Thread by @sodiqotijani

This thread will be a review of @akinalabi 's book "Small business big money" @goodbooksng #bookreview #thread

The book focuses on how to start and grow a business successfully in Africa specifically #Nigeria @goodbooksng #bookreview

@akinalabi is a successful entrepreneur that has navigated the rough waters of the Nigerian business landscape and shares his entrepreneurship journey which included how he started @NairaBET from scratch @goodbooksng #bookreview

The book consist of about 220 pages and divided into 7 chapters @goodbooksng #bookreview

The first chapter focuses on what you should know before starting a business, having a "strong why" before you venture into amy business is key. He Made mention of a couple of reasons people venture into business. @goodbooksng #bookreview

Most people find entrepreneurship fascinating when they read stories of successful entrepreneurs or listen to their interviews which overshadows the reality that "entrepreneurship Is hard" @goodbooksng #bookreview

Becoming one's own boss is a major reason people decide to become entrepreneurs but sadly "you'll always have a boss" . In a business your investors are your boss, regulatory bodies ,the tax man too @goodbooksng #bookreview

"They want more money... Now " if this hour motivation then what you need is a Job. Discovering new opportunities should not also be a driving force towards your entrepreneurship journey, some new opportunities are good but most aren't @goodbooksng #bookreview

chapter 2 talks about "How to decide the kind if business you should do" . They're a a ton of businesses one can venture into but you should listen to the market before you start that business you have in mind @goodbooksng #bookreview

"Almost everyone takes their bath daily, so if I sell soap .eveb if 1% of the people buy my soap I am okay" this is the kind of reasoning people use in choosing the choice of business they venture into. But sadly that's a great mistake @goodbooksng #bookreview

"Sell went people want to buy.... Not necessarily what they need to buy " this is in contrast to what most entrepreneurs believe, Everyone needs to read a book but most people want to watch an English premier league match. Wants outsells needs anyway @goodbooksng #bookreview

Chpt 3 Explains "how to become number one in your marketplace" becoming the first in your marketplace is a great feat."Having in mind, your aim should be that your business should be one of the businesses that will be mentioned when industry is been talked about " @GoodBooksNg

It might sound impossible to be the first in your marketplace but innovations and technology can propel you to be the first. Instead of selling just shoes, why not be the first to sell "some kind " of shoe? Or the first to sell shoes "some kind " of way? @goodbooksng #bookreview

Chpt 4 explains "how to advertise for maximum profitability" since the emphasis is on starting small and growing big then it's expected that you have a small markettijg budget @goodbooksng #bookreview

Fliers can be the easiest resort when you launch a new business according to @akinalabi But they don't work as much as most entrepreneurs think. One major advice is not to copy what the "BIG BRANDS" are doing because they have a larger purse than you do @goodbooksng #bookreview

The best form of advert is "direct response advert" , ignore what the big advertising gurus tell you in the end everyone is in business to make money . If the advert is not generating instant dire terms response then don't do it. @goodbooksng #bookreview

This leads us to what @akinalabi Named " the Seven commandments of direct response marketting"
1. You must arrest attention
2. You must Make an offer
3. You must make a call to action
4. You must create a sense of urgency
5. You must track / test
@goodbooksng #bookreview

6. You must establish credibity
7. You must take the risk away from the customers .
Choose the right medium to reach your customers ,listen to what the market is saying buy checking your advert metrics.... Don't assume you know what works.

Chapter 5 explains how to get others to talk about your business (Word if the mouth marketing). First question is which do you believe more? a service you heard from a relative or one you saw on a poster? The answer is obvious I know @goodbooksng #bookreview

Stimulating word of the mouth can be achieved through different ways, "super customer service " is one and maybe the most important as statistics show that a staggering 68% leave businesses because of indifference and poor attitude /customer service .@goodbooksng #bookreview

You can get away with a bad product even, but bad customer service is something you don't want to do @goodbooksng #bookreview

Staying in touch even after your customers buy from you, rewarding your customers, using of influences and opinion leaders, outstanding product and service delivery, reward for referrals and a strong online presence are what @akinalabi Mentioned

Chapter 6 is on how to price your products and services for maximum profitability, @akinalabi Made mention that he has gotten a lot of dissagrements from experienced businesses owners on pricing @goodbooksng #bookreview

"A big mistake business owners make when they want to attract customers especially when there is competition. What they do is reduce their prices ". One thing to note is that "people are not looking for the lowest prices " @goodbooksng #bookreview

What are people actually looking for? "They are looking for what they perceive as the best deal " . Structure your pricing in a way your buyer feels he or she is getting the best deal. @GoodBooksNg

However low prices can be used without loosing out. Sales is a good way of achieving this, using a low price to attract your customers as they'll buy a higher priced product in the future also works. Making your products look valuable is a strategy that always work. @GoodBooksNg

Chapter 7: what's next? You're buzzing with energy and reaerijg to go after you've been equipped with the information , entrepreneurs are not born by choice qnd learning they become entrepreneurs, @akinalabi Gave 5 nuggests that should help going forward @GoodBooksNg #bookreview

1. Start now and start small (every big business started small and procrastination is your number one enemy as an entrepreneur, no matter how small.. Start now! )
2. Plough back : don't be too excited and take money from your business no matter the circumstance. @GoodBooksNg

3. Don't build another business yet (don't be tempted to venture into that dream business if you're now that you're making money from the current business)
4. Go online : who's not online these days, that you can read this review means you know how important going online is

5. Learn how to keep money : earning money is hard but loosing it isn't, everyone wants to take your money, your friends and family will need help, this is not to say helping is bad but instead dedicate a fixed percentage of your income to charity.

6. Never close your business to customers: you can't tell how many customers you loose when you close your business even if you must close leave your customers with an alternative way of reaching out to you. @GoodBooksNg #bookreview

"I never said you shouldn't rest, you can rest but you cannot allow your business to rest " @akinalabi @GoodBooksNg #bookreview

7. You need a push : surround yourself with people who push you to do greater things, you can be great but remember any business is as successful as its workers "you cannot do it alone "

That concludes my review of the book "Small money big businesses " by @akinalabi , remember "there's no award for second place go out there and WIN" . I hope it was worth your time @GoodBooksNg #bookreview