Archive | April, 2016

Nuggets From Sam

6 Apr

Hello friends. How have you been all this while? Wishing you the best at what you.

Its been two months since my last post. In my last post, i promised that I was going to improve on the articles on this blog, get better education by reading writing and attending seminars wherever I can find them. I have found and joined  a master mind group that fulfilled that need for me at a time I needed it most. Its called the  Entrepreneurs Basecamp.

I found them by accident on Facebook while trying to get my mind of some sorrows and business losses incurred. Liz Taylor, CEO at Eva Wright, invited me to that seminar and offered me a sponsored seat after an email exchange just twenty-eight hours to their maiden event. I not only got a free seat for that day but also for their subsequent events. Every one else paid NGN 10,000 (US$35). I am indeed a very lucky person.

I cannot express how grateful I am Liz for the wonderful time I had but for the opportunity given to me. Its rare these days to find seminars with free seats in Nigeria. Imagine that. Whats on your mind reader? I believe you said the words” It would have been me”.

Saturday 12th March 2016 was a day to remember for me and all who attended the seminar. The ultimate aim of the seminar is to develop, build and nurture local entrepreneurs  capacity to match global standard and establish a subset of professionals from various fields who will be the first reference point for anyone outside Abuja and Nigeria.

Enter Sam Ikoku

Sam Ikoku  lead Consultant and Principal Partner , Nakachi Consulting Limited , was the lead speaker at the event, An engineer by profession and author of ” Sell Anything To Anyone” which has been downloaded over 398,000 times. Sam has consulted for blue chips  and brokered merger and acquisition deals, a process engineering consultant and a human resources management expert.

Other Speakers at the event were Jenny Chisom of http://www.jennychisom.com blog and Akpabio Peters, a real estate tycoon and CEO of Bulwark Construction Company, all based in Abuja Nigeria.

What Did You Learn Me Sam?

Sam Levenson, an accomplished author once asked his son this funny question’ What did learn you? ” The meeting was an eye opener and I have started putting those nuggets learned from them into practice.

1.) Start Strong: Sam laid an emphasis on starting a business on a very solid footing. He emphasised on any business to start strong in all fundamentals, finance, customer/client relationships, team work and CEO relationships, alliances such as suppliers, view your competitors and your immediate neighbours. Your business,according to him, stands to benefit the most from this very model.

2.) Purpose Passion and Profit: Purpose and Passion is not enough to sustain any business except it makes profit to sustain itself and makes good returns for its owners. Therefore, start your business before purpose and passion.

3.) Get A Coach/Mentor Before You Get An Accountant: It’s better to rely on the on the advice of experienced business people than that of an accountant. Not that the accountant will  mislead you but as the saying goes, experience is the best teacher.

4.) Belong to a Mastermind Group: If you are in Nigeria, I urge you to join the Entrepreneurs Basecamp.

The Purpose of Every Mastermind Group as proposed by Napoleon Hill :

  • Learn From Each other
  • Share Ideas
  • Regular Meetings

5.) Have A Mindset of Learning Not Failure:  You learn more from your failures than your successes. Great Minds work for the entrepreneur.

6.) There Is Someone Smarter Than You: There is an emphasis on that in every business. Therefore

7.) Enthusiasm is not enough in business. It requires extra efforts to boost a business performance than that.

8.) Ninety per cent of business plans are not read as the main details focussed on by prospective investors are in the Executive Summary. The Executive Summary should come first and not last in your business plan as it tells the prospective investors what to expect when they invest in your business. It is a common mistake by young entrepreneurs to put the executive summary last and the main reason why their plans fail.

9.)Small Office Home Office: You do not need a large well furnished office to start any business but a small office as a contact point for your clients and you.

10.) Pay Yourself First: Robert Kiyosaki mentioned that in Rich Dad Poor Dad.

11.) Hire The Best Of The Best:  Emphasis is on hiring independent professionals who are aware of current trends and have the capacity to positively turn your business around for the better. You will be able to get their views on issues through modern methods such as video conferencing, collaboration technology and positively give them shares in your business and turn them into alliances.

12.) Three rules that should be guiding every business according to In Search Of Excellence author

  • better before cheaper
  • Revenue before cost
  • there are no other rules.

13.) Other Rules;

  • design your business as a bracelet
  • start with globalisation and localization in mind
  • don’t trade in single currency
  • No need for office space
  • your neighbours are not your only clients/customers
  • work on your business and not in your business
  • Whats your message with what you do( your business)

Happy reading.

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