Unlike politics and religion, when it comes to business and people parting with their money to purchase your goods and services, you have to be good, very good.
You have to be the best. You must not be seen as merely doing your best.
This is the reason: If you do your best, only your friends and well wishers will notice you, but if you are the best in the world, the market will notice you and patronize you.
I learnt this the hard way, in 2009 when I launched the first version of Gistcaster, I was doing my best. Gistcaster was not better than Facebook or Twitter and hence, I only got patronised by my friends and well wishers. Nobody else noticed me.
I finally gathered enough strength to press the shut down button in 2011 and refocused my energies on finding spaces where I could be the best in the world, niches like alert delivery and location based interaction systems where I could define the categories and decide how things should work as opposed to competing with Facebook for your time.
The trick therefore is this: If you do not have enough resources to be the best in the whole world, look for a smaller space (your city, your state, your country) where you can truly make the biggest impact and be the BEST without any alternative for what you do.
Watching The World
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Everyone needs income streams, not a few. The more the better
An income stream is simply a medium through which money can flow into your pocket.
Money is important, very important and money is a crucial factor that determines whether or not you will be able to move your ideas from your mind and into the physical world. A lot of inventors over the years have died broke because they had no income stream that kept running while they chased the BIG picture.
That is a mistake you do not want to make in this century, you will end up badly.
Let me share some more simple ideas about how you could create an income stream. My goal with sharing these ideas is to get you started, you are solely responsible for amplification and execution of the ideas.
I tried to pick ideas that can be executed with little or no serious capital needed. The ideas are geared towards the student community.
A Mobile Shop
Buying and selling remains a big opportunity for everybody to plug into. Look out for things you can sell higher than you bought them. For example, going to Computer Village, Ikeja to buy headset at #250 and selling them for #450 in your neighborhood. The selling price has to cover your costs and put a healthy return inside your pocket.
People will keep buying from you if you are of good character and give them product support. You can do this with books, gadgets, software, DVDs, cloths, anything! (And hey, you do not need a physical shop).
A Rental Business
Why buy when I can rent? Look for things people around you would prefer to rent than buy. Create a rental business around it.
Be innovative, think really hard and come up with unique items people really need to rent. Rent it out and start making some profits.
A local tour operator
Create a tour of popular places around you, a museum or zoo is top-of-the-mind but you could also organise an outing to transport a group of people (usually young people, teens) to see a movie and have launch at a 5 star restaurant. Look for primary and secondary schools around you to start with.
If you can execute any one of these ideas, you would have created a brand new income stream. If you have any questions or need help to move them further, just reply this email.
Watching the World
There are a lot of people these days who claim to be broke, looking for money and yet have no income stream.
There are a lot of “students” who wish they could have more money to play with and yet have no income stream.
There are a lot of underemployed people whose salaries is barely enough to cover their costs and yet, no income stream.
The simple solution to all the scenario I highlighted above is to create new income streams. The more income streams you create, the better. That way, you can never go broke.
It is not enough to be gainfully employed, you must also think about how to create a side business, something on a smaller scale. I have previously shared with you the 4 levels at which you can do business:
So, while you may be employed somewhere, you can create a second income stream.
I will give you an idea, You can enter the local transport business.
You can buy an Okada or taxi and employ someone to run it for you. You will need to monitor the person closely so that you are sure you will not get ripped off.
Before you venture into such a business, do your research and talk to people currently in the business.
I agree that this business requires a significant amount of investment to buy the vehicle, and not everyone subscribed to #TMP might be able to afford it. If you are in this case, feel free to reply this email. I recently compiled about 15 businesses you can start without any serious capital investment, the ideas are geared more towards students but can be tweaked to work for anyone.
Watching the World
(REMEMBER: The Morebise Post has a new home at http://themorebisepost.com)
I know, business is all about cash flow. Money coming in must be more (much more) than the money going out, that is the basics of building of a profitable business.
Well, not really.
This is one of those posts that may not make sense, but if you meditate deeply upon it you begin to see clearly.
You should not be all about money, money is not the end game. The love of money and the crazy hunt for money is at the root of every form of evil in our society today. What will men not do for money? Yet, even though money answers all things in the natural, sooner or later, a man gets to a point where his money can do nothing more for him. If in doubt, learn from Steve Jobs whose wealth couldnt save from Cancer.
For your business to stay up and continue to grow well, you must know who to offer your products and services to for free, as a service unto God. Many established companies do this in form of CSR (Corporate social responsibility), but you do not have to wait until you become big before you get started.
In business, you must know who to sow into and who to collect payment from. Follow your Spirit always.
Profit in life will not come from SALES, it will come from FAITH!
(The Morebise Post has a new home at http://themorebisepost.com)
How many times have you become annoyed with someone who turns up with excuses rather than the results required? With some people this becomes their pattern and we have no choice than to start distanting ourseleves from such people.
As a forward thinking, upwardly mobile person, you do not want anybody to classify you into such a category. The track record you want to have is a track record of consistently getting the job done. No matter what it might cost you.
It is all about delivering results, not excuses.
Another handy trick is to conceal all the extra effort it took you to deliver the seemingly miraculous results. You do not get to brag about how you havent slept in 72 hours or how many people you had to cajole or how your brilliance saved the day. Just shut up and show us results.
This issue is one of those fundamental ones that go a really long way to advance our life.
Do good stuff,
A great way to build your integrity, trust, respect and constantly attract favour from men is by doing anything you have promised to do. You should never, ever give yourself the permission to break a promise. No matter how inconvenient fulfilling such a promise will be.
Doing this will help you become much more responsible because with time people realise that once you accept to do something for them, they can go to sleep and they know it is done.
The other side of this is that (obviously) you can no longer blindly agree to everything shoved towards you, because you have to ensure that you must deliver!
Can we bank on you?
Watching the World
Do great stuff,
The reason you want to go the extra mile in whatever you are doing is because that is the only way you can considerably increase the barriers to entry.
If you offer a service that can be easily replicated, you are surely going to have a lot of people competing against you and you will not make serious money. This is the reason so many ecommerce websites have sprout up around every nook and cranny of Nigeria; the barriers to entry is low.
Any smart kid with a decent laptop, internet connection and some money (as low as $30 or N5,000) can easily create an ecommerce website by using one of the 100s of free softwares out there. That is why anybody who wants to plug into the ecommerce space now must sit down and think deeply…
What can we add to our idea to make it quite different from others and ensure we have a barrier to entry in place?
Watching the World
Do good stuff,
Everyone wants to start a business, attract customers and keep making money forever. It doesnt work like that, once your business becomes successful, be sure that competition will show up at your door. The major saving grace you have are the barriers to entry for new comers into your business sector.
The harder the barriers to entry, the safer you are.
Google search is probably the best example of this, Google has run away with the search market and almost no one is doing (or can do anything) about it. If you wanted to start a Search business today, the entry barriers are to build a powerful search engine and then do a good marketing job to convince the world you are better than Google.
That is beginning to look like mission impossible! Microsoft with all their muscle have tried and tried and yet, they are not making any headway.
Facebook also enjoys some barriers to entry. The major barrier is that for a social networking site to boom, you need people. Without your friends and fans on Facebook, the website loses its value.
I do not go to Facebook to interact with Facebook, I go there to interact with my friends, people who care about me and I care about enough to check on them. (You see how this differs greatly from Google search’s service?)
This is why a million cool features on Google+ cannot switch me over, without people I can interact with, Google+ remains a ghost town to me.
Let us talk about you, that your brilliant idea… what are the barriers to entry?
Can you hold your own when competition knocks?
Food for thought, certainly!
Yesterday, I started talking about a great business opportunity of connecting Information seekers with the information they need. Let us explore this concept further…
I think the next BIG media company can be created without spending any money at all!
I am going to let that sink.
A big media company on the scale of CNN, BBC or Movie Magic can be created without spending any money!
I am not joking, you can start a new ‘TV’ or ‘Radio’ station today without any of the heavy equipments you would have needed. Further more, you might not even need a website to run a media operation.
You, yes you reading this right now can run a money making media company based entirely on a FREE Twitter account and a Facebook page. You break the news and share your stories directly with your audience.
If you have 5, 000, 000 million followers on Twitter, following you and trusting you because you always deliver valuable info to them, do you realise how powerful you are? More importantly, do you realise how much people would pay you to advertise through your media company?
You should also check out…
Do great stuff,