Entrepreneurs face many challenges in today’s ultra-competitive business world; fortunately, contemporary times have also blessed entrepreneurs with more resources for tackling those problems than ever before. The following lists the challenges faced by entrepreneurs today, defines why each problem exists, and offers solutions so you can operate an efficient and successful business:Read More
If you really want to be successful in your business there are two essential traits that you must embody: Consistency and Persistence.
The problem with overnight successes that we see on TV and read about in the newspapers, is that they are so rare! That’s why we hear about them. And truth be told, it’s never normally overnight. So many celebrities and people of note have quoted that it often took them 10 or 20 years to become an “overnight” success.
Don’t kid yourself.Read More
ADGE AFRICA’S BUSINESS TIPS
KEEP LEARNING, KEEP GROWING
The entrepreneurial journey is not easy, and the environment is constantly changing, how can entrepreneurs adapt?
“Learn faster than the world changes.
In a world that never stops changing,
You can never stop learning and growing.”
TIP # 1
ENSURE BUSINESS PROFITABILITY
Sounds rather obvious doesn’t it? But it’s amazing how many businesses are not profitable or become unprofitable. Uncertain market conditions, demand-supply imbalances and a number of economic and non-economic factors pose a challenge to the profitability of a business.
It is very important for all business owners to constantly study their numbers. An awareness of revenue and running costs is key. A business only remains viable if you are making a profit.
Two things every business owner should focus on:
- Constantly work on increasing sales revenue; and,
- Constantly find ways to reduce costs.
Most importantly, the customer is KING! Know your customer, study their purchasing history and request regular feedback.
The late Jim Rohn, one of my favourite business mentors whose rags-to-riches story inspired millions, once said that success is a “numbers game,” and nowhere is this truer than in generating a profit.
Finally!! Adopt a “for profit” mind-set and accept the fact that you need to make a profit to survive.
This is easier said than done, but it can be achieved if you’re open to examining your beliefs about money, wealth and profit and committed to changing your point of view.
We live in an age of overwhelming information. The world is full of people supplying it and others who are seeking it. People everywhere are desperate for solutions and fresh insight. Those people who are able to provide them with the strongest, freshest, most relevant, and even most radical ideas, practically hold the keys to success. The individuals with this level of influence are the thought leaders.Read More
There’s nothing more frustrating than having worked on a deal for weeks or even months just to have the prospect say, “You know, I’m not sure this is the right time for this project. Why don’t you check back with me in six months.” As soon as that sentence is uttered, the deal is essentially dead. Time to start all over again with someone new.Read More
Measurements and score keeping is a universal language applied in a myriad of ways…
We keep score of sporting events as well as individual player statistics, credit scores,
grades in school, video games, IQ, cholesterol, blood pressure, weight, carbon footprint,
net worth, voting, conversion rate, customer retention, likes and tweets to name a few.
As consumers, we score the books we read, the websites we visit, the hotels we sleep
at, the restaurants where we dine to include service and food quality, the television,
movies and performances we watch as well as the music we listen to.
While the range and significance of every score and measurement is diverse, one
constant remains…everyone and everything is scored.
My concern has always been…are people measuring and scoring the right things?
Today is February 7th…the 37th day of the year.
What’s your score?
How would you measure your year to date performance?
Are you crushing it, or getting crushed?
These questions are important for one important reason…ONLY RESULTS MATTER!
When it comes to all of the measurements and scoring you are engaged in…none of it
matters if it does not inspire action which in turn drives results.
None of it matters if you haven’t reached your goals.
Measure your efforts as you drive towards your personal and business goals.
In order to succeed we need to embrace failure positively and at the same time learn from the experience. My ongoing obsession is to turn every negative into a positive. In this way failures and obstacles becomes a way of life on my success path. Don’t lose opportunities due to the fear of failure. Atemporary failure is a big step towards success. One small failure or obstacle can give you many positive lessons. It will increase your level of self-confidence and make you more determined and resilient. You will be more ready for the next risk.Read More