Thread by @c_shepherds

Dear friends, good morning & welcome to a bright #fridaymorning, yesterday on #navigatewithidy @IdyEnang continued on the topic 'Acquiring Business Acumen." Please join the conversation in the thread & feel free to share your thoughts & experiences with us

@LagpsTalks913

Starting up a business is very rewarding but also comes with its own pressure, hence, you need to have the right skills & temperament to succeed in business

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Here are some examples of business acumen skills:

1. Ability to focus;
2. Affinity for problem-solving
3. Understanding business modules
4. Learning the financials

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Starting your business is a risky thing to do, so you need to be aware of what problems to look out for as early as possible. You must do due diligence & have the requisite skills before you start a business

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Ask yourself this: "Do I have the right personality to start a business?"

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

While the technical aspect of your business will require skills, you still need the following:
1. Ability to negotiate with suppliers: Life is all about negotiations
2. You must understand how to mediate

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

3. You must be sociable with customers
4. You must be convincing with prospects & be able to think clearly under pressure
5. You must have the ability to portray confidence in the face of criticism

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

"Entrepreneurs are simply those who understand there is little difference between obstacle & opportunity & are able to turn both to their advantage." - Niccolò Machiavelli

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Are you ready to start-up your own business?

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Self-employed individuals who are successful, possess certain characteristics:
1. They are logical
2. Typically extroverted & confident
3. Ability to communicate clearly
4. Sociable, single-minded & take to advice

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

5. They are adaptable & ready to take risks.
6. They are creative and are individualists who are not afraid to stand out from the crowd.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

If you can't find yourself in at least five (5) of these characteristics, then you need to grow.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

You need to ask yourself this: 'Can I handle failure?'

If you are not thick-skinned do not venture into business, rather go and under-study someone.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

There is a fable or myth that older people are more successful in running a business. According to surveys & research, any successful businesses have been started by people in their 30s with management experience

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Unfortunately, many young people today, do not see management as a sufficient experience. People over the age of 50 are also responsible for many business start-ups. It is never too late to start! It is not about age but grace!

#navigatewithidy @IdyEnang @LagosTalks913

You must think of a change of direction after taking early retirement.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Young people have fewer domestic commitments & full of energy, that is why they are able to thrive in their businesses.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Ask yourself the following questions:
1. What skills will I need?: You need business skills because they are a huge advantage.
a. you need to understand marketing; strategic planning; accounting; personnel management etc

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

b. Aim to get some basic training in business administration.
c. Give yourself some tutoring
d. You need leadership qualities
e. Organizational skills: small businesses must be sufficient & well organized

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

f. You must be disciplined to set & meet deadlines & objectives.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

You need to assess your abilities in making a successful business happen & come to grips with the various risks as early as possible

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

2. Do I have the financial resources & can I avoid to risk them?
3. Do I have sufficient experience & technical skills to perform the core expertise of the business?

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

4. Do I have the tenacity & discipline to carry through hard times when cash is low & there is so much pressure?

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

If you want to leave your paid employment to setup your own business, be ready to cover yourself for 6-9months

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Jobs are not scarce, what's scarce are faithful people.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913 #navigatewithidy #businessacumen @IdyEnang @LagosTalks913

What is my motive? Why do I want to start my own line of business?
Why am I interested in this particular industry and what is my drive?

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Could it be for the following reasons?
a. Independence
b. Greater job satisfaction
c. Achievements & success
d. Money

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

You need to be pragmatic about what you can achieve, when you examine your motive & you do not have humanity to it, then you are about to lose the ticket.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

How prepared are you for the pressure coming?

1. Maintain your faith in your business even in the face of people's doubt. People are going to doubt you, God will always raise destiny helpers that will...

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

....help you but you must open your eyes ears and hearts. Be ready to work long hours & times will come when you are going to question yourself, be ready to surround yourself with those who will keep you going

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Go through the process for progress to be guaranteed. It is your ability to risk again that will let you know you are ready for pressure.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

2. Apply wisdom in your business: When you have wisdom, you have understanding. Be polite & helpful & know how to handle difficult customers.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

3. Many people who successfully start their businesses have their backing or support if their family because there will be pressure & they must be prepared for the impact.

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Take time to talk to every member of your family who might be involved in whatever happens to you

#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Common errors and mistakes most new entrepreneurs make:

1. Assuming that being your own boss is easy
2. Doing it for wrong reasons: do not store interested business for money reasons alone.
#navigatewithidy #businessacumen @IdyEnang @LagosTalks913

Thank you for being a part of the conversation, we look forward to hearing your thoughts. If you have questions as regards your business, kindly send an email to Mr. @IdyEnang via [e-mail]