14/06/2020
๐ฏ ๐๐๐ง๐๐ข๐ก๐๐๐๐ ๐๐จ๐๐๐๐๐๐ก๐๐ฆ ๐ง๐ข ๐ข๐๐ฆ๐๐ฅ๐ฉ๐ ๐๐๐๐ข๐ฅ๐ ๐ฆ๐ง๐๐ฅ๐ง๐๐ก๐ ๐ ๐๐จ๐ฆ๐๐ก๐๐ฆ๐ฆ
Hi friends,
At least y'all will agree with me when I say.
'Starting up a business from scratch and turning it into a constant income stream is not an easy task, be it small or big''
So I will let you in on 3 tips I learnt from my experience in the business world.
Read till the end.
๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐
๐ญ. ๐๐ถ๐ป๐ฑ ๐ฎ ๐ต๐๐ป๐ด๐ฟ๐ ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐.
This is one of those pieces of advice I come back to every time I'm developing a new business idea. You have to find a hungry market no matter what. This means first identifying who you're going to serve and what they need.
Starting a business just because you think you have a smart or a cool idea is not enough. Instead, start a business because you've found 100 people who have the same specific problem and then figure out how to solve it.
Approaching business this way forces you to think about creating value from the very beginning of your business. People who start off with a product and then look for a market are developing their business in the wrong way.
If you're so passionate about making something to the point that you want to do it whether or not there's a market, that makes you an artist. Your work is a passion project. If you're interested in solving pain points in a way that adds value for a very tightly niche market, you're an entrepreneur and your work is a business.
๐ฎ. ๐๐ถ๐๐ฒ ๐๐ถ๐๐ต๐ถ๐ป ๐๐ผ๐๐ฟ ๐บ๐ฒ๐ฎ๐ป๐
The importance of living within your means goes for business operations just as much as it does for life in general. No amount of money can provide you with freedom if you're always spending more than you earn.
Consider all the messages our today's culture constantly sends you about the things you need to have; for example, partying or hanging out every weekend, getting a new iPhone, a new car, a new crib, a new wardrobe, and gadgets.
Now ask yourself whether those expenses take you closer to your true goal.
Does having a new car give you more time and freedom to do work that actually interests you?
Would a used car still serve as a means of transportation?
Will buying your partner an iPhone really make him or her feel loved?
Would asking him how his day went and really, truly listening mean more?
Yes!! Spending for your own personal pleasure is healthy ๐ฏ๐๐ ๐บ๐ฎ๐ธ๐ถ๐ป๐ด ๐๐บ๐ฎ๐ฟ๐ ๐ถ๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐๐ ๐ถ๐ป ๐๐ฐ๐ฎ๐น๐ถ๐ป๐ด ๐๐ผ๐๐ฟ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐ ๐ถ๐ ๐ฎ๐น๐๐ผ ๐ฒ๐๐๐ฒ๐ป๐๐ถ๐ฎ๐น ๐๐ผ ๐๐๐ฐ๐ฐ๐ฒ๐๐.
I am not advocating that you should never go on vacation or keep from buying your loved ones gifts or buying a new car just because it doesn't advance your business. But it's worthwhile to take a hard look at current and future expenses and ask yourself
''Is this helping me get closer to achieving my business goals?''
๐ฏ. ๐๐ฒ๐ ๐๐ผ๐๐ฟ ๐ฐ๐๐๐๐ผ๐บ๐ฒ๐ฟ๐ ๐ด๐๐ถ๐ฑ๐ฒ ๐๐ผ๐.
As you develop your product or service, everyone will have an opinion about what you're trying to do. Because starting a business is inherently filled with uncertainty, you'll naturally want to seek lots of different opinions for reassurance that you're on the right path.
Let me tell you a story,
When I was into popcorn production business at Ibadan.
One day a man walked up to my stand and asked me to reduced the quantity of sugar in my popcorn. I followed his advice, but I discovered that my sales dropped drastically. So I started making popcorn with sugar and salt differently, yet I record little or no sales on the popcorn with salt.
Majority of my customers were school children, they stopped buying because they are no longer getting what they want. Meanwhile the man that advised me was not even a regular customer.
So I consulted one of my mentors and he told me to basically stop caring about what everyone thinks about my products except for my customers thought. Unless they form your target market and they're paying for what you have to offer, their opinion doesn't matter.
It's much better to be bold and do something that no one else is doing. Listen to the people whose needs you're actually meeting to decide where to go with your business or project.
If you can create something really good that helps a few people, then figure out how to scale it while still adding value to the world. You'll be successful but only if you pay very close attention to what your first customers want, and to no one else and that's it.
There you have it now, you are probably excited about your next business move. Right?
Did you find value from my tips?
Please share your thoughts in comment section and share.
Have a nice day ๐ช๐ช