God gave me my money. I believe the power to make money is a gift from God . . . to be developed & used to the best of our ability for the good of mankind. Having been endowed with the gift I possess, I believe it is my duty to make money & still more money & to use the money I make for the good of my fellow man according to the dictates of my conscience.” —John D. Rockefeller,
The reason why people and corporate organizations engage in any business venture is to make profit and without profits no business can survive. Though there are social entrepreneurs who do not live on profits but the mainstay of every business is in the interest of revenue, profits and to extent cash at hand.
But one might me forced to think; Is profit –making a business skill? Yes indeed; profiting from what you do is a business skill that every emerging young entrepreneur must learn. Everyone seeks profit which is why we buy and sell. Businesses that fail to make profit often collapse after two years or even below a lesser time limit. However a good business still may not make any profit in its first two years even when the business is sound and the owner has planned ahead and made provisions for unforeseen events.
It is important to find ways of making profit as this is equal to mastering success. The other requirement and the one that really matters while starting a business is that the new business has to be profitable within a reasonable amount of time. This in my own view is a true fact that must be stated properly in the business plan. Well if you don’t get the statement you just read then picture what I’m about to tell you in mind: Assuming you are a farmer, you first have to clear the soil, excavate, and then plant before you harvest. But the time frame between planting and harvesting is what really should matter to the entrepreneur, and also how he manages his harvest, and stores them up.
Sales people are known for selling but the fact is that they could be relieved of their jobs if they fail to make the company profitable. Dear reader you need to learn how to make profit from whatever you do to avoid being handicapped financially. Ways of making a profit could prompt you to think of investments like buying shares or stocks and raising capital. How do you learn to make profit? You learn largely first by watching and then by doing all the necessary business related tasks. In other words start doing whatever is needed.
Ideas are the backbone of every business and they only come when you continue to seek problems you can solve. Young entrepreneurs need to think through new ideas. This is the only way to be creative in a world of no work and in a stagnant economy like the case of Nigeria and some other countries around the world. Suffice to say anyone who is not thinking cannot grow because they are stuck where they are unable to move any further.
Ideas rule the world and that is why many people who have dared to establish their own ideas became rich. The act of imagination is important for identifying potential opportunities. It does not matter how big or small it is. As long as it is viable and can fill a gap in the market it is a good one.
There are thousands of ideas which look silly at first glance in the first place but turns out to be money–making machines like. You also need to keep your eyes on new possibilities and not stay completely focused on just one thing.
In summary you have to develop your own zeal for each business project. Books cannot do business for you, books can teach you how to fan the flames, but the initial spark has to come from you, the person setting the business up. This is vital because your business must be something you enjoy doing not just something you have to read about that sounds good.
Have a fulfilled week end
Credits: Obinna Etele