FINANCE AT YOUR FINGERTIPS by Moses Ayiku, Jr. MBA OP/ED
Our efforts in all endeavors should bring the results that we are looking for. For the past couple of weeks, we have focused on sharing information about starting a new business. In an economy where many people are underpaid, it is a great opportunity to increase one’s income by starting a new business. Further, every single year we do have many people starting businesses. The problem is that many of them end up failing and closing their doors to the public for good.
By sharing this information, it is my hope that new entrepreneurs will be able to pick positive strategies that they can utilize in setting up their businesses successfully.
Over the years I have had ample opportunities to work with a number of entrepreneurs. From my experience, there are some constants with all those entrepreneurs that succeed.
When you decide to start a business, please note that it will require a strong level of determination on your part. The entrepreneurs that I worked with who succeeded, all had this unique trait. They were positive thinkers who had determined that they would do all in their power to make the business succeed. As a result, when challenges and obstacles appeared, such people were very determined and made all efforts to overcome the obstacles. This is a major factor that set them apart from those that failed in business.
A client of mine many years ago was faced with a technical problem when he was installing the equipment for his food processing business. This problem could have derailed the project. Professional engineers told my client that he would have to simply order new equipment and eat the loss. My client was not very educated, having stopped school at the grade level. However, he rose to the occasion. My client made efforts to resolve the problem after getting all the details form the engineers. Then he tried a number of appropriate technologies. One of them worked!
There will have to be sacrifice in terms of your time commitment. A new business is like a newborn. It requires ample time and dedication. Once you decide to start a business, make the time to ensure that you are doing everything possible for the business to succeed. You own the business, and you are the leader, the best person to set the pace for the business. Others who join you as employees will have to follow your lead. Make it a good example for them to follow.
Make it a point to learn as much as you can about the business. Become a consumer of all things business. Go to the library and look for business materials. Check online for resources that can help you upgrade your business knowledge. Listen to Business News segments regularly. Read the newspapers online and continue to build your overall knowledge about business. Consume as much relevant material as possible about your business. Be prepared to learn quite a lot of new things.
While it may seem overwhelming, please remember that many of those we admire today for the amazing accomplishments in business, did not start with all the relevant knowledge. They did exactly what I am describing, they became sponges for business knowledge. Steve Jobs never went to business school. Bill Gates dropped out of Harvard when he recognized the potential of his business. Elon Musk, did not have knowledge of the car industry before he went in. He simply learnt about it and after careful analysis and planning, he took the leap!
Your self-confidence is very important in starting a business. There will be challenges as you start. The key is to be so motivated that the challenges ae seen by you as opportunities! Work hard to overcome any major challenges that you face. The bottom line is that any of those challenges could destroy your dream! We do not want that. As a result, each challenge must be attacked squarely with a focus on overcoming them. Determination and consistency will be your keys to success.
In the next part we will continue with information about starting a new business. Please feel free to share with me your questions and experiences on starting a new business. I will do my best to respond, and, in some cases, I will write on some of these questions.
Your questions and comments can be sent to localtalknews@gmail.com.
