Almost every entrepreneur wants to grow their business. Growth is exciting. Growth means a bigger business that makes more sales, has more customers, and is more visible and known by people. But guess what? Growth can kill a business if it’s not done well. In fact, if you grow your business too early, too fast, [...]
Many businesses are struggling to survive. And most of these businesses make either very low profits, zero profits, or serious losses. How to improve profits in a business is a major headache for entrepreneurs. After paying suppliers, salaries, rent, and other expenses, there is almost nothing left for the owner of the business. And if [...]
Running out of money. It’s the top reason most businesses fail. According to CB Insights, up to 40 percent of failed businesses were due to a lack of capital. And that’s for the US, Canada, and Europe. In developing markets like Africa, I can bet the number is much higher. But what makes a business [...]
If people don’t know you, they can’t help you or do business with you. That’s why networking is so important in business. Through networking, many people have found investors, business partners, and very good suppliers and distributors. Unfortunately, many people are not so good at networking. Most people think networking is just about introducing themselves, [...]
Your customers are not always right. Sometimes, this is especially true for angry customers. How do you handle a person who insults you, threatens you, and may likely tell other people bad things about your business? In your career as an entrepreneur, you will likely come across this kind of person. But guess what? Angry [...]
A friend of mine recently shut down his restaurant business. It was painful to watch him go through it. I still remember how excited he was when he first started the business. I still remember his vision to expand the business into other cities in the country. I still remember how much time, energy and [...]
Having an idea for anything is easy. But it is much harder to actually start. It could be a new business. A new product. Or a new sales strategy. So, what is the best way to start anything in business? Should you wait until you have all the resources you need so you can start [...]
You cannot build your business alone. At some point, you will need other people to help you. Most of them will likely be employees who will work for you. That’s why every successful entrepreneur has to have good leadership skills. Because if you don’t know how to lead, nobody will follow you. But what is [...]
Every business is looking for customers. The more customers you have, the better for your business. But there is one BIG problem with customers. They can easily leave you. Make a small mistake. Increase your prices. Or delay their orders. And some of them will leave you. They will leave you for another business that [...]
Growth is a beautiful thing in any business. When you grow, you make more money, serve more customers, and hire more employees. But there’s something else that comes with growth. It’s called complexity. As your business grows, it becomes harder and harder to monitor everything. It becomes harder to monitor everybody that works for you, [...]
