Your Business Success: Discovery as a Tool for Recovery

It may not amaze you to know that most of our business challenges remain a stumbling block in our quest for progress until when conquered. This fact is as real as the air we breathe. The truth is that as business people, we already have the keys that unlock success in most of these business trials. However, ignorance has eaten deep into the fabric of our lives. Yet, we are complacent and sales keep declining.

The irony about business success is that all we may ever need to sail through the challenges that daily confronts us is right under our nostrils - being unaware of its existence nullify corporate intelligence.

Every true recovery is birthed by a discovery. Discovery is the key that unlocks the gates of recovery.

You need to get down to work and engage in a conscious effort to unraveling reasons your strategies aren't working as expected. The quality of your business success, therefore, is a direct reflection of the quality of discoveries you have made.

Whether you are a business owner or an employee executive, you need to engage the discovery tool regularly in the face of every crossroad. You will most likely do well in this activity when you learn the art of asking questions. After all, only those who ask questions are entitled to answers. You can't afford not to be inquisitive. Take some time out of your daily schedule to think, to reason, to imagine and to learn.

Beware! Good discoveries do not come on a platter of gold. It takes time too. You need hard work, regular research work, hours, days or even weeks of meditation. But when you find it, your expectations are as good as being a reality.

You may engage a brainstorming session with a team or committee. This is commonplace in business settings. Duplicate this activity in your family, personal life and other areas that affect you. The bottomline is that there must be a discovery.

If Only You'll Take Action in the Right Direction..

One of the most fulfilled people in the world today are not necessarily those who conceived ideas (of course, everyone does); neither are the fulfilled ones those who brood over their ideas and hope that one day mother luck would smile on them. I am strongly convinced that people who create a new beginning out of their lofty ideas are one of the most fulfilled people on the earth today.

The world is full of people claiming to have great ideas. Until others see tangible proof of your boast, you are nothing but a taller of big but empty dreams! Of a truth, actions speak louder than words, but permit me to say that your results supercede your actions.

Our generation have waited too long in the lounge. Just do it, say Nike. How i wish it were possible to wish ideas into existence. All great icons began their success journey with an idea. I am glad to tell you that the profitability of an idea becomes evident when nurtured into a goal or vision. A goal worked with becomes a pursuit. The pursuit of a goal culminates into achievements. And only true achievements can bring about a bright and fulfilling future.

No gainsaying, we all are endowed with possibilities. Whatever good we are capable of thinking of can be achieved. Come to think of it: we are one in a million. It means we ought to strive to earn a million achievements before we go to the world beyond. Even our Creator posited that with faith in Him, we can do many great exploits, achieve many great feats, invent many great ideas, and command many great honours.

There is no sin in trying - what you will find is an opportunity for advancement. Just as we may not understand how valuable we are untill others appreciates us, we may not know also how farther we can go in any venture until we keep taking great strides into the unknown.

Do you aspire to become a business giant? The Nigerian business landscape consist of entrepreneurs who dared to try and have stood tall in their endeavours.

You want to know how to truly live? Just dare to try.

HARNESS YOUR ENTREPRENEURSHIP POTENTIALS.

THE EXTRACTS OF A TEACHING DELIVERED BY: AYOKUNLE BANKOLE, AT AN ENTREPRENEURSHIP SUMMIT.

By virtue of this meeting, I believe my audience are a crop of aspiring and emerging entrepreneurs who are ready to take their world by storm. So, I don’t see myself speaking to some young ladies and gentlemen (as the case is), but with young entrepreneurs who will grow to become business giants in few years to come. Then, you’ll remember but may not recognize this little giant standing in front of you - because he would have grown really big too!
Let’s thank God for ideas. But, if ideas were to equal entrepreneurship, everyone of you would have been great entrepreneurs, great inventors, great business men and women. Entrepreneurship is a subject that goes beyond starting a business and staying a business owner! It’s not about blowing your trumpet, giving yourself ego-centric titles: CEO, COO, OM, ‘OPC’, ‘EFCC’ - because you have formed yourself into a company. No!
The bitter truth is that as profitable as entrepreneurship may seem, its venture is not for everyone. A senior friend once said to me in an interview discussion I had with him: “You need the right mind-set and skill-set. Don’t try it (entrepreneurship) until you understand these two!”
I want to sound a note of warning too. Entrepreneurship is not a plan B. It is not an alternative for those who couldn’t get white-collar jobs. Thank God for mouth-watering salaries; but entrepreneurship is not a choice you make because you could not secure employment at Shell or MTN! A prospective student, who makes a federal-owned Nigerian university his /her second choice of institution at the time of filling the forms, has already decided his/her fate!
Really, the increasing toll of unemployed graduates has forced many to look inwards. Ironically, this situation has its positives. In those days (as we were been told), as a graduate, you have an assurance of a good job awaiting you. But today, the reverse is the case! Even with your M.Sc or MBA, you may need to back it up with a professional certificate and several years of hands-on experience.
I do not care how many MTN, Shell or Chevron that has rejected your employment request; all you need is God to smile at your seemingly-looking small business. I see because giants arising from this meeting. You will go out there and storm your world!
What then is entrepreneurship? Who is an entrepreneur?
An entrepreneur is truly a unique individual. Entrepreneurs find it difficult or impossible to work for someone else, although they do work for their customers/clients. They are willing to put everything on the line for the passion and love of seeing their enterprise grow… and sometimes live with several failures.
An entrepreneur is one who has the ability to dream big. The entrepreneur has the qualities of a leader. A leader is one who knows what he wants. He is the one who created ideas, unique opportunities and conceptions. He is ready to take risks.
The following people have something to say about entrepreneurship:
Alan Sugar: “An entrepreneur, if there is such a thing, is a born schemer and thinker up of things.”
Hunt Greene: “Everything is always impossible before it works. That is what entrepreneurs are all about - doing what people have told them is impossible.”
Michael Smurfit: “The entrepreneur is like an eagle… he soars alone, he flies alone, and he hunts alone.”
Tom Peters: “Entrepreneurship is unreasonable conviction based on inadequate evidence.”
The Nigerian business landscape consists of entrepreneurs who, despite their humble backgrounds, withstood the storm and are still standing tall in their pursuits.
Here is a list of some of them:
1. Mike Adenuga (Globacom)
2. Femi Otedola (Zenon Oil)
3. Aliko Dangote (Dangote Group)
4. Jimoh Ibrahim (Nicon Insurance)
5. Frank Nneji (ABC Transport)
6. Tony Momoh (Channels TV)
7. Tony Ezena (Orange Drugs)
8. Samuel Adedoyin (Doyin Group)
9. Alex Ibru (Guardian Newspaper)
10. Folu Ayeni (Tantalizers)
11. Dele Momodu (Ovation Magazine)
12. Otunba Gadaffi (DMT Mobile Toilet)

Let’s take a look at some of the most basic factors that has helped them come this far.
I. You need ideas: Ideas are your connection to the world of business exploit, and this can be gotten via inspiration. Ideas that fly to the high heavens have been the harbinger of the most successful businesses across the globe. Ideas are like good wine, they need no bush. All entrepreneurial ventures start from ideas. Therefore, you constantly need to be creative, innovative and resourceful. Never underestimate the value of an idea. Every positive idea has within it the potential for success if it is managed properly.
II. You may start small but think big always! As a start-up, you may not always have enough funds to start on a large-scale. More than 60% of new businesses within and outside Nigeria are usually faced with the challenge of start-up and running capital. Start with what you have. Starting small does not in anyway mean you are going to remain small. You are permitted to start small, but understand that you need to think big; “for as he thinks in his heart, so is he.” You need to paint a picture of your dream business in your imagination. You need to “act” as though you were managing a big company. This kind of feeling should reflect in all that you do - your communication, your dress sense, your business environment, etc. Starting small is not a crime, thinking and remaining small is. The Word of God admonishes us not to despise our little beginnings. He knows there would always be little beginnings! For many of us, it is a time to learn and be strong enough to cope with the challenges associated with big businesses.
III. Be creative and innovative: Your business cannot survive without some creative thinking. It amuses me how some business owners run their businesses as though they are the only enterprise offering a kind of product or service. You can’t afford to be lazy in your business approach or strategy. Constantly create an activity to make your business, products and services the news worth thinking or talking about. If there are 1001 fashion outfits in an area, aim at becoming the best!
Everett Rogers said, “Invention is the process by which a new idea is discovered or created. In contrast, innovation occurs when that new idea is adopted.” If you use yesterday’s tactics and strategies to manage today’s complex business challenges, you’ll go out of business tomorrow. Arthur Koestler also posited that “the principal mark of genius is not perfection but originality, the opening of new frontiers.”
You need creative approaches for managing current business trends and anticipating future ones. Ask yourself strategic questions. “What can I do to improve on my existing offerings?” Tom Peters puts it this way: “Ask dumb questions. ‘How come computer commands all come from keyboards?’ Somebody asked that one first; hence, the mouse.”
You have a creative mind - use it! You can’t read about creativity; you have to begin doing what every creative action requires – taking the first step into the unknown.
Do you have a new (creative) idea? Take action. Turn it into implementation, and inspiration into execution. “The way to get started is to quit talking and begin doing” (Walt Disney). As Ben Franklin once stated, “Well done is better than well said.”
IV. Search for relevant knowledge in your area of specialization and interest. Knowledge they say is power. The Word of God says, “a man is commended according to his wisdom… a man’s wisdom makes his face to shine.” Don’t think of decorating your home, shop or office with your degree certificate; instead, decorate your mind with current innovative strategies, techniques and trends that will help grow your business or career. Search out new pricing and sales techniques. The truth is that you cannot be better, bigger and more successful than what you have on your mind. Your actions and inactions can be traceable to your knowledge power; and your knowledge power determines your thoughts! Remember, “For as he thinks in his heart, so is he.” Creativity and innovation is 90% within and 10% without.
V. You need a defense against discouragement. As an aspiring or emerging business owner, you should have a mind-set that success does not come easy; not even in business. Usually at the onset, we brim with ideas for starting a business; the enthusiasm is high and we devote both time and energy for the success of the new venture. At this level of your business, you never really knew that on the flip side, business management means coping with stress, challenges, disappointments, failures, and outright rejections!
In a research study of two hundred and forty three entrepreneurs in Lagos, Nigeria; among the problems encountered by entrepreneurs, unreliable employees were the most critical. Weak economy, electricity shortages and unsafe location were also mentioned as obstacles preventing entrepreneurs from achieving their goals.
At every point of your business growth, you need to shield yourself from discouragement; you need to trust God for help and believe in yourself to stay strong till you conquer fear. As a small business person, I have been tempted on several occasions to apply for a paid job somewhere else. As a matter of fact, I have submitted applications for some! Owning and managing a business is not a light issue. You need to be aware of this from the onset. Business is life – don’t let it die in your hands!
Be focused. Be persistent. Be consistent. Be strong. Indeed, you can truly become a business giant! See you at the top!

Entrepreneurial Success - A Marketing Function.

Many at times entrepreneurship seems a perfect choice when we consider its long term gains. However, my recent discovery suggests that success in any entrepreneurial venture is more of marketing than any other aspect of business. Little wonder, both large and small organisations give more to the marketing department and do not take lightly their marketing personnel requirements.

According to a report I read in an article some years back, it claimed the US Bureau of Labor revealed that Marketing and Sales had the highest number of employees in US organisations. This further buttresses my discovery of the entrepreneurship and marketing function.

You may ask, "What really is this fuss about marketing?" Before I go on to define marketing, I would like to point to the fact that for most people, their understanding of the discipline stem from theories being taught at schools; and usually not really understood. A typical misunderstanding of this concept is when people (even 'experts') equate marketing to sales!

So what then is marketing? Simply put, marketing is analysing and understanding your customer/client requirements and placing value (quality and unique products/services) in their hands at an affordable price and appropriate time.

From the foregoing, we can safely conclude that marketing is to an entrepreneur (or business) what air is to man! Therefore, a successful entrepreneurial venture is largely a function of marketing and not accounting nor administration (though equally important).

One obvious reason many young entrepreneurs still find it difficult to 'sell' their products, services, ideas, or cause, is because they do not fully understand what marketing entails; or probably, they share a misconception of the discipline.

You have a brilliant idea for a product or service - fine! How do you translate this idea into a profitable business venture? How do you locate your core customers/clients? What strategies will help you stay afloat of competition? What are the buyer persona profiles of your target audience? Why should your customers/clients make a repeat purchase? All of these questions and more is what a true understanding of marketing will help you proffer answers to.

You don’t just sit there doing nothing and expect your idea to blossom. As a small business owner, your formative years are when you [the entrepreneur] should even work harder and smarter to gain more customers/clients for your business. In the words of Ken Inverson, “Entrepreneurs should be able to spend 80% of their time getting customers.”

Even if you have never had an academic or professional background in marketing, that’s not an excuse! According to Tony Blair, the British Prime Minister, “Entrepreneurship will become a core skill which all our young people will need to exploit the opportunities emerging from science and technology, culture and communications.”

Try to engage yourself in a self-study on marketing, Business Communications, General Management, Entrepreneurship, Advertising, Public Relations, and Selling. Also, attend some short professional training programmes, with an emphasis on marketing and selling.

The truth is that every organization is aimed at selling. Their offerings, however, could be in the form of tangible products or intangible services, ideas or a social cause. Whichever the case is, marketing plays a vital role in reaching out to those target audience whose support, attitude, interest and patronage matters to the wellbeing of the organization.

While marketing is not sales, marketing supports sales activities. Marketing and sales are interdependent on one another.

As a young entrepreneur, you need to understand that for your business idea to grow wings and fly high into the sky, you must have a good understanding of marketing, and have a plan. Such plan should consist of simple but vital information as:
1. Your intentions [statements of purpose, mission or objectives]
2. Your offerings [products/services]
3. Your target audience [customers/clients]
4. Your marketing strategies [packaging, price, distribution, promotion, etc]
5. Your rivals [competitors]
6. Your budgetary allocation [finance]
7. Your evaluation [control]

A fuller understanding of these seven basic points will help in your quest to grow your small business to become a giant in the next few years.

See you at the top!
Ayokunle Bankole
www.facebook.com/ayokunle.bankole

USE 101 MARKETING STRATEGIES OF THE BIG COMPANIES TO PUBLICIZE AND PROMOTE YOUR SMALL BUSINESS EFFECTIVELY

With more businesses springing up in their thousands, sale of products and services have indeed become more competitive. Business owners and advertisers, more than before, continue to churn out strategies and tactics to get their offerings into the minds and eventually the pockets of existing and potential customers or clients.
The big companies allocate huge annual budget for their marketing campaigns; while small businesses tend to struggle to make themselves known in the market.
This trend, however, has forced thousands of small businesses to close shop, while others have gone the way of cheap or free publicity and promotion in order to keep cost at an all time low. You find them in online forums, blogs, pay-per-click, classified ads, banner exchange, social networking websites, online directories and even small business meetings.
I have painstakingly researched and compiled 101 marketing strategies the big companies use to publicize and promote their businesses. Surprisingly, as small business owners, we can make good use of them tool!

1. Use a direct mail campaign to sell your offerings
2. Send customized bulk sms to your target audience.
3. Create a blog and start blogging.
4. Advertise in newspapers and magazines
5. Print and hand out quality business cards
6. Distribute corporate souvenirs
7. Write professional articles on your products and services.
8. Issue press releases in both the print and electronic media.
9. Advertise on billboards and street banners.
10. Sponsor or co-sponsor special events
11. Join social networking websites, e.g facebook
12. Design a beautiful website for your business.
13. Join and participate in online forums, e.g nairaland
14. Establish mutual community relationships
15. Target your audiences well
16. Attend trade fairs/exhibitions
17. Organize road shows
18. Distribute quality flyers
19. Paste quality posters
20. Have an efficient customer/client contact centre
21. Offer discounts on your products/services.
22. Do a documentary on your business
23. Distribute annual reports to your stakeholders
24. Be open to criticism
25. Advance a dress code for your employees
26. Use a consistent brand identity on all promotional materials.
27. Include contacts information on all outgoing communication.
28. Share your statements of purpose and core values with all stakeholders.
29. Treat your employees with respect & admiration.
30. Initiate corporate social responsibility programmes
31. Hold annual general meetings
32. Advertise on tv and radio
33. Organize facility visits for your stakeholders.
34. Give opportunity for customer feedback always.
35. Publish a house journal/newsletter regularly
36. Create events around new products and services
37. Use in-store/open market display stands
38. Brand your vehicles
39. Use roll-up/pop up banners within your business premises and at important events.
40. Beautify your business premises
41. Partner with other businesses to sell your products/services.
42. Recognize and appreciate loyal customers.
43. Use word of mouth always
44. Offer quality products/services always
45. Covet and win awards for your company
46. Use a good trade/ brand name
47. Advertise on the internet
48. Re-brand your products/services if necessary
49. Meet and discuss with other business people at events.
50. Ask your existing customers/clients for referrals
51. Request for written third-party endorsement for your products or services.
52. Maintain an open communication policy with journalists.
53. Partner with you local and state governments on developmental issues/projects.
54. Publish a book/magazine
55. Establish branch offices at strategic areas
56. Drive a posh car (for Nigerians only!)
57. Maintain a high dress sense.
58. Use state-of-the-art office equipment
59. Have only intelligent employees on your payroll.
60. Only employees with good communication skills must answers phone calls and deliver corporate speeches.
61. Place and honour all statements of warranty on your products and services.
62. Use beautiful packaging for your products.
63. Offer the best product/service at a reasonable price.
64. Initiate a market research for an existing or new product/service.
65. Use e-mail marketing
66. Embrace new technology
67. Smile always
68. Organize a press conference when necessary
69. Tailor your product/service offerings to different segments of your market.
70. Schedule a visit with potential clients/customers
71. Use a punchy slogan to drive home your message
72. Pay a courtesy visit to traditional rulers, regulatory agencies, the media and other important publics.
73. Avoid lawsuits and respect the rule of law.
74. Put your customers first when formulating policies
75. Have an in-house public relations expert or consultant on your payroll.
76. Focus on delivering superior products/services
77. Empathize with your clients/customers
78. Set new and challenging marketing goals regularly.
79. Recruit ad-hoc sales people for sales promotion
80. Maintain a non-discrimination recruitment policy
81. Manage your internal and external crisis well
82. Never speak ill of your target audiences
83. Submit your website to search engines and directories.
84. Submit your articles to article submission websites.
85. Position and re-position your products/service against your competitors.
86. Discuss pertinent but controversial issues over the media
87. Insist on quality printing work always.
88. Build excellent relationship with your target audiences
89. Offer free delivery service where applicable
90. Give customers the opportunity to buy and pay for your products on the internet.
91. Pay your creative department /agency well to do a quality newspaper, TV and radio advertisement for you.
92. Say “thank you” each time a customer or client patronizes you.
93. Display your statements of purpose, beliefs and awards inside your business premises.
94. Keep and update a mailing list of your target audiences
95. Offer free services as often as you can.
96. Provide a toll-free number for customer/client feedback.
97. Have customer relationship officers respond to enquiries on time.
98. Pay your taxes regularly.
99. Maintain a credit worthiness policy with your banks and other lenders.
100. Include a “signature” (business information) in all your outgoing e-mail messages.
101. Invite me to speak with your employees or seminar audience on how they can use each of these strategies to publicize/promote your (or their) products/service effectively. Call Ayokunle on +2348055981421.
Read more relevant business write-ups on my blog: www.rulingideas.blogspot.com