23/02/2024
HOW TO KNOW WHICH BUSINESS TO START
There are a thousand business ideas that will run through your mind. You can’t chase them all but you can settle for something that will be easier for you and hopefully profitable.
Here is a 12 step guide to inspire you.
1. DON’T JUST COPY
The biggest mistake many make is just to copy and paste. In computing this is possible. But in business it is a danger.
2. STARTING TOO BIG
Many people start too big. Never start with all your capital. Only commit 10% to 20% of your capital. Starting a business is like taking a bath. NEVER JUST JUMP IN A BATH TAB OR SHOWER. Start with your pinkie toe.
3. ARE YOU READY TO DELEGATE?
Some businesses are excellent. But the owners can’t grow because they want to control everything. Entrepreneurship is toil, sweat and pain especially in the beginning. But at some point you must allow others to handle some aspects of your business.
4. DO YOU HAVE ANY EXPERIENCE?
If you told me to open up a nuclear reactor or plant today and gave me all the money in the world to do it I will refuse. I have zero experience, zero desire, zero passion for such a business. But if you asked me to open up a hydro electric company I will absolutely jump into it. Both are power companies but one is more physics and the other is chemistry. I am the 1991 best physics student in my country. So I have experience in hydro power. Plus I would use the dam for tourism. I have experience in that as well. I would also do fish farming. I have experience in that too. Your experience is capital. Don’t waste it.
5. LONGEVITY
Business is not a three month vacation. It is long term venture. Business is about the next generation. Statistics show that it takes 4-5 years to settle in business. Don’t start a business and you quit after two months. You might as well keep your money.
6. ATTITUDE TOWARDS MONEY
Yesterday I spent an hour with a very rich business man. He received about 5 calls while I was with him. All they talked about where payments of K1.7million, K20million. “Have you received the transfer of K8million?” They kept asking each other. “We have 900tonnes and we have transported 800tonnes. We will be done by next Friday with 100tonnes.”
I was inspired.
After the calls he turned to me and said “where were we Mr. Nawa?” In my heart I said “Heaven”.
7. ATTITUDE TOWARDS CUSTOMERS
Do you see clients as a burden or a blessing? Do you see them as intruders or as contributors to your success? At our companies our staff come first. Then our customers. Any employee who ill treats clients will feel my presence.
8. ATTITUDE TOWARDS WORK
You can’t succeed in business if you hate work. You must absolutely love work. Running a business is hard smart work. Somedays you barely eat, others you barely sleep. Lazy people have no place in the business world.
9. LOOKING FOOLISH
One of my businesses is a transport business. I tell you I look “foolish” as a truck driver. Even when I was single I can’t even count how many girls said no to me because to them I did a low class job. As a businessman or woman you will look silly. But businesses are like B-hives. They look foolish outside but inside there is honey.
10. DIVERSION, DIVERSITY, DETERMINATION
In business we must move money around. It’s called diversity. Once you make money somewhere remove some and put it in another venture. I recommend real estate. I channel almost all my profits into houses and other real estate. Don’t leave all your money in one business. Its too risky.
I shared this method with one farmer. He had 1,000 cattle. He kept refusing. Unfortunately an outbreak of Denkede wiped out half his animals. Remember, “Never put all your eggs in one basket.”
11. RECOVERY FROM LOSS
You will make profits and you will make loses. What matters is to get up and start afresh. Learn from your mistakes and make sure your tomorrows are better than your yesterday. Just because a business failed does not mean it was a wrong business.
12. DANCE IN ADVENTURE
Business is a dance in the rain, business is a weave in the forest and a tear in passion. Business is eroding fear while evading poverty. Business is planting trees for the next generation and sipping milk in a cocktail of coconut and cashew nuts. Business is a legitimate leguminous activity that is both decisive and deciduous. Business is business.
So appreciate its presence and approach it with a belt in your waist because it is quite a load. Carry extra plates because it is a mouthful. Be strong for it is a mountain. Be happy because the profits are sweeter than honey. Business is destiny: a predetermined occurrence of events that is both fortuitous and inevitable.
God bless you and remember to start small.
Have a beautiful business journey.
MCNLIVE
BUSINESS & WEALTH CREATION
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