Business And Entrepreneurial Development Series 0.1:- Israel Olutomi

Last week we did an introductory part into The Fundamentals of Starting and running a business. Today we would be considering the critical details a subject matter under the Fundamentals of Starting and running a business.
A whole lot of would be entrepreneurs or business men/women went into business just because they wanted to make ends meet and not because they had any particular passion for the business they went Into.
Most held on to a business that’s visibly sinking without noticing it because they had no initial idea about the business they are into.
Most people go into business not because they know about the business but because they saw others doing it and making waves in that business
This is an idea I classify as the “stinking thinking mentality”.
Examples of such categories of businesses which most of us can relate with is;† The call centre business, recharge card business, pure water business and so much more. Most who ran into this business ended up realising that there’s more to it than meets the eyes and they ran at a loss.
One thing a whole lot of startup business owners forget is that God created man as an entity and granted him every right to free will and the opportunity to make his own choices. The greatest gift God has ever given unto man is the ability to reason for himself and take chances. God also gave man a small but mighty gift which has the ability to store & Process a great deal of data & information, and that is the BRAIN.
It is evidently clear that God endowed everyone with the potential to attain & achieve greatness in life. That means, you have the seed of greatness in you. God has given you the mind to think; the skills and ability to create; and the enabling environment and resources to work with so don’t rush after multitudes, reason for yourself. Inside you are natural abilities, skills, talents and spiritual gifts that can make you great and successful in life. You have a unique set of gifts that no one else has. All you need to do is discover your God given natural gifts, then develop and maximize them.
It is the way you develop your gifts that distinguishes you as ďSpecialĒ or ďtalentedĒ from other people.
God has given specific sets of gifts, talents & potentials unto every man, some more than others, but unfortunately, many people donít know they have potential; hence they havenít discovered their purpose and God given potential. They donít even know what potential is, let alone that discovering their potential helps them to fulfil their destiny and attain greatness in life. Some are very lazy to harness their potential. This is the reason they donít live to their full potential.
Your greatest duty in life is to discover what God has placed in your hands.
The most successful people in these present world of today are people who believed in themselves and the works of their hands, people who took a bold step in achieving anything and everything they gave their hearts too.
There is something in you crying and screaming to be let out, there is a gift in you, a talent left untapped, a vision yet to be seen and a passion yet to be fulfilled.
A whole lot of people craving to be business owners go about without the smallest of pencil and paper and they claim they want to go into business or become entrepreneurs. There are countless ideas that can be picked up on the street that could eventually be turned into a successful business. There are lots of mistakes that already established businesses make that you can work on and transform into a global business. A whole lot of aspiring entrepreneurs failed even before they invested in the business. Early this year I was fortunate to consult for a fish farm that was worth over 15 million Naira (and this is me under exaggerating the companies worth cos the building structure alone is worth more than that). The most amazing part is that the owners claimed they’ve not made 5 million Naira profit from the business So I decided to study the company and the method in which they ran the business first.
One amazing thing first caught my attention was that they have no records of any sales they’ve ever made, Expenses they incurred And worst of all the family just go to the pond and harvest fish for personal consumption as they wish without records of what they consume. Now Let me give you a proper breakdown of the structural design of the place. The company has more than 20 12×12 ponds for matured fishes, over 120 4×4 tanks for fingerlings and under ground pond for brood stocks And this is just at one site. With just one staff overseeing the whole business And his take home pay at the end of the month is N15,000. Upon further investigation I got to know that they had no initial experience of what it takes to be a fish farmer They heard there was money to be made in fish farming and they invested deeply into it. Now don’t get me wrong, There’s nothing bad in investing in a business that’s already thriving But what you do is what I call being a fast follower. Take for example You own a business centre You should know that virtually everybody now has a mini printer in their house What you then do is find something else doing along side that business centre to maximise your income from that business centre, you can add sales of computer accessories And other things that can fetch you extra income just make sure they are related to what you are doing So that you don’t over stretch yourself.
As a matter of fact there is a well of resources inside everyone of us Most just fail to tap into that well and explore. Never be scared of failure. Failure is a lesson in disguise. In an interview president Obasanjo said there are lots of things you can learn from people. Even a fool has a lesson to teach. The lessons a fool will teach you is how not to do a particular thing, And I believe his assertion 100%. In every man there is a seed to be planted, in every man there is a dream and a vision, in every man there is a burning desire for greatness & success, but the achievement of these feat is left to every man. Your success story can only be written {literally speaking} by the tools in your hands and the proper use of those tools.
It’s easy to succeed in life but remember there’s also a clause to everything in life. Know for certain that to succeed as an entrepreneur or staff of a company there are some things you must do

  1. †One of the greatest clause that can stop you from achieving success is laziness. Don’t make laziness an option.
  2. Never shy away from seeking advice. No man is an island of knowledge. A tree in the city has a higher percentage of bowing to the pressure of the storm but a tree in the forest has others to help shield it from the storm.
  3. Never be afraid to ask questions. The worst answer you can get is a NO. But don’t forget if you fail to ask you would never know who would help hold your hand and lead you to your promise land
  4. Get yourself a mentor. preferably in the same field you are. You don’t expect a lawyer to know how to mentor you on structural engineering.
  5. Don’t live someone else’s life/dream. At this point I would like to caution parents. The fact that you are a lawyer does not mean your child has to be one. Every man has different strengths and weaknesses. Some more than the other.
  6. Do your own research. Thank God for Google. Don’t rely on someone said or that person said.
  7. Follow your instincts. You might be wrong at times but many at times your gut feeling would let you know when you are going astray and it would also let you know when you are on the right path.
  8. Never back down. Most businesses failed not because the owner of the business didn’t have a good idea but because the individual was timid to take a bold step.
  9. Go for a viable alternative.
    Don’t ever invest in a business that doesn’t have a good return on investment.
    Except you are into the business as an NGO.
  10. Beware of Family and friends. These has ruined so many promising businesses. If you allow friends and family in business that is the end of your business. As friends and families, it is their duty to support your business buy patronizing you and paying not by demanding for freebies. If you do he/she is my family let them take what they want, before you know it you are out of capital.

Lastly before I call it a close for today I would. Like to add this
LEARN TO REORDER YOUR STEPS. At every point in time of your life always leave room to retrace your steps.
DONíT JUST SIT THERE Even if you are on the right track you will get run over if you just sit down there. Stand up and run with your vision.
Thanks for your wonderful time.
I remain Israel Olutomi Business and Entrepreneurial development consultant and Principal partner Rey’s Consult.

One Comment

  1. Yet another, bombshell article.
    I am going home with this: “As friends and families, it is their duty to support your business buy patronizing you and paying not by demanding for freebies.”
    Thank you sir

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