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7 Challenges of Running a Catering Business

What are the challenges of starting a catering business? What does it take to run a catering business successfully? Are you interested in starting a catering business but you want to know what is involved. Well, i advice you read on to find out.

Most people are interested in being entrepreneurs but the fear of the unknown keeps them from starting a business. All businesses encounter challenges inherent in its particular industry. Some businesses encounter stiff price competition, others have to constantly change the model of their business. Catering presents different challenges, most stemming from the fact that there are many uncontrollable factors which business owners must deal with. So without wasting your time, below are seven most difficult challenges in catering business.

7 Challenges of Running a Catering Business Successfully

1. Constant change

One of the challenges that you can encounter in catering business is a constant change in service delivery pattern. This challenge emanates from fluctuating guest counts or attendance and indecisiveness of your client. In the catering business, nothing is static. These changes at times seem daunting for an inexperience caterer, but it is one of the aspects of the business.

2. Hiring and Retaining Staff

Like restaurateurs, the most difficult challenge you will be encountering is hiring a good kitchen assistant and service staff.  Hiring and retaining staff is very difficult, given the wages which you can afford to pay and the seasonal nature of the work. Most of the country is experiencing relatively low rate of unemployment, and many young people are looking for more technical jobs, making the labor pool for catering assistant too tight.

3. Struggling to control the uncontrollable

In the business of catering, you have to deal with many factors that are completely beyond your control. As a business operator, you are required to be flexible and conquer the urge to handle all detail within you. Catering is not a profession where you can simply be a control freak and survive in the business. There are a number of factors which you will have to account for in all jobs, and no two jobs is expected to have the same combination of unknowns.

4. Safety of food

There is a challenge in keeping food safe and maintaining it in the appropriate temperature. The key to keeping food safe is to be constantly checking or monitoring it and properly supervising and training your staff. Safety of food begins when you have the required ingredients in your hands. The ingredients must be constantly refrigerated or frozen. This process has to continue when you defrost foods and begin to cook refrigerated ingredients.

5.  Event Logistics

You must anticipate the flow of guests and avoid human traffic jams but no matter how hard you try, there will still be some lapses. Experience have it that the bar and the food are in different areas of a room, or in different rooms.  A well experienced host may want the bar and the food close to each other, with a thought that it is convenient for guests but not knowing that it is a disaster that is waiting to explode. Lines for each must move efficiently, and never meld together.

Also, estimating the quantity of food needed for a specific job or ocassion is a very big challenge. The amount of food that people will consume changes with the time of the day and even the temperature of that event space. If the event is outdoors on a very hot day, for instance, people will tend to consume small and drink more. Light, cool foods such as cold soups and salads will be eaten before hot ones.

6. Complaints

This is another challenge in a catering business, it may not be as a result of something lacking in your catering house, but might often be as a result of something totally unconnected. It may be a difficult access to your venue, it may be that the dishwasher is faulty and they are unable to use it for the rest of the week. Whatever the challenges/problem is, you need to manage the situation with diplomacy and care.

7.  Property damage

It’s obvious that accidents will always occur. There will be challenges in your catering business involving destruction of your equipments/properties by your customers unintentionally. In situations of this nature, just consider it as the wear and tear of operating a catering business.

In conclusion, the above are the most occurring challenges in running a catering business. Bear this in mind that though there will always be challenges in business, your success depends on your determination. If you are determined, not even these challenges can stop or discourage you.

The Challenges of Starting a Poultry Farming Business

Poultry farming business is one of the most important and profitable aspect of  livestock farming business especially in Nigeria. But  like every other business, there are risks and challenges involved. Are you in the process of starting a poultry farming business? Do you intend venturing into poultry farming but you would like to know the risks and challenges that you will be facing?  Then read on as i list and explain in detail, the challenges you stand to face as a poultry entrepreneur or farmer in Nigeria.

But before i proceed, i want you to know that the challenges faced by poultry farmers is not only restricted to Nigeria, it is a worldwide phenomenon. So whether you are starting a poultry farm in Pakistan, India, Kenya, USA, UK, Canada, Ghana, etc; you will surely find this article helpful.

The Challenges of Starting a Poultry Farming Business in Nigeria

There are lots of challenges that poultry farming entrepreneurs face in Nigeria and i believe that by virtue of revealing these challenges, you will be better prepared to weather the storm. Examples of challenges you should expect to face when venturing into poultry farming include:

  • Poultry farming has a longer pay back period
  • It is Labor intensive
  • Pests and predators can cause massive loss

  • Lack of support from the government

Taking a close look at Nigeria today, you will attest to the fact that the government shows little or no interest in livestock farming; let alone poultry farming. The government is more interested in the oil sector thereby not showing concern to poultry farming and this brings discouragement to the poultry farmers. Even the assumed agricultural loan the government provided cannot be accessed because of the stringent conditions attached. The only visible effort of the government is the recent ban on the importation of live or frozen poultry birds. So if you are interested in starting a poultry farming business, then you must be prepared to go it alone without looking to the government for help.

  • High start-up capital

Just like every other business, poultry farming needs sufficient and proper funding. This is because you cannot do well as a livestock farmer, especially poultry farming when you don’t have enough fund. Without proper funding, you will struggle to keep your business afloat but with enough capital; business is made easier. So it is advisable that you do your financial analysis very well and ensure you have access to cash because nothing kills a business faster than lack of money.

  • Outbreak of diseases

When the environment is dirty, disease and infection is inevitable. Birds like chicken are very sensitive to environmental changes. If the poultry environment is not properly taken care of, the chickens will be exposed to diseases like bacteria infection. So as a poultry farmer , you must ensure that the poultry environment is kept clean and disinfected. You must avoid bringing in contaminated equipment, vehicle,and foot wears. Also, visitors should not be allowed into the poultry environment and ensure that you sterilize your hands before touching the birds.

  • Non availability and affordability of vaccines

In the agro-allied industry, especially poultry farming; this particular challenge affects the small scale poultry farmers more because; unlike the industrial or commercial poultry farmers who can afford the vaccines, the small scale poultry farmers can’t afford the vaccines.

  • Adulteration and high cost of poultry food

The price of poultry food is quite costly and birds consume a lot. So most poultry farmers economize or ration the food given to the birds and this affects the output. Also, adulterated poultry food flooding the market is another challenge for poultry entrepreneurs. This is because the adulteration utters the necessary nutrients the birds need in order to grow well, thus making them unhealthy and reduces their immunity to diseases.

As a final note, i believe you have gotten a clue on the challenges you should expect as a poultry farmer and the best solutions to them. So start now by creating a counter-strategy to tackle these challenges and success will be yours.

Five Business Challenges Women Entrepreneurs Face and How to Overcome them

A closer observation at the business world and you will come to the reality that it’s ruled by men. Take a look at the Forbes’s list of world billionaires and you will observe that it is dominated by men. Well, you may say it’s a man’s world but women are taking the bull by the horn.

Overtime, we have seen women entrepreneurs start businesses and risen to the pinnacle of success. We now have women entrepreneurs who are drop out billionaires, sitting atop multi billion dollar empires. Well, before I go into highlighting the various challenges women entrepreneurs face when starting a business and how to overcome them; I want to emphasize the fact that this article will be case studying women entrepreneurs who started businesses from scratch. Not successful women entrepreneurs who inherited businesses or successful corporate business women.

Now let’s critique the successful women entrepreneurs in the world. I am talking about successful business women such as Mary Kay Ash, Estee Lauder, Coco Chanel, Lilian Vernon, Anita Roddick, Oprah Winfrey, Martha Stewart, Madame C.J. Walker and Debbi Fields.

How did these women entrepreneurs make it? What challenges did they face when building a business from scratch? How did they overcome such challenges in business? And how can you replicate their success strategies? Well I will say you read on because I am about revealing the challenges business women face.

This article was not written to get you excited, rather; it was written to increase your level of preparedness and better your chances of success in business. Do you want to start a business? Then below are some business challenges you must expect and surmount.

 Five Business Challenges Women Entrepreneurs Face and How to Overcome

1.    Cultural value

“You know, all these years, all these years you’ve been eating my cookies. All these years you’ve been telling me how wonderful they are. Well, I’ve decided I’m going to go into the cookie business. My husband immediately said, ‘Oh sweetie, that is such a stupid idea.’ And then my mom and dad pipe up and say, ‘You don’t have any business going into the cookie business.” – Debbi Fields

The first entrepreneurial challenge women entrepreneurs face is that of cultural value or tradition. This challenge is more profound on women entrepreneurs in Africa; where the cultural value entails that the man/husband be the bread winner. A woman exhibiting her entrepreneurial prowess is presumed as wanting to take over the leadership role of the husband.

This challenge also surfaces in families where the husband/father is an entrepreneur. The male children are usually groomed on running the family business and carrying on after the demise of the father while the female children are usually left out of this entrepreneurial grooming process.

“I knew I had been denied opportunities to fulfill my optimum potentials simply because I was a woman. These feelings were not merely indulgences of self pity because I had personally known so many other women who had suffered such injustices.” – Mary Kay Ash

To overcome this entrepreneurial challenge, you must be prepared to breakthrough this limiting tradition; you must stick to what you believe in.

2.    Societal discrimination

“The greatest failure is not to try. Had I listened to all the people during the course of my life who said, “You can’t. You’ll fail. It won’t work. You don’t have…,” I wouldn’t be here today.” – Debbi Fields

The next challenge women face in business is societal discrimination. Most people still live with the mentality that certain businesses or tasks are better handled by men. Have you ever come across a female auto mechanic, commercial bus driver, plumber, mason or welder? What was your first reaction?

“Those men didn’t believe a woman had brain matter at all. I learned that back then that as long as men didn’t believe women could do anything, women were never going to have a chance.” – Mary Kay Ash

“It is horrible to say, but I was stigmatized by being a bridal designer for a long time, I am amazed I have been able to move beyond it. I had really all but given up trying, but I did it because it was my lifelong dream.” – Vera Wang

You must have screamed “what the hell is a woman doing with such occupation.” Well, I have done it countless times. The truth is that we often assume women are generally incompetent in certain fields of life. People would rather deal with a business man than a woman. Why? The reason is because it’s believed that the men are born to do it.

“I am black, I don’t feel burdened by it and I don’t think it’s a huge responsibility. It’s part of who I am. It does not define me.” – Oprah Winfrey

You might think this challenge is uncommon; wait until you lose a business deal or contract just because you are competing with male counterparts. The only solution to handling the challenge of societal discrimination is to develop a tough skin towards criticism. Stop seeing your feminine gender as a weakness; see it as a strength, and prove yourself by striving to outperform your male competitors.

3.     Lack of investors confidence

“What’s the worst that could happen? Everyone turned me down; big deal.” – J. K. Rowling

The third challenge women entrepreneurs face when starting a business is the challenge of raising capital. Investors naturally give less consideration to business women and I can’t really pinpoint the reason for this. It’s easier for business man to raise capital than a woman; except such a woman has proved her competence and credibility over time. Women entrepreneurs generally find it difficult to raise capital or obtain a bank loan because investors and bankers would rather risk their venture capital with male entrepreneurs than females.

“I would tell them about my plan, the cookies, my dream, and sure enough, they would listen and eat the cookies. They would respond by saying ‘Thank you so much. Thank you for coming in, but no, we’re not interested.” – Debbi Fields

Now how do you overcome such challenge? The answer is persistence. You must keep asking for what you want; irrespective of the amount of rejections you get. You must press on while selling yourself on why you should be trusted.

4.    Balancing business and family

“There is time for work, and time for love. That leaves no other time.” – Coco Chanel

The fourth business challenge women entrepreneurs face is that of balancing business and family. Women naturally are the backbone of the family; they lay the building blocks on which the family foundation is built. So often times, women entrepreneurs usually find themselves torn between commitment to the family and business.

“When my company started really growing, I didn’t have any help in my house at all. I had the upkeep of my daily life, I had a one year old and a three year old, and I had my house. So I had to prioritize.” – Julie Aigner Clark

“It was a risk. I had a husband and I was pregnant with my oldest son. But I don’t look at risk the way other people do. When you’re an entrepreneur, you have to go in feeling like you’re going to be successful.” – Lilian Vernon

Now how do you handle such challenge? The answer lies in time management and delegation. These two keys are essential to balancing your act and building a successful home alongside a family.

“How did you balance growing the business with raising a family? You just do. I had a business, a lot of orders, and a baby howling for supper. You balance it. You give your baby supper first and then get your orders in. I have worked on more holidays… but what are you going to do?” – Lilian Vernon

5.     Stress due to competition and business routine

“I started The Body Shop in 1976 simply to create a livelihood for myself and my two daughters, while my husband, Gordon, was trekking across the Americas. I had no training or experience and my only business acumen was Gordon’s advice to take sales of £300 a week. Nobody talks of entrepreneurship as survival, but that’s exactly what it is and what nurtures creative thinking.” – Anita Roddick

The last but not the least challenge women face in business is the stress and stiff competition associated with running a business. The entrepreneurial process of building a business from scratch entails hard work, commitment and persistence. Business is a game of dog eat dog; to survive, you have to be tough.

“Toughness is a good thing, yet it is considered good only in men. When a woman is tough, men can’t stand it. I like being tough; tough and smart.” – Lilian Vernon

“There is always competition. Whatever you do, there will be competition, and you have to decide how you’re going to play. For me, I had to be the very best. Because if I was not the very best; I would end up being number two.” – Debbi Fields

As a woman in business, you might find yourself going head to head with competition and fulfilling your business tasks; and this might lead to fatigue. When confronted with such challenge, you have to use the art of delegation and time management to your advantage. Get the tedious business tasks off your neck and concentrate more on the core issues at hand.

“What was your greatest challenge?” Staying alive as a business, staying ahead of the game, and melding my business life with my personal life.” – Lilian Vernon

As a final note, these are the five challenges specifically faced by women entrepreneurs. So if you are a female entrepreneur just starting out in business; expect to face such challenges.

Your ability to surmount these business challenges is what makes you a successful entrepreneur. Remember that gender, age, race, religion or personal beliefs is not a criteria for success. Most important is having a good plan and being determined to succeed, even in the face of failure.

10 Business Challenges of Starting a Small Business from Scratch

What are the major business challenges entrepreneurs face when starting a small business from scratch? How do successful entrepreneurs and drop out billionaires handle and solve problems in business? Must an entrepreneur face these business challenges when starting a business?

“Starting a business is like jumping out of an airplane without a parachute. In mid air, the entrepreneur begins building a parachute and hopes it opens before hitting the ground.” – Rich Dad

If any of the above questions is currently running through your entrepreneurial mind, then I will advice you read on as I trash out the top 10 business challenges you will face when starting a business from scratch.

“Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying.” – J. Paul Getty

If you are an entrepreneur, then I believe you will be familiar with the challenges associated with the entrepreneurial process of building a business from scratch. But if not, and you dream of becoming one someday; then I think you will find this article worthwhile.

“A business has to be involving, it has to be fun and it has to exercise your creative instincts.” – Richard Branson

I am writing this piece to enable aspiring entrepreneurs prepare in advance for challenges involved with the entrepreneurial process. Please it’s never my intention to discourage or scare you from going into business; In fact, I intend to achieve the opposite. I want you to venture into the business world and start your own business with a feeling of confidence.

“He that is prepared has half won the battle.” – Chinese Proverb

“The biggest challenge you have is to challenge your own self doubt and your laziness. It is your self doubt and your laziness that defines and limit who you are.” – Rich Dad

10 Business Challenges of Starting a Small Business from Scratch

1.    Developing the Vision and Business Idea

“To have a great idea, have a lot of them.” – Thomas Edison

Developing a business idea is usually the first challenge faced by every entrepreneur when starting a business from scratch. Finding the right business opportunity or creatively developing an idea is certainly not an easy task. I call “Envisioning the idea” the first true task of an entrepreneur. As an entrepreneur, you must possess the ability to see what others cannot see. While others see problems, you must see opportunities.

“There is far more opportunity than there is ability.” – Thomas Edison

But seeing opportunities is just the beginning. The main business challenge is going to be your ability to forge that opportunity into a business idea. I see this as a business challenge because the process of transforming problems into business opportunities is like trying to turn lead into gold. I call it the entrepreneurial process of “Creating Value out of nothing”; a process that brings innovative products into existence. Below is an illustration of how the process goes.

  • Identifying a problem > seeing an opportunity in the problem > Coming up with a solution > Forging the opportunity into a business idea > Integrating your solution into a business plan

“A good businessman must have nose for business the same way a journalist has nose for news. Once your eyes, ears, nose, heart and brain are trained on business, you sniff business opportunities everywhere. In places where people see a lot of obstacles, I see a lot of opportunities. At times, there is something instinctive in me that tell me a business opportunity exist even at a place where others see nothing. That is what makes me different, maybe unique. A good businessman sees where others don’t see. What I see, you may not see. You cannot see because that is the secret of the business… the entire world is a big market waiting for anybody who knows the rules of the game.” – Orji Uzor Kalu

Developing a vision is definitely a business challenge because an entrepreneur must sometimes assume the role of a sorcerer. Let me explain in detail. Most individuals are comfortable with the present way of doing things but it is the duty of an entrepreneur to envision and forecast the future.

An entrepreneur must always be ahead of his time or else he will lose his relevance. It is the duty of an entrepreneur to bring into present what is yet to be. It is also the duty of an entrepreneur to bring solutions to other people’s problems. Let me give you some practical illustrations:

“If you want to be rich, you need to develop your vision. You must be standing on the edge of time gazing into the future.” – Rich Dad

a)    In the late 70s and early 80s, while IBM saw increase in demand for their mainframe computers, Steve Jobs envisioned a personal computer in every home and Bill Gates envisioned the need for easy to use software for personal computers. That single vision made Bill Gates the richest man in the world and Steve Jobs the most famous business person of the 21st century.

“Business is going to change in the next ten years than it has in the last fifty years.” – Bill Gates

b)    The Wright brothers envisioned a flying machine but they were massively opposed because the thought of humans flying was perceived as impossible. Today, the Airplane is a reality.

c)     Back in those days when cars were custom made and exclusively for the rich, Henry Ford envisioned affordable cars for the masses. That single vision made Henry Ford one of the richest men in history.

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

I believe with these few examples, my point is clear. Developing the vision and idea is the first true task and challenge of being an entrepreneur.

2.    Raising Capital for your Startup

After developing your idea, the next challenge you are going to face when starting a business from scratch is that of raising capital. As an entrepreneur, you are the only one that knows business your idea to the core. You are the only one that knows the story of your future.

“Capital can do nothing without brains to direct it.” – J. Ogden Armour

Trying to convince investors about something that doesn’t exist is definitely a challenge. Trying to make them understand that you are trustworthy and equal to the task is not child’s play especially when you are building your first business.

“If you want to know the value of money, go and try to borrow some.” – Benjamin Franklin

There is more to raising capital than just simply asking for money. Most investors want to invest in already established businesses with minimal risk and they want to be sure that they get returns for the risk they took. Most brilliant business ideas never scale through the venture capital stage because the entrepreneur is either not prepared or lacks what it takes to raise the needed capital. Just as my mentor, Robert Kiyosaki says:

“The world is filled with brilliant ideas and excellent products but the world lacks seasoned entrepreneurs.” – Robert Kiyosaki

To overcome the challenge of raising capital, you must develop the ability to sell your idea and vision to potential investors. When I say “sell your ideas“, I mean improving your communication skill and your manner of presentation. In the game of raising capital, you must have a good story to tell; backed by a strong business plan and good persuasion skills. You must know how to pitch angel investors and venture capitalists alike.

“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

3.    Assembling a Business Team

“Eagles don’t flock, you have to find them one at a time.” – Henry Ross Perot

The third business challenge you will face in the course of starting a small business from scratch is assembling the right business management team. When I talk about a team, I am not talking about regular employees. I am talking about a “strategic round table business team” that will meet regularly to brainstorm on ways to grow your business.

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

The process of building a business team starts even before the issue of raising initial start-up capital arises. Remember I said that most brilliant ideas never scale through the phase of raising venture capital. Well; this is where most budding entrepreneurs miss it. Most brilliant ideas and products never get funded because the entrepreneur is trying to raise capital as an individual. A business team is a vital, yet often ignored key to raising venture capital successfully.

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

As an entrepreneur, you are bound to have strengths and weaknesses. That is the more reason you need a business team to cover up or compliment your weaknesses. A team is a necessity for building a successful business. Now finding a business team is just the second hurdle, transferring your passion and vision to your team is the next piece of cake.

“Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

It’s your duty as an entrepreneur to make sure your team sees the future you see. They must believe in your possibilities and must also be passionate about making that possibility a reality. If they can’t grasp your vision, if they can’t see the future with you, then they are not worthy being your team.

“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

Your strategic business team should comprise your banker, financial adviser, accountant, attorney or legal adviser and any other specialist that will be of tremendous impact to your business. A question on your mind right now might be “how am I going to pay this team” My answer is I don’t know. You will have to figure it out yourself or better still, you can consider bringing them on board as partners.

“Go to the wolf, consider its ways and be wise. A wolf will never hunt alone; it hunts in packs because it knows the power of team work.” – Ajaero Tony Martins

4.    Finding the Right Business Location

Is finding a good location a business challenge? I don’t know but what I do know is that finding a good business location at the right price is definitely not easy. How do you get a location that has a rapidly growing population, good road network and other amenities at a good price? Well, you will have to figure out yourself.

5.   Finding Good Employees

“If you own a butcher shop, don’t hire vegetarians. To hire the right people, you have to let the wrong people go.” – Rich Dad

Most writers and managers crank up the process of finding good employees as an easy task. They define the process of finding an employee as simply presenting the job description and the right employee will surface. But I think it’s more than that.

“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” – Bill Gates

Business owners know how difficult it is to find a hardworking, trustworthy employee. Most employees want to work less and get paid more. Finding a good employee who will be passionate about delivering his or her services is quite difficult. Finding good employees is a minor task compared to the business challenge of forging your hired employees into a team. You may have great employees but if they can’t act as a team, they are worthless and will yield nothing but stagnation. A football team may have great skillful players but if they fail to play as a team, their possessed skill is useless.

 “Bringing together the right information with the right people will dramatically improve a company’s ability to develop and act on strategic business opportunities.” – Bill Gates

Employees are your representatives to your customers and the outside world. They are a reflection of your business culture and ethics. If an employee of yours is bad or rude to your customers, it is going to portray a bad image for your company. So you must be careful when hiring employees. Remember the golden rule of business; “Hire slow and fire fast.”

10 Business Challenges of Starting a Small Business from Scratch

6.   Finding Good Customers

The sixth challenge you will face in the process of starting a small business from scratch is finding good customers. Note the keyword “good customers.” In the process of building a business, you will come to find out that there are good customers as well as bad customers. You must be on guard for bad customers. Good customers are really hard to find. A good customer will be loyal to your company and will be willing to forgive you if you make a mistake and apologize. A good customer will try to do the right thing that will benefit both himself and your company mutually.

“Thank God for my customers. They buy my products before they are perfected.” – Henry Ford

Bad customers will always look for loopholes in the company’s policy to exploit and make a few gains. Bad customers will always try to exploit the company’s goodwill and look for ways to rip off the company. Bad customers are responsible for bad debts.

Good customers build your business and bad customers will always try to liquidate your business. Just as you fire employees, you must also be prepared to fire bad customers without hesitation. Remember the story of the customer that sued McDonald’s claiming the coffee was too hot.

“You must fire bad customers just as you would fire a bad employee. If you do not get rid of your bad employees, the good employees will leave. If I do not fire bad customers, not only will my good customers leave but many of my good employees will leave as well.” – Rich Dad

7.    Dealing with Competition

“In business, the competition will bite you if you keep running. If you stand still, they will swallow you.” – Victor Kiam

Competition is the next challenge you will face when starting a business. Most individuals see competition as a plague but I see competition as a good challenge. I see competition as a benchmark for creativity, the main engine that stimulates innovation and production of quality products at great prices. Without competition, there will be no innovation and without innovation, the world will be stagnant.

“If you don’t have a competitive advantage, don’t compete.” – Jack Welch

I see competition as a welcomed challenge and I want you to do the same. Competition keeps us on our toes and drives us to constantly improve our products and services. But you must be warned. Competition can make your business lose its relevance in the eye of your customers so you must always be on guard.

“The competitor to be feared is one who never bothers about you at all but goes on making his own business better all the time.” – Henry Ford

8.   Unforeseen Business Challenges and Expenses

“Smooth seas seldom make good sailors.” – Anonymous

Just as a sailor prepares for unexpected storm, just as a pilot is always on the watch for unpredictable bad weather and thunderstorms, so must an entrepreneur prepared for whatever comes. Unexpected challenges can come in the form of:

  • Unexpected law suits
  • Inconsistent government policy
  • Not being able to make payroll
  • Unpaid bills and taxes
  • Unexpected resignation of staff from sensitive office
  • Bad debts from customers
  • Loss of market share
  • Dwindling working capital
  • Inadequate stock or inventory

“A company’s ability to respond to an unplanned event, good or bad is a prime indicator of its ability to compete.” – Bill Gates

These business challenges, if not handled properly can ruin your plan to build a successful business. Another challenge you must expect is an unforeseen increase in business expenses. If not handled properly, it might result in constant negative cash flow and eventually; business failure.

9.    Keeping Up With Industrial Changes and Trends

“In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will.” – Bill Gates

Change in trends is a challenge you must be prepared for when starting a small business. Trends have made and broken lot of businesses. I know a lot of profitable businesses that have been wiped out by slight industrial changes and trends. A typical example is the Dot com trend, where many established industrial based businesses were wiped out by new web based dot com companies.

“How fast a company can respond in an emergency is a measure of its corporate reflexes.” – Bill Gates

When the Dot com era began, business owners were left with only two options. Either they join the dot com train or they get crushed by the dot com train. Seasoned entrepreneurs know that trend is a friend and are always willing to swiftly adjust their business to the current trend. Keeping your eyes open to spot trends is really a challenge but the big task will be your ability to quickly use the trend to your advantage.

10.  Exiting the Business

“In the world of business and investing, your exit is more important than your entry. A good thumb of rule is this; exit before you enter.” – Robert Kiyosaki

When building a business from scratch, you are going to face the challenge of determining your exit strategy. Just as the quote above states, you have to plan your exit strategy before you even start the business. Most entrepreneurs run their business without any plans to exit and even if they have an exit strategy, they find it difficult to implement it.

“Always start at the end before you begin. Professional investors always have an exit strategy before they invest. Knowing your exit strategy is an important investment fundamental.” – Rich Dad

Before starting a business, it is advisable to plan an exit. Lack of an exit plan is the primary reason why most businesses crumble after the death of the founder. An exit strategy is very important to the long term survival of a business. now how do you plan an exit strategy? There are benchmarks you can use to determine your exit from any business. Most smart entrepreneurs will use a certain benchmark as a target and once this specific target is reached, they exit the business. Examples of such benchmarks are:

  • Annual sales
  • Annual Turnover
  • Asset Base
  • Market Saturation
  • Customer base, subscribers or number of users

Now when it comes to exiting a business, there are three strategies you can apply. You can choose to exit a business in any of the following ways:

a)     Turning over the business to professional managers

When your business reaches a certain stage of maturity, you can exit by turning it over to professional managers. In this case, the business still belongs to you but you are not involved with its day to day affairs. You will have to give up administrative role to assume the role of a watchdog. When you exit in this manner, you will have more free time to look at other projects or retire.

b)   Selling the business privately

In this case, you are exiting the business by selling it to a private investor. In the business world, it is called M&A (Mergers and Acquisitions). Exiting your business this way means that after the sale and transfer of assets is complete, you have nothing to do with the business again.

c)   Taking the company public

The unique thing about this type of exit strategy is that while you are selling your business (in form of shares) to public investors, you still maintain control over the business. Please before you apply any of these exit strategy, I will advise you consult with your attorney or legal adviser. But ultimately, it’s up to you to decide the exit strategy you want to apply; but always remember “your exit is more important than your entry.”

As a final note, I want to state clearly that challenges come only to make you stronger; so don’t faint in the face of challenges. Stand tall; keep moving your business forward and I will see you at the top.

How I overcame my Business Challenges and the Lessons Learned

As I write this piece, I find it touching that everyone loves success stories. When you are successful, everyone wants to associate with you but nobody gives a damn about the process you went through to achieve such success.

Everyday, I keep receiving accolades with respect to my achievements; yet deep down inside of me, I know success is not what it’s painted to be. This piece is about a recent business challenge I encountered, how I solved it and the lessons I learned from the experience. I am writing this for those who are currently experiencing hard times in business and life in general. I want you to know that you are not alone. As you read, I hope you learn and profit from my experience.

Sometimes, challenges or problems come so fast that you lose your grip. Regardless of your financial or social status; you will never be free from problems. I get my own fair share of problems everyday but just recently; I was hit by a massive setback.

The period April to July 2011 was one of the toughest in my life. I was practically running on adrenaline and living on edge within these four months. Now you may want to know what transpired within these four months but I think this should be a story for another day. However, I will give you a brief insight of what I faced recently, how I overcame and the lessons I learned. So if you are still eager to profit from my experience and foolishness, then read on.

                The Business Challenges I faced

In the month of April 2011, I was robbed at gun point and it took me some weeks to overcome the trauma. In the month of May, my business suffered a major setback and in June; my bank placed a hold on our business account (meaning we can’t make withdrawals from the account) due to some differences that needed to be reconciled. My business suffered a major cash flow crisis as a result of this single action the bank took, so I resorted to borrowing cash from family and friends to keep my business afloat. By July, I was deeply in debt. Within this period, I was always on the go; shuttling from state to state to resolve the problem I was encountering.

Now let’s fast forward to this day; the third day of August 2011. As I write this now, I can’t really tell how I feel. All I just want to say is this; “I survived.” As at today, I have cleared all outstanding debt I incurred within the hard times, my bank account has been restored and my business has roared back to life. But it took my business team and I, 90 days of untold stress to bring things back to order.

Well, the business problem is now a thing of the past and I have moved on but not without the lessons I picked from this single experience and it’s these lessons I want to share with you today.

                How I overcame my business challenges

a.            I sustained my business cash flow

Cash flow is the life blood of business and when it begins to trend in the negative, it will only be a matter of time before your business collapses. When I resorted to borrowing cash from family and friends; I was only trying to keep my cash flow position positive, I had to make sure the daily operations of my business continues unhindered and this also implied that I had to make some cut on our daily expenses.

b.            I took responsibility

When the problem began, I had every right to point a finger to any member of my business team and say; “it’s your fault” but I didn’t. I did not run into a hole and hide; rather, I placed myself in front of my team. I told them that a mistake has been made and I was not interested in trading blames at that moment; all I needed was a solution and my team responded positively. They thought I was going to axe someone but I didn’t. Rather, I preached the need to jointly assume responsibility and resolve the mess together; with me as the lead dog.

c.             I engaged in critical thinking

I have said it in previous articles that critical thinking is a key to effective problem solving. In the midst of the ensuring tension, I still found time to think in solitude. In fact, I spent most of my free time alone to the extent that my dad became concerned over my health and began counseling me to take things easy. But I laughed him off and quietly explained to him that I wasn’t worrying, I was thinking. At this point, I want to make it clear that there’s a big difference between thinking and worrying. Thinking solve problems but worrying compounds a problem and may even get you killed. My dad probably never understood the difference.

 d.           I tackled the problem head-on

What do you do in the face of problems? Do you face them squarely or you run and hide? Well, I know from experience that people react differently in the face of problems. Some even ignore the problem as if it doesn’t exist. But to pull myself and business out of the mess, I knew I had to tackle the problem head-on and I did.

                Six Lessons I learned while resolving this business problem

1.            Integrity can be a life saver

The bible said that “a good name is better than precious ornament” and that’s definitely true. When I went to borrow money for my business from family and friends; none requested a collateral or interest, none blinked an eyelid before granting my request. But they made it clear to me that they were lending me their money because of my reputation of keeping to my words. When I heard this; I was humbled and I strived to make sure I didn’t disappoint.

Always make sure you preserve your integrity; it can be a life saver in hard times. Never make empty promises and when you eventually make a promise; keep to your words. I have seen entrepreneurs raise millions and even billions of dollars easily; just because they have a reputation of delivering on their words. If you want to achieve much in business; preserve the integrity of your name.

2.            Do what you must today; not tomorrow

Most people are fond of procrastinating; I am also guilty of such and in fact, procrastination was one of the reasons our business got in trouble. So whatever you have to do today; do it. Don’t wait till tomorrow because it might be too late. Don’t wait till you are under pressure before you act.

3.            When challenges hit you; don’t break

Challenges are part of life; they come to make you stronger only if you refuse to bow. When challenges hit you; don’t break. Rather, toughen up. Just like a famous politician said; “when vultures surround you, refuse to die.”

4.            Never lose focus

One of the greatest mistakes you will make in times of hardship is to take your eyes off your goal. No matter how bad the situation is, never lose focus.

5.            When all human effort fails; turn to God

Yes, God works and he answers prayers. I had a good experience of this during the hard time. I remember going to the bank to meet with my banker. As I discussed with my banker, I was lost in thought. I wasn’t interested in the sermon and big words he was spitting out; all I wanted was a solution and just when I thought a solution was coming, my banker said “I am sorry Mr. Ajaero; we still can’t allow your company make withdrawals from the accounts.”

Those words hit me like thunderbolt. My business was on the brink of collapsing and here was this smart looking guy telling me I can’t access my money. As I bow my head lost in thought, I noticed someone by my side. I turned and it was a man. He must have heard my banker saying the last words, he asked what the problem was and I told him. He asked me to see him in his office the next day and he gave me the office address. I went home that day crying to God for a solution; I couldn’t sleep that night as I kept praying asking God to come to my rescue.

When I got to the man’s office the next day, he simply signed a document; handed it over to me and said goodbye. No introduction, no cross questioning. This man didn’t even bother to know the name or identity of who he was helping. I was really surprised that someone I don’t know from Adam would help me with such a sensitive problem with no strings attached. Well, some will attribute such action to luck but I will say it’s God at work. So when it seems all hope is not, never forget to cry to God for help. He will surely make a way for you.

6.            Always be prepared for the worst

This is the final lesson I learned from the whole scenario; always be prepared for the worst. Challenges and problems will never stop coming no matter how successful you are. Even though I have solved this particular problem, I know bigger problems are still lying ahead of me. Instead of praying never to encounter challenges; the question I constantly ask myself is “how prepared am I to handle the next challenged? I know you can never be too prepared for what’s ahead since you can’t predict what is to come; but at least, I believe that he who is prepared has half won the battle. Now how can you prepare for what is to come? A good way to start is to keep aside a certain amount of cash specifically for emergency purposes.

As a final note, I want to say that I am happy to be writing this now. Call it my survival write up and you won’t be wrong. It’s not easy being at the helm of affairs; it’s not easy being a business leader. This single incident made me wonder the amount of pressure top business leaders and CEOs go through during challenging periods. Well, like I said earlier; all problems will surely come to pass. The real bone of contention is whether you will survive or not.

15 Business Quotes on Adversity from 15 Famous Entrepreneurs

What will you do in the face of adversity? How do you handle business challenges or failures? Do you think you are limited by your place of birth, race or surrounding circumstances? Then read these 15 business quotes on adversity from 15 famous entrepreneurs.

                15 Business Quotes on Adversity from 15 Famous Entrepreneurs

 

1.            “I am convinced that all this poverty in Mexico and in Latin America, like it’s happening in China is the opportunity to grow. It’s an opportunity for investment; it’s an economic activity and to take out poverty is the best investment any person or a person can do in any place.” – Carlos Slim Helu

2.            “We did not become a conglomerate right away. The journey has been long and hard. Many times we were tempted to throw in the towel but we has a clear vision; a dream.” – Cosmos Maduka

3.            “I open up the store. I’ve got all these cookies. I had brownies. And I wait for the most amazing cookies sales. I just know it’s going to be a smashing success. And here I am waiting, waiting, and the day’s starting to wear, and it’s getting closer to mid afternoon, and I had a couple of customers walk in to see what was going on, but nobody actually made a purchase. I thought everything I had worked for, everything I had dreamed of, everything I had thought was possible wasn’t happening. It was pretty hard.  I’m not going to close the book on history and say, “If only…” I’m going to do whatever I have to make this thing work.” – Debbi Fields

4.            “I am very prudent financially because of those hard times I went through. I spent nothing. I had a haircut every three months. I shaved my head like a monk. I needed to save every penny…I needed to be strong, and needed to find some way to secure a future. That’s why I am always conservative. I never forget to maintain stability while advancing, and I never forget to advance while maintaining stability.” – Li Ka Shing

5.            “I began to learn what poverty meant. It was burnt in my heart then that my father had to beg for work and there came the resolve that I would cure that when I got to be a man.” – Andrew Carnegie

6.            “I did as much as I could: raising chickens, pushing an ice-cream cart, bagging walnuts, driving a tractor on a beet farm, working on the railroad. I think this eclectic career helped me a lot in life.” – Charles Schwab

7.            “Everyone who achieves success in a great venture solves each problem as they came. They helped themselves and they were helped through powers known and unknown to them at the time they set out on their voyage. They keep going regardless of the obstacles they meet.” – W. Clement Stone

8.            "Behind every adversity is an opportunity. If you lament over the adversity, you will miss the opportunity." – Ajaero Tony Martins

9.            "If I lose a billion dollars, I will have it back in less than five years." – Henry Ford

10.          "What's coming will come and we will just have to meet it when it does."  - J. K. Rowling

11.          “Both my mother and I were determined that we weren't going to stay on welfare. We always worked toward doing better, toward having a better life. We never had any doubts that we would.” – John Johnson

12.          “I am a woman who came from the cotton fields of the South. From there I was promoted to the washtub. From there I was promoted to the cook kitchen. And from there I promoted myself into the business of manufacturing hair goods and preparations….I have built my own factory on my own ground.” – Madame C. J. Walker

13.          “I know I have a very tough five months ahead of me, but I understand, too, that I will get through those months knowing that I have the ability to return to my productive and normal life, my interesting work and future business opportunities.” – Martha Stewart

14.          "Be courageous. I have seen many depressions in business. Always, America has emerged from these stronger and more prosperous. Be brave as your fathers before you. Have faith! Go forward." – Thomas Edison

15.          “We ran out of money in 1969, and the board of directors said: Let’s just shut this down. And I said: I’ll pay all the costs out of my own pocket and work for nothing to see if we can get this thing going. And fortunately, it did go.” – Herb Kelleher

Ten Steps to Effective Problem Solving in Business

Are you experiencing problems in your business? Are you on the verge of business failure? How do you handle business challenges? How do you solve critical business problems?

What are the exact steps to effectively solve problems in business? How do successful entrepreneurs and drop out billionaires such as Bill Gates, Larry Ellison, Warren Buffett, Mark Zuckerberg, Aliko Dangote and Steve Jobs solve business problems? Well, you are going to find out below.

In this article, I am going to highlight ten steps to effective problem solving in business but before I do that; I want to acknowledge the impact of my mentors “Richard Branson” and “Robert Kiyosaki” with respect to the subject above. They provided the needed inspiration for writing this article.

Now how do you solve problems in business effectively?

Without wasting much of your time, below are ten steps to effective problem solving in business. These steps to effective problem solving in business can be applied to all sort of problems ranging from employee problems, competition, financial problems, marketing challenges or management problems.

  Ten Steps to Effective Problem Solving in Business

1.    Acknowledge there’s a problem

In the article “Four Essential Lessons from Companies Going out of Business”, I stated that one of the reasons why businesses fail is because the management turned blind eye to a problem or broken system. The first step to solving a problem in business is to acknowledge that a problem exists and needs solution. If there’s a problem but you want to believe that there’s none; then you don’t need to go in search of a solution.

2.    Identify the cause

After acknowledging that there’s a problem and a solution needs to be found; the next step to take is to identify the cause of the problem. Philosophers believe that nothing just happens; and Isaac Newton said that to every action, there is an equal and opposite reaction. Business problems don’t just happen; they are prompted by something.

Identifying a problem is essential to the process of effective problem solving in business and to identify the root cause of a problem; you must be unbiased. Is the business problem you are facing a consequence of a decision you took? Is the cause of your business problem internal or external? You must find out and be prepared to take drastic measure if need be.

“Extreme problems often require extreme solutions.” – The Mafia Manager

3.   Believe a solution exist

When you identify the root cause of your business problem; you will at that point know if your business problem has a solution or not. To me, I believe every problem in life and business has a solution. To effectively solve an intricate business problem; you must have the belief that the problem can be solved. Once you have this belief; be sure that your business problem will soon be a thing of the past.

“All problems resolves themselves; given time.” – The Mafia Manager

4.   Throw open the problem to your team

If your business problem is a minor one; then you can take instant action to correct it before it escalates. But if it’s a critical problem; then you have to throw it open to your business management team and ask them to sleep over it. In an article I wrote recently, I highlighted 10 Strategic Reasons why you need a Business Management Team and one of such reasons is to help you handle business challenges.

5.   Think it through on your own

“When stumped for a solution to a particularly difficult problem, look to the past for a solution.” – The Mafia Manager

Another step to solving intricate problems in business is to make use of your thinking creativity. Look for a quiet place where you can reflect over the problem on ground. Sometimes, solutions to critical problems usually come to us in moments of quiet reflection. So learn to think in solitude.

“The best thinking has been done in solitude. The worst has been done in turmoil.” – Thomas Edison

Ten Steps to Effective Problem Solving in Business

6.  Draw up a list of possible solutions

The sixth step to effectively solving your business problems is to draw up a list of possible solution to your problems. You must have done some thinking in solitude and came up with some possible solutions but don’t put your ideas into action yet; just let it remain on paper.

7.   Meet with your business team and brainstorm

After drawing up your own list of possible solutions; meet with you business and brainstorm on the problem at hand. This is important in keeping the team spirit and business mission alive. You must learn to think individually as well as part of a team.

“Teams should be able to act with the same unity of purpose and focus as a well motivated individual.” – Bill Gates

8.   Take note of the solution they offer

During the brainstorming session with your business team; take note of the solutions they offer and pair it side by side with yours. This will help you make sure that only the best solution is implemented.

9.    Take a stand

After hearing and weighing every possible solution to your business problem; you must take a stand and arrive at a decision quickly because when problems are left unattended to; they escalate. You are an entrepreneur; the chief decision maker of your business, so weigh all possible options and take a stand.

“Every remedy of a bad situation has its bad side effects. Choose the remedy with the least.” – The Mafia Manager

“Before making an important decision, get as much as you can of the best information available and review it carefully, analyze it and draw up worst case scenarios. Add up the plus or minus factors, discuss it with your team and do what your guts tell you to do.” – The Mafia Manager

10.   Live with the consequences

You have taken a decision and implemented a corrective measure to combat the business problem on hand. The question now is this: are you prepared to live with the consequences of your decision?

After implementing a solution to address a problem; two things are bound to happen. It’s either the problem gets resolved or it escalates. Either ways, you have to accept whatever comes and move on.

Accepting responsibility for the consequences of action taken or decision made is the reason most people shy away from taking leadership role in any organization. But you don’t have to be afraid; being unafraid to live with the consequences of your decision is a mark of good leadership.

Four Essential Lessons from Companies Going Out of Business

Over the years, I have watched several companies; both big and small close shop due to unforeseen business challenges. I have seen giant companies disappear just because of a single change in trend or government policy. Now while I do not intend to list such companies that went down the road; it’s my ultimate aim to draw out the lessons learned from such companies going out of business.

Now why do companies go out of business? What are the warning signs of bankruptcy? What lessons can be drawn from companies going out of business? Well, I will suggest you read on.

I think it’s worthwhile you know that I will strictly be focusing on the lessons learned from companies going out of business. If you are more interested in knowing the causes of business failures or bankruptcy; the articles below will be of help.

                10 Causes of Business Failure You Must Watch Out For

                12 Strong Reasons Why Small Businesses Fail

                15 Common Business Mistakes You Must Avoid When Building a Business from Scratch

                Four Essential Lessons from Companies Going Out of Business

 

Lesson one.        No company is infallible

The bases of lesson one was formed when before my very eyes; big companies that commanded respect filed for bankruptcy. Those who witnessed the global financial meltdown of 2008 woke up one day to be greeted with the news that companies presumed infallible were filing for bankruptcy. Examples of such companies were Merrill Lynch and Lehmann Brothers. Even several billionaires were reported to have committed suicide because they couldn’t bear the loss.

Now why did these companies fail? These companies commanded respect; they had the capital base and public patronage. Yet, they failed. The reason they failed wasn’t because of insufficient funds; they didn’t fail because the stock market crashed. They failed because they got arrogant and threw caution to the wind. These companies failed because they thought they were infallible; they believed they were immune to change.

This brings me back to my lesson number one: No company or business is infallible. The fact that you successfully executed a deal or you are a successful entrepreneur doesn’t eliminate the odds that you might fail in your next venture. No human or human controlled entity is immune to failure. Whether you are starting a business from scratch or you are building a business; always respect the odds. Play with intelligence and a little bit of caution; it will save you in the long run.

Lesson two.        Going out of business doesn’t mean extinction

                “Never reinforce failure; never marry a losing hand.” – The Mafia Manager

I recently wrote an article highlighting the spectacular business failure of successful entrepreneurs and how to handle business failure. Sometimes, things happen unexpectedly; which might result to failure. But I want to emphasize that failing in business doesn’t mean being extinct in business.

The ability to bounce back to success from failure or bankruptcy is what makes you a seasoned entrepreneur. Being down doesn’t mean being out. It’s only an opportunity to start over again more intelligently. You can bounce back from failure stronger and better than ever; it all depends on your mindset. If you say it’s over; it is. But if not, then you are still in the game.

One of my business role model “Donald Trump” was once in a personal debt of $1billion and a corporate debt of $9billion but he pulled himself and his corporation out of the mess. If he can do it; I don’t see why you can’t repeat the feat.

Lesson three.    Success doesn’t happen overnight; so also does failure

                “Men stumble on stones, not mountains.” – The Mafia Manager

Most people wake up only to be told that a company has gone out of business and they wonder how fast things happen. But in reality; things don’t just happen. Just as success requires a process; so also does failure. Failure show fore signs but most entrepreneurs and managers don’t heed these warning signs; they wait until it’s too late and then they begin to make frantic efforts to save the company.

Companies don’t go broke overnight; they don’t go out of business suddenly, it’s a gradual process that builds over time. Titanic did not sink overnight; it began with a leak and from there things went out of control. The lesson here is this; don’t wait till it’s too late before implementing some corrective measures.

4.            Never ignore a broken system

                “Extreme problems often require extreme solutions.” – The Mafia Manager

It’s often said that a small sink can sink a great ship; and that’s the truth. The Titanic was not destroyed by a bomb; it sank as a result of a leak. So also it is in business. The smallest or often ignored unit of your business can bring your entire company down.

Never ignore a broken system no matter how small and unserious it may seem; it may be the beginning of your business failure. If you notice that your customers have exceeded their credit line and it is affecting your business cash flow; take drastic action.

If you have a customer complaint; deal with it as quickly as possible. If you have a bad employee; take disciplinary measures or better still, fire him or her. If you smell a rat in your business; deal with it with a sense of urgency. Never procrastinate addressing a broken system because business problems tend to become more expensive the more they linger on.

                “If you see a snake; just kill it. Don’t hire a committee on snakes.” – Henry Ross Perot

As a final note, these are the four lessons I learned from companies going out of business. One of my mentor said that “life is funny when it’s happening to someone else” and it’s the truth. But all the same, try to learn from the mistakes of other businesses and entrepreneurs because it’s less painful to learn that way.

Successful Entrepreneurs Advice on taking Risks in Business

Business is a risk and risk is something most people dread. Avoidance of risk is the reason why most people shy away from building a business; it’s also the reason why most people choose to remain the same.

But risk taking is also the reason why Bill Gates, Henry Ford, J. Paul Getty, Cornelius Vanderbilt and John D. Rockefeller became the richest people on earth. High risk bearing capacity is the reason why some people become billionaires and others remain average.

Are you a risk taker? Do you avoid risk or embrace risk as part of life? Rather than press you for answers; I will allow the successful entrepreneurs and drop out billionaires of this world share their own view on business and risks. If you are still ready to learn, then read on as the successful entrepreneurs drop share some advice on taking risks in business.

                Successful Entrepreneurs Advice on taking Risks in Business

 

1.            "He that observes the wind shall not sow and he that regards the clouds shall not reap." – The Holy Bible

2.            "The first man gets the oyster, the second gets the shell." – Andrew Carnegie

3.            "The wise man put all his eggs in one basket and watches the basket." – Andrew Carnegie

4.            "A little more moderation would be good. Of course, my life hasn't exactly been one of moderation." – Donald Trump

5.            “What I admire most are people who put themselves directly on the line.” – Donald Trump

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

7.            "To win big, you sometimes have to take big risks." – Bill Gates

8.            “We bet the company on Windows and we deserve to benefit. It was a risk that paid off immensely.” – Bill Gates

9.            “Even a mouse keeps three holes.” – The Mafia Manager

10.          “When you skate on thin ice, skate fast.” – The Mafia Manager

                Successful Entrepreneurs Advice on taking Risks in Business

 

11.          "It is better to strike while the iron is hot." – Henry Ford

12.          "If I lose a billion dollars, I will have it back in less than five years." – Henry Ford

13.          "If you see a snake, just kill it. Don't appoint a committee on snakes." – Henry Ross Perot

14.          “We rely on our own strength and our own will.” – Ingvar Kamprad

15.          "Buy when everyone else is selling and hold when everyone else is buying. This is not merely a catchy slogan. It is the very essence of successful investments." – J. Paul Getty

16.          "You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth." – J. Paul Getty

17.          "Seek advice on risk from the wealthy who still take risks, not friends who dare nothing more than a football bet." – J. Paul Getty

18.          "Without the element of uncertainty, the bringing off of even, the greatest business triumph would be dull, routine and eminently unsatisfying." – J. Paul Getty

19.          It’s very important for entrepreneurs to be realistic. So if you believe on that first day while you’re writing the business plan that there’s a 70 percent chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt.” – Jeff Bezos

20.          “We are willing to go down a bunch of dark passageways, and occasionally we find something that really works.” – Jeff Bezos

                Successful Entrepreneurs Advice on taking Risks in Business

 

21.          “Things never go smoothly.” – Jeff Bezos

22.          "Don't be afraid to give up the good to go for the great." – John D. Rockefeller

23.          "The way to make money is to buy when blood is running in the streets." – John D. Rockefeller

24.          "You have to act and act now." – Larry Ellison

25.          "Everyone thought the acquisition strategy was extremely risky because no one had ever done it successfully. In other words, it was innovative." – Larry Ellison

26.          “You realize that life is short and fragile; and when you are facing walls of water, you understand your own mortality can change and how quickly things could change.” – Larry Ellison

27.          "Dare to risk public Criticism" – Mary Kay Ash

28.          "Most people live and die with their music still unplayed. They never dare to try." – Mary Kay Ash

29.          "Follow your instincts, that's where true wisdom manifest itself." – Oprah Winfrey

30.          “I did 30 Minute Meals for five years on local television, and I earned nothing the first two years. Then I earned $50 a segment. I spent more than that on gas and groceries, but I really enjoyed making the show and I loved going to a viewer’s house each week. I knew I enjoyed it, so I stuck with it even though it cost me.” – Rachael Ray

                Successful Entrepreneurs Advice on taking Risks in Business

 

31.          “You have to be open-minded when those early opportunities present themselves; take advantage of them whether they’re going to make you a lot of money or not.” – Rachael Ray

32.          “Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.” – Steve Jobs

33.          I started The Body Shop in 1976 simply to create a livelihood for myself and my two daughters, while my husband, Gordon, was trekking across the Americas. I had no training or experience and my only business acumen was Gordon’s advice to take sales of £300 a week. Nobody talks of entrepreneurship as survival, but that's exactly what it is and what nurtures creative thinking.” – Anita Roddick

34.          "Experience taught me a few things. One is to listen to your gut no matter how good something sounds on paper. The second is that you are generally better off sticking with what you know and the third is that sometimes, your best investments are the ones you don't make." – Donald Trump

35.          "Starting a business is like building a ship and embarking on a voyage, armed with a plan, a map and a team. You have to sail with uncertainty against storms and unpredictable weather. 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

36.          "What's coming will come and we will just have to meet it when it does." – J. K. Rowling

37.          "What's the worst that could happen? Everyone turned me down; big deal." – J. K. Rowling

38.          "If you want to go broke; go it big. I will prefer to lose a billion dollars than to lose a million dollars." – Ajaero Tony Martins

39.          It’s very important for entrepreneurs to be realistic. So if you believe on that first day while you’re writing the business plan that there’s a 70 percent chance that the whole thing will fail, then that kind of relieves the pressure of self-doubt.” – Jeff Bezos

40.          “We are willing to go down a bunch of dark passageways, and occasionally we find something that really works.” – Jeff Bezos

                Successful Entrepreneurs Advice on taking Risks in Business

 

41.          "Follow your instincts, that's where true wisdom manifest itself." – Oprah Winfrey

42.          "Screw it, let's do it." – Richard Branson

43.          “If you are trying to do something for the first time, it’s always an enormous challenge, and there is no guarantee of success. You never know with these things when you’re trying something new what can happen. This is all experimental.” – Richard Branson

44.          "Risk comes from not knowing what you are doing." – Warren Buffett

45.          Risk is part of God’s game, alike for men and nations.” – Warren Buffett

46.          “Risk can greatly be reduced by concentrating on only a few holdings.” – Warren Buffett

How to Awaken Your Entrepreneurial Spirit and Build a Successful Business

What secret made Bill Gates the richest man in the world? Was Aliko Dangote; the richest black man in the word born to be an entrepreneur? How did Oprah Winfrey become a talk show billionaire and richest black woman in the world which other talk show hosts battle with mediocrity?

How come the most successful entrepreneurs in the world are drop out billionaires? What separates the 50 year olds who are still struggling to live on a $50,000 salary from the young billionaires who are in their 20s and 30s? This article will provide an answer to all the questions asked above.

Quite a number of times, I have heard the phrase that “entrepreneurship is a calling.” I think there’s an atom of truth in that statement. Entrepreneurship is a call to self actualization; a call to serve and improve the well being of humanity. Now every human being on earth has a calling; a specific purpose why he/she was created but it takes focus and spiritual understanding to discover that purpose.

                "Most people live and die with their music still unplayed. They never dare to try." – Mary Kay Ash

Now what’s the secret of the most successful entrepreneurs? The answer to this question is simple. The most successful entrepreneurs simply discovered their purpose; found their entrepreneurial spirit and stayed true to their calling.

                "It was in my life's darkest moment, when there seem to be no hope that I discovered my entrepreneurial spirit. I thank God for that situation. If not for that single situation, I might have died without giving that entrepreneurial spirit in me a chance to manifest." – Ajaero Tony Martins

Finding the entrepreneurial spirit made Oprah Winfrey, the richest talk show host. It’s this same entrepreneurial spirit that propelled Christopher Columbus to embark on the voyage that changed the world. It’s this same entrepreneurial spirit that kept Larry Ellison going even after dropping out of college twice; same goes with Bill Gates, Michael Dell, Ingvar Kamprad, Orji Uzor Kalu, Steve Jobs and Richard Branson.

                "It isn't until you come to a spiritual understanding of who you are – not necessarily a religious feeling, but deep down the spirit within – that you can begin to take control." – Oprah Winfrey

The same entrepreneurial spirit is responsible for the tremendous success of Andrew Carnegie, Ray Kroc, Debbi Fields, Mary Kay Ash, Cosmos Maduka, Henry Ford and Li Ka Shing; despite their lack of formal education.

General Electric and Wal-Mart remain relevant today because they are still being guided by the entrepreneurial spirit of their founders; Thomas Edison and Sam Walton respectively. This same entrepreneurial spirit kept Ingvar Kamprad and Warren Buffett in the game even in old age.

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

                "I get to do what I like to do every single day of the year." – Warren Buffett

So if the entrepreneurial spirit is vital to success in business; how can you awaken this spirit? Without wasting much of your time, below are seven steps you can take to awaken your entrepreneurial spirit.

                How to Awaken Your Entrepreneurial Spirit and Build a Successful Business

 

1.            Develop your Mindset

                "I like thinking big. If you’re going to be thinking anything, you might as well think big." – Donald Trump

Awakening your entrepreneurial spirit begins with development of your mindset. If you are not in the right mindset; if you lack the right perception, your entrepreneurial spirit will remain dormant. The entrepreneurial spirit thrives in a body with the right attitude and you have to be a positive thinker to harness the power of the entrepreneurial spirit.

                “Like success, failure is many things to many people. With positive mental attitude, failure is a learning experience, a rung on the ladder, and a plateau at which to get your thoughts in order to prepare to try again.” – W. Clement Stone

You must also develop your mind to see opportunities where others see problems; and above all, you must change your perception towards challenges and failure. You must see problems as a stepping stone, not as a stumbling block.

                "Someone asked me, 'how can I find a good business opportunity? I replied, 'go and look for adversity.' If you can handle adversity, you will find opportunity. Adversity and opportunity are two inseparable twins." – Ajaero Tony Martins

 

2.            Develop your Self Belief

                "Some people intertwine self belief and faith but I stand to say they are not the same. Faith is not self belief. While faith says it can be done, self belief says 'I can do it.' While faith says there is possibility, Self belief says 'I am the possibility.' Faith without self belief is vain.” – Ajaero Tony Martins

The next step to awakening your entrepreneurial spirit is to develop a strong believe in yourself. Without self belief, you entrepreneurial spirit will never manifest.

                "Don’t limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember you can achieve." – Mary Kay Ash

 

3.            Follow Your Instinct

                "Follow your instincts, that's where true wisdom manifest itself." – Oprah Winfrey

I came to realize the power of my instinct after reading Felix Dennis’s book “How to be Rich.” In that book, Felix Dennis explained that your instinct is that goose pimples that form on your body whenever you come across a potential business opportunity; it’s the excitement and the “let’s do it” voice inside your heart.

                “Screw it, let’s do it.” – Richard Branson

You must train yourself to understand yourself. You should know when your instinct is giving you a nudge to forge ahead; you should learn to obey your instinct. When Richard Branson was presented with the airline business idea; he followed his instinct and started Virgin Atlantic despite the glaring fact that he would be going head to head against the giant British Airways. Today, VIRGIN is a worldwide recognized brand.

                "A business has to be involving, it has to be fun and it has to exercise your creative instincts." – Richard Branson

Christopher Columbus followed his instinct to embark on the voyage and he discovered America. Bill Gates, Michael Dell, Larry Ellison and Richard Branson all followed their instinct and dropped out of school. Today, they are the world’s celebrated drop out billionaires.

                "Experience taught me a few things. One is to listen to your gut no matter how good something sounds on paper. The second is that you are generally better off sticking with what you know and the third is that sometimes, your best investments are the ones you don't make." – Donald Trump

 

4.            Learn to take Risk; it is part of the game

From personal observation; it seems risky ventures forces the entrepreneurial spirit into manifestation. I have seen men break barriers where others think the game is over.

                "You must take risks, both with your own money or with borrowed money. Risk taking is essential to business growth." – J. Paul Getty

When everyone had the perception that the world was flat; Christopher Columbus took the risk to sail around the world and bumped into America.  When everyone said it was impossible for humans to fly; the Wright brothers held on to their dreams and took the risk to fly the first airplane. Virgin Atlantic was a risk; Microsoft’s windows was a risk, Oracle was a risk and so also was Dell. As a last note, I want it to sink into your skull that the entrepreneurial spirit thrives on risk.

                “I had to give it a go and see what happens.” – Michael Dell

"To win big, you sometimes have to take big risks." – Bill Gates

 

5.            Embrace Competition

                "When somebody challenges you, fight back. Be brutal, be tough." – Donald Trump

Just as the entrepreneurial spirit thrives on risk; so also does it thrive in a competitive environment. Most people shy away from building a business because of the competition involved; they don’t dare to undergo the entrepreneurial process because of the business challenges.

                "I have been within the four walls of school and I have been on the street. I can confidently tell you that the street is tougher, challenging, daring, exciting and more rewarding. In school; you play alone. But on the street, you play with the big boys." – Ajaero Tony Martins

If you must awaken your entrepreneurial spirit; then you must be willing to face competition. In fact, you must be willing to seek it out just like Richard Branson and Larry Ellison.

                "It's my job for Oracle, the number two software company in the world; to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace and eventually supplant Microsoft and move from being number two to number one." – Larry Ellison

 

7.            Take action

                "You have to act and act now." – Larry Ellison

All your dreams, aspirations and ambition will be in vain if you don’t take action. The entrepreneurial spirit manifests itself in the doing phase; not the planning or dreaming phase. If you want to awaken your spirit; then start the entrepreneurial process and build a business. The business challenges involved in the entrepreneurial process will force your spirit into action.

                "And obviously from our own personal point of view, the principal challenge is a personal challenge." – Richard Branson

Sometimes I stay up 20hours a day; I keep forging ahead to make sure I achieve my aim without getting bored or stressed up. What’s driving me forward; what’s the source of this energy. I think the answer is the spirit with which I carry out my business obligations.  As a final note, I leave you with this quote:

                “Nothing gives me a sense of fulfillment more than building successful businesses from scratch. Once my goal is achieved in a particular business; I exit and start another business. Building businesses from scratch is where my passion lies and I am not quitting until death.” – Ajaero Tony Martins

                "Without passion, you don't have energy. Without energy, you have nothing." – Warren Buffett