The entrepreneurs’ bug bit me a longtime ago and I’ve got a few lessons to share based on my experience. Though experiences are not sacrosanct but some ideals are common and they’ll appear at different times along any entrepreneurs way.

In my journey, I wish someone had shown me how these things work, maybe I will have a better grasp of things

  1. Planning
  2. Partnership
  3. Leverage
  4. Insurance/ Disaster Recovery

I will explain what I think about them in short notes below.

  • Planning

Is there anyone here who, planning to build a new house, doesn’t first sit down and figure the cost so you’ll know if you can complete it? If you only get the foundation laid and then run out of money, you’re going to look pretty foolish. Everyone passing by will poke fun at you: ‘He started something he couldn’t finish.’
Luke 14:28 MSG

A very important part of any endeavor, but it just doesn’t end there, our world is constantly changing and factors of production are changing too hence there’s a need to constantly plan and replan.

The replanning phase is where a lot of us get lazy, we believe once it’s done, it’s done.

The human brain not well utilized thrives on repetitive actions , it will keep sailing until a storm comes hence a need to constantly watch out for the storm before phycological laziness becomes ones main course.

A wise man said, “Plan your work for today and every day, then work your plan.”

This is one thing I personally struggle with because it’s a tedious exercise but one can’t expect the best out of life being blown around by the wind.

I religiously sit down every night to analyze how my day went and also think of what the next day holds for me.

Partnership / Network

“Talent wins games, but teamwork and intelligence win championships.” – Michael Jordan

I have only been able to survive as a result of the people I know, so many of who I’ve never met before in my life but businesspatnership agreementfell in love with me as a result of those who introduced me to them.

I have tried to form a strictly direct legal partnership with some people but my naivety taught me hard lessons.

1. Sign necessary documents and review as soon as possible, in fact get a lawyer to help you with it, I learnt some hard lessons which I already wrote about here, you can read through and please don’t make same mistake.

2. Don’t get into partnership the wrong person, I started a building materials online platform and was ready to fund it very well but my partner who was supposed to Interface with the suppliers has no idea of building materials or procurement, worst part , I have no clue too as a software engineer.

The idea made sense but we couldn’t sell because clients know about the products than we supposed marketers.

In every partnership, roles and entitlement need to be stated clearly so as not to kill the business in the future whenever human excesses begin to show up.

Leverage

Conservation means the wise use of resources for the lasting good of men

As a computer engineer, I’ve seen people buy new phones which have same spec with their presently working one which only needed a battery change. The world is rife with constant purchases but an entrepreneur thinks differently, I’ll only buy when I can’t find a worthy alternative.

That money can be directed somewhere else for the good of mankind. I’m constantly asking myself questions like

  • Do I need a full time or contract staff
  • Do I need a new office or maximise the present one
  • Do I need a new car or repair the old?
  • Do I need to make that call or send a message.
  • Do I need that extra chicken
  • Do I need an accountant or just software to solve my accounting problems?

These choices when made profitably will determine the future of the business.

Unless necessary, I always look for the cheaper quality option.

Disaster Recovery

Pandemics, Hurricanes, Bomb blast, Health Challenges etc are unforeseen circumstances which can consume any business in the shortest time.

It’s always important to have a backup plan and also ensure your family are never affected.

Personally, I separate personal and business concerns so as to ensure nothing happens to my family in the event of a costly business decision, I suggest you should too.

These few things are my guiding principles for running as an entrepreneur. I hope you like it, kindly drop your comments below or send me a message on via email or WhatsApp….

Ciao