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So many Nigerian businesses which kick off nicely with great dreams and aspiration often close down after 2 to 3 years of start-up. So often we come across many people who give so many unrealistic reasons for failures in their businesses and some of these reasons comes from lack of understanding the basic principle of business administration.

Managing businesses can sometimes be challenging, difficult and at the same time enjoyable. Many people hop into businesses with the idea that it wouldn’t be that difficult, that the journey will be smooth and this turns out to be one of the major reasons for business failure.

Many things leads to the failure of businesses in Nigeria, but i shall share with you, some of the core reasons for these failures.

1. Lack of Proper Planning.

Many Nigerians do not make proper plans for their businesses while few only make plans for the creation of the business and not how to run the business into stability. They don’t set their mission or vision as they just depend on making profit alone which is a wrong way of beginning a business. They also fail to analyze the competition and lack the strategy to tackle them. They never think about marketing activities of their businesses nor are they ready to spend money doing that. They rarely think about potential problems or set backs that could occur in their business. There are different types of planning an individual can carry out. Some of these are Strategic and operational planning, Long term and short term e.t.c. Don’t underestimate the market by concluding that it wouldn’t be difficult. Think, plan, note down your plans, and work towards it.

2. Poor Management.

This is a major reason why businesses fail. It is essential to hire or have a good team while expanding your business. Employees are companies greatest assets. How effective your team is organized and managed, will determine how successful your business or firm will be. Obviously you can’t be able to handle all the tasks in your company alone, that is why you hire a team. Hire people based on their skills and demand of such skill in your business. Treat all employees with respect, appreciate them for their effort in pulling off difficult tasks. This will make them happy and thus foster team work. managing your business has to do with providing good ethics for your organization. Have a good mission and vision statement and ensure every member of your team understands and abides by these statement.

Creating a business plan that covers your marketing strategy, pricing strategy and organizational structure will help improve your business. Ensure to see the works of your employees, communicate properly with them to make sure they are in line with your original idea.

3. Poor Accounting.

This accounts for 40% of failure in businesses in Nigeria. Having a good account record is very essential in business. This helps you to monitor how your customers react to your products and also helps you to know how payable they are. Watch your accounts properly, don’t just focus on the liquid cash at hand and in banks, understand how credits are being done. Also improve one your weak areas in that business. Accounting is a very crucial aspect of every business and you should mind the kind of employee that handles it.

4. Poor Marketing

Marketing is very important is every business because this is what attracts your customers to do business with you. Many businesses has neglected this important aspect of business and this has caused so many businesses a great fortune. Have you ever wondered why already established companies in the likes of Coca Cola, MTN, PEAK MILK and many others still advertise their products?? Everybody knows these companies yet they still keep on advertising. This is because advertising is one of the secrets to their success. Every time you advertise your products, there are people out there who are willing to try them. Never underestimate the power of advertising. Very essential, while doing business, budget a certain amount of money for advertising and this will bring in more people to do business with you.

5. Lack of Targeted Customers

Lack of customers is one of the major reasons for collapse of businesses in Nigeria. Do some research on your targeted customers before you commence any business. Research on how your targeted customers have been getting similar product to yours, where from. When you make proper research, this will help you plan your business properly and reduce uncalculated risks. Research and have a good knowledge of your targeted industry.

6. Poor Customer Relation.

Your customers are the reasons why you will flourish as a business personnel. If you do not relate well with your customers, you will lose them and lose profit. Always smile at customers and don’t raise your voice on customers no matter how bad the situation is. Remember the saying, a customer is always right. Control your anger as some customers have bad approach and also learn to use your wisdom in business to outsmart them. If you treat your customers well, you will not only gain their loyalty and patronage but also that of their colleges which is the best form of advert. This will also lead to increase in profit.

7. Failure to accept change

8. Lack of Innovation

9. Underestimation of competition

10. Giving up.

Source: https://entrepreneursxpress./2016/10/16/reasons-for-failure-in-business-in-nigeria/

Creating a brand identity is a good path to entrepreneurial success, this is because a truly recognized brand identity makes people confident about your organization. Your brand identity should showcase your unique value proposition and develop a competition advantage in the market, as well as reflect the voice of the brand. Below I'll show you a few ways new businesses that are looking up to improve their brand identity should not overlook.


1. Value Proposition

This is a basic step in your brand effort, unfortunately, this is often overlooked. Your value proposition should be your mission statement; your aims and objectives for branding. It helps to identify your branding strategies that fit your business, how to achieve it and what makes your brand different from those of your competitor.

2. What Is Message?

Whatever image that you initially project to your clients about your brand would most likely become a deep rooted perception from which a relationship between you and such a client will germinate from.
So, it is important that you give your client an idea of your competence and promise of integrity. In light of this, a message must be produced with the intention of passing it through the brand. For example, the brand LG, sends a message that "LIFE IS GOOD".

3. Market Identity

Your brand?s persona should be clearly established and easy to identify. This is because it goes beyond individual impression, it serves as a general opinion of what the brand is all about, it should be protected by all cost.
Once it is changed, there is a tendency of the change putting a dent on the image identity of the brand. Take Dettol for example, Dettol is known for antiseptics, Microsoft is known for computers and computer related packages. A deviation from their respective sphere of operation most times, leaves a scar on the face of such brands. You may want to know that upholding a brand's persona, does not remove the possibility of constructive rebranding or brand upgrading

4. Quality Web Design

Blogging plays a great role in improving a brand identity but your web design is just as important. People see your web design before they read your blog content. Some studies have shown that design elements are exponentially more powerful than the content.
In conclusion, it goes without any doubt that these strategies are fundamental and mandatory to improving one's brand image or identity and should not be neglected or overlooked.

Source: https://entrepreneursxpress./2016/10/02/4-ways-to-improve-your-brand-identity/#more-242

The number of people who want to make money online has increased tremendously over the years . We have more people online these days than some years back. But a lot of people still don’t know exactly what to do to start their own business or service.

Here’s a few ideas that can help you get started. This list is endless but I will limit to these few ones with which you can start and earn passive income.

1. Freelance Article Writing

If you can write well, especially articles, then during your spare time, you could make some cool money for yourself through freelance article websites such as odesk and elance. Visit their websites, register, create a portfolio of articles, a professional profile and start writing your way to some cool cash. The money is usually paid via Paypal or Western Union.

2. Freelance Marketing

If you’re not always busy, you could use your spare time to help businesses look for customers. There are people who pay for referring leads to them or actual buyers who make a purchase for something they’re selling. Good examples of what to market on freelance basis include apartments, land, cars and industrial machinery, but you have to learn the ropes here and be patient because one good deal could put a lot of money in your pocket.

3. Affiliate Marketing

This is selling other peoples products for handsome commissions. You can generate consistent income through this. This is mostly related to blogging, it is one of the best ways to monetize a blog. You can make a few dollar as a beginner here daily.

4. Facebook Marketing

A lot of people waste time and money on FB while others are making money, even as students on this platform. It is the cheapest thing to do if you know how to do it.

5. Blogging

Blogging in Nigeria has become more popular these days. You can set up a blog on your passion and be making money writing about it. It could be on any topic of your choice.

6. Information Marketing

This is simply selling information online in different formats like e-books, video, seminar etc. This is a multi-billion industry. You can generate a really good income source if you master this art.

7. Online Couching/Tutorial

You can package your skills and offer them for tutorial and coaching online. This is awesome as it requires almost nothing to start, just get the knowledge of how to do it.

8. Online Consulting

You can also start online consultancy and generate massive income monthly. This is trendy now amidst bloggers. Very simple, and it requires little effort to start.

9. Internet/Digital Marketing

This is the art of selling products and services online. With proper knowledge, you can sell anything to anybody online with massive proceeds

10. Bulk SMS Services

You can help organizations, friends, clubs, fellowships, schools etc to send bulk SMS for a fee and make good money. This maybe for event reminder, meeting notification, marriage invitation and so on.

11. Website Designing

If you learn the art, you can make hundreds of thousands in a single transaction. Many businesses are still coming to the Cyber Space, this is the future of business. So position yourself for the harvest.

12. Online Importation Business

This is very cool and profitable, you can start importation business importing goods from China, USA, UK, Hong Kong and other parts of the world right from your home. This is completely done on the net without travelling.

13. Online teaching

There are sites where you can offer to teach different subjects for good money, especially languages including Yoruba. People are willing to learn different languages.

14. Resume Writing Services
15. Online Proofreading Services
16. Selling of Pictures
17. Graphics Design Services
18. Virtual Assistance Services
19. Online Investment Opportunity
20. Domain Monetization
21. Website Flipping
22. E-mail Marketing.

The list is unending, all you need to do is avail yourself to learning, study whatever business you decide to embark on, study thoroughly, make quality research and the sky becomes your beginning point.

I assure you that not everyone who makes money online are fraudsters, the problem is the level of information you’re exposed to, determines your direction in life.


Source: https://entrepreneursxpress./2016/09/15/22-simple-ways-to-make-money-online-in-nigeria/

Why do some blogs thrive and others fail? What are the reasons why your blog is not thriving as you had imagined. Many bloggers start with big plans and high hopes, only to be crushed by the realities of blogging.

If you must excel in blogging, here are 6 causes of failure a midst bloggers you should avoid:

1. Lack of Passion

Lack of passion is one of the major reasons why most blogs fail today, many failed bloggers today didn’t have any passion for blogging, they just began blogging because they heard somewhere that blogging is easy money, who doesn’t like the sound of lie on your bed, push some buttons on your computer, bam, six figures. I understand that most bloggers today blog for the money, as a matter of fact, it is a good business. But if you blog for the money only, you will give up long before you have a chance to make any. Passion is a key element to successful blogging so you have to make sure you have passion for what you’re blogging about, a “not too crazy” niche though, i mean what others have interest in as well. If are blogging about what people don’t have much interest in, then there is no how you can get good audience to your blog. It is also very important to blog about your passion so that you will not abandon your blog. Focus your motivation on enjoying the process of blogging about a topic you care about and helping others who share your interest.

2. The Thought of Blogging as “Quick Money”

Many new bloggers start a blog thinking that with an hour or two days of work they can become more famous and even make several thousand a month or more. Part time blogging for full time income is the best but this is not an overnight income. If you think it will happen to you within a week, a month or even six months, you are going to be disappointed. It takes work, especially at the start, to build a successful blog, but the rewards make it worthwhile.

3. Ignoring SEO

If you plan on building a great empire, you will want to have a concrete knowledge of SEO, little drops makes an ocean. You hate Google, you hate Yahoo and you hate all those search engines, you just don’t like them, some bloggers even go to the extent of lifting and dropping other authority bloggers content. This is definitely a head dive into failure. Try to learn SEO and use it to your benefit, you will love yourself for it. Another great secret is that search engine traffic is one of the best type of traffic you can ever have because those who come through search engines are very desperate for information and are ready to stay if you give them what they want.

4. Starting more than one blog project at a time

This is mostly common with Nigerian bloggers. You will find a Nigerian blogger, owning up to two or three blogs at a time. This will divide your attention and reduce your success rate by almost 60%. Do not start more than one blog at a time if you can avoid it. Focus is key. You only have so much time and resources to go around, so do not divide it across multiple projects. You can move on to new projects only when your current blog is up and running without requiring much maintenance.

5. Lack of Personality

You should not fail to realize the importance of personality in your blog; try to be as personal as possible. Create a friendly community on your blog. Use your real name, add a picture of yourself, don’t use another persons writing style. Be yourself and yourself only. It is also very important to have an about page which will tell your readers more about you. “You cannot be me and I cannot be you, Try to be yourself.”

6. Information Overload

Most bloggers consume so much information that they become paralyzed and end up creating nothing, or apply things so haphazardly that the results they get are equally random. This fuels their dissatisfaction and sense of hopelessness.

You very likely experience information overload every day. There is a never ending supply of information coming from millions of blogs, social media, video sites and other media pumping out content around the clock.

It is difficult to know who to trust or what to do, but there is a simple situation.

You must screen out excess information that is not related to your

Current goal and directly tie consumption of information to performance.

Avoid consumption of content that is for establishment or only generically helpful.

Study specific solutions for your specific problems and immediately create output based on what you learn…

Determine your vision, sort out the steps necessary to get you there, focus your energy on the immediate next step.

You now see why so many bloggers fail, learn from the above points and try to avoid them as much as possible and I bet you will be successful in “no time”



I hope this post has been helpful to you. I wish you luck as you start your blogging career today.

Source: https://entrepreneursxpress./2016/09/09/6-reasons-why-blogs-fail/

To most people, blogging is a joke.

Try telling your family or friends or colleges you want to set-up a blog and make money from it. Honestly, the response you will get will amaze you, the nice ones will smile and politely and ask, “Does anybody really make money from that?”

The answer to that question is YES, people do make money from blogging.

How??

I'll tell you in a bit.

If your first goal is to create enough income from blogging so you can quit your day job, then you must aim stability through consistency.

By establishing a dependable income source, you finally “allow” yourself to quit your job and break through mental barrier of having a comfortable figure a month and a lower figure the next.

Consider, however that if your income is stable, and you have to post a certain amount of blog posts every single day in order to maintain your income consistency, then that’s not business freedom, it is self-employment.

Blogging as a job is a good one, don’t get me wrong but you could agree with me that blogging as a passive source of income where you wouldn’t have to publish certain amount of posts for your income to be steady is a better option.

How Exactly Do Blogs Make Money?

This is one question most people ask me, especially those who have no clear knowledge of what a blog is.

Most people assume that the only way to monetize a blog is true advertising. That’s definitely the most common way to monetize a blog, but it’s not necessarily the only way. There are actually three core strategies for making money from blogs.

Advertising
Affiliate commissions
Products and Services.

All methods of making money from blogs fall into one of these categories.

Advertising

You can charge money to place banner ads, text link ads, video ads, sponsored reviews or native advertising (Advertising that appears like content) on your blog. You can also tap into networks that find advertisers for you, but take a cut of your revenue as a finder free. Some of these networks include:

Google AdSense"
Yahoo/Bing Contextual Ads"
Chitika"
Infolinks"
NewsletterDirectory "
LiveIntent"

Affiliate Commissions

You earn a commission when you refer someone to another website using an affiliate link and that person makes a purchase. This is done by adding an affiliate link on your blog article, and if someone follows your referral and makes a purchase, then you get a commission. Commissions typically range from 10% to 50% depending on the products.

Companies you could affiliate for includes.

Konga affiliates
Jumia affiliates
Amazon Associates"
Commission Junction"
Share A Sale"
Clickbank"

Products and Services

You could create products or source them from wholesalers which you sell from your blog. Products can be physical (clothing, electronics) or digital(Softwares, templates). You can also sell services provided directly by yourself or from your team. Some of these services may include

consulting,
coaching,
Writing gigs etc.

These are the major sources of income in blogging.

You might be wondering why would someone be giving such delicate information so publicly like this, well the answer is simple:

If people are ever going to respect blogging as a legitimate business model, those of us who are bloggers have to speak up and share what we’ve learned. None of us works in a vacuum. The only way we can advance our field as a whole is to collectively share what we’ve learned.

After all, isn’t that what we’re here to do? Help people?

In the end, that’s what I love most about blogging: every article we publish, can change somebody’s life. Maybe not always in a big way, but in the little that we can, we touch people's life, and we make their lives just a little bit better. We inform them, we inspire them, and we give them the roadmap for achieving their dreams.

I just wish more people knew it was a viable career. Let’s change that, shall we?


Source: https://entrepreneursxpress./2016/09/03/how-to-make-money-from-your-blog/

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What does it take to be successful in starting your own small business? Here are the 6 skills every successful entrepreneur has in common:


1. Ability to see things through
Successful entrepreneurs are visionaries. They are able to see opportunities that normal people do not see. They have clear ideas about what they want to do and possess the ability to transform visions into reality. They don’t just dream; they work hard and smart to see into the future. They don’t just think that they want to achieve something; instead they do everything they need to do in order to achieve what they want. They don’t shy away from the challenges, fear and great volumes of work to get things done.

2. Sales and Marketing skills.
Sales and marketing are the two most important skills you must have when you plan to start your own business. A business is nothing if it has no customers. As you plan your business, you must begin to think on how to reach your target audience, (the people who may need your products and services). You must know what people want and listen to their need.

3. Financial Knowledge
You are in business to make money, therefore, the most important skill you need to have is the ability to handle money well. This includes know how to stretch the limited start-up capital that you have, spending only when there is a need for it and making use to identify the best pricing structure of your business in order to set the best kind of return for your products and services.

4. Self-Motivation skills
As an entrepreneur, you do not have the luxury of bosses and bureaucracy to tell you what needs to be done. Everything rests on your shoulders from the initial dream and vision.

5. Time Management skill[/b]s.
The ability to plan your day and manage time is particularly important for a home business. When you wake up in the morning, you must have a clear idea of the things you must do for the day. You simply have to know how to manage time and prioritize your tasks.

6. [b]Administrative skills
Administrative skills are based on grouping or hiring assistant to be of help in the office. It helps to lessen stress through division of labor.

These are 6 skills every entrepreneur or aspiring entrepreneurs should possess, so equip yourself today irrespective of your career or what you tend to practice in life because they are also skills you will be needing for a successful life.

Source: https://entrepreneursxpress./2016/09/01/6-skills-needed-to-become-a-successful-entrepreneur/

What does it take to be successful in starting your own small business? Here are the 6 skills every successful entrepreneur has in common:

1. Ability to see things through

Successful entrepreneurs are visionaries. They are able to see opportunities that normal people do not see. They have clear ideas about what they want to do and possess the ability to transform visions into reality. They don’t just dream; they work hard and smart to see into the future. They don’t just think that they want to achieve something; instead they do everything they need to do in order to achieve what they want. They don’t shy away from the challenges, fear and great volumes of work to get things done.

2. Sales and Marketing skills.

Sales and marketing are the two most important skills you must have when you plan to start your own business. A business is nothing if it has no customers. As you plan your business, you must begin to think on how to reach your target audience, (the people who may need your products and services). You must know what people want and listen to their need.

3. Financial Knowledge

You are in business to make money, therefore, the most important skill you need to have is the ability to handle money well. This includes know how to stretch the limited start-up capital that you have, spending only when there is a need for it and making use to identify the best pricing structure of your business in order to set the best kind of return for your products and services.

4. Self-Motivation skills

As an entrepreneur, you do not have the luxury of bosses and bureaucracy to tell you what needs to be done. Everything rests on your shoulders from the initial dream and vision.

5. Time Management skills.

The ability to plan your day and manage time is particularly important for a home business. When you wake up in the morning, you must have a clear idea of the things you must do for the day. You simply have to know how to manage time and prioritize your tasks.

6. Administrative skills

Administrative skills are based on grouping or hiring assistant to be of help in the office. It helps to lessen stress through division of labor.

These are 6 skills every entrepreneur or aspiring entrepreneurs should possess, so equip yourself today irrespective of your career or what you tend to practice in life because they are also skills you will be needing for a successful life.

WHAT NEXT??

This is one of the most difficult questions most fresh graduates find difficult to answer. We live in a world that is full of confusion. Many people have been disappointed at this juncture, especially those who did not have plans for what to do after having the higher institution of learning.

After Graduation, What Next?



I put this question to you today, “if someone was willing to invest in you today, what would you likely do with the money?” so many graduates do not have anything in specific they could do, even if they had capital in hand. Many are only waiting to grasp whatever tomorrow could offer them or better still, what the government was willing to do for them. Tomorrow doesn’t give any man his desire, it rather gives what you have planned.

Look, in another few hours from now, today will become yesterday. Don’t live in the reality of the past, have a good grip of your today and give your tomorrow nice surprises.

What is your plan for life?
Would you return to your sponsors with only certificate and no plan for a brighter future?
Would you be among those heading from office to office for job interviews?
Would you let your financial prosperity be determined by a boss whom your skill might surpass?
What would you do with your skills after campus?
Any day you wake up and ask yourself, “What Next” and you couldn’t provide an answer, such a day is wasted.

The journey to destiny begins the day purpose is discovered.

As you prepare for the next step of your life, ponder on these questions.

What if that uncle who has promised to get you a job is not able to help you with one?
What if two years after graduation, you couldn’t secure a job?
What if after all your interviews, you were not called back?
You must have a plan B and C, no matter how real the promises made by your well-placed uncles and aunts.

GET THESE STRAIGHT- “Sometimes, what you see is not real and reality is not what you see. Somewhere between both these reasoning resides a fact: where there is a lack of trust and confidence, perception will always differ with reality” – Ashish Patel.

Brilliant people aren’t always the greatest and the most successful, just like the first house in a street is not necessarily the best on the street.

There are so many resources at your disposal today, no matter how tiny they are, when you are consistent, they will add up greatly. Time flies quickly, soon today will become five years ago, if you decide to start early while others are still trying to set out their paths, you will be ahead with so much experiences.

I will conclude with this story about a successful entrepreneur who was interviewed by some of his old time friends. They asked him after about 20years of graduation from the university, what made him better than them. Acknowledging the fact that they used to be more brilliant and all came from very wealthy families with lots of influence. This entrepreneur only gave a simple response which changed the orientation of how I saw life. He said, “I live my life at least one year ahead of all of you”.

What a response...

Wake up today to the realities of your life and start preparing, even now that you have all the strength and resources.

Life after graduation

START NOW!



Sources: https://entrepreneursxpress./2016/08/28/life-after-university-graduation-what-next/

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