Are you an Entrepreneur; a risk taking business man with a vision in mind or are you simply unemployed and keeping busy with whatsoever your hands finds to do at the moment, ready to dump it all when the right job offer shows up?
If you really want to be an Entrepreneur in the real sense and with all its gory details and subsequent glory, then be ready to pass up various job offers that ultimately distract from the vision.
The key therefore is to have a well detailed mission that you can talk about before anybody and everybody. This helps a great deal in clarifying whether you are really an Entrepreneur going somewhere or you are just passing the time.
In 2008, Marvel Studios released the Iron Man movie which went on to a great success (and one of my own favourite movies of all time).
Four years later, they had done some other solo movies like Captain America: The First Avenger, Thor and Iron Man 2, movies to introduce other characters so that they could finally do the original Avengers movie which grossed $1.5 BILLION! That is a lot of money you know? It sits on #3 on the list of highest grossing movies of all time.
They were able to do that because of the grand mission they designed and started executing in bits, starting in 2008. I think this teaches me the importance of having a grand strategy, the big overall goal that one tucks neatly at the back of the mind while you go about everyday life.
That way, we longer follow every idea that comes our way because we now have a filter. If I stumble upon an idea, I immediately check if it fits this grand strategy, if it does not, discarded. Promptly!
Things like executing a grand strategy also takes some time but it is always worth it in the end.
The latest one in the movement, Avengers: Age of Ultron is now showing in the cinemas and it seems to be doing well.
Watching The World
A Business Founder has to embark upon a journey, a journey of capacity building and key knowledge acquisition. What kills businesses is not always lack of funds, most times businesses perish for lack of knowledge – the owners do not know what to do and so they start doing the wrong things.
Many people do not think this is important, we will just hire experts, pay them and tell them what to do. As brilliant as this sounds, here is the challenge: they are experts in their own field, they are not experts in your idea. You must know enough to work out your idea in great detail before you engage experts to tie up lose ends for you.
Are you prepared to acquire the knowledge needed in order to be transformed into the person that can run this business effectively?
Would you be the head of an ant or the tail of an elephant?
Literally, the question is would you hold on to your small company and stand as the CEO or would you rather band up with people to build a bigger and more powerful company? Would you rather go to work for an industry leader like say Konga for example, or you roll out yet another e-commerce store?
If your goal is to solve problems and you find a place where such goals are in alignment, where you can make meaningful contributions to the world, what else do you want?
I know everybody wants to be an Entrepreneur, be “their own Boss” and those with Bosses have been told to “fire their Boss”. But truth be told, we all have Bosses, we all have people who tell us what to do.
Are you really a visionary who has something to offer mankind that not been seen before? Or are you just an ambitious fool who arrogantly wants to have something to call theirs? Search yourself.
I think the reason we do not have so many Nigerian billion dollar companies yet is because of this issue of my own thing. The intellectual capacity of 10 people whose teaming will create a billion dollar company is wasted when each of them goes on to create small companies instead.
It is better to own 5% of a $240 billion company, than be the Founder, Chairman, CEO and President of a $12 million company that you own 100%.
Head of the ant or tail of the elephANT, its your choice, really.
The number one question I get from people about #TMP is usually along the lines of “Your posts are very interesting, where do you copy them from?”. I have even been accused of plagiarism every now and then. (The second question is what robot handles posting the articles in the morning?)
I do not know why people do not seem to believe I am capable of writing the things I write. I do not see any big deal at all. A #TMP reader and her boyfriend even had an argument in which the well read dude proceeded to compare various #TMP articles with his library, looking for similarities, while his girlfriend who knew me very well stood her ground that Mr. Morebise doesn’t steal articles from books.
So, in this post I would like to announce to the whole world where I steal my articles from.
Consider Job 32: 6-8 (NLT)
“I am young and you are old,
so I held back from telling you what I think.
I thought, ‘Those who are older should speak,
for wisdom comes with age.’
But there is a spirit within people,
the breath of the Almighty within them,
that makes them intelligent.”
That is the source.
Wisdom does not only come from age. I write from inspiration, once inspired, the words simply flow and all I have to do is type them out.
Time spent analyzing and looking for where the contents of #TMP comes from is better spent uploading the contents into the mind.
Nina Mufleh always wanted to work for Airbnb. After moving from the Middle East, Mufleh lived in San Francisco for a year, unable to land a single interview with the company after months of submitting job applications, answering listings and sending emails to the company — until now. Her latest resumé innovation blew the minds of Airbnb’s higher-ups.
Since applying to the company the traditional way wasn’t working, she needed to try something new.
She spent about a week making research about where the company should expand into next: DUBAI, then she setup a website to showcase her ideas. She also demonstrated deep knowledge about the company and her passion to serve if given a chance.
Needless to say, her resumé has attracted the attention it deserves and she is surely going to get that job now.
Think about it: If you keep on doing things the way everybody is doing it, how will you stand out? How will you rise above the noise??
Check her out:
If you cannot beat them, you change the playing field.
Change the dynamics of the game and you have won. That is what innovation or shady business practices does for you; it changes everything and forces your competitors to respond. Obviously, we favour the innovation route around here. Shady business meets it end sooner than later, while the innovative ones wax stronger and stronger.
Apple did not try to build a smartphone that would beat the BlackBerrys and Nokia Communicators that were in vogue then. They changed the playing field when they introduced the iPhone.
If you cannot beat them, do not join them. Change the playing field, think up cool and witty innovations that will disrupt the whole thing.
Watching The World
During Facebook’s Q1 2015 earnings report on Wednesday, the company reported that its user base is now larger than ever on desktop and mobile. There are now 1.44 billion people who use Facebook every month, up from the 1.39 billion last quarter.
This is quite serious.
This really is the time to build out a Facebook office. With 1.44 billion people using Facebook every month, I am extremely confident I can find the 10 or 100 or 10,000 people I need to build a ₦10,000,000 business as previously discussed.
Facebook can host anything; from book club to online school. Although you would want to avoid placing all your eggs in Facebook’s basket, so you just grow your audience on Facebook and move them off the place ASAP.
Watching The World
The easiest way to boost sales seems to be by selling more stuff to current customers.
The question you need to ask yourself is this: Is it easier to acquire a new customer Y or sell more stuff to customer X?
In most cases, it is the latter.
Properly and consistently engaging your customers is the key to more repeated sales. Most businesses collect the contact details of their customers and leave it at that, only few actually take the time to offer thoughtful follow-up to customers.
The gold is in such a follow-up:
- You are showing that you care
- You are showing that you are around, if anything happens, we got you covered
- You remain top-of-the-mind, and in this age of a million options, staying top-of-the-mind is very valuable
- You are in pole position to sell more stuff to them
It seems obvious to me that some of the time spent in search of new customers can be spent delivering (and extracting) value from current customers.
Watching The World
There are a number of ways to build a N10m business:
- 10 customers paying you N1m every year
- 100 customers paying you N100k every year
- 1,000 customers paying you N10k every year
- 10,000 customers paying you N1k every year
Most of us would rather focus on option 1 or 2 above. But then we have to weigh the downsides…
If a single customer is responsible for up to 10% of my business, losing a customer then leads to headache. A serious headache that will keep me up at night praying and strategising how to lock ’em in. It depends on your kind of business anyway, but many times, perhaps it is better to constantly generate small amounts of money from a lot of customers than squeeze out a lot of money from a few customers.
On the other hand however, you have the challenge that comes with dealing with so many people that your low prices attract. How do we maintain and satisfy our 10,000 customers? All those support emails and phone calls to troubleshoot problems that do not exist.
As with most questions in life sometimes the best answer is relative and not so simple. We pick a route to building our own N10m business.
Watching The World