Tips on staying alive and kicking

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The act of continuing to live

despite difficult

circumstances

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The sale of goods/services

to make a profit

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1) To meet a NEED

2) To make MONEY

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You will most likely fail in the first five years

Year TWO is your hardest year

All possible mistakes are made in the first

five years

Most wisdom is gathered in the first five

years

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Research shows that if you

are breaking even in YEAR

ONE you are actually doing

really good.6

Nobody is honestly ever

breaking even in year one

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1. Be passionate about something

You must love what you do: You must believe in the product or service you are providing. This is the only

way you can sell it to anyone else

2. Start small

Do not incur huge costs in the beginning like an office, car, stationery if you can do without. Start from

your home, make enough money to afford these other necessities before you start acquiring them.

3. Identify mentors and value your support system

There is always someone who has already done the business you are venturing into. There is an older person

or a more experienced person doing business. Tap into their resources, ask questions and avoid pitfalls by

asking the right questions. These mentors must not be people you know, you can look into international

mentors too.

4. Keep the oven closed during baking

No need discussing an idea with anyone when you are not even sure of how it is going to play out. When a

business idea is at the first stage, think it through before you share it with anyone. Be able to defend it

before you ask for others opinions. This will ensure that you are not swayed easily by the first critic.

5. Have a belief system

Have values and things you believe in when doing business. This is the only way you can stay rooted and not

change your mind easily. Let your belief system be engraved in you and even visibly in your office so your

clients and suppliers can see it. Values can be : integrity, honesty etc.

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Make a promise to yourself

Decide that you are not going to give up just because things appear difficult. Decide by making a

promise to yourself you will achieve something or buy something. You could set goals as simple as: “I

will buy an SUV by end of Q4.” This enables you close enough deals to allow you the opportunity to

make this purchase.

Do not be driven by money

Yes! You got into business to make money. But in your attempt to succeed in business, let this not be

your key objective. Strive to meet a need. Strive to listen to a client and provide what he/she needs.

A client will pay your price if you are meeting his/her need and making them happy.

Have a clear way to make money

In your business model know exactly your cost of production, determine your margin and add it to

your cost of production. A business is not a charity, you need to make enough today to exist

tomorrow. Do not overlook any steps in your production process. For example if you are a free

lance graphic designer and you print at third parties for your clients, do not forget to include

your taxi fare from your home if you design from home to the printers and later on to the

client. If you need to call the printer and client from time to time include this in your cost. Then

determine a fair profit for all the work you do for your client. Your skill is what you market!

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Be credit worthy

Let your creditors be able to trust you. If you are an event planner for example,

most times your clients pay you just before the event or in some cases after the

event. Be reliable so that your suppliers let you use their supplies even if you have

not paid. As soon as your client pays you do well to pay your suppliers first. A good

turn deserves another.

Develop yourself

Sales : take sales training

Management : learn about leaders in business and find out how they managed their

businesses

Book keeping : Basic finance principles are vital for any business owner. If you do not

master it, your business will crumble soon.

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Your PASSION gets you to:

Start the business

Wake up every morning with a spring in your step

Go to bed in the wee hours of the morning

Keeps you motivated

Sustaining the business comes from:

Hiring the right team

Getting the required skills

Sales

Negotiation

Book keeping

Management

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Ralph Lauren

He had just a high school diploma

His CFO - Robert Madore

Summa Cum Laude from a renowned US university

Tony Elumelu – Heirs Holdings

His Director of Strategy – Wieber Boer is a Yale

Graduate

His PA – Harvard Business School graduate

Virgin Group

Richard Branson – High School Dropout

His COO – Mark Parker (Very highly eduated)

Education is very vital for sustaining your business. Some top companies may be run by school drop outs but

here is what you did not know about the education levels of their staff…

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As an entrepreneur always be on a journey

for continuous growth and improvement

Educate yourself through:

Online classes

Classroom sessions

MBAs

Masters degree

PhD

Audio Messages

Business books

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Etonde Martin

sheraizdelightz

www.sipec.co.uk

Entrepreneur

Mentor / Coach

Investor

www.sheraizdelightz.com

Events

Public Relations

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