Businessprove c: 7 principles of Business Success you must not Ignore.

If you would go round this website you would see several list business you can begin to do. If you would put these these factors in place, success is sure for you.

Below are some very important factors you need to consider, each of this point, on it own is all-powerful and can single handedly make your business a success.

Knowledge- “knowledge is power. “ they say, any of the business you will eventually choose has to be researched carefully, before venturing into it. Even though we share details of each business that is mentioned here, you need practically and physically verify the business. As a smart inventor or start-up who desires success you need to personally do your own research.

Visit already established business of your type, ask questions. You can feel free to tell them your plan, follow due processes to get these information, any well meaning firm will give you helpful information.

Find out how many staff they have, what their duties are, how they keep record of sales etc. If possible ask workers working there about what they think about the business.

Getting all the basic information you need to know about your prospective business is a key factor that will determine if your business is going to be a success. At the end maybe you will discover that the money you have is not enough or even that, that is the wrong business.

Also try to discover how profitable the business is in the location where you intend to do the business.

You may need to answer some of these questions correctly to make a success of your business.

1. What are peoples need in the location you intend to start?

2. Do you think you can meet their needs?

3. How exactly do you intend to meet their needs?

Become specific about your intentions. Clarity of business purpose is one simple and most important factor you most consider to have a successful business. So many factor come into play. Don’t rely totally on the information I will give you, go and research properly about your chosen business.

Customers – The customer is the focal point of any business. No business can exist in the absence of it targeted customers. As you plan, to start your business you need to begin to consider the reason why you are planning to go into that market. Find out if your location is the right place and contains the right people for your business.

Some of the Questions you need to answer are as follows:

1 Who are my targeted customers?

2 Why do they want my service or product?

3 How can I reach out to them effectively?

4 Who are my prospective competitors?

5 Who is offering the best service in location?

6 Who is the best seller of my product?

7 Why does he sells best?

Take your time to understand the best customer practices you can employ as you start your business.

Diligence – Diligence is a persons’ ability to employ commitment, carefulness in carrying out task. i.e ensuring excellence in what you do.

Seest though a man diligent in his business, he shall stand before kings and not mean men.
Proverbs 22:29

Diligence is your singular ability that will make all the difference. You have to be diligent in your business. Know every detail of your business from production to sales to account.

A person who is diligent employs commitment and perseverance in carrying out tasks or bringing to pass set out goals. If you must be successful in your business you must be diligent.

Accounting – Accounting here means your ability to account for any money that comes in or goes out of your business. It also includes details in a written form, that explains all of your business transactions.

Here in Africa most business don’t take accounting serious, and that is the reason for most failed business in Africa. Africans don’t like anything book, but the love to squander money on things. We shouldn’t be like that. For your business to succeed you must be accountable financially. Not when you fail you say they are chasing you from your village.

You accounting will include daily, weekly, monthly and yearly transactions of your business.
Accounting helps you know your progress. You measure you progress via your account records.

You cannot do business effectively without accounting no matter how small your business may be.

Savings – Some part of the monies you get from your business has to be saved.
Now! The savings I am taking about now is not your personal savings, here I mean saving like at least 50 percent of your profit has to be saved and therefore reinvested into the business. This singular act can make you a millionaire.

Objectivity factor – This includes setting goals, making plans i.e strategizing. As a business owner or a prospective business owner you need to begin to think in terms of goals. A lot of people don’t do this especially in Africa. So they don’t know whether they are succeeding or not. Research has shown that most people don’t set goals at all. They don’t plan. If you don’t set goals in your business you can be sure that you will fail.

These goals have to be written down on paper. Some say I have my goals in my mind, no you have to put them to written. A written goal has a lot it does to our mind. People that don’t set goals don’t succeed. You cannot be going to an unknown destination, You need to have a destination.

Goals are measurable, time bound. Set objectives you want to achieve.

Note: It must be time bounded and measurable. When you sit down to write your goals, you think you of all the necessary factors required to carry out your task and to accomplish your goals.

Some of the questions you should ask would be:

a. What do I want? What you want out of your business? What do you want to achieve. This has to be clearly defined. You have to be specific as to what you want.

Example: I want to raise all the capital I need (200,000). Not “I want to raise capital”. You must have come up with the exact amount you need to start up, which of course will include miscellaneous.

b. How will I Achieve this? This explains how you intend to get the monies you are looking for, Which step you must take. what expectations or assumptions do you have ? clear all your assumptions, put them down.

Find out if you must work and save money for sometime before starting your business. Life is very practical and it is for the living. In life nothing moves until you move it. Also find out if it is possible to get a loan from any bank around you? Will any relative be willing to help? Here at this stage is where you will do all of the major thinking in your goal setting.

As you sit down with a paper and a pen ideas will begin to flood into your mind. As those idea comes, write them down immediately. Write down all of the ideas in a paper as a list. Now begin to prioritize them according to its importance and possibility.

When you want to start a business and don’t have the required capital, look for low pay job, and begin to do them. An as you are been paid ensure to save it. That’s the way, there are no quick fix anywhere- except if you want to fall into 419ers.