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28 OF THE MICHAEL ENEYO’S ADVICE TO THOSE ASPIRING TO DO BUSINESS

28 OF THE MICHAEL ENEYO'S ADVICE TO THOSE ASPIRING TO DO BUSINESS

28 OF THE MICHAEL ENEYO’S ADVICE TO THOSE ASPIRING TO DO BUSINESS

  1. Never jump into a business introduced to you by a marketer or a business promoter without analyzing the risks involved. If the business was that easy to make profit as they present, they will not spend so much time explaining to you to join.
  1. There’s nothing wrong about online business. But note that any business that is so easy to make money online, will also be so easy to lose everything to it. I’m not saying you should not get involved in it, but you have to be careful before you are scammed.
  1. He is spending two hours explaining to you how to invest #100,000 and gain #200,000 in an hour without you stressing yourself. Suggest to him to go sell his properties and invest in it. Since he is so sure there is profit in it. The two hours he spent talking to you would have given him interest of #200,000. What a beautiful business for a senseless fellow to join!
  1. If you want to do an online business, I will suggest that you do it with the company that has an empirical office and a known address in the city you know. Before you start you can go and verify. In case the site is short down you can visit their office for your claims.
  1. Please don’t misquote me that I said online business is a scam. But you should know that any business initiated is for the person to make some gains. If you don’t know his area of interest be skeptical about putting your money in it. There’s no business that gives without having what it takes from you. That is why it is very important to know the person’s part of interest before you invest.
  1. Don’t allow anyone to tell you that it’s a foreign organization that is looking for some people to help. Anytime you hear that, know that it’s a scam. Nobody is looking for anyone to assist, there’s no part of the world without the poor.
  1. Don’t make the mistake of joining a business line because your neighbor is making a lot of profits from it. His/her luck in the business may be different from yours. Besides, you may not know the secret of his/her gain. Don’t be so emotional about things if you want to succeed.
  2. Ensure you spend time studying the business line before you start. Every business has their secrets and guides. If you want to do well in it. Study the secrets and guides before you start.
  1. If you want to open a shop, don’t start it with your relatives without you having time to be in the shop to study every bit of how the business is run. Else, you will not go far with it. Starting a business with a relative without close monitoring is a business adventure you may not succeed.
  1. Don’t open a business for anyone because you want to be of help to him/her. Unless you are really open for the person to own. Take business for what it is. Business is not a charitable organization that you should use to settle the poor. If you have money, give it to him. Don’t compromise your business with help to the poor.
  1. If you have anybody you think you can help, don’t use your business as an alternative source for help. People’s characters are not the same as they appear to be. Most times the people you help are the very ones looking for your fall. I’m not saying you should not be of help to them; but know that business should be separated from help.
  1. If you use so much money to open a shop, don’t be carried away with how the shop is filled with goods and begin to eat from there. Don’t forget that the gain you will make in each item is very small to lavish from it. If you remove one or two of the items to eat the business might fall.
  1. If you are selling in your shop employ yourself. As you pay others, ensure you pay yourself. You should know that having a business/shop is different from working in it. Interest is for the financial resources you invest, but salary is the effort you put in to ensure the business grows. These are part of the principles of doing business you must know.
  1. It is from your own salary paid from the shop you should buy your stuff. Don’t remove money in your shop to buy anything that passes by your shop. If you do that you will close the shop. That is not how successful business men/women behave.
  2. Anything you remove from your shop ensures you pay for it. Even though it is your shop, you should be buying from it. That is how a good business can be run. Anything short of that will ruin the shop.
  1. Don’t make your business place a family affair. Such that any of your children can come and sell. Let there be a specific person to manage the shop. Such that when the stock is to be taken, there would be no excuse. A business that is run by everybody is actually a business that is not run by anybody.
  1. Tell your children not to collect anything in the shop without paying for it. The love for children should be at home. Don’t have the habit of using items from the shop to pet your child. Understand that it is not a good thing for you and your children to ruin your shop.
  1. No matter how small a business may be, open an account for it. Never mix the business money with the one meant for food. If you mix them together, be sure to close the shop. This, you will only realize when the shop is empty, yet, with no money to buy the goods.
  1. Every business should be subjected to auditing from time to time. Don’t stay for so long without counting your goods. If you give your sales girls/boys the impression that you are not interested in checking and making an account. They will use the opportunity and ruin your shop.
  1. No matter how small your business may be, have an account book for it. Record everything in the shop. Even your interest must be on record as well. At least you should have a record so that you may know, whether you are making profit or running at a loss.
  1. Never open a business you will not be there to manage. Don’t say she/he is my sibling, she/he will manage for me. If you do, be ready to go for a meeting of settlement with him or her at home. Because she/he will do something that will break your heart.
  1. I’m not saying you should not involve your siblings in the business you have. If you do, take everybody as a staff. Place them on salary as the ethics of business demands. The essence of their being there is to get money to survive, and not mismanage your business and course your fall. That is why you have to make the business structure that will only recognize the staff and not the relatives from your side. Relatives are better in the house and not at business that is without control.
  1. When you begin a business. Don’t give credit to anyone if you want the business to grow. Don’t be deceived by thinking that when you give credit the customers are maintained. Instead, it’s a sure way to miss them all. Many of them when they are indebted to you, you see them avoiding your shop. This is one of the reasons you should not give credit to any of them. It will even make them continue to buy from you. Especially when your goods are nice.
  1. Don’t think that doing business is for those who are poor or for those that are not opportune to work with the government institutions. Business is for those who don’t want to limit their lifestyle to their salary alone.
  1. Even if you are in school, don’t stay without a business or two. Being in school should train you on how to make money from the skills you have learnt, and not to make you roam the streets in search of a job.
  1. Don’t wait until you have so much money before you start a business of your choice. The little your money can take, start with it. It is even better to start a business when the money is small, so that when it becomes big you will be able to manage it as it requires.
  1. In starting a business be conscious of the place it is to be sited. It is not every place that is good with some businesses. You don’t go to Muslim dominating area to open a beer bar. I’m not saying that some of the Muslim brothers do not take a bottle or two. But you will not have enough patronage the way you should.
  1. In the female hostels, you can sell revlon, if you can fix nails and plait the hair, selling women’s clothes and make-up can move for you. These are the little businesses you can do while in school.

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