HOW TO IDENTIFY YOUR RIGHT KIND OF BUSINESS

What is Business?

Except you clearly understand what business is all about, and as well understand it in the context of this training you won’t make the best from this training.

Business simply means the activity of providing goods and services involving financial and commercial and industrial aspect of life.

From this definition, it means every aspect of our life or everything we do in life is business.

the above definition is basically for those who are in my school of thought "which is  making money from everything I do in life".

In this training we will be looking at identifying your right kind of business irrespective of your age, gender and educational qualification and a training on career guide.

Career guide is entirely a different training I offer as a Personal Development Coach and Advocate.

So let’s narrow it down for better understanding.

Business could also be defined as the principal activity in your life that you do to earn money.

I hope this second definition is simple and narrow our attention to money making as the objective of every business.

At this point I will say that business is beyond buying and selling as everyone out there would understand it to be.

Permit me to say that business is a deliberate thing.

It takes deliberate thought and action to engage in a business and one person can do more than one kind of business at a time.

I can now define business to be any deliberate action you take in life for the deliberate purpose of making money is business.

So,

o    Begging money

o    Stealing

o    Lying

o    Kidnapping

o    Cyber crime

o    Illegal oil refining

o    Money ritual

o    Farming

o    politics

o    Trading

o    Skills acquisition

o    Going to school, graduating and working is business.

Your business could be legal or ill legal and you can either be independent (self employed), an employer, or employee.

Skills are required in any kind of business you want to engage in. but you must first have interest a kind of business before thinking of working on your skills.

There is always a place for training or skills acquisition center for any kind of business you may want to engage in.

Know that business is all about positively taking advantage of people, place, interest, skills, situation, etc. Nigerian will tell you better.

 

Identifying your right kind of business:

In identifying your right kind of business (product and services), you can leverage on and be successful in it, you must ask yourself some question?

1)       What are those things I love doing? (What do I have passion for?)

2)       What are those things I spend money and time on?

3)       What do I want to achieve with the product? (What other motive do I have for engaging in this business aside making money)

4)       What are the things, those around me love doing?

5)       What are the things those around me spend money and time on?

6)       etc

 The reason you must answer these questions is because, one may have numerous products and different reason WHY you want to leverage on them.

Moreover by the time you finish answering these question, you must have made your aim, vision, strategies and goal clear.

With those questions answered, you can be a good and successful business personnel without stress.

To be more practical, let’s attempt the questions.

 In answering the questions, I will use myself as an example.

 

1.       What are those things I love doing Identifying Those Things I Love Doing

I am currently a Pharmacy Technician. My profession define what I love doing.

As my profession demands,

I work with drugs and patients and I must advice my patients about drugs and give some recommendation when talking to them about their health.

With the nature of my profession I am required to make researches to ensure that the information I give are trustworthy and of value to them.

Though my profession do not limit me to what I can do and what I love doing.

There is more area of my life I am gifted at and some I have developed due to environment and my drive to improve people’s quality of lives.

By my Profession,

1.       I love health counsels

2.       Research

3.       marketing

I can leverage on:

1.       Marketing of Pharmaceutical products

2.       Give useful Health Information and getting paid for it.

3.       Produce Health content and sell to those who are in need of it.

 

2.       Identifying Those Things I Spent Money and time On

I must say that what you spend money on may be different from what I spend money on. but for the purpose of this presentation, I will be listing out some things that people generally spend money on.

1.             As a working class I spend money on transportation.

2.             As human I spend money on snacks.

2.             As an average Nigerian I spend money on:

                Recharge card

                Data subscription

                Decoder subscription

                Bank transaction

                Laundry services etc, for myself and some relatives.

Let me not give you my life history!

The big question is how do I make money (do business) from what I spent my money and time on?

Can you attempt answering the question?

Doing business with what you spend your money and time on is very peculiar to our time. (You need to listen to my training on LEVERAGE) as a matter of fact, making money from what you spend your time and money on is what makes up what we call 21^st century business.

Let’s quickly answer the big question of how do I make money (do business) from what I spent my money and time on?

From my instances, I generally spend money on, for myself and some relatives.

1.       As a working class I spend money on transportation.

2.       As human I spend money on snacks.

3.       As an average Nigerian I spend money on:

a.        Recharge card

b.       Data subscription

c.        Decoder subscription

d.       Bank transactions etc.

I will want you to know that:

1.       If I buy airtime worth N500 at the rate of N480 I have made N20. And it is Business.

2.       If bank charges me N60 for N2,000 transfer and I am privileged to make this transfer without the N60 charge I have made N60. It is business.

3.       If MTN sells 1.5GB data at N1,000 and you buy at N500 you have made N500. That is business.

4.       If each time I subscribe my decoder I am given discount of N100. It means I make N100 that is business.

Just like every other buying and selling business, the more customers you serve the more money you make.

Looking at the third answer, there are companies like Marisbiz and many others who offer these services at discounted rate. Offering these services to others gives you more money as an agent.

Lest I forget, you can also make money with what you spend your time on.

If you watch football and other videos you can be paid for doing so, as a matter of fact the person you are watching is fulfilling his mission irrespective of the source or medium.

You need to listen to my training on leverage.

 

4.       What do I want to achieve with the product?

In answering this question, you must have identified how those expenses and hobbies affects you or influence your life. And it is at this point that the WHY of your business com to play.

If I may ask, why do people do business?

I need some respond before we can continue.

 

You will agree with me that some person go into business for different reasons aside making money.

Some negative reasons why people go into business are:

a)    Greed: they also want to be like others

b)    Vengeance: He did that to me because he is the only one selling fish, I will sell oil so I will pay him back when He will come to buy from me.

c)    Wickedness: He must not succeed in that business, I will start selling the same thing at cheaper price. If he sells 100, I will sell at 60.

d)    Subdue: I must be a lawyer so I will take that land from him.

Positive reasons:

Cost effectiveness: I want to offer a better quality service at a lesser price.

Convenient: I want to offer a more convenient and fast service at a better price.

Compassion: I want to offer good quality, more convenient and fast service at affordable price to these class of people.

And so many more.

 

YOU CAN GO AND READ MY STORY OF THE BUTCHER AND THE BAKERY.

THE CHEEP MC AT THE WEEDING.

 

We will go deep into this as we proceed.

My plead is that you should have a positive WHY of your business. Let your why be free from jealousy, greed, vengeance, hate etc

It seems we have digressed from what we were talking about, No! That is how the training was designed.

 

Let’s summarize with the last two question.

1)       What are the things, those around me love doing?

2)       What are the things those around me spend money and time on?

I want to say it as a warning that without answering these two question, you can never succeed in your business.

Most persons eat up their investment capital in business because they have successfully answered the first two questions without answering the last two questions.

Let me tell you this success secret about the business of buying and selling. If you as the business owner buy or eat from a product more than people buy from you, there is no magic, prayer or ritual that you will survive in that business.

Take a look at this.

If you buy 6 loafs of bread at N6000 to be sold within 3days at the profit rate of one loaf N1000 from the 6 loafs and within the 3 days you sell maximum of 2 loafs N2000 per day. Perhaps you eat half loaf N500 each day it means you eat 1 and half N1500 loafs before your next market. How much have you made from the Business for that period.

 

So it is in other business that you do when you consider only the first two questions without considering your patronage speed which is determined by the last two

Bear it in mind that any thing you do as business without patronage is not business. LISTEN TO MY TRAINING ON GOAL SETTING AND MARKETING ACTIVITIES.

There is 100% probability that people will always spend money for what so ever reason (cost effectiveness, convenient, quality etc) on what they want which is propelled by what they love doing.

ü  If I love groundnut, I will certainly spend money on it and also spend time looking for it whenever I needs it if not accessible at my convenient

ü  If I love making call, I will certainly spend money on airtime and also spend time looking for it whenever I needs it if not accessible at my convenient.

ü  If I love chatting, I will certainly spend money on airtime and data, and also spend time looking for it whenever I needs it if not accessible at my convenient.

ü  If I love gym, I will certainly spend money on sneakers, and sports wears and also spend time looking for it whenever I needs it if not accessible at my convenient.

ü  If I love watching movies, I will certainly spend money on decoder and data subscription and also spend time to get it done whenever I need it if not accessible at my convenient.

ü  Since people love food they will certainly spend money buying it and also spend time looking for it whenever they needs it if not accessible at their convenient.

To mention but few.

 

Expounding your business.

 

 As a youth who is about building his business career, there are a lot of pressure and challenge we face even right from our family and guidance.

Pride:

 

As a starter

When I talk about those things Iove doing, I am talking about things done out of passion.