Month: October 2013

Why Every Entrepreneur Needs a Business Plan

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Are you an Entrepreneur or hoping to be one in future? Have you ever thought of having a Business Plan for the business(es) you are operating today and the ones yet to be created by you in the future or do you think you do not need it to be successful?

How hard is it?

You don’t need a College degree to develop a befitting business plan for your business, you just need to understand what the term means and that alone will create the urgency to have one and the inspiration of what it will look like.

Just like in physical structure a modern builder no matter his height of knowledge can do nothing both in building from the scratch and in amendment without the Building Plan, so also it is in business – a Business Expert can do nothing without a Business Plan.

Business Plan in a simple term is your plan for attracting investor, getting the customers to prefer your products and services over those your competitors and your road map to having a blissful business future.

Whether you are into online business or offline business you need a business plan. But having one has never been easy as you have to spend months writing it and your entire business life editing and updating it.

Note: No business is too small not to have a business plan and no time is too late to start writing one.

I’ve understood that some of the reasons why most businesses die with the first generation owners who embarked on traditional way of doing business is because they do not have an effective and efficient business plan. And the question is; why do Entrepreneurs need this Business Plan?

I’ve carried out a research, conducted a few minutes standing interview with friends and senior colleagues in the entrepreneurial world coupled with my experiences to answer that question. I know someone reading this article might be wondering – is it necessary? Yes! It is! Let me show you reasons why you need it.

¤ As an Entrepreneur, you need a clear statement of your business vision and mission

It is very important. Like in Emchis Consulting, our vision is to become Your Best Busines Environment For Expert Advice. This simple vision statement has helped us to remain focus on delivering the right information.

¤ As an Entrepreneur your Business Plan helps you set values that can help you navigate your business towards success during economic crisis.

¤ As an Entrepreneur your Business plan is your best tool for monitoring progress in your business

Yes! It helps you know if you are meeting up with the sales target or not.

¤ As an Entrepreneur your Business plan is your business blueprint that can help you focus your mind and energy while building your business from scratch to maturity

Since it works like a manufacturer’s blueprint, anyone can easily spot out where the problem lies and what to do to correct without having to speak with the owner.

¤ As an Entrepreneur your Business plan helps you analyse who your potential customers are, where they are, when to find them and what they want

¤ As an Entrepreneur your Business plan helps you become accountable to yourself

¤ When seeking for a loan or introducing your business to investors your Business plan acts as a résumé without which no one can take the risk of investing

¤ As an Entrepreneur your Business plan helps you figure out who your competitors are, their strengths and weaknesses and how you can leverage on them

The reasons are too numerous than we can mention here but the ultimate truth is that you need it to make a successful Entrepreneur.

Help us expand the reasons by sharing it with us on the comment box.

Biblical Business Secret (vol. 2)

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I stated it clear in Biblical Business Secret (vol.1) of how the Bible has become the most valuable resource for information on how to succeed in business.

In this volume 2 of Biblical Business Secret, I will be uncovering numerous secrets which you may have come across in raw form either when you were reading the Bible or during a Business Seminar. Remember, in Emchis Consulting our goal is to assist you with the best Expert advice so that you can be marked as an Entrepreneur of Distinction. Whatever we can do to achieve that is worth doing.

What were those things I read in the Bible that matched how things should be done in the business world? Just hook with me let’s go through the unveiling.

1. Carefully consider risk but don’t let it stop you

“If you are not willing to risk the unusual, you will have to settle for the ordinary.”
~ Jim Rohn

The inability to take risk is what has hindered some potential outstanding Entrepreneurs from ever becoming it. Do you know that it is more risky not to take risk and it is foolishness to take uncalculated risk? I have a friend who I adviced some months ago to start up his own business where his experience lies and since we could not afford the amount needed to start the business, we decided to sell off some of his properties. Why did I allow him to take that risk? Because I knew that the gain to be generated in few months time will be more than enough to buy back those properties. That’s what it means to take a calculated risk.

Risk comes to warn us. It comes to stop us and it comes to make us an experienced Entrepreneur. The platform of greatness would have been highly crowded if not for risk. Risk sieves out feeble men to favour ready men.

In GENESIS 27:12, Jacob was careful to consider the risk involved before launching out. Risk comes to give Entrepreneurs an opportunity to re-think. Had it been he launched out thinking what a risk-free venture!, he would have left the presence of Isaac cursed instead of blessed.

To succeed in business you must consider the risks involved; calculate them – settle all the “what ifs” and go ahead to work things out. You must never let it stop you. Go ahead and invest.

2. Be innovative

Innovation is all about making things work better, function better and produce better result than it has ever done before.

“Innovation is creativity commercialized.”
~ Dr Cherylend de Jager

Any business that fails to innovate collapse as our technology improves and any human being who fails to innovate expire as he or she keeps living with old information.

I’m of the believe that innovation should be made a daily routine. It must be circulated.

“Creativity is thinking up new things. Innovation is doing new things.”
~ Ted Levitt

So, are you innovative? If yes! What new thing have you been able to accomplish?

GENESIS 30:37-40 taught us that for you to succeed in business you must invent a new technology born from an innovative mind that will favour the course of your business. Jacob did it, and I’ve learnt it. Will you also learn it?

I know you will be wondering what this young man called Jacob did. Now, see what he did. The Bible said; “Now Jacob took fresh shoots from poplar, almond, and plane trees and peeled off strips of the bark to make white streaks on them. Then he set up these peeled branches beside the watering troughs so Laban’s flocks would see them as they came to drink, for that was when they mated. …. Then at mating time he turned the flocks toward the streaked and dark-coloured rams in Laban’s flock. This is how he built his flock from Laban’s.”

Having seen how innovative and technology-driven Jacob was in order to be successful, what new technology, whether globally useful or industry-specific can you invent to help you grow your business?

The Wright brothers who were the first humans to imitate birds in flight thought of innovation. Steve Jobs of Apple Inc. thought of innovation, Bill Gate of Microsoft corporation thought of innovation and in Emchis Consulting we are also thinking innovation. If I may ask you, what are you thinking.

In being innovative some rules has to be broken.

“They were Rule Breakers whose innovativeness captivated their customers – and frightened off all competitors.”
~ Robert M. Tomasko
(Author; Go For Growth)

Don’t forget I told you this is just volume 2 – subsequent volumes and updates will be published later just for you. It is my dream to provide you with the best of Expert advice that can help you succeed in any business of your choice.

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Why Do You Want To Quit Your Job?

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Many people today who quit their job do that for several reasons. But the question is; are those reasons worth it? When I made up my mind that it was time to quit my job I knew what I wanted and that has helped me to live in the reality of those things.

When the news of my resignation was spread across our offices Nationwide, many of our staff who have worked with me could not believe it. Some of them had to call me to confirm what they heard. Why were they calling? They said; “you never behaved like one who wanted to quit this job.” Yes! They were right – but I knew it was time to bid bye bye to corporate slavery.

For several reasons I have warned those who came to me for advice about their decision to quit their job to have reasonable reasons why they want to quit their job before they do.

In today’s post I will be sharing with us reasons why you should or shouldn’t quit your job, although it is expected of you to leave a comment for me why you quitted your job or wish to do that in future.

Don’t quit your job because of the following reasons:

1. Because you hate your Boss

Too many employees today who are quitting their jobs do that because they hate their Boss. What they forget is that one day they will also become a Boss and if the Law of Nature should take its course on them, their employees will also hate them.

I still feel fortunate to have worked with one of the most hypocritical Bosses in the world who as he bites you he blows air on you. He perpetrated the act of waving off over 5months salary arrears and 2years leave allowances of ours without apology but I still did not hate him.

Hatred is a seed – don’t sow that seed because I know you won’t like its fruit.

2. Don’t quit your job because you need more money

As long as you keep quitting every old job and hooking up with new ones because you need more money, you will never have enough. In worst scenerio, if you move into the entrepreneurial world with such mentality you will ultimately get grounded along the way. So, get a better reason why you want to quit.

3. Don’t quit your job because your job consumes a better percentage of your time

It is a myth that becoming an Entrepreneur will offer you more time, instead, it is true that it will help you to be in control of your time. This is to mean that having more time is not the same as being in control of your time.

I’m yet to see an employee who invests more time than I do as an Entrepreneur except for those who have given off their entire being to be used up by their bosses.

4. Don’t quit your job because you lacked recognition and empowerment

Empowerment is something you work out for yourself. No one can ever empower you more than that you can do for yourself. If you’ve decided on the kind of person you wish to be go ahead and source for empowerment. Don’t leave your job because because your company has refused to empower you. Remember, it is not their responsibility to make you wealthy.

Work hard for recognition, and if it does not come go ahead and work – by doing so you set some universal laws in motion to work for you.

If those reasons and some other flimsy ones are your reasons for trying to quit your job you’ve got to have a re-think.

In my opinion I considered two things to be paramount before I decided to quit my job. Since I had a great value for this two things I never bothered to disclose it to anyone that may try to discourage me. What are those things? They are;

¤ Freedom from corporate slavery and

¤ My dream itself

These things – not money or fame are my driving force for becoming an Entrepreneur. And if I should ask you, what are your drive for being an Entrepreneur? Leave a reply for me let’s have your opinion. Thanks

How to Quit Your Job and Assume the Entrepreneur You Are

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According Forbes’ Report, more than 2million Americans quit their job every month unlike what we witness in my country Nigeria where over 40million Nigerians are seeking for employment. And the question is, why are these Americans quitting their jobs in a country with a working Labour law? Well, the answer will be for another day’s post.

The inspiration to write this article came as a result of the questions I’ve always received from friends and former colleagues who want to quit their job but do not know how to start? These people cherish the freedom that comes from one being an Entrepreneur but indeed they have not figured out how to quit their current job even when they no longer love the job.

I was almost getting used up by my former employer before I summoned the courage to quit the job and turned out to be an Entrepreneur.

To quit your current job and dive into the path of being an Entrepreneur of distinction needs serious courage and strong backup. Remember, one of the worst thing that can happen to you is seeing yourself crawl back to your former employer asking him to re-absorb you.

If someone like Tony Elumelu, the former MD of UBA can quit his job to become an Entrepreneur founding Africapitalism how much more yourself? Becoming an Entrepreneur is one of the choices I know I have never seen anyone regret. So, how can this article help you become one why you graciously quit your current job? Let’s get down on it a bit…

Before you conclude in your plan to quit your current job and move straight into becoming an Entrepreneur, these are the things you must do;

1. Build enough reserve you can depend on for the next six months to come

Yes! This is very serious. Most people hardly survive it the first six months of tendering their resignation letter. This makes some people to either go looking for another job or crawl back to the former employer.

Before you resign, build a financial reserve that can carter for your family. You know what your monthly budget is; multiply it by 6 and add it to the inflation rate. Save out that amount and get ready to fire your Boss.

2. Build another stream of income

This other stream of income is what is called; Passive Income. I have treated that in my previous article titled: Passive Income Strategy.

This secondary stream of income helps you gain some freedom and power. And thus will act as the shock absorber when you finally quits the job.

3. Quit the job when the ovation is high

The point at which you quit the job matters to a great extent. This secret is what Sir Emeka, the former Secretary-General of Commonwealth has used to maintain relevance among the world class leaders.

Don’t wait until your reputation has being fully soiled before you leave. If it is in your plan to become an Entrepreneur don’t wait anyone more, start now.

4. Discipline yourself before you finally quit the job

Entrepreneurs understand what it means to be disciplined more than employees. But if you are not disciplined as an Employee you may make the worst of Entrepreneurs.

“If you think your teacher is tough, wait until you get a boss.”
~ Bill Gate

And if I’m to re-phrase a fraction of that quote, I’d say … if your Boss is tough to you as an Employee, wait until you become an Entrepreneur and watch if life won’t be tougher.

Areas you must discipline yourself on includes;

(a) Your value for TIME.
(b) Your value for MONEY.
(c) Your value for CUSTOMERS.
(d) Your value for REST.

5. Designate a date you will quit the job

Some of my friends and former colleagues who inspired this write-up are seeking for a way to quit their current job which from what I learnt they are no longer comfortable with but they cannot. It is believed this was because they have not designated a date to quit the job.

Nothing in this world is too small to have a plan, this should also be related to quitting your job and moving over to becoming an Entrepreneur. Set a date deadline for yourself and work tirelessly to meet that date.

6. Build the bridges before you call it quit

We started by saying that you should build enough financial reserve and we want to end with asking you to build all the bridges before you finally quit the job. It is natural that your Boss may try being unbearable hearing that you will soon quit the job but go ahead and build a reputable relationship. I was fortunate to have worked with a Hypocrite as a Boss and that has just given me another topic to write on on my subsequent post – I knew he was cruel but he never behaved like it.

Notwithstanding what happens, go ahead and build your relationship with colleagues, customers and your Boss.

I hope you gathered enough reason why you are quitting your paid job to become an Entrepreneur? If you did, go ahead and follow those simple steps I have stated above.

For enquiries and suggestions, leave a comment for me below.

Power of Persistence

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PERSISTENCE is what’s needed to achieve anything in life whether from God or from humanity. The Bible told us of how a poor widow was able to have her needs met simply because she mastered the art of being persistent. Sometimes, life may not yield you the result you sought for but through persistence you can get everyone dance to your tone of music.

You’ve got to insist never to give up on that relationship, connection, job, result or what have you. Charge towards it and challenge every standing orders that may want to form a barricade. The universe can only respond in equal proportion to your quest if not more than that if you insist, persist and persevere.

Were you told ‘get out!’ in the past? Did life order you to use the exit door – ordering you away from your prosperity? Or did your Boss, Spouse, Friend, Tutor or Parent refuse you that which you so much desired? Don’t give up! Don’t lose hope! What you need is re-inforcement, a new strategy and a concrete argument. Re-empower yourself by gaining more energy and be bold to look your challenge in the face and say; ‘I will never give up!’

Thinking from diverse perspective – it could be that that refusal made to your request was because your intentions were not wholly understood or because you lack concrete reason(s) why what you’ve asked for should be done. Re-visit your plan, come back again and again, and trust me one day life will deliver to you that which you sought for.

Hold on to that most holy faith. Don’t cast it down simply because someone rejected you. You might be rejected or refused a job today but that should not make you quit. Go back, retreat and re-examine yourself.

When you ask and no one replies, search! When you search and you didn’t find, knock at the next available door. When you knock and no one opens the door, combine the three strategies; ask, search and knock. Don’t quit because no one replied. Repeat this process over and over again.

It is not your fault that your first venture, after all
“Failure is a common denominator that has once, twice or many times in the past divided many great and later successful people”
~ Emenike Emmanuel [msp]
but it becomes your fault if you fail to persist.

You may not know how many miles you’ve covered in the imaginary world of getting your desires met, I guess you are closer to your success than ever. It might be too late to quit now. Just persist by doing it over again.

Get attracted to those things that inspire you. Add more power to be better, to do better and to achieve better. Don’t quit where mere men quit, you are a Superachiever, a Hyperthinker and a Change agent. Give the greatness within you an opportunity to express itself.

Remember, persistence is not a muscular job – it is entirely a Mind work. To do this you must work on your mind. Set it right and get all things work in your favour.

Notwithstanding the quadrant you find yourself, persistence is your master key for survival otherwise you may be quitting very early.

Do you have any achievement you’ve recorded in life that was as a result of being PERSISTENT? Please share it with us. Together we can assist each other achieve better. Keep sharing on facebook, twitter, google+ and press.

Entrepreneur’s Guide to Contract Negotiation

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As Consultants and Entrepreneurs we are always faced with the job of negotiating with a Client over one business or the other. Sometimes we win big and sometimes we lose big but in all, it has always had a contribution on how successful we are or will become.

Wisdom should teach you that “you must never try to make all the money that’s in a deal. Let the other fellow make some money too, because if you have a reputation for always making all the money, you won’t have many deals.” – J. Paul Getty

It is unfortunate most young Entrepreneurs has never thought of negotiating a contract. I guess that’s why most of them hardly develop a Business Plan before starting up a business. But in this article today, I will show you simple tips to help you negotiate well and as well land more contract.

Learning how to negotiate a contract helps you avoid regret in time to come. If I knew this before now, my former boss wouldn’t have denied me my two years leave allowance and my 5 months salaries he waved off. I had those ugly experiences because I never knew what it was to negotiate a job contract. Good negotiation gives you value both in cash and in kind.

In order to negotiate well, you must be able to answer the following questions correctly:

1. What is the monetary value for your products and services? And what proof do you have to defend your claim?

2. What is the lowest price you will accept? And why?

3. What if nobody accepts to have your products/services at your quoted price? Can you be flexible?

For you to make the best of every negotiation do not let the next person you are negotiating with know that you are impatient, desperate and have hidden interest. Pretend as if you don’t need it and that will help you price moderately if you are buying from a supplier.

In one of William A. Cohen’s advice on contract negotiation, he said the following;

(a). Do more than review your facts. Know the areas in which you can afford to be flexible and where you stand fast.

(b). Know the price for your services below which you cannot go.

(c). Know the areas in which you can speed things up and complete your tasks earlier and where you cannot.

(d). Write down your specific negotiating objectives. That way you won’t forget them in the heat of negotiation.

Warning: Never believe a statement made by someone you are negotiating with unless you can confirm it or test it.

5 Negotiation Tactics

1. Make big demands at the beginning. That will give you more room to negotiate.

2. If you have several competitors, let them know you are negotiating with them at the same time.

3. Be patient. An act of impatient shows that you are desperate and thus have an undisclosed agenda.

4. Be human. Be flexible so that you don’t burn the relationship bridge after landing the first contract.

5. Let someone you trust read-proof your proposal if it should be in paper form before sending.

Final warning: Never tell anybody how you outsmarted someone in the past at the negotiation desk. An attempt to boast on this could be another fast track in digging your business grave. From what I learnt about Donald Trump, he sold Merv Griffin a casino for hundreds of millions of dollars, Donald was believed to have gone on air to blow how he had taken Griffin to the cleaners. And we all knew what happened of how Donald Trump went bankrupt then.

“Don’t bargain yourself down before you get to the table.”
~ Carol Frohlinger

Are there other information you think should be added on how Entrepreneurs should be guided during negotiating a contract? Just leave a comment for me below.

Biblical Business Secrets (Volume 1)

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Do you know why the Bible is considered the most useful business book in the world? Have you ever asked yourself why Business Consultants who are not even Christians cannot teach without quoting a Principle from the Bible? These and more are what I’ve been able to uncover in this article just for the passion I have to see your business succeed.

The Biblical Business Secrets series is very large based on the information I’ve gathered so far and still gathering, and that’s why I divided them into volumes. So, ensure you always follow me to know when the next volume has being published.

God is an Expert in hiding a matter but He has promised any man who uncovers the hidden secret a glory.

Having quoted the Bible as the most resourceful business book in the world, let me simply save your time by showing you proofs for my claim in this BBS vol. 1.

Secret 1: Before you start up a business you must assess the situation – God did it before creation

Assessing the situation in business terms is what we call Feasibility Study. In Genesis 1:2: the Bible told us that the Spirit of God was hovering over the situation of things. It was at this point of assessment he discovered how formless and void the earth was before He furthered the creation.

As a Business person you are, how far have you assessed the situation? If you did, what was your result? Be truthful to yourself! Don’t say it is beautiful when you know it is ugly. Remember God was plain at this point. If it isn’t working, say the truth so that you could be assisted.

This has nothing to do with being positive or negative – it’s all about Assessment just like in a financial report.

Secret 2: Do not make negotiation when you are hungry

No one will say he has never made negotiation or will make one in future. For me, I’ve made negotiations I later regretted but today, I’m better of than before.

The devastations consequent upon making negotiation when one is hungry is very huge – worst of all when it is business-linked. Imagine yourself being Larry Page 8years ago and you sold off Google! How would that make you cry now? Just imagine!

In 1976, Ronald Wayne sold his 10% stake in Apples Inc. for $2,300 and now Apple is worth over $50 billion. Take a look at what Ronald said; “if I had known it would make 300 people Millionaires in only 4years, I would have stayed those 4years.” Huh! That was the regret of a man who negotiated when he was hungry.

In Genesis 25:32, Esau made a deadly negotiation that opened him up for everlasting pain and a second class. If not for God, he would have been very poor although he had to hustle through life.

A single decision (or call it negotiation) he made made him vulnerable to deception. Esau said; “Look, I’m dying of starvation! What good is my birthright to me now?” Of course he knew it could be useful in the future. He said; “… to me NOW.”

To ensure you don’t make negotiation at the point you are hungry and desperately in need, you must learn to dig your Well before you are thirsty. Work your life so that it will work. Plan ahead of time. Don’t be ignorant that a day of famine will come when you have to fall back to you Energy Bank Reserve to draw.

As a Business person, making negotiation when you are hungry makes you under price your services and even your product. They are people waiting for you or your business to get hungry before they can come for negotiation – do not give them that chance. Negotiating when you are hungry reduces your value. It makes you stoop low below your class. And at the long run, it leaves you in regret.

Secret 3: Learn to use the language of your Customers – Jacob taught us how it works

When you speak the language of your Customers, you fasten the communication between both of you. The Customer automatically receives an inward assurance that you won’t cheat. It brings friendship. Remember, Customers can be sentimental atimes but only those who have learnt to speak like them can break the barrier.

In Genesis 27:20, Jacob mastered this 3rd secret and he said to Isaac; “… because the Lord your God put it in my path!” Had Jacob said otherwise, he would have departed with a curse (otherwise known as business failure) instead of a blessing
(business success).

Naturally Isaac could not explain why the assumed Esau was so fast except if the hand of his Lord God was upon him. Jacob being a smart guy ended the confusion by answering Isaac in his own language.

Do you know any language of your customers/clients/spouse you can start speaking today? This is very important. It works, and it can work for you.

Do you find this article interesting or there are suggestions you have to make, leave a comment for me and I will reply you shortly. Don’t forget to share this on facebook, twitter, press and google+.

Follow my blog inorder to stay posted when new articles are published. This is just vol. 1, more volumes are coming up. Thanks for giving me you