BUSINESS AND HEARSAY - MY BUSINESS JOURNEY (Issue #2)

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Michael Porter noted that sound strategy starts with having the right goal… That is a fact. Also it is popularly said that if one fails to plan, he/she plans to fail.

BUSINESS and HEARSAY are like water and oil; they don’t meet.

Many people enter into businesses because they have heard that it is lucrative. Here, business judgment and emphasis is on ‘heard’, not on proper feasibility studies. They therefore risk their resources by investing heavily into a business venture without doing any research whatsoever. A few short term businesses I ventured into based on hearsay FAILED, because there were several factors I did not account for under the blind folds of perceived lucrativeness.

Usually, failure is quickly associated with diabolic influence in this part of the world as a result of our strong religious background, when failure eventually occurs, many tend to look for reasons from this perspective. Of course, they always find one.

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Listen! Before you can start a new business, first understand how it works, the cost of starting, how long it would take to begin making profit, what skills you would need to acquire, who your target market would be, who your competitors would be and what strategy you would employ to outdo the competition and achieve your goals in the business venture. If the plots across these factors align properly, then you are good to go.

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Proper planning should precede any business venture. Planning first is a shrewd step that commits your emotions and gives you conviction to run with the vision that you have developed during the planning stage. It gives you the mental stamina to follow through with the plans when challenges are encountered since they are things that you must have envisaged while planning.

If you have read many motivational books encouraging you to take the plunge then later seek the solutions as you go, you would end up spending more in carrying out a trial and error project. In reality, these books are there to spark your motivation to activity not to ignore facts-finding and thorough planning. Always remember you would be the one that bears the consequences of your action if you fail to plan, regardless of who gave the advice. Take risks but calculated ones.

Your ability to see through the sleaze is what sets you apart as a thoughtful entrepreneur rearing to go towards success that many may not be patient enough to investigate. Carnegie spoke wisely about planning when he said ‘first ask yourself: what is the worst that can happen? Then prepare to accept it, then proceed to improve on the worst.’

In Conclusion, I say…

Remember, whether you are starting small or big never fail to write a business plan! Starting a business based on hearsay is like having a vision-less venture. FAITH is good, but before you plunge into the water, ascertain how deep it is to avoid drowning.

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Previously on MY BUSINESS JOURNEY...

• About MY BUSINESS JOURNEY series
• Issue #1 - TWO BASIC THINGS YOU SHOULD KNOW in business. Else you will SURELY crash!

Do well to grab a copy of 50 NUGGETS TO GETTING STARTED IN BUSINESS by Jabez Gabe. It contains many of the ideas shared above and MUCH MORE. The book is written to assist anyone who wants to re-invent himself towards business success. It is also for those who hope to start a business sometime in the future as well as for those who are having poor self-confidence that is hampering their success from shining forth. It is basically a quick guide to entrepreneurial success.

To place order for the hard or soft copies, drop a message on the comment section of this post or message me privately on Discord: @mrfelix#9825.