Experience or innovation?

Think big or go home.

In the past week I have been talking to business people in my area and gave one or two some financial advice. But I have been getting a similar response from most of them.

There is this thing of how long the person has been in business and how much they know about what they do and how one can not tell them anything they do not know.

I was concern about this because clearly the experience has not served them any good.

What I mean is that what's the use of being in business for 6 years and still have one shop, same or no permanent/ stable employees, and still in the same building that you started in?

To me I see no innovation, no value adding and no improvements.

The point I am stressing is that it does not matter how long you have been doing it , as long as you are thinking big and expanding.

We need to strive to be big and I mean have more than 10 shops at different areas, we need to employ more than 100 people, we need to make more than a million in revenue.

If we can focus on innovation,expansion and growth. We can achieve more.

Comments

Supply

Supply- supply is the amount of a resource that firms, producers, labourers, providers of financial assets, or other economic agents are willing and able to provide to the marketplace or to an individual. Supply can be in produced goods, labour time, raw materials, or any other scarce or valuable object ( WikiPedia) I found this topic to be of great interest in a sense that one can be in and out of business because of a supplier. Demand and supply makes up the foundation of an economy. In business we can have an obstacle of a supplier. Recently I have halted selling a product due to a problem I had with a supplier. The supplier ran out of business and it was difficult to even find another supplier nearby. A supplier can increase prices meaning you also have to increase your prices. This seems simple but it tends to be difficult to maintain one’s clientele in such a situation. This problem of suppliers come with the risk of running a business, one must always be on the look...

Physical efforts

Taking care of your health. When you are in business you are taking care of alot of things and people. One must be both mentally and physically fit to exercise such responsibility. Reading is an exercise for the mind and working out or running is for the body. Business is about trust and how do you trust someone who looks like they are about to give birth? That is unhealthy. Heath concerns me alot and people need to educate themselves about the kind of food they need to eat. A healthy individual will run a healthy business. Physically appearance is everything especially in the service sector. Therefore, be neat, healthy and fit. Exercising for an hour a day will make a whole difference in your life and your business. Develop that mind

Competition

Why not compete? Competition is inevitable everywhere , people always want to be part of all the profitable markets , that's the business system. The issue is how do we deal with competition and how do we ensure that our services or products add more value than the others? I believe when one is faced with competition " Your Why" should direct you and help capture the market. But as you know how black people are, we want to eliminate the competition as soon as we see it, we tend to focus more on the outside factors instead of being strategic and aiming for innovation. Things in business almost always never go according to plan but one must find ways to stay relevant and to continue with the vision. Competition is our number one enemy and this then hinders our progress . We need to learn that it's an inside out factor not vice versa.

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