Earn Money Advice if you want to be an entrepreneur?

NegociosCPM2021

New member
Not signing a contract
I had a call with a mate just yesterday, where his co-founders (and coincidentally good friends) are now reconsidering the equity they gave him, this happens more often than you know it. Remember, doesn’t matter if it's your own sibling, parent, best friend or high-school teacher, always sign a contract, that's why they exist. And if you’re too shy to bring it up with them, then realise that it's already a recipe for disaster, because having tough conversations is something that you need to get used to in business.

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Taking money from friends & family
Everyone has their views on this, only take money if the respective family member or friend can live without that cash and move on easily. Also only do this when you’re absolutely confident that you can make this business or idea a success, perhaps after some initial strong validation or growth. Money doesn’t build a business, it accelerates its growth. So make sure you’re taking money to accelerate an already growing business, else it can get ugly…fast.

Not set a framework for discussion
I learnt this from an employee of mine who has had an extremely healthy and happy relationship with his husband for nearly 8 years. He goes to therapy with his partner every week…even if they’ve got no issues. This was ming boggling for me at first but also very enlightening. The principle behind this point is to build a system of discussion without emotion involved with your co-founder. This is very important to make sure you maintain a relationship with them if s**t hits the fan and you have to close the company.

Doing it all
You’re sure to fail if you end up doing everything. Remember if you do everything you end up doing nothing. Hire, delegate or automate - eitherway you need to make sure you’re not doing everything and you’re able to offload your tasks to people much better than you in that particular role. People forget that the job of the founder is to replace themselves at every step possible, else you end up doing a job not running a business.

Never owning up to your mistakes
When the company wins, its because of the team. When the company loses, it's because of you. Rule number 1 of leadership - its always your fault. It comes with the job and if your ego is too soft to accept that, you might need to rethink entrepreneurship

Restricting yourself to a geographical location
We’re in the age of the internet, even if you have a retail store, you NEED to take advantage of being omnipresent on the internet. People who don’t do that are severely missing out

Not separating business from pleasure
You’re human after all, take a break and try understand that everything needs to be paced. If you’re really obsessed (which isn’t healthy), work on a side project for fun, but definitely take a break here and there - because its necessary to keep the creative juices flowing, its necessary for you to learn and educate yourself to become better at business.
 

IamDozzy

Valued Contributor
Your advise is actually sound especially your last point. A lot of new entrepreneurs are very naive and always find it difficult to separate pleasure from business as they always get carried away by the glitz and glamour of first time success forgetting that they have to steady the ship for more successes. Also it advisable for entrepreneurs to be mobile and not restrict themselves to a particular location so as to meet customers far and near.
 
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Sotherefore

VIP Contributor
one of my
advice to a friend is that he should try as much as possible not to mix business with pleasure because this is a thing that is making a lot of people to fail in the business they are going into,no matter what May happen business must be business and when you want to have pleasure it must not be within your working circle.i know what am mean.
 
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Briangsam

Verified member
Some people become entrepreneurs because they see it as a mandatory journey to take. Their prior experience in the job market or achievements in education makes them realize that working for others is no longer a life suited for them. Entrepreneurs are driven with the need to succeed and control their own destiny. So you have to be focused, follow your passion and have a vision.
 
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Queentener

Verified member
These are wonderful points, but people usually fall victim of the last point mixing business with pleasure, this is very wrong and should be studied before you venture into any business. I respect the Igbos in Nigeria to them business is business even if you are a family member you must pay for what you bought and that is how business should be.
 
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Chibson

Valued Contributor
Entrepreneurship is an interesting journey and it is not something you will just go and succeed easily. You need to make a lot of research and be updated with latest information on how to upgrade and make your other preneurship journey is successful. One of the ways to become a successful entrepreneur is to travel a lot, you also have to make a lot of research and so many of them.
 
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Samuel72

Valued Contributor
Your post is indeed full of knowledge lemme quickly make a comment on the loan from family or friends you are correct many start up business owners make the mistake of getting loan from families, like you advised it should only be under the condition that the person shoo be able to live without the money for a long time because for a start up business repaying that loan make take sometime.
 
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Mataracy

Valued Contributor
Not signing a contract
I had a call with a mate just yesterday, where his co-founders (and coincidentally good friends) are now reconsidering the equity they gave him, this happens more often than you know it. Remember, doesn’t matter if it's your own sibling, parent, best friend or high-school teacher, always sign a contract, that's why they exist. And if you’re too shy to bring it up with them, then realise that it's already a recipe for disaster, because having tough conversations is something that you need to get used to in business.

View attachment 45510

Taking money from friends & family
Everyone has their views on this, only take money if the respective family member or friend can live without that cash and move on easily. Also only do this when you’re absolutely confident that you can make this business or idea a success, perhaps after some initial strong validation or growth. Money doesn’t build a business, it accelerates its growth. So make sure you’re taking money to accelerate an already growing business, else it can get ugly…fast.

Not set a framework for discussion
I learnt this from an employee of mine who has had an extremely healthy and happy relationship with his husband for nearly 8 years. He goes to therapy with his partner every week…even if they’ve got no issues. This was ming boggling for me at first but also very enlightening. The principle behind this point is to build a system of discussion without emotion involved with your co-founder. This is very important to make sure you maintain a relationship with them if s**t hits the fan and you have to close the company.

Doing it all
You’re sure to fail if you end up doing everything. Remember if you do everything you end up doing nothing. Hire, delegate or automate - eitherway you need to make sure you’re not doing everything and you’re able to offload your tasks to people much better than you in that particular role. People forget that the job of the founder is to replace themselves at every step possible, else you end up doing a job not running a business.

Never owning up to your mistakes
When the company wins, its because of the team. When the company loses, it's because of you. Rule number 1 of leadership - its always your fault. It comes with the job and if your ego is too soft to accept that, you might need to rethink entrepreneurship

Restricting yourself to a geographical location
We’re in the age of the internet, even if you have a retail store, you NEED to take advantage of being omnipresent on the internet. People who don’t do that are severely missing out

Not separating business from pleasure
You’re human after all, take a break and try understand that everything needs to be paced. If you’re really obsessed (which isn’t healthy), work on a side project for fun, but definitely take a break here and there - because its necessary to keep the creative juices flowing, its necessary for you to learn and educate yourself to become better at business.
This information is very good,important and very educative. Most of the time many people use to look at it that once they have the capital they can just start any business just because they are seen their friend doing it in which business or becoming an entrepreneur is more than that.
Without all this advice you gave failure is inevitable so I will advise anybody planning to start up a business to adhere to these advise.
 
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Mellorando

Verified member
To succeed as an entrepreneur you have to on various qualities a good entrepreneur should not be rude to eat customers but in other words he or she should not be too playful with it customers also an enterpreneur should be a risk taker and see various way he or she can boost his or her business and I'm praying I also should not dwell on past failed business deals but instead look to the future and see way is he or she can take the business to the next level
 
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Chibson

Valued Contributor
First of all every entrepreneur must understand that it is a journey. Enterpreneurship can be fun and also filled with a lot of challenges and you must learn to confront these challenges with a lot of hard work, dedication, patience and research. Research is very important and also you have to read about successful entrepreneurs and understand what made them to succeed.
 
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sincerem

VIP Contributor
Their is more to entrepreneurial career. We ought be ready for it, learn the basics and be ready to embrace the risk to succeed. If partnering with some one elsewhere to co-found a business venture, we should learn to understand our partner so that consensus can be reached, which in turn drive the business to success in the long run.
 
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Ozigba Richard Lamai

Verified member
if you want to be an enterpreneur you must put some certain thing to place these involve the kind of business which you intend to start and the finance which is the capital that can cover certain business, every enterpreneur must put the four factors of production in place in order for him or she to become a successful entrepreneur this four factors include land labour capital and the entrepreneur himself all these must be utilised another has to achieve production.
 
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