#MyN25MillionFailure (Lesson 1.) - Biztorials

#MyN25MillionFailure (Lesson 1.)

If you ask any aspiring entrepreneur about to start a business, “What exactly do you want to do?” You can be sure that a large number of them would reel out a list of products or/and services they are hoping to offer to their “clients” and you would hear them go on and on about why they think the product or service will be successful.

Business Activity Lens

Sadly, I think this is a fatal flaw as far as what one wants to do in business is concerned. You see, as a business person you need what I call a “framework of foundational principles” that would become the lens through which you view all your business activities.

Business Identification marker

What many entrepreneurs don’t realize is that the identification marker, if you will, of a business is not the product or service it offers. Charities and NGOs also offer services (and even sometimes products) and yet they cannot be categorized businesses.
The most important things any entrepreneur seeks to do in a business are:
1. Make as much money as possible
2. As legally/morally as possible
3. For as long as possible.

Your entire business life will, even without your realizing it, be guided by these “foundational principles”, they will drive product design and innovation, customer engagement, operational excellence, brand identity, staffing, etc.
(To be continued…)

Written By  Olamide Bode Falase