Category Archives: Startups Advice

How to Start a New Business: It Takes More than Just an Idea

I have got a brilliant idea that going to make me a lot of money! That’s the pitch I usually get from budding enthusiastic entrepreneurs. My questions now are:

                     “Is a brilliant idea all it takes to start a business? Does a smart business idea guarantee success when starting a business from scratch? Is a business idea the minimum, most important requisite for starting a business? Will a million dollar idea; see you through the entrepreneurial process of starting a business from scratch.” Well, you will find out further down this article.

Sometime ago, I went into a fast food outlet to honor an appointment and I met some youths in the lobby. From my observation, they were waiting to be interviewed for a job at the fast food. Just immediately, an idea cropped in my mind and I joined these young lads waiting to be employed. While in the waiting line, I started a conversation with a young man who should be in his mid 20s.

The young man, who turned out to be a graduate told me he had a passion for cooking. He told me he had a plan to set up a restaurant and based on the detailed plan he gave me; I knew this guy has something innovative up his sleeves and I loved it. He even had a name for his dream restaurant. I asked him what’s holding back the dream of starting a business from being made real and he said he has been trying to raise capital from his wealthy relations.

                “There are fast ideas and slow ideas, just as there are fast trains and slow trains. When it comes to money, most people are on the slow train looking out the window watching the fast train pass them by. If you want to become rich quickly, your plan must include fast ideas.” – Robert Kiyosaki

In as much as I loved the young man’s idea; I nodded my head, shook his hand and bid him good luck. On my way to honor the appointment, I kept thinking about this young man. He was cool, smart, enthusiastic and had a brilliant idea backed by a university degree. I really loved the guy and his idea but it’s a pity; the world is filled with brilliant business ideas and I just wish I had told him that. But how would he take it? I am not writing this to discourage budding entrepreneurs from coming up with creative ideas. In fact, I am writing this to encourage you to think and come up with good business ideas. But most importantly, I want you to think beyond the idea because a business idea is just the starting point to starting a business.

                “Dream more than others. Think practical.” – Howard Schultz

The world is filled with budding entrepreneurs carrying business plans and seeking investment capital. The sad news is that 85% of these entrepreneurs are never going to go beyond the initial planning stage and that’s the hard truth.

            Now what does it takes to start a new business?

That may be the question on your mind. While I believe there is no conventional answer to this question; I will try to provide street smart answer but before I do, I suggest you ponder on the following questions:

Did the successful entrepreneurs and richest school dropout billionaires become ultimately rich because of their ideas? Did Rachael Ray start a restaurant business before harnessing her cooking potential? Did Debbi Field’s wait to raise millions of dollars in capital before starting her cookie business? Of the entire social networking platforms available; why did Facebook emerge the most popular thus, making its founder Mark Zuckerberg, the youngest billionaire in the world?

                “A business idea is just another idea. But an idea backed by a strong feasibility, a thorough business plan and a smart team is no longer an idea. It’s now a solid business opportunity worth pursuing.” – Ajaero Tony Martins

In answer to the illustrations and questions asked above, I want you to know that Rachael Ray didn’t start a restaurant business before she began making millions from her cooking recipe. She simply took her business idea, struck a deal with a local television network and became a self made millionaire. No restaurant, no external funding and no million dollar infrastructure. All she had was just her cooking recipe and a television network joint venture; that was all.

Debbi Field’s did not wait for some investors or Venture Capitalists to invest in her passion for baking cookies. She simply looked for a good business location, baked some cookies with her own money and walked around her vicinity giving away free cookies.

Facebook was not the only social networking platform available online; in fact, MySpace has already been in business long before Facebook came on board. Was it Mark Zuckerberg’s idea that led to Facebook’s success? I don’t think so.

These three selected entrepreneurs all possessed average business ideas but they had something which other entrepreneurs lack. In this article, I am going to reveal to you five things you need to start a business and become successful other just than an idea. This write up will help reduce your over concentration on the business idea and shift it to developing the most necessary requirements to starting a business. Building a business around an idea requires everything you’ve got. You are the ultimate key to the realization and utilization of that business idea. To start a business and build the business of your dreams, you need a little of the following:

                Five Things You Need to Start a New Business from Scratch

1.                   You need guts to start a business

                “The critical ingredient is getting off your butt and doing something. It’s as simple as that. A lot of people have ideas, but there are few who decide to do something about them now. Not tomorrow. Not next week, but today. The true entrepreneur is a doer, not a dreamer.” – Nolan Bushnell

Launching a business out of the planning board require guts; quitting your job to start your own business require guts, believing in your business idea even when everyone says you are nuts requires guts and facing business challenges also require guts. That’s why I listed guts as number one. Guts, chutzpa, boldness, brevity, courage; they all mean the same thing. Without entrepreneurial guts, just forget about starting a business.

                “You are nuts and you should be proud of it. Stick with what you believe in.” – Trip Hawkins

2.            You need business skills to start a business

The next thing you need to make your business idea a reality is skills. What are you bringing to the table? This is the question you must answer when seeking joint ventures and business partnerships. Your possessed entrepreneurial skills are very important to the realization of your ideas because your skills can be a strength or competitive advantage for your business. Skills are a necessity when searching for a business team.

                “The ability to sell is the number one skill in business. If you cannot sell, don’t bother thinking about becoming a business owner.” – Rich Dad

Have you heard the phrase that “entrepreneurs are generalists.” I think there is an atom of truth in that statement. Entrepreneurs are generalist, they need to know a little of everything that pertains to business. That’s where your business skills come in. As an entrepreneur, you need to know a little of accounting, investing, sales, marketing, operations and business management in general.

Before ever starting a business; be sure to hone your sales skills, marketing skills, communication skills, negotiation skills, accounting skills, leadership skills, people skills and every other entrepreneurial skills that’s required to succeed in business.

                “Skills make you rich, not theories.” – Rich Dad

3.            You need the right mindset to start a business

You probably must have heard this over and over again but I think it’s worth repeating. You can’t build a business if you lack the right mindset. Entrepreneurship is not really about starting or building a business.

                “Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You will have to sail against storms, unpredictable weather and uncertainty. If your ship sinks, it’s either you quit or you swim back to shore, build a new ship and sail again.”  – Ajaero Tony Martins

Entrepreneurship is simply a change in perception or core value. It’s the process of developing your mindset from being job dependent to being financially independent. It’s a shift from being handicapped in the face of challenges to being a problem solver. In all, entrepreneurship is simply a change of mindset.

4.            You need capital to start a business

I believe you know that no business idea is worth a pinch of salt without capital. I don’t want to stress much on this because I believe you know the significance of capital to any business. But in retrospect, I always advice my protégés not to be deterred by lack of capital. I encourage them to get creative when it comes to financing their small business startups; where there is a will, there will surely be a way.

                “There are three components to starting a business. One is the right plan; two is the right team and three is the money. Rarely do these three components come together when starting a business. It’s the duty of an entrepreneur to grab one piece and start the business, the remaining two pieces will be found along the way. Finding the remaining two components may take a year or more than 10 years; the point is, start with what you have.” – Robert Kiyosaki

5.            You need the right business management team

                “Individuals don’t win in business, teams do.” – Sam Walton

Finally, you need the right business management team in place to build a business around your idea. For your business idea to leave the planning phase, it’s going to require the right business team. If you can assemble the right team to deliver on your plans, I bet you will find the venture capital because a strong business team is an essential ingredient to the process of raising capital from Venture capitalists.

Now how do you find the right team? I don’t know. How do you know you’ve found the right business team? Once again, I don’t know but what I do know is that the right team is a team that complements your weakness and adds value to your business. A good way to know you have the right team in place is that your business will take off like wild fire and gain grounds seamlessly with little or no effort on your part.

As a final note, these are the five things I believe are fundamental to either starting a business from scratch or building a successful business. So don’t get too excited because you feel you’ve got a creative idea up your sleeves; instead, start strategizing on ways to assemble the five elements listed above for your business. Remember, the world is filled with brilliant million dollar ideas waiting to be funded but the world lacks seasoned entrepreneurs. Take this lesson to heart and I will see you at the top.

How to Raise Startup Seed Capital from Family and Friends

Raising capital is one of the major business challenges faced by entrepreneurs; especially when it comes to starting a business from scratch. It’s much easier to raise capital as an established entrepreneur than to raise capital as a first time startup entrepreneur.

Since the need for capital is a business challenge that stress entrepreneurs the most; I am commencing a series dedicated to helping you raise seed capital for your new business startup. This series will address the issue and challenges of raising capital and today; I will be tackling the challenge of raising seed capital from family and friends because one of the very first places entrepreneurs turn to when seeking startup capital is their family and friends.

The importance of family and friends in the life of an entrepreneur can never be over emphasized; so this article will be dedicated to teaching you how to leverage your family and friends to launch your business successfully.

                Now how do you leverage your family and friends to successfully start a business?

                How do you raise seed capital from your family and friends?

Well, I will advice you read on because I am going to tear this subject apart. This year, my team and I decided to directly attack the issues pressing entrepreneurs the most and our starting point will be the issue of raising capital. There are many creative ways to raise seed capital for your startup business venture but I want to take it from the grass root which is raising capital from family and friends.

Raising startup seed capital from family and friends happens to be one of the easiest avenues of raising capital that entrepreneurs can exploit but if wrongly done; you can get your fingers burnt and the process may even end up destroying the existing relationship you have with your family and friends.

Raising seed capital from family and friends is quite easy if you do things the right way. After all, most successful entrepreneurs and drop out billionaires started business with capital sourced from family and friends. Example of successful entrepreneurs that raised startup capital from family and friends include Richard Branson, Bill Gates, Berry Gordy, John Johnson, Ingvar Kamprad, Orji Uzor Kalu, Aliko Dangote, Li Ka Shing, Howard Hughes, etc.

Now if these famous entrepreneurs can successfully start a business from scratch with seed capital raised from family and friends; I don’t see any reason why you can’t do it. Now how do you raise seed capital from family and friends?

                How to Raise Startup Seed Capital from Family and Friends

1.            Be in the Right Mindset

If you are not in the right mindset, forget about trying to raise seed capital from your family and friends. Now why do I emphasize you be in the right mindset before trying to raise capital from your family and friends? You need to be in the right mindset because you will still go through the entrepreneurial process of raising capital. The fact that you are trying to source capital from family and friends doesn’t eliminate the odds of disappointment.

What if your trusted friend turns you down? What if your most loved one says no to your business plan? How will you feel if you get laughed at by your loved ones? The answer to these questions is the reason I emphasize you be in the right mindset. Before trying to raise capital from family and friends; you must be prepared to face rejection. In fact, expect disappointment from even the person you love most. The reason I emphasize you be in the right mindset is because disappointment from your family and friends can strain the good relationship shared.

I think I have had a personal experience with respect to this case. I remember vividly when I caught the entrepreneurial bug some years ago and began nursing the desire of running my own business. I had some excellent business ideas which I was excited about and my determination to scale through kept my head buried in books while my mates were partying. I even attended seminars to sharpen my entrepreneurial skills and learn how to build a business.

With a feeling of confidence and excitement about starting a business, I shared my business plan with my parents. But instead of getting a word of encouragement; all I got was a hard stare from my dad and a detailed explanation of how incompetent i am with respect to starting a business. My dad told me to my face that I was still a kid and advised me to face my studies.

To be sincere with you, I was very disappointed. In fact, I was annoyed with my dad back then. After all my effort and time spent developing a business idea, drawing up a business plan and honing my business skills; my dad had the effrontery to call me a (incompetent) kid despite the fact that I had spent reasonable time running his own business. I felt like giving my dad a punch in the face for challenging my competence; and if not for the encouraging words from my mom, I don’t know what would have become of the sweet relationship between me and my dad.

As I lay on my bed and recalled this particular experience; it occurred to me that young entrepreneurs all over the world may also be going through this same experience and that was why I wrote this article. No matter where you are sourcing your startup capital from; always respect the odds that you can get turned down. Don’t take rejection personal; it’s the norm in the business world.

2.            Build up your Credibility

Now since the odds of raising seed capital for your startup company remains the same despite the source you are exploiting; then how do you increase your chances of getting the financial support you need? The answer to that question is “credibility.”

What are you known for in your family? What’s your level of relationship with family and friends? Can you be trusted? How well did your past dealings with family and friends go? Have you handled any project on behalf of the family? How do you live your life? Are you an asset to the family or a liability? Are there any habits that could be a hindrance to your aspirations?

These are the questions you must answer before trying to raise capital from family and friends. Nobody wants to give money to a scumbag or an incompetent friend or relative and neither would I. I once told my immediate younger brother that I would never invest a dime in any of his projects if he doesn’t gain a stronger control over his life and finances. I made this statement to help my brother have a greater sense of responsibility.

If you haven’t got control over your life and the way you spend money; then it’s high time you change and reconsider you life’s pattern because a single bad habit can reduce your chances of raising money from family and friends. Remember that these two groups know you to the core; they know your strengths and weaknesses. In fact, they know personal things about you that even Venture capitalists and angel investors may never find out.

3.            Have a Good Plan

Don’t walk up to your members of your family or friends and try to raise money without a good business plan. No matter how much they love you, they will still want to know what you need the money for. Even if you are not going to share the intricacies of your business plan with them; at least they deserve to get an overview. Understand your plans like back of your hands especially when you are coming from a family of intellects or trying to raise capital from learned friends. If your plan sounds too shallow or incomprehensive; you may be denied the financial support you need. But before sharing your business plan with your family and friend; make sure the step one and two above are sufficiently taken care of.

4.            Have a Good Story to Tell

Do you have a good story backing your business plan and intentions? If your answer is no; then you better reconsider your approach because your proposal and request may be thrown back at you. The fact that you are trying to raise capital from family and friends don’t mean you should take them for granted. Threat them professionally with a touch of informality and back your business plan with a good story.

How did you develop your business idea? What are your chances of success? How viable is your idea? Try sharing the answers to these questions with your family and friends because it has been proven that humans listen to stories more than anything else. So share a story worth telling about your business plan.

5.            Select your Targets

A good rule of thumb when raising seed capital from family and friends is this; “don’t go telling every dick and harry in your family about your plans.” Select a few prospects among your family and friends that have the potential to provide the capital you need and prepare a pitch tailored to their life pattern.

For instance, when I was trying to pitch my dad to invest in my business idea; I prepared myself properly because my dad was a strict individual who knows the fundamental intricacies of business. He doesn’t believe in throwing money around; and when it comes to money issues, he is strict about it with his children.

So knowing my dad was a no-nonsense person; I had to be straight and clear while pitching my ideas to him. Though, I still got turned down; I left his presence with some lessons about the challenges involved in raising capital.

The lesson I am trying to extract here is this; “the way you pitch a family member of high intellect will be very different from the one used to pitch a friend who is an entrepreneur; or a family member who is stingy when it comes to money.” Different pitch for different people and situations; never use the same words for people with different core values. What may attract a professional investor may turn off an scholar.

6.            Sell Yourself

The next key to successfully raising seed capital from family and friends is your ability to sell yourself. Why should your family and friends give you their hard earned money? How are they sure the money will be used judiciously? How are they sure you are not trying to con them? You have failed on a previous project, why should they trust you on this one?

This is where selling yourself comes in. This is where you sell your potentials and competence to members of your family and friends; this is where you prove that you know your onions. If you successfully carry out step one to five and you miss it here; all your effort will be in vain. You will never get the needed capital.

7.            Ask for the Money

If step one to six goes successfully; then you have to take the next action step which is asking for the money. Before asking for the money; you must be definite on your plans, you must know how much you need and the terms involved. Nothing annoys me more than an entrepreneur pitching me with his business plan and when I ask how much in capital he wants to raise; he or she becomes speechless or uncertain. So when raising capital from family and friends; it’s advisable you know your business plan like the palm of your hands, sell yourself excellently and ask for the money.

As a final note, these are my seven strategic action step plan to raising seed capital from family and friends. Remember, the key secret to raising startup capital from any source is creativity; thorough understanding of the business fundamentals and a good presentation. Once these three keys are locked in synergy with the seven action steps listed above; you will be able to raise any amount of startup capital you need.

How to Know the Right Time to Start a Business

Ideas rule the world. Everyone has at least one brilliant idea on the inside and that’s why Robert Kiyosaki said that “the world is filled with brilliant ideas.” I have a lot of business ideas on paper; and I bet you do. But one sad truth is that many people will die with their ideas, talent and skill; without giving such idea a chance to manifest. I have seen people with great ideas; just sit on their ideas and do nothing. Also, I have seen individuals who are enthusiastic about quitting their jobs or starting a business but year in year out; they never seem to be making headway. Why? The reason is because that most individuals with great business plans and ideas are waiting for the right time to start.

Do you dream of starting your own business? Do you have a good business idea or plan on hand? Are you planning on quitting your job to start a business? Then read on because this article is for you. Now how do you know the right time to start a business?

                How to Know the Right Time to Start a Business

Most people with good ideas and plans believe that there is a right time to start a business. But in reality, there is no right time to start a business. Most people wait till they raise millions in capital before starting, others wait until their idea or product becomes perfect. Some will monitor the political, economic or personal financial situation before deciding if it’s the right time to kick start their business. The simple truth is that there is no right time to start a business. All lights will never go green and all stars will never line up for you; you just have to start anyhow.

“There are three components to starting a business. One is the right product, two is the right people and three is the capital. The sad truth is that rarely do these three pieces come together at once; so you just have to grab one piece and get started. You will have to find the rest along the way. It may take you one, two or ten years to assemble these three pieces. But the point is: just start with what you have.” – Robert Kiyosaki

I believe the statement above has answered this question in its entirety. Using myself as a case study; it has always been my personal philosophy to keep moving forward regardless of the prevailing circumstances. I have never started any business with the exact required capital; most of my businesses were bootstrapped from the scratch. I also don’t need the best ideas in the world to succeed; once I get the urge to pursue an idea or business opportunity, I just do it.  Even when I have a sound idea or plan but lack the capital to execute the idea; I don’t just sit back hoping for a miracle. I will keep learning and making arrangements that are within my capacity; while still trying to raise capital.

“Excuses cost a dime and that’s why the poor can afford a lot of it.” – Rich Dad

So stop giving flimsy excuses, stop waiting for the perfect partner; stop sitting on your ideas. Forget about the million dollar idea or capital; just start with what you have, no matter how small and I will see you at the top.

Six Lessons from My Failure in the Network Marketing Industry

For every success story, there are fifty corresponding failure stories and just like every other person; I have had my own share of failure. One of the reasons why I take the pain to share my failures with you is to make you realize that failing is not abnormal; in fact, it is part of the process of becoming a success. Secondly, I want you to know that I don’t succeed in every business venture I engage in; so don’t think I am a super human when I tell you about my successes. Thirdly, I have come to understand from personal experience that success is a poor teacher and it tends to make you believe you are infallible. But failure, though painful is the best teacher. You learn more from your mistakes/failures than your successes. Success inspires but failure teaches; and this is the sole reason why I listen keenly to failure stories than success stories.

I once joined a network marketing company as an independent distributor and along the line, I failed. Well, I have explained the reason why I Failed to Build a Network Marketing Business so I won’t be going into the details here. After my failure as a network marketer, I picked myself up and moved on but not without the lessons learnt. And with lessons learned from this single failure, I have built several successful businesses; so it’s this same lessons I want to share with you now. If you are planning on starting a multi level marketing business; then I will advice you read this before launching out.

                Six Lessons from My Failure in the Network Marketing Industry

1.            There’s a process to building a successful business and that process can never be bypassed

Before I signed up as a network marketer, I was told network marketing was an easy, stress free and quick paying business. I was told that my primary task is just to recruit new distributors and I will be on to a steady passive income. Now considering the low start-up capital involved, I felt I had nothing to lose; so I signed up with enthusiasm and high hopes of becoming a millionaire marketer overnight. After all, I have heard the success stories of other distributors; so mine shouldn’t be an exception.

Unfortunately, I was dead wrong. Network marketing, like every other business is not easy. After I flopped and quit the business, I realized that there was nothing different when comparing network marketing to other businesses. I came to understand that the principles of business is the same; regardless of the type of business, economy or location. Building a successful business requires a process; it’s a process that occurs in phases and each phase can never be skipped.

So never fall for the hype of a push button system or a stress free business model because it doesn’t exist. There’s nothing like overnight success; you have to toil to make your own bed of roses.

2.            Acquiring the basic knowledge of a business is the first prerequisite for starting a business successfully

I believe this lesson is clear. You will be foolish to jump into the waters of business with both feet; without first testing the waters and understanding the basics. Business is universal in principle but each industry has its own tactics and intricacies. If you fail to learn the basics, then you are failure bound and nothing can help you. Learning the basics of a business can be done by understudying business models in the industry of your choice; attending seminars, by apprenticeship, reading books, journals, and most importantly, by starting small.

3.            Business revolves around people

The network marketing business, just like every other business revolves around people. To succeed in the network marketing business, you must invest in people; because people are your assets in the business. So if you are an introvert; then you might reconsider your decision to start a network marketing business.

4.            Selling is your most important task in business

If you have listened or read the prospectus of a network marketing salesman, you will notice the following bulleted points: No selling, No stockpiling, No stress, Easy to run, No recruiting down lines, etc. Most people hate selling; and these people are easily attracted to ads and prospectus that screams “NO SELLING.” Unfortunately, selling is the most important task of an entrepreneur; and without it, no business will survive. In fact, selling is life.

So if you hate selling, then forget about starting a network marketing business. In fact, forget about even becoming an entrepreneur because you are only heading for the rocks.

5.            Leadership skill is the second most important business skill

I wasn’t born a great leader. In fact, I hated anything that will put me in the fore front. While in school, I was an A student but I hated being identified or singled out. I hated leading; even when I know deep down in me that I am competent enough to handle such task. But my adventure as a network marketer changed my perception entirely. While in the network marketing industry, I saw first handedly the importance of leadership and unfortunately, it’s something you can’t run away from in the industry.

As an entrepreneur, you have to be at the fore front of your business. People don’t follow someone who doesn’t inspire confidence. Secondly, people don’t like being guided from behind; they want to be lead from the front. So despite my failure in network marketing, I never forgot the importance of leadership in business.

6.            Failure is the greatest teacher; only if you are willing to learn

Failure is not bad. In fact, everybody fails at one time or the other but unfortunately; only few learn from their failures. Failure is the greatest teacher, but that’s only if you are willing to learn.  Now how can you learn from your failures? You can learn from your failures by keeping an open mind and critically analyzing the process that lead to the failure. When you analyze your steps, you are bound to discover where you went wrong and this will help you avoid the same mistakes in the future.

In conclusion, I want to stress the point that my time in the network marketing industry was worthwhile. It gave me the opportunity to meet great men and women who started from scratch. Secondly, my journey in the network marketing industry helped me discover my weaknesses and prepared me for the challenges of the business world. So my failure wasn’t really failure; it was a learning process for me because with the experience gathered from my failure in the network marketing industry, I have become a better entrepreneur with a successful business to prove it. So don’t let failure stop you; instead, learn to make it a stepping stone and I will see you at the top.

7 Wrong Reasons to Quit your Job/Start a Business

I am an advocate of the need to take control of your life and starting a business is one of such ways you can gain control over your life. It thrills me to see people; both young and old take the leap to start their own businesses. But it also saddens me because most of these budding entrepreneurs start out with the wrong perception.

I love meeting entrepreneurs, I love listening to their plans, success or failure stories and their ideas because I know I can get my spirit ignited simply by listening to others. Most inspiring are the stories of employees; who are giving up the perceived security of their jobs to start a business. However, I will like to point out certain perception I have noticed in individuals who are making a transition from being employees to becoming entrepreneurs. If you are an employee wanting to quit to start your own business; I will advice you put your resignation letter on hold until you’ve read this article and absorb its message. As an employee wanting to start your own business; have you at one time or the other made any of the statements below:

  1. I am tired of my job
  2. I want to be my own boss
  3. I want to get rich quick
  4. I have a brilliant idea
  5. I want to be free
  6. I am the best in my workplace
  7. I have gained a lot of experience from this job, it’s time I quit.

If any of the statements above is a reason why you want to quit your job to start a business; I will advice you think again because your motive for going into business will determine whether you succeed or fail. Without wasting your time, below is a detailed explanation that will help you avoid quitting your job for the wrong reason.

                7 Wrong Reasons to Quit your Job/Start a Business

1.            I am tired of my job

My answer: if you are tired of your job; maybe because it’s stressful, or your boss is lousy, or your job is something you hate doing. Then I will advice you get another job rather than start a business. Why? The reason is because building a business is more stressful and demanding than a regular job. In a regular job, you are assigned to one task; while a business will require you handle multiple tasks almost at once. And as an entrepreneur, you might also need to do exactly that same task you hate.

Let me give you some instances: most people hate their job because it entails either selling, handling paper work, dealing with endless customer complaints, balancing the books or focusing too much on a single task, etc. My dear, if any of the above applies to you; then please forget about starting your own business because your business might just be dead on arrival. I have seen entrepreneurs burn themselves out; simply because they weren’t prepared for the stress involved with building a business. So please, don’t make the mistake of starting a business simply because you are tired of your job. It’s not enough motivation to survive in the business world.

2.            I want to be my own boss

My answer: before I go further, let me first ask you this question. Do you really understand what it means to be in charge? Do you have what it takes to be a boss? If you want to quit your job simply because you want to be your own boss; I will advice you have a rethink. Most people think being a boss/leader is all about being in control, barking out orders, hiring and firing employees. From personal experience, I can tell you it is more than that.

Being a boss in your own business comes with responsibility; meaning you are responsible for the success or failure of your business. As an entrepreneur, you have to make sure that your business system is running at full capacity everyday; even if it means having to make some personal sacrifices.

As the boss of your own company, you will have to make sure everything is provided for; you will have to deal with all problems arising from your business and most importantly, you will get paid only after your business and employees have taken their share. As a boss, you won’t have the opportunity to say “it wasn’t my fault.” And even if you end up firing an employee; you will still have to solve the problem the sacked employee created. Do you really understand what it means to be the chief decision maker? Well if you don’t, then I will recommend you watch the movie “24”; then you will get a feel of what it takes to be a boss.

3.            I want to get rich quick

“The Rich Dad Company is an overnight success; but it took us ten years to get there.” – Robert Kiyosaki

My answer: If you want to start a business because you want to get rich quick; then I say congratulations, you are on the right track. But let me ask you a question: are you prepared to work for three straight years without pay? I bet you will scream “NO.” well, this is where the problem lies. Most people wanting to start a business are looking for instant gratification; they want to be overnight successes. But let it be known to you that building a business is a high risk venture with a high failure rate. 90% percent of all new start-ups fail in their first ten years; so think again.

4.            I have a brilliant idea

My answer: this is the most common statement made by potential entrepreneurs but unfortunately, a brilliant idea is not enough. The world is filled with brilliant ideas but the world lack determined entrepreneurs that understand the intricacies of building a multi-million dollar business. If a brilliant idea is all it takes to build a successful business, then everyone will be a millionaire overnight. But unfortunately, it takes more than that. Growing a business requires capital, thorough understanding of the business, competence, cash flow management, a good business team, diligence, leadership skill and most importantly; the ability to sell. So now you see why it takes more than an idea to build a business.

5.            I want to be free

My answer:  it will be foolish of you to want to quit your job and start a business because you want a lot of free time. Well if you must know, business offers no freedom especially in the start-up phase. Do you realize that entrepreneurs work longer hours than most employees? There’s never going to be a free time in business; it’s up to you to create the time you want.

As an entrepreneur, I sometimes never let go of my business. Even while on vacation, or I am driving or travelling; I am always on the phone, laptop or mobile device just to stay in touch. I sometimes wake up in the dead of the night to do some brainstorming, or reflect over a business problem, or do some tasks or write for my protégés. In fact, this article you are reading now was written in the wee hours of the morning; while most of you are still enjoying your sleep. What am I trying to buttress? The point I am trying to stress is this: there’s will never be enough free time to do everything what you want; whether you are an employee or entrepreneur. But there will always be enough time to do a single task, which you consider most important; only if you are willing to make out such time.

6.            I am the best in my workplace

My answer: it takes a lot of knowledge and dedication to be the best in your workplace. So if you are one of the best employees in your firm, then I give you a thumb up. But I want to make a point clear: business is not about an individual, no matter how skilled that individual may be; it’s all about the team. Business is a team sports, so also is investing. In business, team work is more important and valuable than individual skill.

For instance, Lionel Messi may be the best player in the world but he is nothing without his team mates. No successful entrepreneur ever rose to the top by individual effort; they rose by the collective effort of their team. So even if you forget all the lessons, don’t forget that: “being on the best team is much better than being the best player.” If you are the smartest person on your team; you are heading for trouble but if you are part of the smartest team in your industry, then it is massive profit all the way.

7.            I have gained a lot of experience from my current job

My answer: if you have adequate experience from your job and you want to quit, then my best advice is this: Get another job. The fact that you are an experienced chemical engineer does not make you competent enough to run a chemical manufacturing business. Your experience as a real estate agent does not qualify to be a real estate investor. Why? The reason is because their role demands are different and your experience is one-sided.

Business is not a one skill affair; it is a synergy of different skills and experience. That’s why entrepreneurs are generalists; they need to know a little of everything. While your job might forge you into a specialized technocrat such as an accountant, attorney or medical doctor; an entrepreneur must know a little of business laws, production management, customer relationships, marketing and sales, people management, accounting, product development, etc. An entrepreneur must have a thorough understanding of the business basics; else, failure will be unavoidable.

As a final note, it is never my intention to discourage you from becoming an entrepreneur. In fact, it’s my greatest wish to see you running your own business; because entrepreneurship is the major driver of innovation and economic growth. That is why I took the pain to write this article; I wrote this to equip you with the right mindset. To make you understand that the mindset with which you start a business determines the outcome of your venture.

So if you are going to quit your job or start a business, do it for the right reason. Do it because you have a strong mission in your heart; just like Henry Ford and Steve Jobs. Do it because you want to be part of the solution rather than the problem. Do it because you want to satisfy a need or solve a problem. Above all, do it because you want to etch your name in the sands of time by improving the welfare of humanity; taking a pointer from entrepreneurs like Andrew Carnegie and Bill Gates.

The Ultimate Law of Wealth Attraction – How to Make Money Effortlessly

My experience as an entrepreneur is one thing I cherish so much and the reason is because it is shaped with events, people and memories. My line of duty affords me the opportunity to meet different people from all walks of life; all with different perception. There are those who believe the rich are greedy and evil; there are those who want the government to take from the rich and give to the poor, and there are also those who wonder how one man is able to amass billions of dollars while majority of the populace struggle in penury. This article is an answer to your questions on wealth attraction.

There are so many laws of wealth attraction but I will be focusing on the ultimate law only. This single law holds the key to tremendous wealth and is quite known by everyone; but the problem is that most people don’t understand how to apply the law to their own advantage. So in this article, I will reveal to you the ultimate secret of wealth attraction and how to apply it to make money effortlessly. Now who are those that have successfully utilized the law for their own good?

                Men and Women who have amassed Billions of Dollars using the Ultimate Law of Wealth Attraction

The following are men and women who have used this law to their favor: Thomas Edison, J. Paul Getty, Thomas Edison, Richard Branson, the Rothschild’s, Aliko Dangote, J. K. Rowlings, Oprah Winfrey, Martha Stewart, Coco Chanel, Bill Gates, Larry Ellison, Michael Dell, Jeff Bezos, Andrew Carnegie, Jacob Astor, Cornelius Vanderbilt, Henry Ford, Steve Jobs, Warren Buffett, etc. In fact, I can go on and on listing names but I think you’ve got my point. The men and women listed above were worth billions of dollars in their active years; and they all applied the same ultimate law of wealth attraction. Now you might say my list is biased; that it’s filled with only entrepreneurs and investors but it is not so.

The ultimate law of wealth attraction is not about building businesses, investing, stealing public funds or extorting money from the populace. No, the ultimate law of wealth attraction is much more than that. Now what is the ultimate law of wealth attraction?

                The Ultimate Law of Wealth Attraction

“Give and it shall be given unto you. Good measure, pressed down, shaken together and running over, shall men give into your bosom.” – Luke 6: 38

Yes, the statement above is the ultimate law of wealth attraction. If you want to make millions and billions effortlessly; then obey the law and give. The ultimate law of wealth attraction didn’t say receive first and give later; it says give and it shall be given unto you. What this mean in essence is that you have to give first to receive. Unfortunately, what most people know how to do is receive or take what belong to others.

Now let’s critically analyze this law. How do you become a medical expert or engineer? You must first study hard for years, while paying a huge sum for the knowledge you are acquiring. After that, you undergo series of rigorous tests before you become qualified to earn a salary as a medical or engineering expert. All these might take nothing less than ten years to achieve. The same is also applicable to money; you must give first before receiving. Now how do you give first to attract wealth? How do you apply the ultimate law of wealth attraction?

                How to Apply the Ultimate Law of Wealth Attraction

“If you want to be rich, simply serve more people.” – Rich Dad

The simple statement above is the only answer you need. If you want to become rich, if you want to amass billions of dollars; then simply serve more people. Now note this: Bill Gates and Larry Ellison did not join the rank of richest men in the world until they provided easy to use software for millions of individuals and businesses. Aliko Dangote did not become the richest black man in the world until he provided the basic needs of over 150 million Nigerians.

Henry Ford did not become rich until he took cars that were strictly manufactured for the rich and made them available to the masses. Investing is not the core secret of Warren Buffett’s wealth; Warren Buffett provides an intrinsic financial service to millions of individuals. Steve Jobs put a personal computer in every home; Michael Dell made the personal computer more affordable to the masses by selling directly while boycotting the middle men. This business blog (StrategicBusinessTeam.com) you are reading now generates a decent daily income; but that did not happen until I gave away tons of business advice for free. I can go on and on but I think my point has been made.

“If you want to be rich, simply serve more people.” – Rich Dad

In the simplest of terms, if you want to be rich, simply give; or better still serve more people. Give to the society, help them solve their problems; help satisfy their needs/wants and they will give you in return. But employees such as doctors and fire fighters also render a service; they give, so why are they not among the richest people in the world. Now that brings me to the next sub-principle under the ultimate law of wealth attraction.

“How many people can you give to in an hour? How many people can you serve in a day?

The question above is the thin line that makes the big difference between successful employees and entrepreneurs. Now let me ask you: what’s the difference between me and a doctor? The difference is that a doctor is limited with respect to the number of patients he can attend to in an hour. A doctor can personally attend to at most 20 patients in an hour in a specific locality and he rarely work for straight 24 hours. But I personally affect the live of over 1,000 individuals hourly with articles I wrote on this blog and through this blog; I am always available globally 24/7. Now that’s excluding my other business interests.

Aliko Dangote has a direct workforce of over 100,000 employees globally. He provides the basic needs of over 150 million Nigerians; his company has a large network of independent distributors and he has enriched many Nigerians through his quoted companies. Can you see how much Dangote has given? Can you see how many millions of people he is serving? This is the sole reason why he’s the richest black person in the world; this is also the reason why he is richer than the best medical practitioner, attorney and CPA put together.

In conclusion, I want you to know that there is an abundance of wealth flowing round the globe. You just need to be well informed and positioned to tap into it. For the law of wealth attraction to work in your life, you must be prepared to give; you must be prepared to serve millions of people. You must change your perception of being a dependant; you must stop being a core consumer. You must strive to become a core producer; a capitalist. Now how do you begin to serve more people? What must you give to attract wealth and join the elites? I leave you with the quote below:

“Ask not what your country can do for you. Rather, ask what you can do for your country.” – John F. Kennedy

The Untold Secret of My Business Success

“We are self made……or never made.” – Dr Sidney Newton

Are you an entrepreneur or you are intending to be one? Do you want to succeed in life and business? What if I share with you my personal blueprint for success, will you act on it? If your answer to the last question is yes, then read on.

I have written a lot of articles with respect to starting a business, developing business ideas, raising capital and the rest of it. But never have I written an article about my personal life and how it affects my business. Discussing my personal life is something I shy away from but this year 2012, I made a resolution to be more open. I made a resolution to give away everything in my knowledge base; from my ideas and strategies to my personal experiences and business moves. But I won’t be revealing income figures, business ideas and moves that have legal restrictions. Now back to the issue of the day.

On several occasions, I have been asked to reveal my personal formula for success. It’s also funny to note that those who asked this question expect me to spill out a holy grail of some sort. Now the truth is this: there is no secret to my business success. Why, you may ask? Well, the reason is because the secret code for success is no longer a secret. It has been used and revealed by the likes of J. Paul Getty, John D. Rockefeller, Henry Ford, Bill Gates, Steve Jobs, Aliko Dangote, Robert Kiyosaki, Richard Branson, Larry Ellison, etc.

But irrespective of how universal the law of success is, I still believe that the success path of every successful individual is unique. Meaning, every successful individual has his/her own story to tell and lessons to share. So in this article, I will try as much as possible to squeeze out the lessons and the codes I have worked with to get to where I am today. So without wasting your time, below are seven codes that shaped my success in life and business.

                My Personal Secret Codes for Success in Business and Life

“I wasn’t born a success………I was made a success…………on the streets.” – Ajaero Tony Martins

1.            Work Hard in the right Direction

Most successful entrepreneurs and employees attribute their success to hard work but what they don’t tell you is this; “hard work is useless without a strategic direction.” On several occasions, I have had people complain of how stressful their day job is and the need to find a new job because they are not making headway. All I do is wish them good luck and take my leave because their mind is already clouded with the illusion that getting another job will ease their pain. One truth I often fail to tell them is that my job is also stressful and I sometimes work twice as hard as they do. But the difference between us is that we are working hard in different directions. While I am working hard building a business, you might also be working hard building your career but our resultant end will never be the same.

“The richest people in the world build networks; everyone else is trained to look for work.” – Rich Dad

So what’s the point I am trying to stress? The point I am emphasizing is that hard work in the wrong direction is useless. Don’t work hard building someone else’s business; don’t work hard making your boss rich. Instead, work hard building a business; work hard to acquire assets that will produce enough cash flow so that you will never have the need to work again. And most importantly, even if you are building your own business, don’t work hard trying to do everything yourself. Don’t be a solo player, work hard alongside your business team; work hard forging strategic alliances with other successful businesses. Work hard in the right direction; this is my first code for becoming successful.

2.            Believe in Yourself

“You are nuts and you should be proud of it. Stick to what you believe in.” – Hawkins

If there’s any code I will emphasize repeatedly; it’s self belief. Without it, you will achieve nothing. My entire business success was a product of self belief and I am not alone in this. The greatest enterprises in the world were built by men and women who believed in themselves; thought for themselves and acted without giving a damn to what the critics say.

“Remain true to yourself; and your personal philosophy.” – Giorgio Armani

Whenever I sit back and analyze my life and business; I wonder where I would have been if I hadn’t believed in myself. I wonder what would have been my financial status today if I had lived in the fear of what people would say. I wonder where I would have been if I had followed the advice of family and friends without thinking for myself.

“It pays to trust your instinct.” – Donald Trump

I recall how my dad made efforts to get me to the US. I made it clear to everyone that I want to make my wealth here in Nigeria and that stance really caused a lot of chaos because my dad couldn’t understand the bases of my stance. I recall how I bluntly refuse to travel to China to oversee the family business over there because I wanted to stand out from my father’s shadow. Most unforgettable was my decision to drop out of college. Family and friends thought I was crazy but I still went ahead to drop out and focus on my business. It was a painful decision because of the effort, resources and time already invested but I thank God because I have no cause for regret.

“The most important aspect of my personality as far as determining my success goes; has been my questioning conventional wisdom, doubting experts and questioning authority. While that can be painful in your relationships with your parents and teachers, it’s enormously useful in life.” – Larry Ellison

I can never over emphasize the importance of self belief. I can never over emphasize the need to stand tall in the face of stiff criticism. Don’t live in the fear of being criticized; don’t put other people’s opinion before yours. You are you and no one can better understand your ideas and philosophy than you. So don’t be afraid to take a stand, don’t hide in other people’s shadow; stand out. If you have an idea you strongly believe in, shun the critics and go for it. The end will justify the means.

“You have to act and act now.” – Larry Ellison

3.            Be Persistent

Nothing good comes easy. The world is not going to spoon feed you to success; you have to fight for what you want and it takes persistence to win a fight. Your first blow or shot in business may not make the kill; so you just have to keep trying. Success is not an overnight venture; it’s something you attain over time.

“I was relentless even in the face of total lack of encouragement because much more often than you think; sheer persistence is the difference between success and failure.” – Donald Trump

I did not build a business overnight; I wasn’t a success on my first trial. Becoming a successful entrepreneur was a product of repeated trials and learning quickly from every mistake made.

4.            Live a Balanced Life

“In your quest to becoming a billionaire, you have to sacrifice literally everything – completely shut off everything else in your life (hobbies, interests, free time, friends, family, even love) and resolve to do nothing but work as hard as you possibly can to get a billion dollars as soon as humanly possible, not doing/thinking/caring about anything else, never giving up no matter what; until you have a billion dollars.” – Anonymous

The statement above is an extract from an email sent to me by a reader in response to the article I wrote about my goal to become a billionaire. In as much as I appreciate his effort to write me, I must point out that his perception is wrong. My reason for setting the goal to become a billionaire is not about the money, I am doing it for something higher than money.

“Becoming the richest man in the world is not championship; it’s all about competence.” – Carlos Slim Helu

Secondly, sacrificing everything in your life just to make a billion dollars is a foolish perception. There are things that are more important in life than money; things such as your friends, family, hobbies and your relationships. There are also free gifts of nature that cannot be bought with money; for instance spirituality is not a material thing, it’s a thing of the mind. So when you give up everything in pursuit of money; that means you’ve made money your god. Now what’s the essence of having a billion dollars without family, friends and interests to spend it on? Remember, life is short. That’s why Jeff Bezos said: “Work hard, have fun and make history.”

As an entrepreneur, I am strapped for time because I am always on the go. But despite my tight schedule, I still give time to things I value. I still make out time to spend with my family and friends. I give time to spirituality; I try as much as possible to attend social events and I also find time to read, listen to audios and attend seminars. It all boils down to time management and prioritizing your tasks. No matter how committed I am to my business, I try to balance my act and I think you should do the same else; you will end up like the multi millionaires and billionaires with broken homes, marriages and a failed health.

5.            Embrace Team Work

“Business and investing are team sports.” – Rich Dad

I have started and built several businesses from scratch. I have had successes and failures as well. I have bounced back from several failures and leveraged my successes. I make money even while I sleep. In fact, I make more money while on vacation than when I am active. What is my secret? Well, the open secret is that I am not a solo player; I am a team player. I love team work and that’s why I invest in people. I hire and partner with people who are smarter than me. I work with people who understand the technicality and have the ability to get things done. So if you are going to be a successful entrepreneur, then you must embrace team work. It’s as simple as that.

“My model for business is the Beatles. They were four guys that kept each other’s negative tendencies in check; they balanced each other. And the total was greater than the sum of the parts. Great things in business are not done by one person; they are done by a team of people.” – Steve Jobs

6.            Your Personal Values

“Sometimes, what is right for you at the beginning of your life is not the right thing for you at the end of your life.” – Rich Dad

“Waste of resources is a mortal sin at IKEA.” – Ingvar Kamprad

What do you hold dear to your heart? What do you attach importance to? What are your personal values? Do you know that your personal values can be a stumbling block on your way to becoming a success? Yes, what you believe in can make you a failure. I wrote an article about my goal to become a billionaire and this single write up attracted a lot of criticism. Some people challenged my rationale for setting such a goal and some labeled me greedy for wanting to make a billion dollars to the detriment of others. I had to respond by telling them why I want to become a billionaire. Now before I move on, I want you to analyze the opinions below:

  1. Money is evil
  2. The rich are greedy
  3. You have to sell your soul to become rich
  4. I need a steady paycheck
  5. Go to school so you can find a secured job
  6. Money is scarce
  7. Life is not fair
  8. I can’t work for free, I need to be paid
  9. I want to get rich quick
  10. Government must tax the rich and give to the poor
  11. The government must take care of our needs

Are the statements above true? If your answer is yes, then it’s your own opinion but I want you to know that the statements above are from people with a poor perception. If you have such perception, then you might not become a success; not to talk of being rich.

“Ask not what your country can do for you; rather, ask what you can do for your country.” – John F. Kennedy

Money in its true sense is not evil; it is simply a medium of exchange and a legal tender. Rather, I will say the love of money is evil and people who inflict pain on others just to make money are also evil. As an entrepreneur, money is simply a way I keep score; money is one of the ways I score my achievements in the business world.

Now for me, I attach value to things such as time, freedom, control, work and relationships. I value my time and that’s why I have people working for me and this in turn leads to freedom. I want to be free to travel or do what I want; when I want it. I don’t want to be stuck in a job where I just do as I am told; while living in the fear of being sacked. I am an entrepreneur and I love my work; that why I worked without pay for three years just to get my business off the ground. In fact, I still work for free today. Now let me ask: would you rather work for free for five years and live the rest of your life without ever having the need to work again or you will still to a steady paycheck for the rest of your life? I leave that for you to answer. Most importantly, I value my relationships and I will do anything to maintain them.

7.            Keep Moving

“The height attained by great men is not by sudden flight; for while others sleep at night, they toil.” – Anonymous

No matter the situation I find myself, no matter the setback or business challenge I encounter; I make sure I keep moving towards my goal. Most people imagine successful entrepreneurs as overnight successes but the truth is that, it’s not so. The path to success is not paved with gold.

“The Rich Dad Company is an overnight success; but it took us ten years to get there.” – Robert Kiyosaki

The quote above is the truth in its entirety. Using my life as example, my position today is not by sudden flight. I have been in the trenches, I have walked through fire and I have been through storms but I always make sure I keep moving. I have started and lost couple of businesses and investments; yet, I keep moving. Regardless of whether I succeed or failed, I will keep moving.

“If you are moving, even fire will not hurt you. If you are standing still near the fire, even though you are not in the fire, the heat will eventually get to you.” – Rich Dad

I remember the early days when I made up my mind to become an entrepreneur; what most people don’t know is that I took that decision without a dime in my pockets. Being penniless wasn’t the only problem; I was also inexperienced and had no business skills. But rather than remain stagnant and daydream about my goals, I did some menial jobs, raised some capital and first invested in myself by attending seminars on business idea development, marketing and investing. Rather than remain stagnant, I signed up for a network marketing company; where I developed my leadership and sales skill. I kept bouncing and moving until I found my place.

“I’m not afraid of turning 80 and I have lots of things to do. I don’t have time for dying.” – Ingvar Kamprad

Fast forward to today, I haven’t stopped moving because the world is changing rapidly and if I don’t keep moving; I will be left behind. Rather than pile up cash in my bank account, I am always on the look for good investments and business opportunities. I am still building businesses regardless of whether I fail or not and when I am not busy, I pick up a book and read or listen to an audio recording on business. And most importantly, I never stop attending seminars. The reason is because I don’t want to stop learning; I don’t want my cup of knowledge to be full. I want to keep up with the moving trend; else, I will be overtaken and left behind by the new fast moving competitors.

“A cup that is full is useless.” – Chinese Proverb

“Life is a journey, not a destination. So also is business; your  objectives keep moving.” – Thomas J. Burrell

Another reason I am emphasizing the need to keep moving is because people think becoming a millionaire or billionaire means having a million or billion dollars stashed in your bank account. I will never keep a million dollars in savings; it’s financial insanity to me. Don’t pile up cash in the bank; keep your money in investments. That’s what I do. I keep moving my money from one investment opportunities to another; a bulk of my cash are also tied up in businesses in the form of inventory and fixed assets. The lesson here is this: don’t be stagnant; keep moving forward.

“IKEA is not completely perfect. It irritates me to hear it said that IKEA is the best company in the world. We are going the right way to becoming it but we are not there yet.” – Ingvar Kamprad

In conclusion, I want to state clearly that I am not there yet. Despite my successes and failures as well; I am still far from my goal to become a billionaire. There’s still a lot to learn, businesses to start, products to create, investments to finance, wealth to re-distribute, friends to meet and competitors to fight. But I want you to bear this in mind; whether I hit the goal to become a billionaire or not, whether I lose everything tomorrow or not, no matter how many times I succeed or fail; I will stick to the process. I will keep moving until the day I bow to death. What about you?

101 Exceptional Small Business Advice and Tips for Entrepreneurs

I have written a lot of articles on this business blog; and there’s every possibility that you have missed one or two informative business tips I have shared in the past. So in this article, I will be sharing with you the best small business advice and tips from successful entrepreneurs. Without wasting your time, below are 101 exceptional small business advice and tips for entrepreneurs.

101 Exceptional Small Business Advice and Tips for Entrepreneurs

1.            Personal Development Advice for Entrepreneurs

The Best Financial Investment Advice I have ever received

How to Become a Successful Business Woman (Entrepreneur)

15 Characteristics of Successful Entrepreneurs and How to Develop Yours

The Magic of Thinking Big and why you should Set Big Goals

How to Effectively Manage your Personal Time in Business

Five Benefits of overcoming the fear of public speaking

How to Handle Stress with Effective Time Management

Personal Mastery Principles: How to take Control of your Life

2.            Small Business Advice on Risk and Business Failures

How to Handle Business Failure and still Succeed

Five Things I will do if my Business Fails Today

50 Failure Quotes from 50 Successful People

Why I Failed to Build a Network Marketing Business

13 Reasons Why Entrepreneurs Fail to Succeed in Business

15 Common Business Mistakes You Must Avoid

How to Learn From Your Mistakes in Business

10 Reasons Why You Will Never Build a Successful Business

12 Strong Reasons Why Small Businesses Fail

10 Causes of Business Failure You Must Watch Out For

Successful Entrepreneurs Advice on taking Risks in Business

Four Essential Lessons from Companies Going Out of Business

3.            Business Development Advice

How to turn your Self Employment Job into a Business

How to Build a Strong Business Management Team from Scratch

How to Grow your Small Business Internally on a Lean Budget

Five Business Challenges Women Entrepreneurs Face and How to Overcome them

How to Open a Credit Card Processing Merchant Bank Account for your Small Business

60 Ways to Increase your Mail Order Catalog Sales Overnight

How Personal Mastery can increase Organizational Performance

How to Overcome Performance Stress in Business and Workplace

4.            Small Business Advice for Survival/Overcoming Competition

Famous Quote and Strategy for Creating Competitive Advantage

Example of Companies with Sustained Competitive Advantage

12 Sources of Sustainable Competitive Advantage in Business

21 Small Business Survival Strategies from Richard Branson

How Your Business Can Survive a Recession and Still Grow

Ten Steps to Effective Problem Solving in Business

How your Small Business can Survive a Recession

5.            Small Business Advice from Successful Entrepreneurs

75 Impeccable Business Advice from 39 Billionaires

67 Rich Dad and Robert Kiyosaki Quotes on Business and Money

40 Bible Quotes and Biblical Strategies for Business, Money and Wealth

Richard Branson’s Competitive Strategy for Entrepreneurs

Warren Buffett’s Business and Investment Strategies

John D. Rockefeller Principles for Success

J Paul Getty Strategies for Acquiring Wealth

Henry Ford’s Business Startup Advice

Andrew Carnegie’s Success Secrets

Famous Bill Gates Advice on Strategy

Charles Schwab Advice on Life, Business, Investing

25 Life Quotes about Change

Gerry Schwartz Advice on Building a Conglomerate from Scratch

Eleven Business and Life Lessons from Carlos Slim Helu

Madame C. J. Walker Quotes on Life and Success

Ralph Lauren Quotes on Goals, Vision, Success and Business

Mark Cuban Strategies for Growing a Business

John Johnson Quotes on Business Success

Lilian Vernon Quotes and Advice on Starting a Small Business

Michael Dell’s Advice for Young Entrepreneurs

Dave Thomas Quotes about Life and Business

Jim Rohn’s Success Formula for Achieving Greatness

Walt Disney Quotes on Dreams, Imagination and Life

Sam Walton Tips on Team Building and Business

Famous Coco Chanel Quotes Fashion and Business

25 Life Quotes about Making Mistakes

Martha Stewart Quotes for Living and Achieving Success in Life and Business

101 Tony Robbins quotes on Life, Fears, Goals and Success

Rachael Ray’s Secret to Making Millions with your Passion

40 Quotes on Life and Business from Mafia Manager

Anita Roddick’s Business Success Secrets

42 Life Lessons from Li Ka Shing

Debbi Field Quotes for Building a Business around your Passion

Eight Business Success Secrets of the Rothschild Family

Giorgio Armani Quotes on Business, Fashion and Life

W. Clement Stone’s Business Success Tips

James Cash Penny’s Business Advice

J. K. Rowling’s Life Lessons

Donald Trump Advice on Business Real Estate

Ted Turner’s Life Lessons

Thomas Alva Edison’s Strategies for Creativity

Oprah Winfrey’s Business Success Secrets

Henry Ross Perot’s Advice

Peter F. Drucker’s Small Business Management Strategies

Steve Jobs Tips on Innovation

Jack Welch’s Principles of Corporate Leadership

Ingvar Kamprad’s Business Leadership Advice

Jeff Bezos Tips on Business Leadership and Strategy

The Beginner’s Guide to Starting Your Own Business from Scratch

When it comes to learning how to start a business, there’s really a lot to learn especially if you are a new inexperienced entrepreneur. So in this article, I decided to compile a complete guide to starting a business. This compilation is a resource culled from the very best articles I have written; and it will be a hand guide for beginners or those who are humble enough to learn. Without wasting your time, below is my beginner’s guide to starting your own business.

                The Beginner’s Guide to Starting Your Own Business from Scratch

1.            Making the Decision

Why Do You Want to Become an Entrepreneur or Start a Business?

Why I want to become a billionaire

Discovering your Purpose

What is the Primary Duty of an Entrepreneur?

2.            Developing your Entrepreneurial Mindset

How to Develop your Mindset and Think like a Billionaire

The Magic of Thinking Big and why you should Set Big Goals

How to Become a Successful Entrepreneur and Business Owner

12 Easy Ways to Develop Positive Thinking Mental Attitude

How to Awaken Your Entrepreneurial Spirit

3.            Developing your Business Skills

Five Entrepreneurial Skills You Need to Build a Successful Business

Is a College Degree Necessary for Building a Successful Business?

Why you must Develop your Sales Skills and Learn How to Sell

What is the Most Important Business Skill for an Entrepreneur

How to Develop your Critical or Strategic Thinking Skills

A list of Effective Leadership Skills for Managers and Entrepreneurs

Six Problem Solving Skills Entrepreneurs must possess to Build a Successful Business

10 Traits of Successful Business Women (Entrepreneurs)

Self Help: How I Overcame my Fear of Public Speaking

21 Ways to Develop People Management Skills in 21 Days or Less

17 Ways to Improve your Customer Service Skills in 17 Days or Less

How to Develop or Improve Your Entrepreneurial skills

Six Leadership Opportunities You Can Leverage To Develop Your Skills

How to Develop Leadership Skills and Succeed In Business

11 Traits of Exceptionally Creative Business Leaders

4.            Developing a Business Idea

How to Develop Innovative Billion Dollar Business Ideas

How to Sell your Ideas to Companies and Investors without stress

How to Find Your Passion in Six Easy Steps

Creative Imagination: 12 Ways to Increase Your Entrepreneurial Creativity

5.            Finding Good Business Opportunities

20 Profitable Web Based Services Business Opportunity You can Start with No Money

15 Profitable Business services (B2B) You can Start with No Money

The Best Business Opportunity with High Return on Investment

6.            Planning your Business Start-up

Five Conditions That Makes a Business Opportunity Feasible

Building a Business: How to Design a Business That Wins

Choosing a Small Business Location: 10 Factors You Must Consider

How to Conduct Feasibility Study on any Business Idea

3 Difference between Feasibility Study and Business Plan

5 Reasons Why You Must Conduct Feasibility Study before Starting a business

Why Your Business needs a Mission Statement

Building a Business: Your Vision Statement

How to Analyze or Assess a Business Investment Opportunity

The Cost and Challenges of Doing Business in Nigeria

How to Find a Good Business Coach or Mentor

10 Business Challenges of Starting a Small Business from Scratch

7.            Writing your Business Plan

A Complete Sample Business Plan Format and Outline You Can Use As a Guide

Business Plan Outline: How to Write a Business Plan That Attracts Investors

8.            Incorporating Your Business

The Various Forms of Legal Small Business (Company) Structures

The Benefits of Incorporating a Small Business

Six Advantages and Disadvantages of Incorporating a Business

Five Reasons Why You Should Incorporate a Business

How to Register a Limited Liability Company in Nigeria

How to Register a Business Name in Nigeria

Everything You Need To Know About Forming Business Partnerships

Disadvantages of Doing Business as a Sole Proprietor

Going Public: Advantages and Disadvantages of Doing Business as a Public Corporation

Advantages of Choosing a Sole Proprietorship type of Business Entity

9.            Raising Capital for your Start-up

How to Raise or Borrow a Million/Billion Dollars fast for your Business

How to Raise Startup Seed Capital from Family and Friends

VC Funding: How to Raise Capital from Venture Capitalists

How to Obtain Start up business loans

How to Obtain Small Business Loans for Women

How To Raise Money to Start A New Business

7 Basic Facts You Must Know When Borrowing Money For Your Business

7 Sources Of Fund You Can Exploit To Finance Your Business

10.          Starting your Business

27 Small Business Startup Checklists for Starting your own Business

How to Become a Self Employed Entrepreneur

How to Start an Online (Internet) Business with $100 or less

How to Quit your Job and Start a Business

Seven Easy Steps to Starting a Small Business Part Time

How to Build a Strong Business Management Team from Scratch

How to Start a Small Business in Nigeria from Scratch

How to Start a Small Business with No Money

21 Easy Steps to Starting a Home Based Business in 21 Days or Less

How to Raise or Borrow a Million/Billion Dollars fast for your Business

Are you trying to raise capital for your business? Do you have what it takes to borrow a million/billion dollars? If I provide you a step by step action plan to borrowing a billion dollars, will you be willing to implement it? If your answer is yes; then read on.

Now regardless of whether you need to raise funds or not, you definitely need to read this article because even if you don’t need cash today; you might need it tomorrow for expansion or whatsoever. The primary duty of an entrepreneur is to raise capital for the business by any means necessary. Cash flow is the life blood of a business; therefore, an entrepreneur must keep cash flowing continuously into the business for it to survive. But unfortunately, access to capital is one of the major business challenges entrepreneurs face. Now how do you overcome this challenge? Well I will advice you read on because in this article, I will be sharing with you the secret of either raising or borrowing any amount of money you want.

I have watched my business mentors raise or borrow hundreds of millions in dollars; and some even went ahead to borrow billions of dollars. In retrospect, I have also seen entrepreneurs struggle to raise a mere $10,000 in capital. Now what’s the difference between those who raise millions and billions of dollars and those who struggle to raise peanuts? You will find the answer below.

                How to raise or borrow a million/billion dollars for your business

1.            Credibility

The first and probably the most important criteria to raising or borrowing money for your business is your credibility. Call it your track record and you won’t be wrong. Who are you? Who are your partners? How credible are you? Who have you successfully done business with in the past? How much have you raised or borrowed in the past? Were you able to back the borrowed funds within the stipulated time frame? What’s your personal success rate with respect to businesses you are involved with? Do you deliver on your promise to investors, lenders or business partners? These are the type of questions lenders/investors go all out to find answers to. The more positive your records are, the more likely you will get the cash you need.

2.            Competence

Competence is the next key to successfully raising or borrowing funds for your business. Are you the Larry Ellison, Jack Welch, Steve Jobs or Jeff Bezos of your industry? Are you known in your industry as a problem solver or innovator? How consistent has your business growth been? How do you handle business challenges? These are the type of questions that tends to evaluate your level of competence. Aside the usual business plan and financial statement; investors or lenders want to see confidence and competence on the part of the entrepreneur.

3.            Have a strong business team

Money follows good management. This statement is the truth in its entirety. Business is a team sport; so also is investing. Show me a business man who raises millions and billions of dollars with ease and I will show you a business man with a team that commands respect and strike fear in the heart of competitors. The primary reason entrepreneurs struggle to raise/borrow money for their business is because they are trying to do it alone. Who is on your team? This is the most important question investors/banks/lending institutions want an answer to because a strong management team inspires confidence.

4.            Have a solid financial base

Aliko Dangote raised about $1billion for his Obajana cement factory without stress because his business plan demonstrated his ability to payback. So when raising or borrowing money for your business, make sure you demonstrate your ability to payback.

5.            Have a fast growth plan

How fast is your growth plan? How long will it take you to payback your business loan with the accrued interest? How long will investors have to wait to get their money back? The lesser the time your business plan promises to payback investors; the more likely you will get the funds you need.

6.            Be a brand

How long will it take companies like Apple, Coca Cola, Pepsi, GE and Microsoft to raise any amount of money they need? It will cost these companies minimal time and effort to raise any amount they want. Why? The reason is because they are recognized brands, with good management and worldwide customer loyalty. So if you want to increase your chances of raising capital now or in the future, then build a strong brand.

7.            Develop strong business/political connections

Lastly, having the right connections is one of the untold secrets of raising or borrowing money for your business. In fact, it’s a recipe for success in life. Raising capital is not just about having a good business plan or knowing how to sell yourself; more important is who your know. Who’s on your friend’s list? Are you socially connected with the elites of the society? How many investment bankers or angels do you have access to? The point I am trying to stress is that who you know matters in the game of raising or borrowing money.

As a final note, I want you to know that raising capital is not only a game of skill; it’s a people’s game and no matter how difficult the process of raising funds proves, never give up.