mastery.

https://www.gistdeck.com/2018/10/bitter-truths-no-one-ever-told-you-about-small-business.html?m=1

@OP: Thanks for sharing.

Yoighaman:
Great post. Thanks for sharing.

You're welcome.

Btruth:
.....but unfortunately, the most bitter truth is that, that is the only stage you can start from as a small scale business person. You can't possibly start big even if you have a big funds.

Best comment so far.


The basics are learnt on small scale. If you just start big, you will likely crumble to small. It happened to me.

madgoat:
Mumu keep suffering there because u want to be a business owner meanwhile ur mates are collecting fat salaries and living large
When poverty hits you well, they will not tell u twice.

give an example of the fat salary you are talking about?

mployer:
Best comment so far.


The basics are learnt on small scale. If you just start big, you will likely crumble to small. It happened to me.

....talking from experience from the side too bro.

Bitter Truths

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

how old r u?

Yoighaman:
If you think owning a business is not your forte, why not leave the few who've got the nerve to strive for it rather than castigate them.

I sometimes get rattled when I read comments like yours. Your mindset is sticking to a salaried job which is never secure. I honestly don't think you understand the joy and fulfillment of owning something you can call your very own, something that takes your entire life, I mean your time, yet leaves you with so much joy and sense of ownership, that feeling that money cannot buy even if you earned a million pounds per month as an employee elsewhere. Mind you, as a business owner, you are still an employee but this time, you work in your own company which could be a multi-billion dollar firm.

I do not mean to appeal to your reasoning but keep it at heart that someday if you don't leave that job, the job will leave you and when it's time for your children to start working, you will be submitting their CVs to your ex-colleagues or associates.

Why not put the energy you currently use to build another man's dream into your own thing, work hard at it, make it successful and hand it over to your children.

I have said it several times, you can earn fat pay in salaries, benefits and bonuses but nothing compares to the kind of money you'll make if your business blows. Yes it could fail but who says your career cannot come to an abrupt end as well.

Note that it is not a bad thing to work for others via a structured organization but make plans to own yours some day.

Cheers.

Baba go and sit down somewhere. Lack of job is what made u type such long meaningless epistle.
You better send out your CV and get a salaried job.

.

madgoat:
Poverty in action for lazy people who claim they are entrepreneurs. Abeg go and find a salaried job and have peace of mind.

Bro, Wipe off that mentality . An Entrepreneur is different from a trader. Entrepreneurship is all about identifying needs and filling it. I have failed countless times and am still happier than most of my siblings who work 7 to 6 under a boss. Failure teach you a lot in life. Am not rich yet, but i cnt go broke again, you know why, because the street has strengthened me. I can succeed anywhere . You can lose your salaried job in a night . Most of us prefer Risk to security . I started a second business in August {2 months ago } with just 200k , I checked back yesterday and the capital has multiplied its self by 2.5 (#430,000). I travel when ever i wish and feast on what ever i desire . I wear what ever i want and keep my beards how ever i want it. It all because i dnt have a boss . I intend starting a 3rd business by feb which has the potential to give me 400% ROI in one year . dnt force me to say dt u r the lazy one here bro.

bluefilm:
Wia you even see the salaried job?

You need to learn how to apply your sense at certain times before speaking.

Dnt mind him ........He is leveraging on the fact dt he was lucky