10 Tips for the First-Time Business Owner

I write This because I believe there are far too few resources directly addressing the non-academic trials and tribulations young entrepreneurs face along their journey. Whenever possible, I encourage up-and-comers and established entrepreneurs to mentor the next generation of dream-seekers; for it is this insight and insider education that will provide the foundation for the entrepreneurs of tomorrow. With that, here are 10 pieces of advice that I wish someone had given to me before I launched my first venture.

11.   Focus. Focus. Focus. 
Many first-time entrepreneurs feel the need to jump at every "opportunity" they come across. Opportunities are often wolves in sheep's clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.

2.   Know what you do. Do what you know. 
Don't start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It's not only important to create a profitable business, it's also important that you're happy managing and growing it day in and day out. If your heart isn't in it, you will not be successful.

3.   Say it in 30 seconds or don't say it at all. 
From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.

4.   Know what you know, what you don't know and who knows what you don't. 
No one knows everything, so don't come off as a know-it-all. Surround yourself with advisor and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

5.   Act like a start-up. 
Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company's life-blood. Practice and perfect the art of being frugal. Watch every dollar and Naira and triple-check every expense. Maintain a low overhead and manage your cash flow effectively.

6.   Learn under fire. 
No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less travelled. Never jump right into a new business without any thought or planning, but don't spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes--and never make the same mistake twice.

7.   No one will give you money. 
There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it's manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

8.   Be healthy. 
No, I'm not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don't make excuses. Eat right, exercise and find time for yourself.

9.   Don't fall victim to your own B.S. 
Don't talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.

10. Know when to call it quits. 

Contrary to popular belief, a smart captain does not go down with the ship. Don't go on a fool's errand for the sake of ego. Know when it's time to walk away. If your idea doesn't pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavours. Failure is inevitable, but a true entrepreneur will prevail over adversity.

Are you a young shape minded fellow need to have more than one stream of income and become entrepreneur, CEO of his own business with a unique venture?                                                     Click Now: http://bit.ly/1GQiwg1  and learn new business that fetch me 70k every week and am still doing my 8am- 5pm no rest daily work, l bet l earn more than my colleges in the Bank .

unless you act, the fact remains that you still be at a point of no start.

Introduction To A Small Business You Can Start Doing Today [Mini Importation Business]

Mini Importation Business 

Hi my friend, I am so curious to know how you will feel if l will introduce to you one one the LAZY way to earn money from home. Are you not surprise that l call it "lazy way to earn Money" yes, is because, right now that l am putting up this blog l am in my office l never quit job but doing the business as part-time, l have no shop, no office for the business yet but l can call my self an importer, Do you know the wonderful aspect of it, l started the business with just #10,000, now l running on a profit of #70k per week as at this time that and am still hoping the profit merging will continue increasing because everyday am searching for a fast moving product that l will continue selling fast, Are you asking where is my shop or how l sell my product l import, well if you will believe if l call myself Jumia or Knoga or etc, l know you will ask how could that be, those are my shops,when am in my office busy with my daily work routine, they help me sell my product, see why l said it is a lazy job to earn money from home.
Now let us discuss, I want to expose how you too can start this lazy job and earn s much as l am earning today or more. 

THE SECRET ON IMPORTATION
Guess what? is there any secret at all, the answer is no secret .its just information, really there is no big deal or rocket science knowledge to begin your own importation business with little capital its just common sense business on checking the trending product in the market and bring them to sell.

1. Where to get your items from and negotiate for the best price suit you  
2. How to bring it to Nigeria within 3days and even receive it at your door step not like after a       month before you receive it 
3. Where to sell your product like l mentioned, how you partner with Jumia Konga and the rest       to sell you market while you have space for other things to do
4. How you determine your profit 

Once you can answer this questions you are good to make profit real, so now the big question is how do I get started. relax and lets take this one after the order but if you will not mind l have made it more simpler, a video guide that take you by hand to show you from A-Z click on this link and have 100% access to it. Importation 2 Naija  

WHERE DO I GET MY ITEMS FROM.
Do you know what, it really depends on you, the choice is yours there so many product with different merchant that ready to sell to you at avoidable price really but in the video 4 unique website was given as a major sources to copy the me  which l will rather advise you to use the ones tested and trusted to get maximum results however you are not limited you can test new source as well but it will have been when you have got the power requires but for a stater a special website that welcome you is discussed in the video.
Why do I use them? I will tell you the product on this site is cheap and avoidable and power of negotiation on price welcome and easy
I told you all the way you will need to be successful is well explained how you will in to that website and let me give you bit of it, Just log on to www.aliexpress.com and get into a new world of buying and shopping, well l know you may have herd of the website but all trick you need you bargain for best price  for any product you wish to pay is thought in the video l mentioned so that you can sell it at profitable price at Jumia and Konga and other Nigeria ECommerce website 

How To Get Your Items.
Do you know things have changed now a days like those days that you will receive you items you purchased after 21 to 30 working days but my ways are much different as more easy way have been researched that deliver you items from china with 3-5 working days to Nigeria even at your home address. l tell you this is much sure and certain, l will tell you how all this will be done without you lost any of you goods The special shipping agent that l use always and they delivered to time is well explain in this Video. Do you know if you will take a step to have complete access to this video l can bet you, you don't need any seminal again for Mini importation business before you will start.  


How To Know What Will Sell Quickly[Trending Product In The Market]. 
Please Try to be attentive, everything has way of doing them which l will let you understand which is well explain as well by me how l normally know what will sell well in the market if l will import it, how to make the research online and offline, l think you must know that for every good market to sell well there must be a great demand all what l mean is that it is not just you ship in any product that will not sell but how you will identify the trending market that will sell well under a week you set them into the market and have your profit with minimum of time. so that you can order for another items. let me share this with you, l research a product October  time last year see the picture below. Look at the price of the 2 product on different website, instead of $4.36 l finally bought it $3 which is #600 

At the end of the day l made profit more than #120,000 apart from the sales already having on other product, I plan the sales of that product towards December. Let me tell you once again, all what you need is information, how others that are in the business are doing it and make success for the Business, which in less that 2 weeks that you get the Video and study how it was performed them you too will be named an importer.


How Much Capital Do You Need To Start The Business.
I Know at the beginning of my blog you must have started thinking about the impossibility of this Business l am introducing to you, please don't be panic l am not introduce you to what will be impossible to your pause, l know how situation is, the fact that was there is that you can start this business as low as #10,000, please l am not telling you that you are not going to spend any amount before you will start to make profit from this business but l am saying you can start this business with avoidable amount of capital because l am introducing you to a product that you will buy am low as $1-$5 how much is $5 with our exchange rate of #170-175 as at October 2014, I use Diamond Debit Card and sometimes my UBA Aficard. $3=#600 plus shipping which cost #3500 l bought 50 pairs please do the simple arithmetic l spent #33,500 and at the end l profit #26,250 and l ordered 2 times of the types which l sold all before Dec 25th see how much l will gain. 
Sorry for my too much analysis only l just want you to know the gain behind the business and mind you all the price a tagged on Nigeria market at then was only the trick sell my product fast l don't want it to delay because l need more profit and there is more competitor in the market, that is one of the advantage you are having about the Business, you determine your selling price yourself.   

I will close all the ideas that was put together for you to learn a new business in that Video in less than mins now, please don't allow the opportunity to learn a new trade once and for all to pass you by.

How To Start The Business Conveniently.

I am much sure that taking advantage of every opportunity can still mean taking a risk but for every risk taking to be an advantage it has mean there there is much success recorded, in that case success is good to recorded earlier so that all risk taking can be quickly liberated. I remember when l started, my mentor told me that if l will go big quickly l should try to reinvest with the profit am making for good six month, but do you know what l did, l make a step further, l went ahead to collect small loan, that was what help the business grow faster that what l even expected. that was my secret [loan without collateral]. 

That was the Ebook that comes together the video which give you more advantage to know how, where to collect loan without collateral. Step by Step details on how you can do that accompany the video so that you too can grow fast. I think you don.t have any time to waste that to take a step further, l mean you have no time at all.

To finalise all, you can remember that l told you that am still working with a company here in Lagos and am still doing this mini importation business, this is my third source of income, which l believe that boss has limited brag on me, though l don't joke with my work but soon l am planing to quit the job so that l can face the business squarely.

Call Richard 08077825448

Time is never a friend to anybody.
 

How to Start a Small Business

Deciding to start a business can be one of the most exhilarating decisions you make in your life. But there are a lot of moving parts and many different elements to consider.

Here are 10 steps that provide an overview of the basic steps required to start a business successfully. Take one step at a time, and you'll be on your way to small business ownership.

Step 1: Get Inspired

All businesses start from a common point - an idea. Dreamed of starting your own business for years, or inspiration may have hit you unexpectedly. Regardless of the source, the first step of starting your own business is coming up with a business idea.

Step 2: Do Your Research

You've identified your big idea, now it's time to balance it with a little reality. Are you really ready to start a business? Take this starting a business quiz to gauge your readiness and see what you need to prepare yourself for business ownership.

The next stage of research you conduct in your small business start-up process will help you figure out if your business idea has potential.

In order for a small business to be successful, it must solve a problem, fulfill a need or offer something the market wants. There are a number of ways you can identify this need, including research  , focus groups, and even trial and error. As you explore the market, some of the questions you should answer  include:

·         Is there a need for your anticipated products/services?

·         Who needs it?

·         Are there other companies offering similar products/services now?

·         What is the competition like?

·         How will your business fit into the market?

Don't forget to ask yourself some questions, too, about starting a business before you take the plunge.

Step 3: Make a Plan

You need a plan in order to make your business idea a reality. If you intend to seek financial support from an investor or financial institution, a formal written business plan is a must.

Even if you don't anticipate seeking financial support, a simple business plan can give you clarity about what you hope to achieve and how you plan to do it.

In general, your business plan should outline your business goals and the motivation behind them, as well as your plan for reaching your goals in terms of marketing and funding.

Step 4: Plan Your Finances

Starting a small business doesn't have to require a lot of money, but it will involve some initial investment. There are a number of ways you can fund your small business, including:

·         Financing

·         Small business loans

·         Small business grants

·         Angel investors

You can also attempt to get your business off the ground by bootstrapping, using as little capital as necessary to start your business.

Step 5: Choose a Business Structure

Your small business can be a sole proprietorship, a partnership, a limited liability company(LLC) or a corporation. The business structure you choose will impact many factors from your business name, to your liability, to how you file your taxes.

You may choose an initial business structure, and then reevaluate and change your structure as your business grows and needs change.

Step 6: Pick and Register Your Business Name

Your business name plays a role in almost every aspect of your business, so you want it to be a good one. Make sure you think through all of the potential implications as you explore your options and choose your business name.

Once you have chosen a name for your business, you will need to check if it's trademarked or currently in use. Then, you will need to register it. A sole proprietor must register their business name with either their state or county clerk. Corporations, LLCs, or limited partnerships typically register their business name when the formation paperwork is filed.  Don't forget to register your domain name once you have selected your business name.

Step 7: Get Licenses and Permits

Paperwork is a part of the process when you start your own business. There are a variety of small business licenses and permits that may apply to your situation, depending on the type of business you are starting and where you are located. You will need to research what licenses and permits apply to your business during the start-up process.

Step 8: Set Up Your Business Location

Setting up your place of business is important for the operation of your business, whether you will have a home office, a shared or private office space, or a retail location.

You will need to think about your location, equipment, and overall setup, and make sure your business location works for the type of business you will be doing.

Step 9: Choose Your Accounting System

Small businesses run most effectively when there are systems in place. One of the most important systems for a small business is an accounting system.

Your accounting system is necessary in order to create and manage your budget, set your rates, conduct business with others, and file your taxes. You can set up your accounting system yourself, or hire an accountant to take away some of the guesswork.

Step 10: Promote Your Small Business

Once your business is up and running, you need to start attracting clients and customers. You'll want to start with the basics by writing a unique selling proposition (USP) and creating a marketing plan.

Then, explore as many small business marketing ideas as possible so you can decide how to promote your business most effectively.

Once you have completed these business start-up activities, you will have all of the most important small business bases covered, and be ready for small business success.

How to Train Your Mind to Become Entrepreneurial Pt 2

Continued from part 1

The key to taking risky bets is learning how to turn off the fear to light up the brain’s reward pathway, the side of the brain responsible focus, learning and pleasure which chemically wires us to be motivated. While independent of one another, the brain can’t be in loss and reward mode at once; when one is on the other is off. Some are born with a reward pathway that is easily activated. For the rest of us, there are a number of simple techniques that can be effective in trigger a focus on reward. By learning the ins and outs of our own wiring, we can start getting out of our own way to become more skilled entrepreneurial risk takers.

What three tips would you offer on how someone can start their first business?

1. Treat entrepreneurship as an evolution. Where you start is rarely where you land once you have been in the market for a while. Steve Jobs and Steve Wozniak got their start hacking ma bell, amid their experimentation in phone phreaking Wozniak discovered his technical chops and Jobs learned he could sell and that led rise to one of the greatest technology businesses of our time.

2. Because you don’t know where the road will take you skip the early planning and focus on getting to market as quickly as possible to let the customer refine your focus.When you skip planning, it’s not a matter of if there will be fires but when. Focus on keeping cost of failure low and entrepreneurial adaptability high.

3. The road to success will be long, windy and full of potholes. Be militant about conserving resources. That means start small, focus on bootstrapping and take steps to lengthen your financial runway so you can last the journey.

Dan Schawbel is a Gen Y career expert and the founder of Millennial Branding, a Gen Y research and consulting company. He is also the #1 international bestselling author of Me 2.0: 4 Steps to Building Your Future and was named to the Inc. Magazine 30 Under 30 list in 2010. Subscribe to his Personal Branding Blog for more self-help advice.

How to Train Your Mind to Become Entrepreneurial Pt 1

In the below interview, with one great entrepreneur of our time talks about how anyone can be an entrepreneur, lists the top traits of all great entrepreneurs, and more. please enjoy the Answers to all question asked.......

How do you define the entrepreneurial instinct? Can anyone be an entrepreneur?

The entrepreneurial instinct is the mental toughness that is required to make something from nothing. It is the mindset that allows you to take smart risks, thrive in ambiguity and bounce back from failure. It’s the reason why the team that looks good on paper doesn't always win and why the drop out becomes a billionaire – we hear that story over and over again.

The idea that we are born knowing how to handle the greatest challenges of life is a theme that runs throughout eastern and western cultures in the major myths, religious texts and popular stories of our time. Some people just know how to tap into instinct. Others are put into situations where they are forced to draw from it. And for the rest of us, making the most of our innate talents and physiology comes from a process of discovery and practice. Instinct is universal; it doesn’t care where you come from. Anyone with a willingness be an entrepreneur and a persistence to keep at it when the road gets rough can do it

What would you say the top 3-5 entrepreneurship traits are? Which ones do every entrepreneur have in common?

Entrepreneurs are impulsive and adaptable. In business, impulsivity translates to a bias to action. When counterbalanced with a personality that is adaptable or knows how to roll with the punches, it is a winning combination for taking risks for gain. The ability to take risky bets is actually what researchers at Cambridge University identified to be the key differentiator among entrepreneurs and people of equivalent IQ and experience that find success in the corporate world. Entrepreneurship is a career path in which evolution is the norm and failure is a given. Persistence, optimism and resourcefulness are traits that popped up over and over again in interviews with the dozens of successful entrepreneurs I interviewed for the book.

Why do you think more young people are becoming entrepreneurs despite economic setbacks?

Necessity is the mother of invention is an old adage but one that holds true today. Youth employment is at a 60 year low. Young people face a dearth of opportunities, and some of them are taking it upon themselves to pave their own way. The generation of entrepreneurs to come out of the abysmal job climate may be the silver lining of these tough economic times.

How do you train your mind to be more entrepreneurial? Is it possible?

Understanding the physiology that drives motivation can go a long way in helping anyone become a better risk-taker. For most of us, it is a knee jerk reaction to experience a fear of loss when faced with an ambiguous circumstance. Fear is 2.5 times more powerful than reward. When the brain’s loss aversion pathway is activated, our brain chemistry pretty much ensures we will not take action. Some of the basic decision making techniques we are taught like contingency planning our way around risk only further engrain the brain in loss mode.