Thread by @IAmMrMeks

So today I had the rare opportunity of spending quality time with @basilokpara and what was suppose to be a normal meeting ended up being a business 101 class.

Below are some of the nuggets I was able to pen down and I hope other entrepreneurs can learn from.

#Thread

ON BUSINESS CHALLENGES.

1.When you give up too early it gets worse but when you persist, it gets better.

ON BUSINESS FAILURES.

2. If you don't learn from business failures you're bound to fail again.

3.Success is measured by how much you invest in the life of other people and they succeed with it.

ON RAISING CAPITAL.

4. When your business is something that truly satisfies a need, capital wouldn't be a problem as ideas attract capital.

5. Integrity is the greatest capital and people will do business with you when you have the following;

* Competence
* Character
* Experience

6. As an entrepreneur, you have to protect the interest of those doing business with you sometimes at your own loss.

Once again; integrity is the greatest capital.

7. You must be very professional and objective in business not sentimental especially when dealing with family and friends.

8. There's a process to acquiring wealth and for you to acquire wealth, you must go through the process.

There are no short cuts.

9. Nigeria is a JUNGLE.

You must put in 3 times more effort compared to someone doing the same business as you somewhere else in the world before you can succeed as you're already at a disadvantage starting a business here.

10. Most people go into a business simply because they see someone else doing the business and making it and not necessarily because it's what you're really called to do.

11. ON SCALING A BUSINESS.

Your priority should be to reduce costs to the barest minimum and maximise profit to the maximum.

ON DIVERSIFYING AND STARTING ANOTHER BUSINESS.

12. When your first business is at a stage where it can stand on its own without you being there then you can consider starting another business.

13. You've truly created a business when it's operation can run smoothly without you necessarily being there.

There's no need planting another tree when the first tree isn't bearing fruits yet.

14. Seperate yourself from the business and understand that the business money is not your money as it is an entity of its own.

Put yourself on a salary from the business. This salary should be something the business can conveniently afford.

15. If the business can't pay you what you deem fit as salary then then business hasn't grown to the level of paying you such.