THE ENTREPRENEUR’S BEST FRIEND By Debbie Larry-Izamoje
BRANDING/BUSINESS PLAN: As a businessperson you must be able to know your differentiation strategy, what is it you bring to the market that’s different from businesses around you? Who is your business appealing to and when people think of your business what do they think of? Just because you have a talent in a particular area doesn’t mean you need to open up a business in that area. Is there a demand for what you are supplying. Business is about supply and demand. You can’t make something profitable if there is no demand for it.
MARKETING: Nobody will come to your business without marketing. You do not necessarily need to spend large sums of money on adverts to get your brand story noticed. You can take very little steps for example; if you’re into small chops business, start by adding your business card at the top of the small chops pack.
You should also understand that word of mouth is very important therefore you must be selling quality experiences to your customers. Word of mouth is the best strategy that ever lived.
If nobody knows you exist people wouldn’t buy from you. Consider various aspects on how to reach customers, distribution channels/commission structure, pricing advertising/publicity etc.
You’ll be surprised how many small businesses don’t market. Silent success won’t be successful for long.
PARTNERSHIPS/COLLABORATIONS: Do you know your strengths and your weaknesses? Develop a list of your strengths and weaknesses. Your analysis will reveal areas or flaws that you have, do not let this scare you.
Once you know your weaknesses and strengths, team up with people that accessorize your limitations. The mistake people make is they team up with people with the same strengths as they have.
You must also know the difference between business partners and personal friends. You are not in business to make friends or be on the good side of your employees.
Once you know your weaknesses and strengths, team up with people that accessorize your limitations. The mistake people make is they team up with people with the same strengths as they have.
Make decisions based on the welfare of your business and not based on your feelings about the person. Be sure that their business philosophies complement yours. So you can be different in strengths but your vision for the company must be the same.
KEEP YOUR RECORDS:
Know every penny going into the business. If it doesn’t make money, maybe it doesn’t make sense. I am not discussing your inflow, I’m talking about how much it costs to generate what came in.
You’re in business for profit. You have bills to pay. Know what it will cost you in a year and understand that most businesses do not turn in profit the first year. Are you prepared not to make a profit the first couple of years? Do you have floating capital?
You need to understand this because everything is not immediately profitable.
GREAT DECISIONS. Great decisions save you from the emotional rollercoasters that is entrepreneurship. Define who you are in the business. You don’t have to make all the decisions once you’re on the next level. As the CEO your job is only to make important decisions. You don’t have to involve yourself in all the drama that goes on in your business. When you involve your self in every decision you become stressed out. You may not be as successful as you ought to be because you are wasting your strength on unnecessary things.
Leaders solve problems they don’t create them. Never make decisions out of frustration. Have a place outside the office where you can let your guard down and let it all out. Never be timid. Make use of the power you have.
Debbie Larry-Izamoje AKA The Entrepreneur’s Best-Friend, holds a BSc in Information management from the University of Sheffield, United Kingdom. And Msc in management from University College London (UCL). She has also secured certificates in user innovation from Massachusetts Institute of Technology (MIT) and Innovation and strategy from Harvard University.
She is on a mission to raise a generation of young established or soon to be established professionals who are more vocal about business difficulties while providing solutions through public speaking, article writing, training, workshops and coaching.
She is the founder of Image Boosters a Communications and strategy agency aimed at assisting SME’s, with core services in social media management and business strategy consultation.
Website: www.imageboosters.com.ng Instagram: @dee_larry @imageboosters_ Email: contactus@imageboosters.com.ng or debbie@imageboosters.com.ng
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