Okoroafor Faith
Member
6 THINGS YOU SHOULD NEVER TAKE FOR GRANTED AS A BUSINESS OWNER IN NIGERIA
I’ve noticed a lot of patterns in the business owners we don't give loans to.
Here are 6 things I strongly recommend you should NEVER TAKE FOR GRANTED as a business owner in Nigeria today.
1. INTEGRITY. Your YES should be YES.
Some people can’t access loans because they cannot stick to their words.
For that reason, nobody can stand as a guarantor for them.
When you make a promise to a customer, employee, supplier etc, keep it.
In fact, I suggest that you under-promise and over-deliver.
Let your YES be YES.
2. DON’T GO INTO ANY BUSINESS YOU KNOW NOTHING ABOUT.
Nkechi seems to be making money from baking, you jump in.
Mathew is making money from coaching, you jump in.
Meanwhile, you don’t know anything about the business.
Spend time to learn the business,
Work for someone if you can, take classes.
Do research, study, and learn about a business before you jump in,
3. WORK ON YOUR CASH FLOW: Your business will die if money isn’t coming in.
And here’s the sweet part, money must not come in from only one source.
There are multiple ways you can generate money in your business so that in case you have issues in one, you still know that money is coming in from other sources.
4. STRUCTURE YOUR BUSINESS AS SOON AS YOU CAN: If you fall sick today, will your business continue to run?
If you are called today that your grandma swallowed a spoon in the village and you need to be home, will your business continue to run? STRUCTURE YOUR BUSINESS.
And you can structure your business and even have only one person, then you grow from there.
5. BE INTENTIONAL ABOUT BUILDING AND MAINTAINING RELATIONSHIPS: Who can stand in for you when you have problems?
If you have an emergency, can you call someone and the person shows up physically or financially without you explaining your destiny to the person?
If you are one of those who remembers your schoolmates only when you have problems, STOP IT.
Start now to rebuild the relationships.
Talk to them.
Be useful to others.
When you need help, an army will rally around you.
6. Finally, PLEASE TAKE CARE OF YOUR HEALTH: Hustle, Hustle, na who dey alive go fit hustle.
Watch what you eat.
Exercise when you can.
Go for check-ups.
Sleep well and rest.
Take breaks and holidays.
Take care of your health.
I’ve noticed a lot of patterns in the business owners we don't give loans to.
Here are 6 things I strongly recommend you should NEVER TAKE FOR GRANTED as a business owner in Nigeria today.
1. INTEGRITY. Your YES should be YES.
Some people can’t access loans because they cannot stick to their words.
For that reason, nobody can stand as a guarantor for them.
When you make a promise to a customer, employee, supplier etc, keep it.
In fact, I suggest that you under-promise and over-deliver.
Let your YES be YES.
2. DON’T GO INTO ANY BUSINESS YOU KNOW NOTHING ABOUT.
Nkechi seems to be making money from baking, you jump in.
Mathew is making money from coaching, you jump in.
Meanwhile, you don’t know anything about the business.
Spend time to learn the business,
Work for someone if you can, take classes.
Do research, study, and learn about a business before you jump in,
3. WORK ON YOUR CASH FLOW: Your business will die if money isn’t coming in.
And here’s the sweet part, money must not come in from only one source.
There are multiple ways you can generate money in your business so that in case you have issues in one, you still know that money is coming in from other sources.
4. STRUCTURE YOUR BUSINESS AS SOON AS YOU CAN: If you fall sick today, will your business continue to run?
If you are called today that your grandma swallowed a spoon in the village and you need to be home, will your business continue to run? STRUCTURE YOUR BUSINESS.
And you can structure your business and even have only one person, then you grow from there.
5. BE INTENTIONAL ABOUT BUILDING AND MAINTAINING RELATIONSHIPS: Who can stand in for you when you have problems?
If you have an emergency, can you call someone and the person shows up physically or financially without you explaining your destiny to the person?
If you are one of those who remembers your schoolmates only when you have problems, STOP IT.
Start now to rebuild the relationships.
Talk to them.
Be useful to others.
When you need help, an army will rally around you.
6. Finally, PLEASE TAKE CARE OF YOUR HEALTH: Hustle, Hustle, na who dey alive go fit hustle.
Watch what you eat.
Exercise when you can.
Go for check-ups.
Sleep well and rest.
Take breaks and holidays.
Take care of your health.