Monthly Archives: May 2013
If I ask you; what product or new business are you going to do? What would be your answer? What? You don’t know? Well the good news is you don’t need to know. Many entrepreneurs started with blank sheet and the look around from a fresh angle on old ideas are a new twist on an exist one. With bits of research, talking to people, and going online. BAM!!! They got it.
Now, it’s time to get practical, it time to help you find a way to imagine something now, different better.
Now I want you to breathe in, again, again and now breathe out. Relax you are going to enjoy this session. Go and get a glass of water or cool juice to relax with. This is to create a pleasant environment. If at the end you say, I didn’t enjoy this part then it means you disobeyed at some point. So do the above and if you are on motion sit down quietly following the above instruction before reading on.
IT IS TIME TO PONDER, REFLECT, AND CONTEMPLATE.
What talent do you have because we need it now? In building your business you need to look to your own talents. If you can do something with ease that other find difficult, and then you might be able to build business on it. This is first point.
Now look at that glass of juice of water that you kept by your side and say WOW! Do it passionately as if you own a lottery.
Having done that keep reading if you have ever d discounted your talent before just because it comes naturally, don’t again. Now for taking that decision grab that glass and sip a little. I said a little before you finish it. Sip it with passion again this time.
How was it? Enjoyable right? Now you have to be passionate about what you want to do or at least excited by it. If someone offers me $50 billion to learn how to sing professionally, I won’t because to me it’s waste of time and energy. Wait a minute, I will!! Who wouldn’t like to get that kind of money just to learn how to sing professional? But if the money is $100 I would rather write 100,000 posts than doing that because I don’t have the passion to same with another who loves dancing but hate readings. Now if you can’t stand don’t get into music and if you can stand computer, don’t get into software solutions.
No matter how profitable the idea may be, if you can stand customers stupid go for something questions. Don’t get into retail. Don’t say I didn’t warn you.
Sip the drink now and answer this question. What do you do well? Maybe you are a natural sales person, singer, actor, white witch of computer (whiz in computer). Or your natural love people or taking to them and giving advice, then you should be thinking of consulting.
As you ponder, reflect, and contemplate on what kind of business to build, make sure your business matches your temperament and also keep sipping you drink passionately when ideas hit your head and do well to write it d own. Feel free to ask me any question including the stupid ones. For now I will be running because I have some other people to attend to, we shall continue on the part 2 in my next blog. For now keep reflecting, pondering and contemplating.
WEALTH THROUGH BUSINESS
Wealth is created primarily through business. The top 20% of wealthy men and women are first generation which means the started from scratch and built their business men like Bill Gates, Paul G. Allen, co-founder Microsoft Cooperation, Richard DeVos and Jay van Andel who started Am way in t heir basement after running a driver-in restaurant H. Ross Perot who is also on the list actually borrowed $1000 to start his electronic Information Technology company EDS. David Packard and Bill Hewlett who used $538 to begin their computer company , Hewlett-Packard, in a garage.
Not one of these listed on the “Forbes 40” list made has enormous wealth working for someone else.
Now if you’re like most business owners, probably started your enterprise out of a heartful belief that you could provide a better service or product. Wealth creation was likely not the objective. It could be to meet up with your school fees, have enough income to put food on the table, pay the rent and provide for your family. Well, I love that food part cause am hungry now but I will have to finish this blog.
You could ask: what are the ways to build wealth through business ownership or how can I get wealthy through business?
Either way it all depends on your definition of success.
There are two basic ways to build wealth through ownership which include:
- Pay yourself an increasingly larger salary as you go along or
- Build a business from scratch or through acquisition then monetize the value of the business by transitioning ownership/selling the business in whole or part.
The first type of building wealth through business mean that you ought to work hard and hopefully, watch the business grow. Then as the project increase, so does your salary and you maintain complete ownership business.
The second type of building wealth through business deals with growing a business strategically and then still the business than there is the potential to make lots of money by selling a business than running it.
This is not the time to like your tongue and saying to yourself, I got it. Just relax and ask yourself these questions before you become the famous Mr. Bean in business. Here are the questions you need to ask yourself before you start preparing to sell or for your exit made.
- Who do you want to pass this company that you have successfully built to-private or public sale? Or perhaps family member or employees, or be of acquired by another company.
- Where do you want to be you 10, or 20years from now? Thus will determine 90% of what needs to be done with the company. Write your company goals down don’t worry soon I will be writing on goals.
- What will be your role in the company when you leave?
- What kind of leadership team do you need to put together now positioned to achieve them. Thank God at last I have to eat. See you next on my blog to help you grow and eventually serve as an asset in the ownership transition of your business.
Listen if you address these issues properly, you will be much better.