Skip to main content

The Young Exec's Playbook: Starting A Business (II)

we continue from where we stopped in yesterday's discussion on starting small businesses.

Trustworthiness
Seriously nobody wants to do business with a perceived crook not to talk of a real crook, maintain a healthy image. An image of a cheating, win-at-all-cost, dishonest businessman will keep genuine customers and investors away. Never get greedy, cheat or do some behind-the-back dealings on your partner. Do not deal in fake products or substandard goods, let your yes be yes do not shift collection/delivery dates unnecessarily. Long and short of the matter is this : maintain a clean image.

PS. Stay away from people with bad rep who will paint you guilty by association in the eyes of customers and investors.

Look the Part
As a young Exec, you should look the part. I’d advice you get a suit (I hear that’s the key to closing deals in Abuja). While a suit may not be really really important, it is important you dress smart whenever you go for an engagement, especially as you as the image of the business.

Apart from looking the part, also speak the part especially when you go out to meet customers and investors. Speaking and writing using the accepted register for the field you are engaged in gives your customers and investors the confidence that you know your field.

Advertise
As soon as-even before, your business starts, you can begin advertising your goods and services. The cheapest and easiest form of advertisement has been and will remain by word of mouth. Tell your friends to tell their friends about your products and services. Offer free samples and free services as a way of advertising also.
Never underestimate the power of social media, if possible open facebook, twitter, g+ pages for your business, especially if you are into service provision. From there you can launch larger media campaigns as your business grows.

Network
As your business grows, you’ll discover that you cannot do everything on your own. That is the reason you need to network, networking with professionals in industries allied to yours will make things a lot easier. Networking is like a professional friendship between two businessmen, build alliances at every opportunity, introduce yourself and your business whenever the chance. From your networks you will be able to find suppliers and service providers for business at costs comfortable to you. Other businesses within your networks will find it easy to recommend customers to you.
For instance as an emerging fashion designer having makeup artists, Photographers, modeling agencies, Stylists, and PR people in you networks saves you some money in form of discounts when it comes to organizing a photo shoot.

Manage resources properly
Manage your resources properly such that you can derive optimum value for your investments. Be austere in your expenditure and maximize value for everything you pay for. Cut all unnecessary weights and operate as slim and flexible as possible.
When your business stabilizes and you begin to get returns on your investments, be sure you manage it properly. Do not rush to get the latest Beamer or take on a chieftaincy title and injure your business in the process. Neither should you let debts, employee trouble run you aground.
In case you have troubles with management get books on it and read up.
Best wishes in your business!



Comments

Post a Comment

Popular posts from this blog

The Tale of Roasted Maize and Sour Olives

The tale recounted is based on true events Some weeks back, on Nigeria’s Independence Day to be precise, I planned to spend the whole day indoors. That I did, I spent the day watching movies and lazying in bed. It turned out to be a quiet day all through, nothing spectacular until I received a call. An Uncle* of mine who lived in the same compound with us called me on phone and said I should meet him on his side of the house. It was about 4 pm so I trudged to his apartment, expecting to be sent on an errand. When I got there, he simply gave me a cob of roasted Maize and some Olives and that was that. It was very funny, almost awkward. I carried this funny look on my face that made his wife laugh at the situation. He just encouraged me to give it a try. I took huge bite off the cob, shaving off a large swathe of roasted Maize seeds from the cob, and then went for the Olives which turned out to be sour. Dang! The sensation is beyond description, especially when the Olive...
2 comments
Read more

The First Million

It is not in doubt that the second million is easier to make than the first. In fact, many people say the first million is the hardest to make. Back then when I was passing through the unemployment phase, a mentor of mine, advised me to start small saying “ It is easier to get a job when you are engaged with a job ”. Even Corporate Mach said something similar when he wrote that “ It is easier to get a laptop when you already have a laptop ” and he wasn't talking about laptops. I am not going to talk about Tech or money. Just wanted to put it out there that I agree fully. Ever since I presented my manifesto to my beloved, to which she accepted, the greenlight I have received from young ladies has been overwhelming. A certain acquaintance of mine who took upon herself Jezebelian inclinations even went further graphically describe her desires of me. It was quite wild and I get a running stomach anytime I think about it. But that’s not the point. The point is once you break even, t...
Post a Comment
Read more

Who did it?

Madam Shola had always been a very friendly woman ever since I knew her - which was like all my life. One of my funniest memories of her was when her humour made its finest appearance. It was a surprisingly rainy Sunday morning some Decembers ago, and we had just closed from church. My wife and I were dashing to the car hand in hand as it drizzled. "Mr and Mrs Lovebird", madam Shola called. I recognized her voice and stopped to say hello to her. "Good morning ma" "Sam, look at you! You're glowing" she exclaimed, turning to my wife she added "Mercy, you're doing a great job, I give you an A". She said using her right forefinger to make a swoosh in the air. We all laughed. First of all, my name is not Sam neither is it Samuel. Madam Shola had never called me by my name. Never. I'd gotten tired of correcting her and never bothered anymore. Sighting mercy's protruding belly she opened her mouth in mock surprise. "I see wh...
Post a Comment
Read more