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ENTREPRENEURSHIP

The 7 Figure Entrepreneur – Jokotade

When I got laid off my “dream job” several years ago, I was devastated and disappointed. I felt so little of myself and thought I would never rise above my loss. Everything changed as I began to pray and search – What more can I do? It was time for a change – a change in how I earned income. If you are looking to accelerate your dreams and goals or change your career but struggle with limited funds, knowledge, connections or resources, I know exactly how you feel. After losing my dream job and being broke for too long, I had to find a way to rise above my struggles. Becoming an entrepreneur and learning how to start and grow profitable businesses helped me multiply my income. I believe this can be your story too – with a little help from The Jokotade 7-Figure School. I founded The 7-Figure School to help many people who have reached out to me for help from all over the world. People like me who have lost their corporate jobs and are frustrated at waking up to a job they dread; Who want to spend more time with their family and loved ones while earning ...

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Who To Negotiation With A Potential Investor

There are too many people that think raising money is like an episode of Shark Tank. You say, “I’m raising $XM at a valuation of $YM” just like they do on Shark Tank. Not only does providing a valuation makes you look like an amateur, providing a valuation can reduce the value of your company. Let me explain… In any negotiation, you should always let the other side provide a price first. Yes, you have to be emotionally strong because of the effect of anchoring, but… It’s always possible that you will get an offer at a price much higher than you expected. And you blow that opportunity the second you put a price out there first. So, absolutely be clear about how much money you’re raising. That’s the right way to go. But stay away from providing a valuation. The market (potential investors) will determine what your company is worth. Then you can always say, “No thank you” if you don’t like what you hear. I’m not saying you shouldn’t have a plan when you negotiate. You absolutely should have a plan. And you should have an idea of what you believe your company is worth. But understand the ...

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10 Ways to Know If You Have a Great Business Idea

Good Ideas Ready to take on the world of entrepreneurship? In order to find startup success, you need a great business idea. But a winning business idea is more than just something you’re excited about or good at — you have to make sure your idea is actually viable. Business News Daily asked experts how you can tell if your business idea is poised for success. Here are 10 questions to ask yourself before pursuing your business idea Does it solve a problem? Entrepreneur and co-founder of the Web design school The Starter League Mike McGee thinks the best business ideas are those that solve a problem in some way. “If there is a problem that affects you, your friends, family, co-workers, etc., then the chances are high that it affects people you don’t know as well,” McGee said. It’s paying customers who validate an idea and determine which ones have the greatest chance for success, said Wil Schroter, co-founder and CEO of Fundable. “An idea is just an idea until you have a paying customer attached to it,” Schroter said. “Anyone can discredit a simple idea, but no one can discredit paying customers.” What’s your price point? Charlie Harary, founder and partner ...

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Challenges New Entrepreneurs Face Pt2

Hi BIE readers , you can refer to the part 1 of this post. Here… not to miss out on the points, for those just reading this, this is a brief introduction to the post. ‎ The economy is not smiling in a lot of countries in the world right now, especially countries that were totally dependent on oil as income. A country like Nigeria has been one of the greatest ones hit since the fall in oil prices and this has led to a lot of pay cuts, job losses and a hard time for employers to even pay salaries. This situation has forced a lot of people to seriously begin considering entrepreneurship like never before. Here are the final 6 challenges you may face as a new entrepreneur and ways to conquer them. 7. Dealing with the stress of not having a steady income: To me, that was one of the greatest challenges I faced. Many times I would say to myself, “Wow! I should have received a credit alert today, if I was still under paid employment”! At those difficult times, it is your passion for rendering the service that keeps you going. 8. Managing your money: ...

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Challenges Entrepreneurs Face In Business

BY TOKUNBO FASORO The economy is not smiling in a lot of countries in the world right now, especially countries that were totally dependent on oil as income. A country like Nigeria has been one of the greatest ones hit since the fall in oil prices and this has led to a lot of pay cuts, job losses and a hard time for employers to even pay salaries. This situation has forced a lot of people to seriously begin considering entrepreneurship like never before. Entrepreneurs emerge from every angle. I would like to discuss a few challenges you may face as a new entrepreneur and ways to succeed them. Doing anything that generates income, not specifically something you believe in and are passionate about: If you do something you believe in, you can get other people to believe in it. Your interest and passion is what drives you when other things are failing. Picking the right business: Make sure your business is providing a solution; it must be the answer to a problem, a response to a need. Ensure you deliver what you have promised. Finding your clients: If you have a good product or service, people will come to ...

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Entreprenuers And Money- Opeyemi Komolafe

Its amazing the number of businesses which start each day. I don’t have statistics, but using the numbers from my circle of influence alone, they’re a lot.  A key question is “Why don’t some of them live beyond a month, six months or beyond its first cycle of product sale/delivery?” A lot of reasons could be the cause for this but a popular one is ‘LACK OF CAPITAL’. Excuse me, please what happened to the capital you started with, and the profit you made from your first cycle? Then you begin to hear answers like; “I had bills to pay”, “I paid myself a salary”, “I kept a few items for myself”, “I had to take care of some pressing needs”, etc It is fine to spend your profit on the above, but to spend your capital is completely unacceptable. A popular cliche in certain circles is “Don’t eat your seed because it is your future”. Your capital investment is necessary for continuity of your business, while your profit is important for expansion of your business. Eating up both of them leads to the death of your business. There is someone very close to me who is a sales guru. ...

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The Keys To An Enduring Business

By Opeyemi Komolafe In the world today, we hear about so many businesses which do not outlive their creator/founder/owner. The business is meeting needs, providing goods and services for  thousands or even millions of clients, but shortly after the owner dies or retires, the business is run aground. As an entrepreneur, no matter what grand innovative ideas you have, no matter how fantastic your business acumen is, you cannot live beyond one lifetime. To ensure that your business; your legacy endures for generations: You must set up systems and structures. You must replicate yourself. You must pour yourself into others. You must select a group of future leaders into which you will transmit your way of doing things, your ideology, your creativity, your morality, your principles, your standards and your personality. It should be so effectively done that when you are absent, things should run as well as if you are on ground or even better. This select group of people should spend time with you getting to know how you think, how you react in situations, how you get inspired with ideas and what you envision the business to be.  You should have laid down documented policies and standard ...

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Understanding The Mind Of An Entrepreneur

By Opeyemi Komolafe Listening to the news and people around me, what I hear is how jobs are being lost and businesses are being shut down because of the ‘recession’, I wonder why everyone is so frantic! About 10 years ago, there was a conversation that my mother had with me. My takeaway from that talk resounds in my mind almost everyday. Amongst the many things she said, I always remember her say ” Opeyemi” (she only calls my full name when she is dead serious or I am in deep trouble……..) “If your certificates were taken away from you, have you really thought about what you can do to generate income”? I was quite surprised at her question because I had graduated with a good result and companies had already started headhunting the group of us right from school. She went on to say “Multiple streams of income will always be an asset to you”. In the world of today, that phrase, ‘multiple streams of income’ has become a household slogan. Everyone is now under pressure to generate income from all sources by all means available. It is great if you have a salaried job, fantastic if you have ...

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How Much Money Do I Need To Start A Business?

I’ve seen the same mistake repeated over and over again by CEOs and business owners. The mistake blows me away each time I see it. What is that mistake? The CEO doesn’t have a plan for the business. And, if you’re going to succeed in business, you’ve gotta have a plan. The crazy thing is the plan doesn’t need to be complex. But there has to be a plan. And the primary goal of the plan is to: Determine how much money you need to start your business. You’re going to need to gather up everything to do with your company. Let’s break this into two parts: Revenue: Your revenue by month Your expected revenue by month Your current cost of goods (if you are selling a physical product) Your future cost of goods Your Expenses: Your salaries for each employee, including yourself The expected salaries you’re going to pay future employees Your rent Your insurance Subscriptions Office supplies Advertising expenses Travel expenses And anything where you are spending money to run your business You’ll be ahead of most people if you just do this simple exercise. Then, put everything into a spreadsheet so you can determine how much money ...

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10 Ways to Know If You Have a Great Business Idea (PART 2)

Business News Daily asked experts how you can tell if your business idea is poised for success. Here is Part 2 to 10 questions to ask yourself before pursuing your business idea click here to see Part 1   Are you passionate enough about it? Your business will likely take up all of your time, so make sure you’re passionate enough about it to make it successful. “Since starting a business requires an inordinate amount of time, energy and patience, ideally, the idea will be one that you are passionate about, as well as one that you have skills or experience [in],” said Melissa Bradley, executive-in-residence and director of entrepreneurship and innovation at the Kogod School of Business at American University. Are you open to advice? If you’re not open to changing or adapting your idea to fit what your customers will want, your business idea might not be worth pursuing. “Success happens when you are willing to listen and consider others’ advice,” said Angie Yasulitis, CEO and managing partner at YaZo Marketing and Business Development Strategies. “Most good ideas take some tweaking to get to market. Being closed-minded is a business killer.”   How will you market your business? Many entrepreneurs think about ...

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