Results for Entrepreneur

Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man

April 15, 2019


Alike Dangote

Africa’s richest man, Aliko Dangote, had declared that he had no personal house outside Nigeria.

The business magnate said this at the 2019 Mo Ibrahim Forum.

Dangote hinted that he avoids luxury things “because they distract and take time”.

Dangote said: “I don’t have any holiday home anywhere. I don’t have a house anywhere in abroad but I know people who are working for me have houses in London.”

“But you see", he continued, "a lot of people, even the younger ones need to be very careful because one of the biggest issues with us as Africans is that we spend our projected incomes."
“Once you start doing business [and] it starts doing well, but rather than for you to invest more in the business, you start spending thinking that profit will continue to come forever."

“There are ups and downs in business so you need to be very focused.”

Asked of his opinion on areas young entrepreneurs should invest in, Dangote replied: “The sectors to focus on now are ICT and agriculture. These are the 2 promising sectors.”

Even in the just concluded 2019 Tony Elumelu Foundation program, the sectors that had the majority of selected entrepreneurs were Agriculture and ICT, followed by Education/Training and others. This was because of the fact that the sectors looked more promising and profitable in this era. This is shown in the graph below:


Extracted graph from the Foundation page 

If you have any idea of entrepreneurship and business that is viable and that looks profitable, do drop your comments in the comment box below.
Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man Modern Entrepreneurial Advice to all by Aliko Dangote, the African richest man Reviewed by worldforummedia on April 15, 2019 Rating: 5

#ways to earn passive income as an entrepreneur

November 06, 2018

As some will say, "I worked a traditional 9 to 5 jobs for many years and eventually I got burnt out. I knew that I wanted more freedom and the idea of passive income became very appealing. I had heard of many people quitting and replacing their full-time job with passive income, but I had no idea where to start". You get to know what steps to take in this article.


What exactly is passive income?

Passive income is where you get paid over and over again for work that you did once. There are multiple income streams that are passive, many of which are mentioned below.


Online entrepreneurs

By choosing the right sources of passive income, you can invest your time and money the way that you want to instead of the way you have been spending it. Passive income is a way of buying back more time. There are so many opportunities out there to make residual income in network marketing, however, this is NOT one of those “things”. These are legit ways for you to make money while you sleep in something that fits your passion, experience, or skill-set.


1. Peer-to-Peer Lending


This is where you can lend other people money who don’t qualify for traditional financing with investment returns often in the 6-10% range. Additionally, investing money with a company can get you much higher income results than a typical savings or money market account.

2. Writing a book


Once the initial work of creating the book is done, and you’ve spent some time developing an effective marketing plan, selling books can be a great way to produce some serious residual income. You can get a 10% royalty for every book that gets sold. Once your book is available on a site like Amazon, you could receive a check each month for doing absolutely nothing. Obviously, the more time you spend marketing your books, the more money you’ll make.

3. Affiliate Marketing & Ads


Here are two basic ways to make money with your website. If you have a site already then this is a no-brainer. There are people that are making over $50,000 per month like Michelle who created "Making Sense of Affiliate Marketing". Affiliate marketing can be a great way to make passive income because when people click on the affiliate links on your site, you receive a commission at no additional cost to them when they purchase a product or service.
A second way you can make money is from advertisements that appear on your website. The most well-known way is through Google Adsense, however, MediaVine is the one that tends to pay a lot more money for views and clicks when compared to Adsense.

4. Create an Online Store with Drop Shipping


With the explosion of eCommerce, drop shipping has become very popular. Here’s how it works: you create an online store that offers products from certain manufacturers. A person visits your site, orders a product, and your system sends the order to the specific manufacturer. The manufacturer then completes the order by shipping it directly to the customer. One of the cool things about this type of business is that you do NOT need to order inventory. The customer pays for the product, you collect the profits, and the manufacturer stores and ships the products to the customer. It’s as simple as that.

If you’re interested in starting a drop shipping business, consider using a platform like Shopify to build your online store. They have twice as many templates as their competitors and they even have a 14-day free trial that you sign up for here.


5. Create an Online Course


Online courses can be a great source of passive income. Here’s how they work: you create a value-packed online course that helps solve a problem or fills a need. This course can include videos, e-books, and emails with pertinent information. Customers sign up to purchase the course and your system automatically emails them everything they need to access the materials. You get money for the price of the course that you created and automation does all the heavy lifting for you.

6. Start a Business and Have Someone Else Run it


Owning a business can be a good passive income source, provided you’ve got the right people running the business for you. Whether it be through the purchase of an existing business or opening a new business, your great business idea can be a viable source of passive income. For some creative small businesses that you can start for under 100 bucks, check out the $100 Startup by Chris Guillebeau. These are all verified businesses that grew to over six figures per year and started with very little money up front.

7. Buying a Vending Machine Business


A successful vending machine business can be a great way to make passive income. The key is to find the right places to install your vending machines. Check with smaller brick and mortar businesses that have over 100 workers in the building on a daily basis, and see if they have a need for vending machines. Another key to vending machine success? Ask those workers what items they prefer to have in the vending machine and then stock accordingly. Once again, if you want to reduce the amount of time that you are involved, consider hiring someone to stock the machines for you.

8. License Your Photos


Have you ever wondered how you can make money taking pictures? Do you have an eye when it comes to taking good photographs? If so, check out a site like Shutterstock where you can send them your pictures and if approved, each time one of their clients downloads one of your photos you get paid a royalty.

9. Buy an Existing Online Business


The beauty of an online business is that most will allow you to work from anywhere. Starting one from scratch can take a lot of time and resources, so why not consider buying an already established online business? Web sites such as "Biz Buy Sell" have hundreds of online business listings that are for sale in varying prices ranges. Check to see if there is an online business for sale that is in line with your passions or hobbies. Because if you are going to be working, why not do something you actually enjoy doing.

10. Open a High-Yield Account


Looking for a low-risk way to make passive income? Then look at opening a high-yield checking, savings or money market account with an online bank that pays more than traditional banks. The yields are much higher than most local banks and still come with FDIC insurance. While this won’t make you filthy rich, it will be a safer way to make consistent income and not lose your money since they are FDIC insured.
#ways to earn passive income as an entrepreneur #ways to earn passive income as an entrepreneur Reviewed by worldforummedia on November 06, 2018 Rating: 5

Things an entrepreneur must know during business or career start-up and expansion

May 10, 2018
Entrepreneur man

1. It’ll probably take around 3-5 years to start earning a good salary in your business. Within that period, you might have employees who make more money than you while you work harder than all of them combined. But in the end, you will amass unmeasurable wealth.


2.  You are actually working for someone, well some people. Running a business means your employees, your customers, clients are your bosses. They determine what you do.


3.  90% of the time, you’re either stressed, worried or going through something in your business.


4.  If you’re going to be an entrepreneur, you need to understand that it’s also a career, one with a thousand-fold responsibility. It is rough, it is hard.....but it is worth it.


5.  In business, the more you grow the more problems you’ll be dealing with. It never gets “easier”.


6.  The one mistake many entrepreneurs make is that they first start with a product then they want to find a market (customer) for it. In stead, think of the customer base before launching the products.


7.  Sell the value not the product. In other words, show how your product/service solves an issue. It's not about the product but the value the customer gets when they use your product/service.


8.  Learn to listen out for a problem then find creative solutions. Do not build businesses based on what is "popular".


In the end, entrepreneurs happen to amass a lot of wealth. They gain financial freedom and command prestige and respect in the society. In the entrepreneurial world, the beginning is rough but the end is smooth and full of beds of roses.....


Welcome to entrepreneurial world....!
Things an entrepreneur must know during business or career start-up and expansion Things an entrepreneur must know during business  or career start-up and expansion Reviewed by worldforummedia on May 10, 2018 Rating: 5

7 things enterpreneur can perform to stay motivated

October 20, 2017
                         


Making the decision to become an entrepreneur is a fearless step from being an employee of a business to the leader of your own business. One of the first challenges they are likely to face is that they no longer have line managers to set goals and deadlines for them. Therefore, the responsibility of inspiration and motivation becomes their personal task. This is where some entrepreneurs fall short. As such, these insights will help them stay motivated.


Setting goals and values


Entrepreneurs must have personal goals and core values. They must write them down, read them daily and even memorize them. These should serve as a regular reminder about their purpose for becoming entrepreneurs.


Having a plan


Running a business without a plan can easily make them lose direction. They should evolve both short-term and long-term plans. This will help them have a clear understanding of what they want to accomplish and how they want to achieve it.


Having a ‘me’ time


Entrepreneurs are very busy people. As such, it is possible that they will be consumed by work.  So, they should endeavour to set personal time during which they get out of the rut.


SEE: pains of a new start-up entrepreneur


SEE: The importance of entrepreneurship

Thinking of themselves as captains


Entrepreneurs are the captains of their ships and nobody will navigate that ship for them except they do. So, they should take solace in the fact that they own the business and they have to make painstaking efforts to run it.


Connecting with other entrepreneurs


This is not to say that you need to imitate what others are doing. Instead, share ideas and get to know what keeps them motivated. This will definitely make them feel like they are on the right track with the support of other like minded entrepreneurs.


Rewarding themselves


Being a business owner does not mean they should not reward themselves. As such, they should be prepared to reward themselves for accomplishing their set goals.


Sleeping well and heathily


They should never underestimate the value of a good night sleep for personal motivation. A night of sound rest will re-energize them and significantly boost performance.
7 things enterpreneur can perform to stay motivated   7 things enterpreneur can perform to stay motivated Reviewed by worldforummedia on October 20, 2017 Rating: 5

Pains of a New Start-up Entrepreneur

October 17, 2017
     
             
The entrepreneurial career path is not always a glamorous lifestyle as been hoped for by would-be startups. Just like life and anything a man dedicates himself to, there would always be challenges. Many startups’ survival during these trying times is largely dependent on the founder’s personality and outlook of life. Just as a child experience is full of many falls before walk, so is a startup enterprise. The challenges may be overwhelming but the end result is always priceless. The corner retail shop owner day-dreams of one day competing with giant stores like Shoprite and move to the malls or giant stores, but first, he must battle with keeping a regular inflow of the few Nairas that come his way. Here are some of the challenges a new startup may be facing, and possible ways to overcome them.

Learning To Reject Offers


Leadership without restraints is nothing. As the manager at the helm of affairs, to a large extent the business is you, and you are the business. Your weaknesses are not to be transferred to this new enterprise. You must learn how to cut back on those shopping sprees, refuse invites that won’t add to your business expansion, and at times learn to say no to a business prospect/partnership whose end you are not too clear about. These things require discipline. Which is one of the key words of leadership. Some offers may look too good to be true, and in most cases they really aren’t true. Many had allowed their lofty entrepreneurial pursuits fall by the way side simply because they kept an open policy to all kinds of clients and customers. A budding entrepreneur should know that not everyone is your client/customer, some are merely window-shopping and thus deserve less attention.



Managing Cost


As a startup, the idea is to be everywhere, be in your clients’ subconsciousness,have the best of work place environments, the best hands in the industry and be made reference points in business building. Yes, these dreams and more, are achievable, but as a new startup, one of the major predicaments you’ll face is managing your finances. Even if the support and partnership offer sufficient financial backup, it is usually advisable to balance the cost of keeping the business afloat. Expenditure (which may be very necessary tangibles) should not always exceed income, except it is to bring in a more direct inflow. You don’t want to hire over-qualified staff that may end up putting a hole in your purse. And use heavy equipment for less work. Your office rent should be something very feasible and reasonable to meet with, because businesses don’t just boom at once, you’ll go through the teething stage, at that stage are you prepared to carry overburdened costs?


READ: The importance of entrepreneurship


READ:  7 things entrepreneur can perform to stay motivated

Growing Relationships


As the boss, you wear a new toga of leadership which you may not be used to. There is this air of seriousness that permeates everywhere you go and things you do. Everyone just expects you to be business minded. This is actually cool if you are at work, but then, you cannot be too serious and not be able to share a joke with a member of the team. The analytics may be reading low and a bad day is looming, but who says you can’t still be positive with a ‘happy hour’ mood with your team members, clients or customers. Some great ideas have been born out of the little informal social interactions we have with people who may not matter much to us. Keep it simple, keep it real.



Motivations


‘A merry heart doeth good like medicine, but a broken spiEven if your clients and prospects aren’t returning your mails and calls and everything seems wrong, and your morale is very low. It happens to everyone, but hey! You are not ‘everyone’. You are now the face of a new startup, a multi-national enterprise in the making! Gloominess is not a word in the dictionary of leaders, Never! You can’t afford to spread the virus to the team members, you just have to hit your high frequency. Spice up your mood before working. Be self motivated. Inspire your team. Productivity begins with you. You can not afford to lose out to mood swings. Get up and get it right!



Balancing Work And Life Outside Work


As the leader of a new startup enterprise, your new life requires the huge lifeline of attention so you give to it. Lots of it. Except your line of business is intertwined with your informal lifestyle, you may be on the verge of losing people close to you. Many business moguls have had to sacrifice their family, marriage, long term friendships for the sake of their business build up. But at the end, will it be worth it? You don’t buy valuable relationships with money. Its PRICELESS. You don’t want to be a slave to your enterprise and lose those that really matter to you. Strike a balance. Work should work. Home is home. Never bring work home. Don’t overburden your emotions with work. It will work out if you work it out. But if you walk out of your real life outside work, it may not work out again.


A lot of times, it is important to always point out our errors, to mark them and work them out. The business world is tough, very tough, and may be a drain on you emotionally, financially and otherwise, but how you deal with the numerous challenges is what makes your business stand out and strong. Cheers!
Pains of a New Start-up Entrepreneur Pains of a New Start-up Entrepreneur Reviewed by worldforummedia on October 17, 2017 Rating: 5

The importance of Entrepreneurship in the development of an economy

October 01, 2017





 Entrepreneurship is the act of a person who makes money by starting or running businesses, especially when this involves taking financial risks. The skill obtained from such act is called "entrepreneurial skill".

  To begin with, entrepreneurship reduces the search for job and makes the youth involved in business which enable them to gain financial freedom and to employ workers in the business. It goes a long way in fostering competition which helps to promote efficiency in production. 


The existence of competition in the industries also assists in the emergence of innovations. The participation of individuals in economic activities through ownership of enterprises is an engine of economic growth in country. It reduces the reliance on importation of goods and services as a result of import-substitution and export-promotion strategies adopted by the entrepreneurial firms. Consequently, entrepreneurship creates more employment opportunities which decreases the youth unemployment crisis in a Nation.


    There are actually four distinct sources of cashflow. Each is quite different from the other, and each defines and determines a very different lifestyle, regardless of the amount of cash one earns. This is called the "cashflow quadrant": The "Employee" quadrant, The "Self-employed" quadrant, The "Business-owner" quadrant, and The "Investor" quadrant.


 For example, an employee earns money by holding a job and working for someone else or a company. The self-employed are people who earn money working for themselves, either as solo operator or through their own small business. A business owner owns a large business (typically defined as 500 employees or more) that generates money. Investors earn money from their various investments. In other words, money generating more money.

READ: 7 things entrepreneur can perform to stay motivated


READ: Pains of a new start-up entrepreneur

   Many youth rely and find themselves in the "Employee" quadrant. While the "Self-employed" quadrant is the beginning of entrepreneurship, the "Business-owner" and "Investor" quadrants are the advanced stages of entrepreneurship. 


The overwhelming majority of developing countries have their citizens live, love and leave this life entirely within the Employee quadrant. Our educational system and culture train us, from the cradle to the grave, in how to live in the world of the Employee quadrant

The operating philosophy for this world is what youth probably learned, too, when they were growing up: Go to school, study hard and get good grades, and get a good job with benefits at a great company. As a result, the Employee quadrant is filled resulting to unemployment amongst the youth.

 Being a graduate does not guarantee a job anymore in these countries, and corruptions and illegalities among the youth have become rampant. The need for youth to digress from the thought of getting employed to becoming entrepreneur therefore becomes consequential. The establishment of governmental entrepreneurial institutions that will inculcate in the minds of the youth the entrepreneural dos and don'ts could not be overemphasized.

The importance of Entrepreneurship in the development of an economy The importance of Entrepreneurship in the development of an economy Reviewed by worldforummedia on October 01, 2017 Rating: 5

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