7 Solutions to the Challenges of a Rising Entrepreneur

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I want to first of all appreciate you all for reading and dropping your comments on the last article i wrote regarding the "7 challenges of a rising entrepreneur." Based on

the comments made on the aforementioned article, I suddenly realized I have to include a follow up on how I have been able to tackle the challenges which are as below:

1. Finance:
My startup capital came from savings, while subsequent funding that was used to strengthen the business came from my family. Abandoning pleasures like visiting night clubs and embracing a savings culture has been key. My first Boss, Adeniyi Elumaro, now deceased, always stressed "the beginning of investment is savings, the golden rule is to save at least 10% of ur earnings." This has kept echoing in my memory even after my sojourn in his defunct company. Like a baby that learns how to sit, crawl, stand and finally walks, I can classify my business to have reached the
crawling stage. We look forward to take our business to dizzy heights over the ensuing years.

2. Learning the Business:
Life itself is a Teacher. Experience opens us to a lot as we right our wrongs as time goes on.

3. Employment and Training:
I try to retain some of the loaders by offering them better packages like a free meal on daily basis to motivate them.

4. Reduced Prizes:
Since distributors have decided to sell to us and retailers at the same prize, and also offer them incentives, I have decided to source for new customers. As God will have it, I am currently redesigning my outlet in order to sell to end users at a reduced prize, instead of doing only wholesale. Like a deja vu, I have been making delivery to events before this time.

5. Accountability:
On a daily basis, I balance my sales. Once a month, I count the entire stock, cash in bank, debtors, creditors and available cash. In doing this, I also take away the Capital and see if I am making head-way.

6. Discipline:
Whether or not you are employed or employing, discipline is one of the tenets of Business. Being punctual, spending according to your income, etc are very important for a starter. More also, your presence and every penny that goes out matters a lot.

7. Power Supply:
The level of electricity supply has improved in my neighborhood, and that has propelled consumption of our products.

Read 1251 times Last modified on Thursday, 20 August 2015 07:40
Obi Ebuka

He is an entrepreneur who runs his business, Meilleur Prix Nigeria, a small scale business outlet that is into marketing of Products (any type of drinks for events, bed sheets, cakes etc) and he loves to write too.

2 comments

  • Comment Link Trina Dec 11 2015 posted by Trina

    YouTube is a tremendously helpful area that
    could truly bring you success in advertising and marketing and marketing knowing how to produce and publish movies well.

    Report
  • Comment Link Oluwaseun Aug 20 2015 posted by Oluwaseun

    Thanks for the follow up article! Wish you much success in your business

    Report

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