Business Tips for Entrepreneurs And Beginners
As an editor with Nigeria Business plan for three years, one question that is usually asked by our client is “what is the formula for success?”
What are the business tips for success, do you have any business ideas that can be useful in Nigeria? The truth is this; you cannot limit the formula for success to some certain attributes, because what worked for one person might not work for the next person. A simple search on the internet on the business tips for entrepreneurs and new business beginner will lead you to a very long list of top 20s, top 10s and top 5 business tip to succeed as an entrepreneur. However, on this post I’ll be sharing at least 6 best business advices for an entrepreneur or new business owner by Robert Kiyoski.
Number one on the list is that;
- Make Mistakes – You can make mistakes, but get smarter as a result. This is beyond some business quotes or something of that nature, the truth is that you should never let your mistakes discourage you; mistakes are simply an opportunity to get smart. Big businesses thrives on mistakes, Big businesses such as Amazon, Slack etc failure should inspire you to get smarter, unfortunately the school system doesn’t teach you that failure is only a stepping stone, they emphasis failure as stupidity. Mistakes make you to be smarter, to be humble and to look at things in a different direction.
- Understand the Dynamic of finances (financial Intelligence) – Here you need to learn how taxes will make you richer, in school you’re thought how to make income, maximize profit and all of that, a school that teaches entrepreneurship without teaching tax is likely wasting a lot of time, financial education is important in business, for example a group of businesses pay (1.) 40% taxes on an income of $1000, (2.) Business two pays 60% on a $1000 income, (3.) Business three pays 20% on $1000 income, (4.) Business four pays 0% tax on an income of $1000, on what category would you rather be? All the categories are hard, but those paying lesser tax are richer than those paying higher taxes, this is the difference between a rich dad and a poor dad. As strange as this maybe this is legal all over the world, more on this on another post.
- Learn how to sell – You need to prepare yourself on how to sell, enroll on programs and most importantly develop the skill set, as one of the business tips for entrepreneurs you need to get yourself attached to a sales company or something close to that, it could be on social media, You have to be sale oriented, note that you will be rejected in most cases but learn how to not get rejected all the time. even if you going to take a job, let it not be for the money but the things you are going to learn in the process of working at that establishment.
- Branding, Which entity is right for you? On this we have the Good, the Bad and the Ugly, on the Bad entities, this relates more to the sole Proprietors, this is when you do business with your individual name, in this instance you and your assets have no protection, you are absolutely exposed to claim and a lot of people have those by default. Then we have the ugly entities, you don’t want to find yourself here, here you have something like the general partnership, the liability here is twice to what you have on the bad entities. when you shake hands over a business, the other persons liability becomes yours too, take for instance, in a general partnership where you shake hands to get into a business or to form a business, you expose yourself to unnecessary risks, this type can also be called innocent formation, if your partners daughter runs over a person with her car, you are liable as well as your partner in this case, in other words, you are responsible for your mistakes and your partner’s mistakes. Finally, we have the good entities, good ways to do business, better ways to protect ourselves, here we have the Limited Liability Company (LOC), Limited Partnership (LP) and Corporations, and it also has different taxations.
- Learn To Take risks – As a beginner, one of the business tips I will recommend for you is to take risks, most people are afraid of taking risks because of failure, what then is the essence of knowledge when you can’t explore even if it leads to failure, many entrepreneurs are trapped in a little boxes of fear, you will not become a successful small business owner when you don’t take that risk, your startups game becomes a waste of time at the end of the day. Whenever, a client asks for business tips for entrepreneurs? At the end of our discussion I do ask them their willingness to take risks. When you always play safe as a business new entrepreneur you may never get the big break you’re wishing for, you may have all the answers but you can’t do anything with it. If you want to be successful, you have to take some risks.
- Have a spiritual Way – As an entrepreneur, always be on the look on what you want to do for the next person and also for the environment. On this the questions you should answer is the question of “How can I be useful to Humanity”.