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Jul 28

Effective Tips TO Grow a Profitable Business; An Asset to Gun to the Head Approach.

 growing a profit

In the last post, we talk about the man with the gun. If you have not read it, go and read it here 

 

Assuming someone pointed a loaded gun on your head now and tell you that “I will pull the trigger if you don’t succeed in that business’’, I’m sure your brain will work wonders.

 

 Although, I agree with you totally that there is no business with 100% success rate.

 

At least I have done some businesses in the past which lead to outright failure but the fact is that if you know what successful people know, success becomes very easy.

 

Ignorance begets fear, knowledge removes the fear.

I think the scripture also says it that “My people are perish because they lack knowledge’’

All successful people have what the psychologist refer to as positive mental attitude.

 

 No business is a success or failure unless we make it so.

Business is like riding a tiger, you either keep riding or risk being swallowed.

You cannot afford not to compete. The greatest competition is to compete against self. There is no business model you will venture into that require no-competition.

 

However, here are some tips that distinguish successful entrepreneur from failure. There are many of them, lets just share some of the attributes:-

 

#1.   Vision:

Where there is no vision, the people perish. If you don’t know where you are going, any road will lead you there, and when you get there you get lost. The vision is seeing the end of the beginning. Setting a long term goal in order to keep from being frustrated from short time failure,

 

#2.  Mission Statement:

This is a vehicle that embodied your vision. It is the drives that carry you to where you are going in the business. You will never see any reputable organization that will not have a vision and a mission. Some went as far as writing it on a stand in their place of work.

 

#3.   Value System:

This is a belief system that guide the mission and the vision of the organization. It’s what you cherish as norms in the society. The list can be endless but you scribbled it to something like four to five. e.g the values might be Honestly, humility, profitability, comportment e.t.c

 

 

#4    Goal Setting:

Successful entrepreneur are constant goal setters. They set goal and pursue it. You need a long term goal, not a short one. Just like Richard Branson said ‘If your goal doesn’t scare you, it’s not big enough’

Nothing ever built arouse to touch the sky until some people dreamed that it should, some believe it could and some people willed it must.

How do you set goal? by pen and paper . Simple!

By doing that you bring the future into the present so as to know what to do about it now. What you think about, dream about, write about, talked about, work about, you bring about.

 

#5   Tenacity:

Have you ever observe that successful people in every field are always very few. Success has been defined as the few small action repeated everyday for a very long time. This is all about constant improvement in thinking an action everyday.

If you try as much as possible to always add at least 1% improvement to your work, in a year the accumulated effect will be 365%. This overall effect is compound interest in nature

 

 

#6   Hard Work:

This is the key. The yard stick of success. You cannot plough a field by turning it over in your mind, you must soil your hand. You tend it yourself. Hard work is a rule, everybody has ability but talent takes hard work. Abundance they say is from activity.

This should not be confused with physical labor and linking it will success, It is strictly the work of the intellect. It is mental labor in action.

 

#7   Smart Work:

Hard work is good but smart work is better.  

In business, we all know that the rule is “do more of what works”. This is the law of least effort, you start by working hard at the onset to get the necessary experience and expertise and you wind up working smart by delegation.

 

#8.   Hard Work:

 This is where goal setting and to–do list comes into play.

Meticulous planning will make what a man does to appear spontaneous. You can’t succeed alone, you need people to assist you in the work, since you don’t have more than 24hours in a day. This is the otherwise known as others people effort (O.P.E)

 

#9.   Discipline:

This is an old techniques that still work till date. Nothing is ever achieved with timidity and hesitancy. It is the ability to do what you should do when you should do it whether you feel like it or not. This will make you see the invisible and know the impossible.

Just like the late Prime Minister of Singapore Lee Kwan Yew, when they ask him about the turn around of their country, he just smile and replied that “We do some things right and we kept doing it right”. The rule will never change. Do more of what works and less of what doesn’t.

 

#10.   Patience:

The stock market is a device for transferring wealth from the impatient to the patient – warren buffet. 

Sometimes not acting in the state of doubt and confusion might be better than acting.

When you are in doubt, Don’t Act!

 Growing anything worthwhile require time but don’t relent.

Those people at the top today do not just drop there, they climb there.

Luck is when opportunity meets with preparation, not the other way round. Success is the sum total of patient, perseverance & diligence. Every successful growth is slow, patient is the key.

 

#11   Continuous Personal Developments:

No matter what you are looking for today, it has been of concern to some people in the past. They have gone ahead to write their formula. This formula is then printed in a book format.

The growth of Africa has been slow due to poor reading habit. We read the wrong book and we thought is the right book. Then we have high expectation and unfortunately frustration sets in.

The best approach is to read book written by practical men. The book that teaches how and not theoretical Jargon.

He that is thought only by himself has a fool for a master, the champion that know all is the one that needs to learn the most. Unfortunately enough, many people go into business world without having prior knowledge of practical known–how. when there is failure, what you will hear is “business is bad’’

 

#12   Use Simple Intelligent Analysis:

This is the subset of the point discussed above.

You learn in two ways in life either by a mentor or mistakes.

The latter is disastrous.

Meticulous planning will make what a man does to appear magical.

Every great battle is never won on the battle field but back in the tent where it’s been conducted.

You cannot succeed on the field if you don’t succeed on paper. You need great plan and excellent strategy to succeed in any Endeavor.

 

In Conclusion

 whatever the mind of a man can conceive and believe with conviction; it can achieve.

But there must be strict scrutinity as some ideas are damned foolish. It’s not about working hard physically, its about intelligent work.

In most cases not going into a business might be more rewarding than wasting money on worthless venture.   

 

 Since Business carry essential characteristics, we need to continually asked ourselves this question

Ø  How can i work less and less to achieve more & more

hHow can i sell more & more of my product to more and more people for less & less price

How can we expand our horizon to cover many areas

 

WWhat is my/our unique selling proportion? What could it be? What should it be?

 

Remember if it’s going to be, then it’s up to me, it’s not anybody’s job to make you rich. It is your job to make yourself rich and before you commit your money into any ventures always remember that the man the gun.

 

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