The Platform of Wisdom

PRINCIPLES OF ENTERPRENUERSHIP

Let's look at some important topics all entrepreneurs must note: Principles of Entrepreneurship.
Before you can start anything, you must understand the principles that guide such a thing if you must succeed.

1. BE A SOLUTION PROVIDER

You must note that entrepreneurship is not just about making money at first but it’s about providing solutions and adding value. Over the years, successful entrepreneurs had noted that passion is what brings success in business. This is because, in starting a business, there are bound to be issues ranging from sourcing funding to getting good partners, building a good team, location, marketing etc. If you are involved with inexperienced persons, you are bound to fail as fast as you had started. Only passion can keep you if you find yourself in such situation. You just need to impact a life no matter how small; that is the beginning of your success story.

2. HAVE A VISION

“Successful entrepreneurs are those that were able to transform their vision into reality”

3. CHOOSE THE RIGHT TEAM

“Good team work builds speed”
We will now go straight to point number 4.

4. VIABLE PRODUCT/SERVICE

Let your product/service fulfill a need, be innovative and the approach, a little different from other regular businesses. Technology is an important tool in the hand of modern entrepreneurs. Your business should easily be accessible to your target customers. Always give your customers room for feedback or suggestions on how your product/service can be better.

“Good products most times sell themselves.”

5. CAPITAL
Good business plan always draw investors. Capital should be your least worry when you have a solution. Entrepreneurship is all about solution. When your idea is great, you can easily get investors or government loan. There are a number of programs in Zambia which support startups financially. These funding channels should be exploited. These are measures the PF government really need to seriously step up to promote entrepreneurship knowing that the growth of the Zambia’s economy depends on it.

“Capital isn’t scarce, vision is”

6. ACCOUNTABILITY

As an entrepreneur, you are accountable to the success or failure of your business, not your employees, investors or advisors. You must have detailed account of whatever transaction made by the company. Have a scorecard of all inventories. Always carry your investors along if there are any. The success of any business is, in many ways, measured by the management of its resources. Even if you hire a full-time accountant, as an entrepreneur, you are expected to have a fundamental knowledge of accounting, how it works and how to apply its basic principles with the aim of operating a flourishing business.

“Accountability breeds responsibility”

Let’s end here for now.
Have a blessed day!

WHY BUSINESSES FAIL

The first seven reasons were…
1. Not Seeking Professional Advice
2. Lack of Good Customer Care
3. Copying Others
4 Lack of Experience
5. Unaccountability
6. Lack of Personal Growth
7. Poor Location

Here are the rest of the reasons:

8. LACK OF FOCUS
Entrepreneurs can easily be distracted with too many minor tasks. Everyday that their focus tends to shift, their thinking shrinks. A good entrepreneur or business person will never lose focus on what’s important and where their priorities are. The weakness is when they get caught up in trivial perfectionism in the tasks which can and should be left to others.

Entrepreneurs should learn to delegate tasks. The short-sightedness become obvious when DOING rather than BECOMING becomes an obsession.

Solution: Being busy does not mean being productive

9. WRONG EXPECTATIONS
Some startups were being sold the idea that all they need to do is get into business and the money starts rolling in without doing anything. Sometimes it is the person’s fault because they only hear what they want to hear or they think they know better. Bottom line, building a successful business is not a 60-yard dash but a marathon. If you don’t want to die in poverty or see your business collapse, then you must be diligent.

Solution: Do Not Expect What You Didn’t Work For

10. QUITTING TOO SOON
This is the biggest reason why many businesses fail. If you do not persevere, enquire, research, fail and try and try again, you might not be successful in business. First, you should know that any business done half way can never be a success. You must strive against all odds to make a business stand. •~Another problem that has closed many businesses almost as soon as they start is inadequate funding or paucity of fund. Many entrepreneurs make the fatal mistake of commencing on business with inadequate operating funds. Such businesses don’t last as the initiators will easily be discouraged especially when there are big competitors.

We advice, before you start any business, have the mindset of "I will do whatever (Positive) it will take to succeed", that alone is the beginning of your success. See why startups need to develop a positive mindset. That mindset will help you broaden your business scope.

SOLUTION: Try and Try and Try until you Succeed, Never Give Up

CONCLUSION

There are other factors or reasons an entrepreneur might experience business failure but the above 10 from my experience and research are causes of business failure. If you can overcome the listed causes, you are not far from being a success in any chosen field in business.

WHY BUSINESSES FAIL

It's been a while here. Let's get to it already

The first four reasons were…
1.Not Seeking Professional Advice
2.Lack of Good Customer Care
3.Copying Others
4.Lack of Experience
Let’s continue from where we ended.

5. UNACCOUNTABILITY

You must be accountable for any dime your business makes. Most times, many entrepreneurs could not account for their daily sales. Once there is a sale, they spend the money on personal needs believing that they will make another sale. If you must succeed in business, you must be accountable for every dime that you make. Make sure you plan out your spending, for a business you plan to grow, 60% of your profit must go back into the business.

Solution: Be Accountable

6. LACK OF PERSONAL GROWTH

Many entrepreneurs do not invest on themselves. They want to be great but they do not read nor research, neither do they attend seminars and workshop that can increase their knowledge base. Personal development of your attitude and communication skills is a must. It is hard work and it takes discipline. You will have a hard time succeeding without protecting and working on your attitude. No one gets ahead in life without building themselves with new knowledge.

Solution: Never Stop Learning

7. POOR LOCATION

There was an entrepreneur who had a coffee shop in a local area. His coffees were nice and affordable. He related very well with his customers. But over the years, his coffee shop was not growing and he could hardly maintain the place so he decided to sell the shop. Another 29 year old entrepreneur with enough capital felt he can make the coffee shop profitable by injecting cash into the business and making it classier. He also could not make the coffee business profitable. Why? Because of the business location.

Bottom Line, you cannot start a business where the service is not required. Making it classy will not make people to patronize you. A good market survey is required before a business location is chosen.

Poor Location Equals Reduced Patronage.

Now that you have read till here, please start again, this time slowly, carefully and UNDERSTAND each point,decide how you will implement on each one of them in your life and business

All the Best

REASONS WHY BUSINESSES FAIL

Here we go!

1. NOT SEEKING PROFESSIONAL ADVICE

No matter how informed you feel you are, once you want to startup a new line of business, it is pertinent that you seek professional advice. This will help you ascertain whether or not the business is profitable as you thought. Most times, entrepreneurs start up a business because they find others doing the business and profiting. Yes, they might be profiting from the same business but there might be a secret behind the success. It might be location, good customer service, knowing the right source to get raw materials etc.

It is good you have a mentor that will always put you through to avoid silly mistakes. Another advantage of seeking professional advice is that, you are meeting people that have already done the business and they have made the mistakes and known the best way of doing it.

The likes of Bill Gates and Sir Richard Branson have Warren Buffet and Sir Freddie Laker respectively as their mentors. Even our own David Nama, Lawrence Sikutwa or Maria ‘Zed farmer’ Zaloumis all have advisors. If they had advisers, why can’t you?
In the religious circles, Apostle Sunday Sinyangwe looks powerful but at the end of the day, he still calls Bishop Edgar Ngambi ‘Dadi.’ Even the great Joe Imakando has a so called spiritual father,Pastor Choolwe has a father, inga imwe ‘business father’ wanu ni ndani?

One of the best pieces of advice i can give to anyone in business is never stop learning, read and learn about marketing not just about your industry but how other industries buy and sell products and service and how you can do things even better.

SOLUTION ; Avoid Negative People

2. LACK OF GOOD CUSTOMER CARE

It is very important that you make your customer care a priority. A business with good customer care grows. Good customer care brings return customer and return customers bring referral customers. If you do not treat your customer well, they go to your competitors. Learn to show your customers that you appreciate them. Always ask them questions about the product and offer them some percentage when they give your product a review (either positive or negative review). If you are not close to your customers, if you treat them like every other seller, they will only come when there is no other option. Bad customer care has killed a lot of businesses.

SOLUTION; Your customer care unit defines your brand.

3. COPYING OTHERS

What worked for Mr. Fred M’membe’s Post newspaper (now defunct) has over the years failed to work for many other players who entered the newspaper industry. You see, Many people have gone into business or made a business choice because they see others doing it and think they can be successful in it if they try. It is good you add your own idea after proper consultation, that will distinct you from others. •Copying without consultation leads to dead end.

SOLUTION; Do Not Copy, Initiate

4. LACK OF EXPERIENCE

Lack of experience is one of the causes of business failure. If you are inexperienced or your management is made up of novices, then your business is as good as dead. When starting a new business, it is advised you get the services of people experienced in that field. They can be your partners or your employee. Get experienced marketers and well trained customer service personnel.

SOLUTION; Experience Counts.

Although you have a lot of goals. there is one goal which i really want you to achieve— no matter what. And that goal involves "the success of your business". Your goal and my goal is to make sure that your business becomes a success this year.
Therefore, we will be discuss the 10 reasons that might cause your business to fail, also the possible solutions will be provided— just to make sure that you get through those tribulations alive and kicking!

But before i can start talking about those 10 reasons, here is something i thought you need to know about business.

see, no matter how passionate you are about an idea or a particular type of business you must research about the business to ascertain if such type of business will be profitable in your chosen location or your audience or your client base.

it is, there is no business that is not profitable, but if your business is not located at a place that the product/service is required or marketed to wrong Audience it will not fly or be profitable.

is a key for success in business but it cannot guarantee profitability.* If you are passionate about something but cannot monetize it, and yet you venture into it, then you are more of a charity organization that provides a service for no or minimal reward.

•Passion is a key factor in business but it does not always guarantee success.

It is pertinent that you do a thorough market research, consult before you venture into any business. Nobody wants a failed business. The pride of every entrepreneur is to see his/her business growing and making steady profit.

Some entrepreneurs have started businesses but because of some certain factors, the business becomes a failure after a short while.

We will be discussing some underlying causes of business failure in the next article.

HOW TO CONNECT WITH INFLUENTIAL PEOPLE

Here are some 6 effective steps you need to apply to be able to connect yourself to influential individuals.

Here are those steps;

1. OFFER SOMETHING.

What do you think a business man like Rajan Mahtani can need from you? Truth is, Dr Mahtani is not likely to need anything from you although you need a lot of things from him. But on the other hand, if you search very properly, there is definitely something within you that Dr Mahtani can need.

And when you identify that thing, find two or three more things he might need and offer them to him.
Give three things and ask for one. In other words: Give more than you take. That’s exactly what to do. When we are interested in making contact with an influencer, we first determine what we can offer that will be of value to the contact, this way he or she won't have problem hearing you out and work with you.

2. DO YOUR HOMEWORK

It's usually possible to research influencers' past writing and speeches, interests, and other causes with a simple online search. Don't waste their time asking basic questions or for information that is easily available online. Instead, find common points and use those to find areas where you might connect.

3. GET IN TOUCH.

Reach out via phone or email instead of social media because it's more personal. However, take your lead from the influencer's cues. If he or she is active on Facebook or carries on online conversations on his or her blog, that might be a good way to get in touch, too.

4. LIMIT THE ASK.

When reaching out for the first time, make it short and sweet. Don't ask for anything that will take more than 10 or 15 minutes -- a brief interview or a straightforward question or two. People generally like to help, but they may not have time to answer lengthy questionnaires or get involved in a seemingly endless back-and-forth.

5. KEEP IN TOUCH.

Maintain a database of contacts that also includes searchable keywords related to interests. That way, if you come across an article or information related to some of your contacts’ interests, you can easily send it along, keeping you relevant and memorable.

6. ASK TO RECIPROCATE

If someone has helped you, we recommend asking the individual if there is anything you might do to help him or her. The individual may be dealing with a challenge you can help alleviate. If not, then ask is another form of relationship building, showing the influencer that you're interested in giving back.

SEE YOU ON TOP, as the business mentor Dr David Nama would say!

HELLO EVERYONE

We will be talking about some of the 6 steps to connecting with influential people in Zambia or say business.

You see, in business just like in life, there are three types of people.

•Firstly, there are people who don’t matter.
•Secondly, there are people who matter. •Then, there are people who really matter.

In most cases, it is the category of ‘people who really matter’ that have the ability to take your business to the very next stage of life.
The people who really matter are known by different names depending on the business you are in. But for purposes of this discussion, let’s call these people who really matter the “INFLUENCERS.” Influencers-- those well-connected, knowledgeable voices to which others listen and respond -- are coveted connections.

They can provide insight, recommendations, introductions and opportunities.

Truth is, you know who you need to connect to for your business to go forward. And this ‘influencer’, as is always the case maybe a top-top guy and things like talking to him/her on phone and especially in person maybe next to impossible.
But if you fight really hard, an opportunity to talk to such people may present itself and what you tell them during that first meeting will determine if they will ever feel like talking to you next time, this means don't blow this opportunity if you get it.
Imagine for instance that the influencer you want to connect to is a man like Mr Lawrence Sukutwa- the man behind Madison Group of Companies or Dr David Nama- the man behind Dana Group or indeed the man behind Mazhandu Buses. You may also be wanting to connect to people like Dr Joe Imakando, Maria ‘Zed farmer’ Zaloumis and , Mr Siyatwambo of North road academy & twalumba lodges many others.

And it so happens that an opportunity to talk to these men one-one has presented itself. How can you pull the strings so that you can successfully connect to them?

Let’s chat about an effective formula for connecting with many influential people in our next post

MARKETING CONTINUATION

Todat we will continue talking about the 6 marketing tips & tricks for those who are just starting out in business.
Here are the rest of the tips;

4. SEND A CLEAR MESSAGE
Do people know what you're selling? You might think it's obvious, but it may not be to a potential customer. Make sure people know about all the services you provide. Have a clear and easy way for people to contact you, and consider making your prices readily available on your fliers, page or even business cards. The less work it is for the customer to engage you, the more likely they are to do so.

5. RUN A COMPETITION
There's no denying that everyone likes a freebie. Consider handing out samples or running a competition. You don't have to go big on this one, use it to showcase your product or service and get you noticed.

6. BE CONSISTENT
A happy customer is a return customer, and word of mouth is a great and free tool available to you. People trust recommendations from people they know. If you make the best Vitumbuwa in make sure that it's the same every time. There is nothing worse than inconsistent service and if your customer knows they will always get the same from you, they are likely to not only return, but tell others.

However you choose to engage, the number one rule is to not get discouraged if your campaign is not an overnight success. The general rule of thumb is to give it 6 months to take root, so keep chipping away to see the rewards for your hard work.

That’s all for today. `~~we will discuss ways in which you can increase your business leads soon.👍

MARKETING📢📢📢

Today we will talk about 8 marketing tips & tricks for those who are just starting out in business.

If you're running your own business, chances are you either are already or will need to do some marketing. It's a great big world, and getting noticed when almost every market is saturated is becoming increasingly more difficult.

I have rounded up 8 tips and tricks to get you started on your journey.

1. UNDERSTAND YOUR CUSTOMER

You need to know who you are talking to. Defining your target audience goes a long way to crafting your message. What do you get asked most often by your customers? What are the most frequent pain points or comments you get? Whether you go digital or hand out leaflets on the street, a targeted message is likely to have a bigger impact than a blanket campaign.

2. OUTDOOR ADVERTISING

Just because we live in a digital world, don't write off outdoor advertising, like billboards or even a ka small sign post pa roadside. Choosing a striking image and a few key words with a clear call to action will still get you noticed. Work with a good graphics guy even from cheap places like Old Soweto market and it won't necessarily break the budget to make that person at the bus stop realize that it's been ages since they bought some scones from a proper bakery like yours.

3. ENGAGE ON SOCIAL MEDIA

There is no getting away from it, we live in a world where social media rules. You might as well begin using it to your advantage. To avoid being overwhelmed, choose one or two platforms to engage on. Facebook for now is the easiest. As for Twitter, its boring there so ma Zambians don’t frequent it kaili we like kwe chima diba!😂😂😂....Ni Facebook.
Anyways, let’s end here for now.

HOW TO WRITE A BUSINESS PLAN FINALE

We will continue our discussion on how to write a business plan. We will dive into the details of each sections your business plan. We will start with the Executive Summary and its critical components.

•The Executive Summary of your business plan introduces your company or business, explains what you do, and lays out what you’re looking for from your readers. Structurally, it is the first chapter of your business plan. And while it’s the first thing that people will read, we generally advise that you write it last.
Why? Because once you know the details of your business inside and out, you will be better prepared to write your executive summary. After all, this section is a summary of everything else you’re going to write about.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. In fact, it’s very common for investors to ask for only the executive summary when they are evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation, and more in-depth financials.
Because your executive summary is such a critical component of your business plan, you’ll want to make sure that it’s as clear and concise as possible.

Cover the key highlights of your business, but don’t go into too much detail. Ideally, your executive summary will be one to two pages at most, designed to be a quick read that sparks interest and makes your investors feel eager to hear more. Its supposed to be a ‘dyonko’ of some kind. And as you know, dyonko tabesusha cup iyo!
Anyways, here are the critical components of a winning Executive Summary:

1. ONE SENTENCE BUSINESS OVERVIEW

At the top of the page, right under your business name, include a one-sentence overview of your business that sums up the essence of what you are doing.
This can be a tagline, but is often more effective if the sentence describes what your company actually does. This is also known as your value proposition.

2. PROBLEM

In one or two sentences, summarize the problem you are solving in the market. Every business is solving a problem for its customers and filling a need in the market.

3. SOLUTION

This is your product or service. How are you addressing the problem you have identified in the market?

4. TARGET MARKET

Who is your target market, or your ideal customer? How many of them are there? It’s important here to be specific. For example, If you’re a restaurant, you aren’t targeting “everyone” , You’re most likely targeting a specific market segment such as “the working class along cairo road” or students at Apex or Unza or “workers in the industrial area.” This will make it much easier for you to target your marketing and sales efforts and attract the kinds of customers that are most likely to buy from you.

4. COMPETITION

How is your target market solving their problem today? Are there alternatives or substitutes in the market? Every business has some form of competition and it’s critical to provide an overview in your executive summary.

5. COMPANY

Overview and team
Provide a brief overview of your team and a short explanation of why you and your team are the right people to take your idea to market. Investors put an enormous amount of weight on the team—even more than on the idea— because even a great idea needs great ex*****on in order to become a reality.

6. FINANCIAL SUMMARY

Highlight the key aspects of your financial plan, ideally with a chart that shows your planned sales, expenses, and profitability. If your business model (i.e., how you make money) needs additional explanation, this is where you would do it.

7. FUNDING REQUIREMENTS

If you are writing a business plan to get a bank loan or because you’re asking angel investors or venture capitalists for funding, you must include the details of what you need in the executive summary.
Don’t bother to include terms of a potential investment, as that will always be negotiated later. Instead, just include a short statement indicating how much money you need to raise.

8. MILESTONES AND TRACTION

This should be enough to get you started with a "killer business plan".

HOW TO WRITE A BUSINESS PLAN

Since we already discussed the 4 rules of a business plan, we will today move on to the 6 elements to include in a business plan.

One thing you should always remember is that your business plan is a tool to help you build a better business, not just a homework assignment. Here are the basic components of the business plan you’re going to write.

1. EXECUTIVE SUMMARY

This is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. Most people write it last, though. But that doesn’t mean you should also write it pa last.

2. OPPORTUNITY

This section is all about identifying a problem and then providing a solution. This section answers these questions:
•What are you actually selling and how are you solving a problem (or “need”) for your market?
•Who is your target market and competition?
Here is an example. ‘Vinkubala processing’Here is how you can write the problem statement for that business idea. Please read carefully. If you do, you will have a great understanding of how a problem statement and business opportunity is supposed to sound like.

~‘PROBLEM STATEMENT

In Zambia, Vinkubala is mostly sold in their raw form at an average price. There is no Zambian company that has so far undertaken to process them further.
However, in some compounds, enterprising women normally boil them in salted water and then deep fry them. They then package them in small transparent plastic bags and sale them as snacks for K1 or K2. However, this line of business has remained an underground sort of enterprise.

~THE BUSINESS OPPORTUNITY
With inspiration from the enterprising women selling Vinkubala in small plastics, what if the same Vinkubula can be flavoured, packaged properly, distributed in all kiosks around the city and marketed properly?
You will probably agree with us that the entrepreneur behind such an enterprise can make lots of money within a short time.’

3. EX*****ON
How are you going to take your opportunity and turn it into a business? This section will cover your marketing and sales plan, operations, and your milestones and metrics for success.

4. COMPANY AND MANAGEMENT SUMMARY.

Investors look for great teams in addition to great ideas. Use this chapter to describe your current team and who you need to hire. You will also provide a quick overview of your legal structure, location, and history if you’re already up and running.

5. FINANCIAL PLAN

Your business plan isn’t complete without a financial forecast. In the next chapter i will tell you what to include in your financial plan.

6. APPENDIX

If you need more space for product images or additional information, use the appendix for those details.

we will dive into the details of each section of your business plan and focus on building one that your investors and lenders will want to read.

STAY GLUED TO THE PAGE

HOW TO WRITE A BUSINESS PLAN

We will be discussing how to write a ‘killer’ business plan.
By now, i bet you know what a business plan is exactly and why you need one to start or grow your business.
If you know, then it’s just fair that we now dig into the process of actually writing a business plan & if you don't know you are about to know.

In the step-by-step guidelines I will give you, I will take you through every stage of writing a business plan that will actually help you achieve your goals.
Since we have the whole lot of the next few days to discuss this business plan thing, i will restrict today’s discussion to a few basics or should we just say rules of business plan writing.

First on the list is the
1. KEEP IT SHORT' RULE.

Business plans should be short and concise. The reasoning for that is twofold: •
First, if you want your business plan to be read, you have to know that kulibe munthu who is going to read a 100-page or even 40-page business plan,if it's too long they will just pack it, so if your business plan is just too long, just know that the people you want to read it will not…bazavitaya chabe!
•Second, your business plan should be a tool you use to run and grow your business, something you continue to use and refine over time. An excessively long business plan is a huge hassle to revise—you’re almost guaranteed that your plan will be relegated to a desk drawer, never to be seen again.

2. KNOW YOUR AUDIENCE.

Write your plan using language that your audience will understand. For example, if your company is developing a complex scientific process, but your prospective investors aren’t scientists, avoid jargon, or acronyms that won’t be familiar. Please avoid ‘ama bomba’ in a business plan.
Accommodate your investors, and keep explanations of your product simple and direct, using terms that everyone can understand. You can always use the appendix of your plan to provide the full specs if needed.

3. 'DON’T BE INTIMIDATED.'

The vast majority of business owners and entrepreneurs aren’t business experts. Just like you, they’re learning as they go and don’t have degrees in business.
Writing a business plan may seem like a big hurdle, but it doesn’t have to be. You know your business—you’re the expert on it. For that reason alone, writing a business plan and then leveraging your plan for growth won’t be nearly as challenging as you think.
And you don’t have to start with the full, detailed business plan that we are going to describe here. In fact, it can be much easier to start with a simple, one-page business plan—what we call a Lean Plan—and then come back and build a slightly longer, more detailed business plan later.

4. THE PURPOSE OF THE BUSINESS PLAN.

People write business plan for a wide variety of reasons. Sometimes, its because they want to use it to get some funding. Sometimes, they may be wanting to just use it as a guide for themselves as they grow the business.
And basically, how you write a business plan for investors and how you write one for internal use are different.

We will end here for today.