LEARN BEFORE YOU EARN.

Happy New Week,

I look forward to sharing with you Brilliant and Excellent tips for attaining your goals, fulfilling your Purpose and making the world a better place.

It’s been two years now. Michelle started the business quite right, stocked her shop with the latest and trendiest fabric in town, but she made huge losses and owed debts here and there, this went on for about 7 months until the business eventually collapsed.
There are principles, regulations and procedures that govern every business. Nothing comes without a price. There is no goal without a dribble, but often times people are more interested in the end products rather than the production process. We get carried away by the good results we see in others but we fail to concentrate more on how they achieved those results. There are more layers to business than just the top layer, i.e sales and profit that we see.

As an entrepreneur, I normally advice young adults to undergo an internship phase on the venture they like before investing capital. Now by the term internship I don’t only mean physically applying for an internship/apprenticeship in a firm or enterprise related to that venture. The internet has indeed made life easier as almost any information can be gotten from various search machines like google, bing, etc. Getting a mentor may also be a good idea. Emulating the right people doesn’t make you any less than yourself. It is a well-known fact that successful people have certain habits that positions them for greater success
Everyone wants to be their own boss, but you need to understand that the road to entrepreneurship is somewhat rocky, however it can be managed with these few tips:

1. Do your research.

Research is the most vital factor to consider when starting your business as it serves as a guide to accomplishing the necessary. Make sure you understand the industry you'll be involved in so you can dominate. No matter how unique you might think your business idea is, you should be aware of competitors, pathways and loop holes. You should also consider your target demographic, which will be the driving force in each decision you make. You can't earn a profit without your consumers, so make them your priority.

2. Map your finances: Starting a business requires money that you likely won't have at that time, which is why it's encouraged to have an estimated budget and then capital. The first and most common place to seek capital is with friends and family. If that is not enough, expand the search to investors. Should these options not provide the amount needed, then apply for business loans through banks and small business empowerment packages.
3. Branding: Ensure that the company name you choose has an available trademark and Internet domain name. Failure to properly obtain a fixed brand identity could put your fledgling business at risk, not to mention that the time and money you have invested in establishing your business name could go to waste if someone else owns the brand name could have used the name for a business that closed, or filed a trademark and never used it.
4. Legal requirements: After doing some initial research on your own, consult with a lawyer and accountant to confirm your understanding to what regulations, licenses and taxes you will need to follow for your new business and to help structure your business to be in compliance with the law. This will secure your business from any future shenanigans with the government.
5. Learn from the experts: It is time we stopped being a slave to history and start learning from the experts in successful ones in our fields. If time is our most appreciable assets, then we should not  waste time on mistakes other people have already made but focus on lessons learnt available for us to make wiser choices. You will not save yourself time but you will potentially save hundreds and thousands of cash in errors or flawed thinking that you can overcome simply allowing yourself to be mentored.

For more details, you can contact the BPE team @ www.solomonempire.com or download BPE tool app on google play store.

To be a member of the BPE team of Solomon’s Empire, kindly send a mail to bpe@solomonempire.com.