Business Startup - 3 Cardinal Success Factors
Good
question. However, the answer is not so straightforward.
I
guess the best summary I can suggest is Do Your Homework
. This will
help you develop a good understanding of what you are getting into. Above all,
make sure you plan to provide a service or product that people really need.
And Have an Exit Strategy
. Business success in not wishful
thinking. If you don’t have a detailed plan to succeed then you have inevitably
planned to fail.
There
are several business ideas that you can invest in Nigeria
but which
of them really suits you. Doing your homework will help you identify your best
options.
Even
after doing the smartest thing in business, you’ll still face the
difficulty and risk of unforeseen circumstances. Some of them will be man-made,
others will be consequence of natural events. That’s why the answer to your
question is not so straight forward.
Success
doesn't just happen. It is the outcome of a process driven by 3 key factors
- Belief
- passion, interest strong persuasion and
desire to succeed, etc.
- Be Hardworking
- doing all you must to succeed, getting
better at being efficient and effective, learning; and developing new skills to
do things better, in the process. This results in innovation, satisfied
customers and profitability, etc.
- Be Dedicated
- strong focus on your dream, refusal to quit
or be distracted especially in difficult times (a good business plan is useful is such situations) providing the best possible
quality to stand out from the rest. Continuous affirmation to yourself of your
strong desire to make it. Reaffirmation of your belief in yourself, your dreams
and need to be diligent.
It
is said that when preparedness meets opportunity, then success is
inevitable. My boss and
mentor
says it differently - when expectation and preparedness
meet opportunity, then success is inevitable. He says the difference is that
you must expect to succeed. Its expectation that gives character and substance
to the above factors.
This
is the summary of my experience with HetoGrow solar power bank.
When we started in Nigeria, the plan looked good and the future seemed bright.
But new government came in and unfortunately, their policies have made things
exceptionally difficult in Nigeria, with adverse impact on lots of businesses;
many of which have closed down. Yet, many others have been very successful. We
are still in business because of Belief, Hard-work and Dedication. Belief that
Nigeria is full of opportunities and still remains a viable market to invest
in. We are determined to provide good quality products that are relevant for
the country and we continue to work to achieve the desired level of success
despite the challenges.
In
conclusion, I think you will agree that the outcome of doing your homework is
being prepared and ready. For avoidance of doubt, by this I mean doing your research, writing a detailed business plan, demonstrating excellent understanding of your market and having an exit strategy. I think that’s the smartest thing to do. Do you
agree?
Let
me add a quick twist to your question. The flip side of it is, what’s
the smartest thing to do when you make it
? I suggest a double-barrelled
answer
- Sustain your success. Don’t blow it.
- Look for someone to help and mentor.
Notice the verb - look. It is an action word that suggests a deliberate and
thoughtfully executed action. My point is, don’t just help anyone you feel like
or that asks for your help. That will be a waste or inefficient use of the
resource(s) extended. Help someone that DESERVES
to be helped.
The verb - Deserve, is the reason why the word Look, is cardinal. If done
correctly and successfully, your success will be repeated several times over.
And that’s when you’re really successful.
Imagine
how great Nigeria will really be if a truly remarkable success story is
repeated over and over again by different people. We must stop building strong
individuals. Let us put an end to corruption and focus on building strong
institutions, strong communities and a very strong society for everyone. That
is the real smart thing to do. I trust you agree!
