Essentials of a Successful Businessman

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Chrispen

Business || Brand strategist || Marketing - We make and break Brands®

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Friday, October 21, 2022 –Whenever starting a business either single or partnership, the aim is to earn a living through generated profits.

Profits make the main reason businesses are launched and it is through the earnings that any business remains sustainable for years unless it is a not-for-profit organization.

Sadly, many persons get it wrong when they join the business world with high hopes that there is free flow of money every day; this is a false hope which leaves many of them heartbroken at the short end.

We have seen young business enthusiasts run to open shops immediately after a new building is put up in a place. They take loans and rush to fight for the new available space thinking they are investing their money only to close shop two months later for lack of entrepreneurial skills.

Before thinking of starting a business, understand that eight(8) out of ten(10) businesses have to fail. So make sure there is a classic strategy in place. Also be sure of your location and ask yourself how the clients will access your shop.

Essentially, many service businesses do not require one to have an office or shop near the main road, but if it is about selling clothware or some kind of physical products, then it beats logic to go on the sixteenth floor unless you have an aggressive team of sales men and women doing the lion’s work in the fields. Simply put, enough field work.

Secondly, make sure you have an idea of what kind of a product people require in the area. Do not just start selling anything anywhere. Always asses the ground to see how the product and the people respond to each other.

We always start business to provide that which is not there or somehow not there sufficiently. It is all about filling that remaining gap. This cannot be overemphasized.

Last but not least is consistency. Without being passionately persistent with what you are doing then you are doomed. The more you do it, the more you learn and the more you network.

You have definitely heard of a business joke that goes, those who close their business, many do that when they are a minute away from real customers.