How my First Business Failed...and how you can avoid such failure
Homies Letter #2
This Letter is for you my Homies,
Do you have a business?
You probably answered “Yes”, or you said, “I am just a social media manager, I am a data analyst, I am content writer, I am a website designer, I just sell shoes, i just sell books”, I work from one corner of my home, in fact, sometimes I work right from my bed so I am no business owner.
Well, whatever you say about yourself is true.
But let me say this for those whose hearts seek wisdom.
“Business is the practice of making one’s living or making money by producing or buying and selling products or services” This is your dear wikipedia’s definition of business.
So once again I ask, do you own a business? Are you a business owner?
Wait, I’ll tell you why my first business failed and failed woefully but before then, If you wonder why answering the above question should bother me a bit, it is because many people in their 20s and 30s that I have met are not succeeding because they don’t see what they do as a business.
Words such as “freelancers” have made you degenerate what you are doing and as such, your mind don’t think much of it either.
Hence, you see no need to have business knowledge, no need for planning, no need for accountability, no need to have budgets, no need for re-investments, no need for targets, no need for systems, why in the world do you need structures right? What does delegation have to do with my profit or financial freedom?
Hun hun, yeah. I got you right there!
Those things I have listed above are the culminating reasons why my dear first business failed. I know I took my lessons after it failed, but does it have to fail? No, if I did the right things.
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In summary, the reason my business failed was because I didn’t see it as a business. I felt:
- I just wanted to sell
- I just don’t want to be idle
- I just wanted to make profits
- I just want more customers
Guess what? Along in my business, I was blessed to have an investor come on board but yet, I ruined it all. Because I didn’t handle my business just as a business should be.
Take this with you today:
You own a business and you owe it a responsibility to be a real business owner
A real business owner:
- Gets business knowledge
- Have business mentors
- Build good structures
- Build strong systems
- Delegate duties
- Learn everyday
It is until you start doing this, that you’d start moving in the path of true profiting, true business growth, true success, business excellence.
Homies, more customers want to go to that business that shows they know what they are doing, that business that doesn’t look and feel risky.
And you don’t need millions to do this, you need information, knowledge, you need other people’s money if you don’t have yours, you need other people’s time in exchange for a worthwhile value.
Remember, where there is a will, there is always a way.
My Quote: If only you’d remove quitting from your options, you’d figure that you can do more than you thought possible - Oluwapelumi A.
Tell me what you learnt today?
Looking forward to Homies Letter 3?
Type “Can’t wait for Homies Letter #3
I help Coaches Make Impact & Income On Linkedin | ICF Certified Coach| Trained Over 50+ Coaches
1moWhy Is This Newletter So Powerful? It speaks of a very powerful idea. The idea of identity! It shows, You that what you call sth, Determines how you, Show up for it! The vision, You craft! The crazy thing? This does not apply, To businesses only, it, Also applies to life! What do you call, Your life? A test? An experiment? A SUFFERING? Think Twice, Before You, Name IT!
DNR-Discipline's No Reason. Senior Biology Teacher
1moThank for sharing.Oluwapelumi Akintoye Great for your subscription newsletter with the title : "Learn From My Mistake"
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1moThank for the training Ma What I learnt today was "Taking a full responsibility for your own business" Can’t wait for Homies Letter #3
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