3 Unimaginable Secrets to Entrepreneurial Success

3 Unimaginable Secrets to Entrepreneurial Success

Are you an entrepreneur who really wants to succeed? Then, read this. Experts all over tell us why new businesses fail. But here’s how to succeed!
Are you an entrepreneur who really wants to succeed? Then, read this. Experts all over tell us why new businesses fail. But here’s how to succeed! Share on X

In case you don’t know yet, let’s quickly get you informed on the realities.

The Clear Truth about Entrepreneurship

Every now and then, new entrepreneurs are born. In fact, over 627,000 new businesses spring up all over the world yearly – according to the Small Business Association (SBA) report in 2008. So, by now, we can say the world is already full of entrepreneurs.

Yet, more are still going to be joining soon. What is most alarming however, is the rate at which most entrepreneurs fail. According to the SBA report as well, about 595,000 (95%) of businesses close down each year.
Every now and then, new entrepreneurs are born. In fact, over 627,000 new businesses spring up all over the world yearly – according to the Small Business Association (SBA) report in 2008. Share on X

Those are serious numbers, right? Of course, they are!

According to business experts at invoice, it has been predicted that 80% of new businesses and startups will fail for one reason or another within the first three (3) years of getting started.

They attribute these failures to many factors. These include poor marketing, building the wrong products, running out of cash, thinking short term and weak team plus poor leadership.
According to business experts at invoice, it has been predicted that 80% of new businesses and startups will fail for one reason or another within the first three (3) years of getting started. Share on X

But, to be clear, this issue of business failure is not just peculiar to Nigeria or Africa alone. In US as well, research results show similar trend to what is obtainable in our biosphere. According to a study report released by Small Biz Trends, while monitoring a handful of businesses that started in 2014.

The report showed that only 80 percent of US businesses started in 2014 made it to 2015. While 70 percent made it to the third year (2016). 62 percent made it to the fourth year (2017). And only 56 percent made it to the fifth year (2018). This shows that as the year goes by, startup businesses keep dying off in great numbers.

So, if entrepreneurs all over the world are facing challenges, what then is the way forward?
So, if entrepreneurs all over the world are facing challenges, what then is the way forward? Find out here... Share on X

The Secrets to Entrepreneurial Success

In this article we will look at the 3 unimaginable secrets needful for success in any entrepreneurial pursuit. Indeed, you will feel better after reading these simple but effective truths.

These secrets have been termed unimaginable because they are simple and often talked about but yet, greatly overlooked. Many just wouldn’t imagine how important they are until they are told with great emphasis.

The fact is that, becoming successful as an entrepreneur is possible. Many have stumbled on these simple secrets by mistake or instinct. Many have even spoken or heard about it but not many have applied it successfully.
The fact is that, becoming successful as an entrepreneur is possible. Many have stumbled on these simple secrets by mistake or instinct. Many have even spoken or heard about it but not many have applied it successfully. Share on X

Definitely, you must have read many articles. Also, you might have attended seminars about entrepreneurship. But until you grab the secrets that you need, nothing else matters. So, let’s dive in right away.The three secrets for entrepreneurial success that we’ll look at are:

1. The secret of Solution
2. The secret of Knowledge
3. The Secret of Money Seasons

The Secret of Solution

First, I’ll encourage you to think of this Secret as an important addition to your collection of success ingredients. In my business experience, no single factor is enough for success.

But certainly, there are some factors that you can never do without for long. One of these factors is this number one Secret – The Secret of Solution.
In my business experience, no single factor is enough for success. But certainly, there are some factors that you can never do without for long. Share on X

It is a statement of fact, that every human being has problems! You think that’s not true right? Well, just read on.

You will agree with me that when you have needs that you can’t meet, it’s a problem to you.Your inability to meet a need at a particular time is subject to diverse factors.

But what’s important is that you will appreciate anyone who can provide a solution right at that point when you need it. That’s correct right? Sure, it is!
It is a statement of fact, that every human being has problems! You think that's not true right? Well, just read this... Share on X

So, imagine that your surrounding is full of problems, which is true by the way. But then, you are the one that has the solution. And of course, everybody is paying you to get it. Wow! Awesome right? Of course, it is. And that is what this secret is about.
So, imagine that your surrounding is full of problems, which is true by the way. But then, you are the one that has the solution. And of course, everybody is paying you to get it. Share on X

In case you have not noticed, most business ideas (that eventually last into great companies), came when a problem was identified. And especially when the solution can be monetized. Yes! Money is a key factor.
In case you have not noticed, most business ideas (that eventually last into great companies), came when a problem was identified. And especially when the solution can be monetized. Share on X

Many might tell you not to put money first. But I’ll say make money your end goal! Or, do you actually know any business that is fueled just by passion? Of course not! Without reward for passion, frustration will set in and in the end, the pursuit will be abandoned.
Many might tell you not to put money first. But I'll say make money your end goal! Or, do you actually know any business that is fueled just by passion? Share on X

So, what does the Secret of Solution have to do with Entrepreneurial Success?

The point with the Secret of Solution is simple; your business will receive more patronage if it solves a problem or some problems. This means that if your business can provide needed solution to existing problems of people, then, you are in for success.
The point with the Secret of Solution is simple; your business will receive more patronage if it solves a problem or some problems. Share on X

According to the invoice article on why startup business fail in Nigeria, “Very few founders start because they are passionate about solving a problem that no one else is willing to solve”. Well, I sure hope you are one of the few.
Very few founders start business because they are passionate about solving a problem that no one else is willing to solve. Hope you are one of the few. Share on X

The honest Truth is that without patronage, every business is bound to fail and fold up! According to the Small Biz Trends research, lack of market need is the biggest reason why small businesses fail. Because, if people don’t need what you’re selling, they have no reason to buy it.
The honest Truth is that without patronage, every business is bound to fail and fold up! Share on X

As an entrepreneur, your success is dependent on the solution you can provide. But note, I am not talking about providing solutions to things that you feel are problems. It has to be things that people consider as problems.
As an entrepreneur, your success is dependent on the solution you can provide. Share on X

For instance, you cannot sell slimming tea to people that love being fat. Because they actually don’t have a problem with being fat.

Sometimes you might want to make people to see the problems that you see. But you will have more successes when people can already see the problem themselves but need someone to solve it.

The right question to ask yourself as an Entrepreneur

What problem can I see around that my skills, passion or business idea can provide solution to?

That is the question that you need to ask before you start your entrepreneurial journey. If you have started already, then ask yourself this: what problems can my business provide solutions to?

If there are no problems that your services can solve, then your chances for a long-term success just got slimmer. But not too worry, you can find it. And when you do, it will help you direct your marketing effort towards those who have the problems instead of everybody.
If there are no problems that your services can solve, then your chances for a long-term business success just got slimmer. Share on X

Finding the problems whose solutions you can provide is the first greatest gift your business needs. The problem sometimes could be that people are paying too much to get the services that you can provide.

So, you know what I’m thinking right? Yes! If you can provide it cheaper especially without compromising on quality, then, you are in for business.
Finding the problems whose solutions you can provide is the first greatest gift your business needs. Share on X

Note: It is not about what you think the problem is. Instead, it is about what people know the problem as. This is why market research is very essential.
It is not about what you think the problem is. Instead, it is about what people know the problem as. This is why market research is very essential. Share on X

The Secret of Knowledge

You must have heard people talk about going for apprenticeship or internship. These are great ways to get practical knowledge about running a business. As an entrepreneur who desires success, knowledge is key!
As an entrepreneur who desires success, knowledge is key! Share on X

According to the Small Biz Trends research, some of the reasons many people start new businesses include: they wanted to be their own boss, wanted to pursue their passion, dissatisfied with their job and or the opportunity presented itself.
Some of the reasons many people start new businesses include: they wanted to be their own boss, wanted to pursue their passion, dissatisfied with their job and or the opportunity presented itself. Share on X

What is however important is that irrespective of your reasons for starting, don’t start without passable knowledge. Just as the apprenticeship and internship options for learning are great, some still learn from books and YouTube videos. Trust me, these are great ways to get knowledge as well.
What is important is that irrespective of your reasons for starting a business, don’t start without passable knowledge. Share on X

However, you must know that going to school alone doesn’t make anyone brilliant. There is always the need to learn more than your teacher has taught you. In other words, for you to succeed as an entrepreneur, you’ll need multiple sources of knowledge.

This is because the more you know, the better your chances of standing out, improving your craft and wooing more customers.
Going to school alone doesn't make anyone brilliant. There is always the need to learn more than your teacher has taught you. Share on X

Please note, learning is a continuous process! Never graduate from learning!
Learning is a continuous process! Never graduate from learning! Share on X

What Knowledge do Entrepreneurs really need?

It is important to ask yourself about what kind of knowledge you need for success. What exactly should you learn as an entrepreneur?
It is important to ask yourself about what kind of knowledge you need for success. What exactly should you learn as an entrepreneur? Share on X

I have put together two very important types of knowledge I’m sure you’ll need. Of course, you’ll need more than these two. But for the sake of time, I’ll touch just these. They are:

The Indispensable Knowledge 01 – Skills

I classify Skills as knowledge because in this context, it is not a natural ability. Many things are natural but not every skill is.
As a golden rule, never think you know it all, always be curious to know more! Share on X

In actual fact, Skill is the most obvious of every entrepreneur’s needs apart from capital. And of course, skill set needed for businesses are different. But whatever skill is needed by your line of business is worth having. For some businesses, it is Negotiation.
In actual fact, Skill is the most obvious of every entrepreneur's needs apart from capital. Share on X

For some, it is about Software Programming. While for some, it is Hardware Recuperation or Graphic Design, Baking Cakes, Fashion Design, Bead Making etc. The list is endless but the point is that you must have the needed skill for your business.

So, while you are an apprentice, an intern, reading books or watching videos for knowledge, focus on picking up every skill you can find. What can people who are in similar or the same business do that you cannot do? Once you find this, make all effort to learn. Even the things that you already know, learn more on them until you’re perfect at them.
What can people who are in similar or the same business do that you cannot do? Once you find this, make all effort to learn. Share on X

This is because, opportunities will come when you will need to use those skills to gain customers or keep customers, close a deal or win a bid. But if you never learnt the skills, you won’t be able to. So, never step out on a business you are not skilled for. Before you start, learn well!
Opportunities will come when you will need to use those skills to gain customers or keep customers, close a deal or win a bid. But if you never learnt the skills, you won't be able to. Share on X

However, after you have learnt everything, after you have stepped out and gotten on the job, still keep learning!
After you have learnt everything, after you have stepped out and gotten on the job, still keep learning! Share on X

The Indisputable Knowledge 02 – Customer Management

To be honest with you, customers are not always right! Yet, business owners’ll always need to treat their customers as kings. Why? Because they need patronage! In your entrepreneurial journey, you must be prepared to come across good and bad customers. But more importantly, prepare for how you will handle them to your advantage.
To be honest with you, customers are not always right! Yet, business owners'll always need to treat their customers as kings. Why? Share on X

Don’t make a mistake though; there are customers that are not healthy for your business. And trust me, they are not worth the keep. So, customer management is not about keeping every customer. Instead, it is about handling every customer appropriately.
Don't make a mistake though; there are customers that are not healthy for your business. And trust me, they are not worth the keep. Share on X

In reality, some customers like being followed up on, some see it as a burden. Some can overly negotiate while some are just fine with any price you give. Some are aggressive, while some are calm and peaceful. But what is important is that you learn how best to handle different customer type.
Some customers like being followed up on, some see it as a burden. Some can overly negotiate while some are just fine with any price you give. Share on X

If you are an intern or apprentice, it might take you, asking your boss about it or watching him or her. If you are reading books or watching videos, you might look for materials about customer service or management. You can even find someone around who is knowledgeable and ask.

When it comes to customer management, it is best you are prepared ahead. You will make mistakes and learn from them along the way though. But the more you learn ahead, the less your mistakes will be.
When it comes to customer management, it is best you are prepared ahead. You will make mistakes and learn from them along the way though. But the more you learn ahead, the less your mistakes will be. Share on X

The Secret of Money Seasons

The truth with business is that, everything rises and falls on money; how much you make, how much you keep and how much you lose!
The truth with business is that, everything rises and falls on money; how much you make, how much you keep and how much you lose! Share on X

Have you noticed people that sell little sweet to primary school children? Have you ever wondered how much gain they make? If you are to ask them, and get an answer, you will discover that the gains are not in millions per year.

In fact, they might not make a million in 15 years. Yet, you’ll see big businesses who are making big money per day still folding up after few years. While many of these sweet sellers remain in business for so long.

As an entrepreneur who desire success, having adequate knowledge about how money should be managed is important. As said earlier, many have stumbled on these secrets by mistake or instincts. But not many have applied it successfully.
As an entrepreneur who desire success, having adequate knowledge about how money should be managed is important. Share on X

When it comes to the subject of money, many people are natural managers while some are not. But irrespective of the category you belong, as an entrepreneur, you still must understand the seasons of money.
When it comes to the subject of money, many people are natural managers while some are not. But irrespective of the category you belong, as an entrepreneur, you still must understand the seasons of money. Share on X

While many sweet sellers and most market women probably wouldn’t go out of business is because they understand money and its seasons. For many market women, November to December is the peak period for sales. For people selling books for school children, its probably when new sessions are to begin.
While many sweet sellers and most market women probably wouldn’t go out of business is because they understand money and its seasons. Share on X

But for an entrepreneur whose business is not directly linked with similar factors, understanding that every business has its factor is key! In order words, when there is a great inflow or a peak sales period, don’t roll out all your dices. Because you’ll need them when the rains come.
When there is a great inflow or a peak sales period, don’t roll out all your dices. Because you’ll need them when the rains come. Share on X

Never rush into business expansion! Never rush into spending when you make good money. Instead, keep your expenses very low. Movies, Pizza, shopping etc. all counts and matters.

As a prescribed entrepreneurial rule of money management, within your first 3 years of business, spend maximum of 10% of your profit on liabilities and at least 40% on savings.
As a prescribed entrepreneurial rule of money management, within your first 3 years of business, spend maximum of 10% of your profit on liabilities and at least 40% on savings. Share on X

With this when business goes down (which of course might happen at some point), you will have tangible savings to sustain yourself till you’re back on your feet.

What really has the Money Season Secret got to do with Entrepreneurship?

In essence, the Money Season Secret is about expecting the best but planning for the worse. It encourages entrepreneurs to save as though a time will come when business might not move as they want but without reduced expenses.
In essence, the Money Season Secret is about expecting the best but planning for the worse. It encourages entrepreneurs to save as though... Share on X

One good way to really plan for any season that might come is investment. And one great way entrepreneurs can invest is what Dangote does. Aliko Dangote as we know, has about 11 separate businesses. Why? Well, let’s say for instance, a new government policy is affecting one sector of business, the other sectors will keep yielding.
One good way to really plan for any season that might come is investment. One great way entrepreneurs can invest is what Dangote does. Share on X

Or let’s say the shift in the transportation industry eventually comes and lots of trucks are being substituted for one train. Well, people will still need to eat and build houses.

In order words, if you are able to have more than one business and they are not affected by the same seasonal factors, when one is down, the other will be up. And of course, if they both are able to keep staying up, it only means more income for you.
If you are able to have more than one business and they are not affected by the same seasonal factors, when one is down, the other will be up. Share on X

Every business is bound to have seasonal breaks. But if there are other sources to rely on during the breaks, chances are that you wouldn’t have to fold up your business ever!

The Recap:

To be successful as an entrepreneur, you need to add these three secrets to your collection of ingredients for success. The Secret of Solutions says; let your business provide a service that solves known problems that people are willing to pay for.
To be successful as an entrepreneur, you need to add these three secrets to your collection of ingredients for success. Share on X

The Secrete of Knowledge says; before you start your entrepreneurial journey, learn the right skills that you need. And of course, even while you are at it, keep learning and improving. Learn about how to handle different types of Customer. Not all customers are worth the keep but every customer needs to be managed well.
The Secrete of Knowledge says; before you start your entrepreneurial journey, learn the right skills that you need. Share on X

Lastly the Secret of Money Season says; expect the best in patronage but plan for the worse. Business can be down sometimes, but you will always be fine financially if you have enough savings or other investments or businesses that are bringing in income.
The Secret of Money Season says; expect the best in patronage but plan for the worse. Share on X

You can succeed as an entrepreneur! It is possible!
You can succeed as an entrepreneur! It is possible! Share on X

Do feel free to drop your comments and questions below. Cheers!

 

Related Posts