CONTENTS

15 BUSINESS LESSONS FOR EXCEPTIONAL ENTREPRENEURS

8 STEPS TO TURN YOUR IDEAS INTO BUSINESS

6 SIGNS IT IS TIME TO START YOUR BUSINESS

5HONEST QUESTIONS TO ASK YOURSELF BEFORE YOU START YOUR BUSINESS

HOW TO NAME YOUR BUSINESS

HOW TO REGISTER YOUR BUSINESS         

LEGAL BENEFITS OF REGISTERING YOUR BUSINESS

HOW TO CONDUCT A MARKET RESEARCH

HOW TO FIND CUSTOMERS

CREATIVE WAYS TO RAISE FUNDS

 

In the first place, I would like to congratulate you in advance for clicking on this link because you are just in the right place at the right time. You are about to unlock great door of information to start your business.

As an intending business person, you must have developed a business mindset coupled with the ability to nurture and grow a business over the time. You must learn the following business lessons which will go a long way in laying a solid foundation for your business productivity and profitability.

15 BUSINESS LESSONS FOR EXCEPTIONAL ENTREPRENEURS

1. Dealing With Failure: (Fail Forward) Success comes out from the ashes of failure. The fact that you failed today does not mean that you are a failure but you are still learning, even successful business persons today are still learning because the business world is always introducing something new therefore, learning from mistakes and adjusting to innovations are continuous developmental activities.

2. Funding: This simply has to do with accumulating financial (money), materials (stocks, and assets), and labour in order to kick-start the business and you must be very prudent with your disbursement of funds because the higher you fund a new business, the higher your start-up cost thereby resulting to a higher liability as the source of your funds may

be by borrowing from your creditors such as banks, credit suppliers, debentures, shareholders etc.

3. Planning:Your plan must pay serious attention to material and labour costs, direct expenses, income statement, comprehensive financial position of your business periodically and forecasting.

4. Flexibility: Be flexible yet be focused. Know when to stay, move or even quit if there is greater possibility of loss resulting from your forecast as your funds becomes volatile when the possibility of the business surviving both in the short and long cannot be guaranteed.

5. Think Like An Entrepreneur: Think freely, wide and outside the box. Think about opportunity whenever you come across problem anywhere. Think about solving the problem for others and make money from them.

6. Salesmanship Skills: Your ability to sell your products to your customers in a creative way will determine if they will patronize you or not. People are afraid to sell because they are afraid of the word “No” from their customers. You must be proactive, persuasive and creative in selling your products and services to your customers.

7. Networking: Get and stay connected with the business communities. Socialize yourself with the right people whose needs you are capable of meeting, add value to their lives and in turn they too are ready to part with their money.

8. Ability To Speak Business Language: The business world is looking for entrepreneurs who understand business terminologies and atmosphere that will enable you to communicate your business around the world.

9. Learning Skill: Your ability to learn something new very fast will make your products and services hot cake in the market. You must update your skills to the modern information technology in order to conform or edge your foreign counterparts in the same line of business.

10. Tech & Free Internet Social Media: The internet social media and networks have made the world to be a global village whereby placing your advertisements freely on any of them means you are advertising your products to the world for patronage at little or no cost.

11. Bi-Lingual or Multi-lingual Skill: The ability to speak more than one language in the business community is a great advantage, whether local or foreign languages.

12. Manage Your Time Productively: There is no free time. Manage your time because your time is your money. Live the beginning of your life like no one wills so that you can live the rest like no one can afford. Allocate your time judiciously.

13. Become An Exemplary Leader: Start doing something differently and positively. Take the lead where others lack courage. Become a jinx breaker as an entrepreneur where other business persons are attached to the conventional way.

14. Mind Your Health: Remember that health is wealth. You can only enjoy your wealth when you have good health as an entrepreneur, therefore get rid of toxin foods and drinks such as alcohol, sugar, chemicals etc.

15. Godly Foundation: Erect your business on the righteous foundation of God. Be honest, diligent, empathize with your customers and put God firstly and lastly.

 

8 STEPS TO TURN YOUR IDEAS INTO BUSINESS

1. State Your Business Idea: A great business starts with an outstanding business idea to solve a problem in the society. Your business idea must carve out a unique and perfect solution that will meet the anxious demands and needs of the society. Once that idea is planned and properly put into writing, start taking steps to brand your products as planned. Do not deviate from your original idea in the first place and always remember that you are aiming at designing a product or service that will solve the problem in the society.

2. Have You Spotted A Gap In That Sector? Ask Yourself That Honest Question: The answer to that question is that there is no sector without gap or vacuum. There is always a need in every sector of the economy especially in Africa. The lapses in the sector are the gaps and that is where you as an entrepreneur lunches in. In that gap, you will attend to people’s needs, create value and make money. You must attend to your customers’ needs in a creative and an innovative ways that will make you to be exceptional and excel over your competitors in that sector of the economy.

3. Ask For An Honest Opinion: The business that you are about to do is already in existence but not in your own unique and creative ways. Nevertheless, you still need to develop on the existing information from the existing and previous businesses by asking someone who have the experience in that area and will tell you the hidden truth.

4. Take The Risk. Many business ideas die at conception because of the fear of taking the risk. Put your business ideas into practical solution out there. Start committing time and resources. Stop waiting for the moment. Successful entrepreneurs do not wait for the moment. They create the moment.

5. Make A Sample For Market Research: Introduce your product to your family, friends, followers, neighbours to try it out. Once they are satisfied with your product or service, begin the most affordable form of market research move on but if they are not satisfied with your product or service, consider making adjustment before beginning your market research.

6. Start Selling Small Batches Of Your Product Or Service Wherever You Can: Try door-to-door selling or offer initial introduction of your service wherever you can. Keep asking for feedback. Make sure you get the branding right and uniquely outstanding from existing brands in order to attract eager customers and talented employees. Do not forget to name your product after your name and earn yourself a good business reputation.

7. Continue Production Upon Customers Demand: As you get stronger positive customer reaction, start producing more of your product or service and as your customers’ feedback become strongly positive, that means you have succeeded in solving societal problem by meeting people needs and you will earn good money in return.

8. Think Of Legalizing Your Business: All the best with your new business.As you start doing well in your business, there is need for you to start thinking of registering your business.

 

6 SIGNS IT IS TIME TO START YOUR BUSINESS

1. When Your Remuneration Is Comparatively Lower Than Your Input As An Employee: Working for someone will never make you wealthy but makes you get a fixed remuneration while helping your boss to accumulate wealth for himself over the years. If you think that your remuneration is comparatively lower than your efforts and talent as an employee that is a sign that it is time to start your own business.

2. When Employment Rules Hinder You from Applying Your Initiative: This is very common in the public sector of the economy where you are being directed always by a senior officer to carry out a tasking official duty without applying your initiative and your idea. Your initiative and your ideas then become redundant but you can only do yourself a favour by firing your boss and hiring yourself.

3. When You Are Sure You Have Adequate Knowledge Of The Market Place: When you are fully equipped with the full knowledge, wisdom and understanding of the business world and the market place, then you are good to go as knowledge will be your power all the way through and that is the best time to take the risk by tendering your resignation letter.

4. When You Spot A Vacuum In An Economy And Willing To Invest: When there is a gap or vacuum in any sector of the economy, people suffer needlessly and that is an opportunity for a smart entrepreneur who is willing to maximize his money by investing in that sector of the economy in order to solve the problem and earn good money. This is a good opportunity to invest your time and money and kick-start your business.

5. When Your Boss Overlabours You More Despite You Meeting Previously Set Targets: This is also very common in the banking sector especially where female bankers are being used to source for big shot customers for the organization. The more they meet previous targets, the more the subsequent targets set for them are being increased in hundreds of million naira value which may pressurize them to undermine their dignity as women in order to satisfy organizational objectives and keep their job. Honourably resign and start your business with any vocational skill and talent you have.

6. When The Organization Downsizes And You Are One Of The Victims: You Have Not planned for it. It happened suddenly. You were thrown out of the organization despite your contributions over the years. No amount of what you say when it suddenly happens will put food on your table, cloths you and shelters you and your family but rise up on your feet and take the bull by the horn and start your business with immediate effect.

 

5HONEST QUESTIONS TO ASK YOURSELF BEFORE YOU START YOUR BUSINESS

1. Am I Fully Equipped With Adequate Business Knowledge? You need sound and updated knowledge of business and market place before to can thrive successfully in the business environment, otherwise you risk losing your money if you do not have adequate business knowledge because there are competitors out there whom you need to compete with favourably and good business knowledge coupled with great business idea will help you to achieve that aim and earn good dividends from investment.

2. Who Are My Target Customers? A good market research will provide you with targeted customers whose needs you must meet satisfactorily in order to ensure their continuous patronage and earn money in return. Everyday big money exchanges hands from customers to business persons who are capable of meeting the needs of their customers as they solve societal problems and add value to the community.

3. Is The Environment Conducive For Business Activities? No reasonable business person would invest in an environment where insurgency, armed robbery, hoodlums, bad roads, poor electricity supply and the likes are the order of the day. Investors whether local or foreigner would rather do business in a business friendly area where profit is guaranteed whether in the short or long run.

4. Are The Government And Banking Policies Business Friendly? The fiscal policy of the central government is a powerful tool for expanding the amount money in circulation by increasing expenditure in order to encourage more investments or to reduce the amount of money in circulation by increasing taxation in order to discourage investment also the monetary policy of the central bank is a sensitive tool to expand the amount of money in circulation by reducing interest rate on borrowings in order to encourage more investments or by reducing the amount of money in circulation by increasing interest rate in order to scare away the would be borrowers from investing.

5. What Do I understand By the Word “Capital”? Capital is not your first requirement to start business as an entrepreneur. Many business starters do not even know how much they need to start business. If you hurriedly source large amount of money now, you may end up squandering the money as a result of your ignorance of the business world and the market place first hand requirements or information. Starting business with huge amount of money will increase your startup cost and your liability as most part of your fund will be coming from borrowing from banks, credit supply, debentures, personal assets and savings etc.

 

HOW TO NAME YOUR BUSINESS

The name of your business is the identity it carries. The pronunciation of your business name signifies your business activities, whether you are into production of products or services, the name your business bears or carries determine a lot about how much you will be able to gain the public attention and reputation.

What you want the name of your business to accomplish must reflect in the name you give to your business. Your business name must quickly attract the attention of your targeted customers. It must carry one or two words that simply indicate your aim and what you want your business to accomplish so that the name of your business can become a household name to your intending and existing customers. The name of your business must be brief, sensible, enterprising and easy to remember. See examples below.

Dunlop Elite Tires Limited

Links Communications Limited

Naomi Foods Limited

Sunitory Waters limited

Zeb Electronics Limited

 

HOW TO REGISTER YOUR BUSINESS

In line with the provisions of the law in any country, it is common that qualified two or more persons up to a specific number of persons may form a company according to company incorporation requirements by the law. In Nigeria, to form a partnership business, the law requires the minimum of 2 members and maximum of 20 members. The law requires that to form a limited liability company, the minimum number of membership is 2 while the maximum is 50. In the case of a public company, the membership minimum is 2 with no limit to the number of membership. In Nigeria, the body saddled with the responsibility of company incorporation is the Corporate Affairs Commission (CAC). The link below takes you straight to the online company incorporation forms.

http://new.cac.gov.ng/home/

COMPANY INCORPORATION PROCEDURE

1. Search for availability of intending company name2. Pay filling fees3. Complete, attach and submit application forms and documents required by law4. Print out the certificate of incorporation upon display after successful completion of

online business registration.

The categories of people who are qualified by law to join in the formation of a company include:

1. A person Who Is 18 Years And Above: Unless there are 2 adults who are qualified to become a member, then an under 18 minor can join them in forming a company.

2. A Sound Minded Person Not Disqualified By Any Court Of Law: Such individual must be mindful and have the knowledge of the agreement he is about to enter.

3. A person Who Is Qualified By Law To Be A Director: If the provisions of the law do not hinder his membership ambition, he can become a member and a director as well and earn director’s remuneration.

4. A Person Who Is Not Bankruptcy: Such person must have a clean financial record.5. A Corporate Firm Not Liquidating: A company that is not in the process of winding up

and is in a stable business operation is qualified to subscribe for membership.6. An Approved Foreigner By Law: Such alien must have complied with the enactments

and provisions of the law regulating the rights of aliens to engage in business lawfully in the country where he resides.

Depending on the form of company a promoter is aiming to incorporate, the initial documents to be tendered are:

1. The Memorandum Of Association: This document contains the fundamental provisions of company’s constitution which must specifically provide:

2. The Name Of the Company: A company limited by shares is to be a private company and the last word of its name must be “limited” while a public company’s name must end with the words “public limited company” abbreviated respectively by “ltd” and “Plc” or Ltd/Gte and Ultd” for companies “limited by guarantee” or “unlimited” respectively.

3. The Registered Office: This is the contact or business address of the company where it will be situated in the country.

4. The Objectives of the company: The purpose of which the company is being formed should be precisely stated in the memorandum as required by law.

5. Limitation Of Liability: It must be clearly stated in the memorandum whether the liability of members will be limited or unlimited and if limited, it must also be stated whether by shares or guaranteed.

6. The capital: The capital is the sum with which the company is registered and will largely depend on the nature of the business and sources of working capital by loan or other means. The subscribers must take not less than 25 percent of the company’s shares and will not pay for the shares until a call is made as the initial commitment takes priority.

7. The association Clause: The subscribing members must state their declarations to become registered members of the company thereby taking shares, giving their personal details and the number of shares subscribed by each.

8. Articles Of association: This document takes into consideration important matters like but not limited to:

9. Shares: These are units of the company’s capital which entitle the holders to certain proportions of the company’s declared profits.

10. Borrowing: This has to do with the funding of the company’s business activity through loan, credit supply, debentures etc.

11. Directors: These are appointed members of the board of directors directing and running the affairs of the company’s business activity.

12. Account And audit: These are the points where the financial activities as a result of the company’s business operation are scrutinized, verified and reported periodically and also declared to the shareholders during the annual general meetings.

13. Dividends: Whenever a company generates profit as declared during the annual general meetings, dividends are paid to the shareholders out of its profits.

Additional documents must also be filed in order to effectively incorporate a company which includes:

1. Information on the registered office of the company2. Particulars of the first directors of the company3. Information on the authorized share capital of the company4. Declaration of the registered companies5. Any other documents required to satisfy any other law and finally effect the company.

Once the certificate of incorporation is issued, the company is born and exists as a legal entity with its own name.

Section 37 of the Companies and Allied Matters Act (CAMA) of the federal republic of Nigeria states that:

“As from the date of incorporation mention in the certificate of incorporation, the subscriber of the memorandum, together with such other person as may from time to time become members of the company, shall be a body corporate by the name contained in the memorandum…”

 

LEGAL BENEFITS OF REGISTERING YOUR BUSINESS

1. Property: The company being a legal entity separated from its members may own properties in its own name without its members having insurable interest over its properties.

2. Perpetual Succession: The death of any or more of its members does not end its existence as a company.

3. Limited Liability: This implies that the liability of any of its members is limited either by his shares or by guarantee or unlimited company. The company is thereby responsible for its debt.

4. Corporate Litigation: A company being a separate legal entity has the ability to take action to enforce its legal right to sue in its own name and can be sued for breach of its legal obligations.

5. Transferable Shares: A duly registered member of a company can effect the transfer of his interest, which manifests itself in his shares subscribed with the company.

6. Borrowing Power: Upon the incorporation of a company, its find it easier to borrow from the banks because the ability to settle both principal and interest on loan is rest assured as a result of its effective security.

 

HOW TO CONDUCT A MARKET RESEARCH

Congratulations! A company is born and come into existence with its unique and brand new corporate name.

So your great business idea has turn into a corporate business operation but wait! You must determine whether there is a market for your products or service. Failure to do a market research can amount to a death sentence to your business operations.

Would your customers pay $300 for a pair of shoes without trying them on?

Well, your guess is as good as mine. That is the reason why you should conduct a market research in the following step which are as following:

1. You must first conduct a research on your company by drawing out its SWOT analysis. The acronym “SWOT” Stands for:

2. Strength3. Weakness4. Opportunities5. Threat6. With the use of a simple, detailed and easy feedback questionnaire, conduct your

company’s customers (end users) research which is known as KYC (know your customer) test.

7. Know your competitors very well as well as you know yourself. Always visit their websites.

8. Partner with those businesses (collaborators) who deal or sell other products or services to your customers.

THE 4 Cs IN THE MARKET PLACE AND THEIR RESPONSIBILITIES

1. Company: Your company must satisfy customers’ needs and earn profits.2. Customers: Customers must patronize in order to keep the company in operation.3. Competitors: sells similar products and services to your customers.4. Collaborators: Sells different products and services to your customers.

MOST AFFORDABLE WAYS TO CONDUCT MARKET RESEARCH

1. Associations2. Government Agencies3. Map4. Colleges And Universities5. Directories6. Internet-Social networks, Google etc.7. Database8. Phone Calls9. Questionnaires10. Observations11. Media12. Intelligence

 

HOW TO FIND CUSTOMERS

Your business way of raising money first is through your customers. Money flies with customers. Everyday money flies about in trillions from customers to sellers. Money exchange

hand in trillions of Dollars in major cities around the world on daily basis through business various transactions.

Simple ways of finding customers includes but not limited to:

1. Networking2. Referrals3. Internet (Konga, Vconnect, Olx, Facebook, e-mail etc.)4. Advertising5. Publicity6. Door To Door Approach7. Build good relationships and friendship by doing the following:8. Be helpful9. Keep people posted10. Stay top of mind11. Always make friends12. Meet new people13. Go new places.14. Host beneficial relationship by establishing a relationship with a business that caters for a

target audience similar to yours. Then you promote your company to their database with a special offer to the audience.

15. Donate products or volunteer service to a worthy cause.

 

CREATIVE WAYS TO RAISE FUNDS

Pastor Poju Oyemade of Covenant Christian Centre in Lagos, Nigeria was a guest speaker at the general session of the Excellence in Leadership Conference on Wednesday the 4th of November, 2015 tagged “Servant Leadership” organized by Daystar Christian Centre also in Lagos, Nigeria. Below was how he described the word “Capital”.

Capital is not money and capital has never being money. It is the invisible force that raises the productivity of labour and generates wealth. It is the one thing that the failing nations and people cannot seem to produce for themselves no matter how eagerly they engage in all other activities that characterizes a progressive or entrepreneurial person or nation.

What is capital?

It is the process through which you convert what you have, your assets from just its basic value of meeting a particular need-physical need to initiating surplus production.

Creative ways where you can raise capital include:

1. Personal savings lent to the company2. Borrowing from commercial banks

3. Credit supplies from trade creditors4. Debentures5. Initial public Offer6. Appling for grant7. Barter to get what you need8. Sell your service9. Using personal assets10. Trading your knowledge for money etc.