All posts by : bussinessbriefly@gmail.com

People always start a business based on two reasons either to look for an extra income or they have some money somewhere and they want to invest it. That why you if you analyze google searches Phrases like ” Which businesses to start with $10,000″ are very popular.

And honestly there is not the wrong way to start maybe you’re unemployed, or maybe you’re looking for a side hustle to boost your income. Perhaps, like many people you are a parent taking a temporary break from the workforce – the transition back can be tricky, but hey, you got to do what you got to do!

Actually, most of the of the entrepreneurs I have interacted with started for a reason which lies between these two reasons, they did have a business idea, but trough feedback from a friend they helped they realized they can turn their “helping’ to business. I usually call this “Business by mistake. But before you start here are some valuable lessons to consider before you start.

1. Complex Strategies Often Fail

The thing about starting a business is that things change very fast. The shiny business plans you spent hours crafting might not translate perfectly to the real world. Most of the valuable knowledge you will gain comes from experience in the market, not just research reports. Don’t get me wrong, doing market research is important and it is very necessary before starting your business. However, this research can be misleading, often leaving out crucial factors like overhead costs.

Take an example of a drop shipping which is a very popular business with Influencer, you might hear someone brag about making 10,000 dollar a month, they will show you the results, but they probably won’t mention that more than 70% of their customers are from their audience, they won’t mention the blood, sweat, and tears they poured into building trust and loyalty of their customer base. Learn from your mistakes, pick yourself up, and keep moving forward.

2. Have a Success Mindset: Grit over Degrees

Why would a college dropout run a business successfully while someone with a master’s in business administration struggle to break even? Because the drop-out might be more action-oriented, less likely to get bogged down by overthinking. They’re willing to get their hands dirty, to hustle and learn from their mistakes.

Starting a business is a wild ride, unlike popular belief, more than 70% of businesses fail. There’s a reason why a single mom who is a roadside vendor is also running multiple apartments – it’s a testament to the power of hard work and determination. Graduates goes with plan B, C up to E, but a drop out Know’s there is no option B is either Sucess or Sucess. So go into the Business and hustle like a drop out.

3. Avoiding the Greed Trap

Don’t get greedy. Focus on securing enough capital to get your business off the ground. Remember, you get what you deserve. Entering in the business ventures requires sacrifice and one of it might be discounts and offers. Think about ways to keep your overhead costs low. Can you share space or internet expenses? High overhead eats into your profits, even if your revenue is good. Cash flow is king – make sure the money coming in is always more than what’s going out.

4. Business is a Balancing Act

Don’t confuse profitability with just making a sale. For instance, marketing might not guarantee immediate profit, but it’s an investment in your future success. As your business grows, remember to take care of yourself too. Burnout is real. Step away from the daily grind sometimes. No business is foolproof; unexpected events can happen (think forex fluctuations wiping out your savings). Focus on building a sustainable business, not just chasing a quick buck.

5. Paying Yourself: Patience is a Virtue

When your business is young, you might not be able to pay yourself a regular salary. Most people quit their job to start a business with an expectation that the business will pay them better. Surprisingly it might take you even up to 7 years before you start making the money you were being previously paid by your employer. As a matter of fact, some of your employees in your business will be getting a higher salary that you; and you are the owner. So, remove your focus on money and focus on growth first. As your company flourishes, so your salary. It’s crucial to separate your personal finances from your business finances. Discipline is key here. Don’t be tempted to dip into the business funds just because you have a million shillings “on paper.”

6. Mindset Matters More Than Money

Strong business principles are the foundation of success, but your mindset and character are even more important. That’s why you see supermarkets going bankrupt in one location while another one thrives in the same spot. It’s all about approach and how you adapt to challenges.

Bonus Tips:

• Network with other business owners, learn from their experiences.
• Explore getting funding from relatives or microloans to supplement your capital.
• Don’t pay for everything upfront. Negotiate payment terms to manage your cash flow effectively.
• Remember, wealth is built on what you don’t spend, so be mindful of unnecessary expenses.
• Make your money work for you! Explore investment opportunities.
• Treat every customer with respect, even if you have a feeling they won’t buy – you never know!
• A supportive spouse can be a game-changer in your entrepreneurial journey.

This is just the beginning of your business adventure. There will be bumps

Procrastination is the enemy of productivity. We’ve all experienced it: facing an approaching deadline and a long list of tasks, and yet, here we are wasting time watching cat videos (because, hey, those cats are impressive). As someone who specializes in productivity and has struggled with procrastination many times, I assure you that you’re not alone. Procrastination is common, but it doesn’t have to control your life.

In this post, we’ll explore the sneaky tactics of procrastination, understand why we engage in it, and most importantly, provide you with practical strategies to finally overcome it.

Why Do We Procrastinate?

Understanding the reasons behind procrastination is the first step towards conquering it. Procrastination isn’t about laziness; it’s often about fear. Fear of failure, fear of not meeting expectations, or even fear of success. It’s a defense mechanism that our brain uses to protect us from the potential pain of these fears.

1. Fear of Failure: Sometimes, the fear of not doing something perfectly can be paralyzing. We convince ourselves that it’s better not to try at all than to risk making mistakes.
2. Feeling Overwhelmed: A large, daunting project can feel impossible to tackle. We procrastinate in order to avoid the initial stress of not knowing where to start.
3. Lack of Motivation: Some tasks are just plain boring. We postpone them in the hopes that sudden inspiration will magically strike (spoiler alert: it usually doesn’t).
4. Perfectionism: The pursuit of perfection can be a major obstacle. We get trapped in endless cycles of editing, never feeling “good enough” to move forward.

The Tactics Used by Procrastination

Procrastination is a skilled manipulator. Here are some of its favorite strategies to be aware of:

1. The “Just a Few Minutes” Trap: We convince ourselves that quickly checking social media won’t do any harm, only to find ourselves sucked into a time-consuming black hole.
2. The “I’ll Do It Later” Deception: This one plays into wishful thinking. We persuade ourselves that our future selves will be more motivated and have more time (spoiler alert again: our future selves are probably busy watching cat videos too).
3. The Myth of Multitasking: Balancing multiple tasks simultaneously may seem efficient, but it actually reduces productivity and increases mistakes. Procrastination thrives when we spread ourselves too thin.

Strategies to Overcome Procrastination

Enough with the explanations about why and how procrastination happens. Let’s look on the practical methods that can help you beat it! Here are some actionable tips to finally get things done:

1. Break Down the Task: Divide that large project into smaller, manageable parts. Concentrate on finishing the first tiny step, and you’ll build up momentum.
2. Set Clear Deadlines: Establish specific timelines for each phase of your task. Having a sense of urgency can motivate you to take action.
3. Eliminate Distractions: Identify potential sources of distraction in your environment and minimize them as much as possible. Put away your phone, close unnecessary tabs on your computer, and create a focused workspace.
4. Find an Accountability Partner: Share your goals and progress with someone you trust. Knowing that someone is checking in on you can provide an extra push to stay on track.
5. Reward Yourself: Create a system of rewards for completing tasks or reaching milestones. Treat yourself to something enjoyable as a way to celebrate your accomplishments.

Remember, overcoming procrastination is an ongoing process. Be patient with yourself and keep implementing these strategies consistently.

Now that we’ve uncovered the secrets of procrastination and armed you with effective techniques, it’s time to take action! Start applying these strategies today and reclaim control over your productivity.

Raising capital is the focus point of every startup but before you hit the fundraising circuit, take a deep breath and consider this: capital is a tool, not a magic bullet. The intention of the business is supposed to inform how you raise your capital. If you are building a family business, surrendering a large chunk of ownership through extensive investor dilution might not be the most desirable path but that would be opposite if you want to build a unicorn.

Prioritizing immediate profitability might mean taking a slower approach to expansion. Conversely, aiming for aggressive market domination might require sacrificing short-term profits to reinvest in rapid scaling.  Let’s be honest, focusing on both honesty is being a little bit too ambitious – it’s better to be strategically focused than spread too thin. The very essence of your business, its core purpose, should be the driving force behind how you secure that capital. After

They invest in you not the product.

It took me long to learn Investors will bet on you the entrepreneur more than the product.  In his interview Masayoshi Son (one of the famous Asian billionaires) stated that he invested in Alibaba because of Jack Ma’s sparkling eyes and Charisma. ‘Sparkling eyes’ sounds as one of the dumbest reasons for an investor to put money in your business, but that was it.

Investor don’t just throw money at ideas. They back the people behind them. You need to be prepared to deliver solid information and data, not just a polished presentation. But more importantly, be the living embodiment of your vision. Investors are betting on you, so showcase your credibility and unwavering belief in your project.

Your business idea is worth nothing.

It does not matter how big your idea is, the fact remains that it is just an idea. Before pitching your idea to investors, they have probably seen 5 more people with the same idea.

If you’ve spent any time around entrepreneurs, you’ll know that ideas are worth (almost) nothing. What Investors want to see proof of concept. A minimum viable pilot demonstrates you’ve taken your idea beyond theory and into the real world. It shows you can iterate, learn, and adapt – crucial skills for any entrepreneur.

It’s true that you can get funding wit just an idea, but this is so rare. The best way is to get the initial funding from friends and family to launch your product. This is called pre-seed capital and it’s so crucial for your business. It allows you to launch your business but more importantly it gives your business access to human resource who are less transactional.

No one care’s as much as you do

No one will ever be as passionate about your business as you are. I am a big fan of Shark tank show and sometimes I see entrepreneurs who are so passionate that they cannot be convinced otherwise, that fire is essential, but so is a healthy dose of pragmatism. Remember you need to convince people who are applying logic and has been in the field long enough. and doing that will need a balance between your emotions and logic.

Protecting Your Vision

Not all capital is good some are punitive. While they are called angel investors some of them there is nothing angelic about them, beware of terms that could cripple your future. Remember money is not the goal but it’s a means to the goal. One of the people to study is the CEO of Facebook – Mark Zuckerberg. He had measures in place to safeguard his vision, allowing him to build a tech empire. I know if you are probably reading this you don’t love Mark Zukerberg and I don’t love him that much either. But he a force to reckon with. Probably you don’t agree with this point but here’s are 5 CEO who have been fired from their business, and boy are they many, 5 is just adjust like a drop in the ocean.

Founders CEOs who were fired from their own company

1. Sam Altman, OpenAI – Sam is the most recent example and he was fired from Open AI in 2023, the board said they had no confidence in his leadership. However, he was re-hired after few days.

2.Steve Jobs, Apple – Jobs was fired from Apple in 1985 the board claimed he is too young and temperamental to run the company. He went ahead and build two other companies NeXT and Pixar before rejoining Apple after 11 years.

3. Jack Dorsey, Twitter- Dorsey was fired from Twitter in 2008 by his co founder Evan Williams two years after Launching it in 2006. Evan claimed that Dorsey have poor management style.

4. Travis Kalanick, Uber- Travis was forced to resign in 2017 from uber due to reports of the company’s unethical corporate culture,

5. Jerry Yang, Yahoo – Jerry was forced to resign from Yahoo in 2008 after their shares decline because he walked away from Microsoft acquisition deal

Once I was asked what I would do if I was fired from my own business and my answer was “ I would cry” and then after I moment I added, “eeerr and probably start all over again like Steve Jobs.” Because at the point of being fired there is not much you can do. The best time to protect your vision is at the initial stage, and you don’t do this by owning 90% of your business because this will cripple it. Owning even 10% is more than okay but make sure to vet who you bring into your business, have legal gaps closed and your papers in place.

Don’t be desperate.

Once you secure your first capital you it is easier to raise the next round of capital. But there is one problem that might catch up with you, desperation. Make sure that you have cash reserves that can sustain you for at least a year when you are going to the next round. Don’t wait until your accounts are running dry because the investors will smell your desperation.

They smell desperation from a far no matter how much you try to hide it. When you seek investment without desperation, you negotiate from a position of strength. Without sufficient runway, you risk diluting your stake more than necessary.

Additional tips

1. Don’t be greedy, Investors will invest in  a leader who understands that not all boxes need to be checked immediately. Some aspects can be deferred, provided the core objectives are met.
2. There’s no one-size-fits-all approach to fundraising. Striking a balance between explosive growth and long-term stability requires careful consideration.
3. Investors who fixate on short-term results are not the best partners for your long-term vision.  In the fast-paced world of startups, what you truly need is patient capital.
4. Investors care about your team too; so it is important to partner with talent, experience and character.
5. You might receive more Nos before getting a Yes so the wider you cast your net, the greater the chance of finding a perfect catch: and more importantly don’t burn bridges; the venture community is not very big so people talk and you might as well loose an investor or get a referral.

I pray you get the best investor.