Business Lessons from the Football Pitch

The 2013 African Nations Cup tournament is underway in South Africa and entered its knockout stages today. Starting today, there is no second chance for any team. The team either wins or loses; progress to the next stage or board the next flight home. You might ask! What has this got to do with my business venture?

To be successful in business, especially for start-ups, you have to appraise your venture like a football game every now and then, constantly looking out for punishable mistakes and devising strategies that will keep you on top at all times. Some of the tips below are not only useful on the football pitch, but can help ensure that your venture stays successful in the market place regardless of the competitive landscape.  

  • First and foremost, It’s never over until it is really over. Be it a proposal to win new business, a new project, customer acquisition, new branding etc. Never take your eyes off the goal and ensure that you and your team remain motivated till the very end.
  • Understand what fatal mistakes you should never make in business. Certain mistakes can lead to revenue loss, reduction in market share, reputational loss etc; but ensure that everyone on your team understands the type of mistakes than can take the company under. Also, be sure to avoid repetition of these seemingly small mistakes as they can continually erode value and weaken the business. 
  • Make good use of open opportunities (counter-attacks)
  • Never be comfortable with a 1-0 lead. Ensure that you are fully aware of what the competition is up to. Constantly get feedback from your customers and incorporate the feedback to improve product and service delivery.

There is so much to learn from football games as a business person. Keep that mindset of having only ninety minutes and you will run a much more nimble and responsive business venture.

More tips soon….Comments welcome….

Link

Staying focused is a very essential skill for every one, whether you are a 9-5 worker or an entrepreneur. Usually for entrepreneurs, there is always so much to deal with in the office and in some cases on the home front for those who have a family. The tips in the embedded link can be very useful to help you stay focused when you need it most and achieve your business objectives this fiscal year.

How to Train your Brain to Stay Focused

If your business is currently in the bootstrapping phase, you need to live, eat, drink and sleep these tips as they will form part of the essential ingredient for taking you to the next level.

Have a fruitful and rewarding week ahead.

Bootstrapping 101

Happy 2013…

Have you always wanted to start a business but find yourself unsure of the best way to proceed? Do you currently hold a 9-5 job, but have that burning desire to start out and become your own boss?

I understand how you feel and have always wanted to write a superb blog on “bootstrapping” because that is what you really need if you are in this situation. Trust me, I have been there before. According to the investopedia website, Bootstrapping refers to “a situation in which an entrepreneur starts a company with little personal capital. An individual is said to be boot strapping when he or she attempts to found and build a company from personal finances or from the operating revenues of the new company”. For me, it can also be that phase when you run your business all by yourself while still working at your regular day job.

Though, I am not ready to give the superb “Bootstrapping 101” class yet, I felt I should share useful bootstrapping insights from this link as it is a really helpful article on the topic; written by an accomplished business owner, Matt Barrie, the founder and Chief Executive at Freelancer.com.

Included here also is a very useful article on bootstrapping that gives you tips on How to find the optimal workspace, the right partner, hire sales people and even contractors.

Let me know your thoughts on this and the key challenges you are facing with bootstrapping today.

What does “9japreneur” mean?

I am currently in New York as an Acumen Fund Global Fellow, undergoing a two month intensive training program that will clearly help me better understand myself as a leader and teach me some of the basics of handling challenges associated with running a Social Enterprise-hopefully. I am enjoying my time here, but have been asked several times what a “9japreneur” means. I have had to explain my thoughts on the term ‘9japreneur’ to these people verbally and decided to also extend this explanation to my reader community, in the hope that we can work together and bring about positive changes in society together through business and otherwise.

Taken from the word entrepreneur, a “9japreneur” simply means a Nigerian (citizen or just resident) who is engaged in any venture that brings him or her profit and/or contributing positively to the society and the lives of people around them. It is an attempt to highlight the positive spirit and attitude within the country with a long term plan to connect entrepreneurs and provide support through activities like bootcamps and investor forums etc.  This definition is not meant to cover people who do business without a conscience, not considering if their activities have negative impact on people or the environment.

Just a little about me, I am an experienced business consultant and an upcoming integrated energy engineer who believes that every man or woman can be successful in their chosen positive venture, make good profits and also benefit the society in the process.

I am gradually growing into a social entrepreneur, using the tips on this blog as a starting point to support the growth of new and emerging businesses across 9ja, Africa and the world as a whole.

Article: Eight Reasons Startup Incubators Are Better Than Business School

Eight Reasons Startup Incubators Are Better Than Business School

http://www.forbes.com/sites/jjcolao/2012/01/12/eight-reasons-startup-incubators-are-better-than-business-school/

Sometimes, I come across some really interesting reads that I feel compared to share with this reader community. I am not against pursing business school dreams, but just feel I should let people have a feel of what options they have, if they are really desirous of starting a venture.

I look forward to the day when we would have a solid business incubator in the key cities of Nigeria. Really wishing and planning to start a launchpad for Nigerian entrepreneurs soon. Just hope everything falls into place.