Below is an exerpt from my book “Billionaire in Training.” This is a sample of the teachings that I gave at Prairie Meadows on Wednesday, October 24.
So often I meet people who think they’re in business for themselves, and yet by my definition, they’re not. Let me explain. read more
Information: At this first stage being information the entrepreneur needs education in his choice area or interest. “Education” is a broad term that can have many meanings, but it is generally defined as the process of learning and acquiring information.
Entrepreneurship is a system of being self-employ with no breakdown as being condition with the problem, situation or challenges of unemployment in a given system. An entrepreneur is an agent of change.
Starting small seemed like the healthy approach. My company created a concept with N300, 000 including rent, equipment and branding. The plan was to slowly grow and use the earnings to fund a larger operation, but in reality, a space that is too small to generate substantial profits is like treading water until you are too tired to stay afloat and you go under.
A small space with low rent seemed perfect until you realized you lacked sufficient cooking capacity and seating to generate enough profits for expansion. If you have a consistent business, but with no opportunity to increase production capacity, it is likely that you are doomed from the beginning. Start small with immediate hopes of expanding is the brain behind starting small.
Initially, Lagos seemed like the perfect place to start a new creative and booming business in Nigeria. As It offers a high volume of people, access to big press outlets, tourist traffic, millions of food-centric locals and plenty of vacant real estate available to open new locations. Yet, rents in Lagos are so volatile that it is hard to create a business plan that will sustain growth. Starbucks has felt the pressure too, changing its business model for Lagos locations to focus on smaller more efficient spaces.
Rent is only one of the hurdles that can stunt your growth. How can you expect your business to attract and retain valuable employees when you cannot afford to pay them enough to meet their basic living needs? It is hard to accept, but the cost of operating a business in a major metropolitan area can be so prohibitive that you can make more money opening in a small town. You can start or locate that Business in neighboring state and still generate and maximize your profits in Lagos.
Alcohol was not part of the original plan when palm wine was established until many villages and villagers began to patronize it without caution; And as villagers started putting the numbers together for investors that locals producers realized that a beer and wine license or liquor license will increase their profits significantly.
The reality is that alcohol is shelf stable and has high profit margins; food is quite the opposite. While you can never be able to move on those plans above as not everybody can be an alcoholic, the lesson you can learn from this alcoholic illustration is very important: as a business owner, you need to always be looking at ways to protect and grow your bottom line. Always look for new ways to do old things.
LETS CONTINUE AGAIN NEXT WEEK FOR MORE TIPS: ON WHAT EVERY BUSINESS MAN SHOULD KNOW BEFORE YOU CRUSH YOUR BUSINESS
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