Understanding What Success Means To You

Hello entrepreneur! 
Many entrepreneurs start out hoping to be successful in their businesses. But when asked what success means to them, only a few are able to respond confidently. Success in entrepreneurship doesn’t have a one-size fits all definition because its concept differs from entrepreneur to entrepreneur.


For instance, to one entrepreneur, success can mean the ability to afford a luxurious lifestyle; another can define success as the number of customers that purchase her products/service and yet another entrepreneur might define it as the number of followers he has on his social media platforms…. the list is endless.
Regardless of your definition of success, with it comes a feeling of accomplishment and confidence.

With this freedom of choice and decisiveness on what success should be to individual entrepreneurs, you find that a lot of entrepreneurs are unable to define what success means to them as they are more interested in taking the definitions of others as their own definition of success. These external definitions might be adapted from social media, public expectations, other entrepreneurs in same industry or even their mentors.

Taking up another persons definition of success can be equated to running a race in the wrong lane. In doing that, you can get to to the finish line (the other persons success mark) and not experience any of the feelings associated with success. You could even go past the finish line in a bid to achieve success, and because you’re on the wrong lane, you end up expending time and resources.

Understanding what success means to you as an entrepreneur helps you come up with appropriate strategies and structure for your business with the sole purpose of being successful at the end of it all.

No matter how far you’ve gone on the wrong lane, its not too late to define what success means to you. The earlier you make modifications, the closer you are to making your success mark.

Recreating Your Business 

Hello entrepreneur!

What was the first thing that came to your mind on spotting this post title? Okay, hold that answer as we explain what we mean.

Among other things, you are in business to make money (profit), and if that’s not happening you’re funding a hobby. At some point in your entrepreneurial journey, if you notice that you’re recording more losses than profits, it’s time to recreate your business.
Recreating your business basically means making changes in your business to bring about profit. Recreation might mean changing leadership, staff, products or services, operational models, delivery style, advertising, layout (online and offline), etc.

To recreate, you need to gain clarity of you business operations and you can easily get that with properly kept records. These records help you easily identify the flaws in your business and aspects that might require modification. Next, put down a plan as part of the recreation process, including how you plan to measure the success of the plan. Go ahead to implement the plan and watch out for significant changes. If at the end of the predicted time your plan succeeds, congratulations; if it doesn’t succeed, go through the process again.

Business recreation is a required risk entrepreneurs should prepare for. While going through the process, be sure to be conversant with trends, especially the ones your target customers identify with.

Change is a constant. Do not expect different results while doing the same things.

As an entrepreneur, you are a creator, don’t allow your creation limit you.

August!

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Welcome to August!

For us at Netaya Consulting, it’s the start of new beginnings, and we hope it’s same for you. You can still make considerable impact in the remaining months of this year.

Our weekly entrepreneur support series, Gist O’ Clock, will be LIVE every Friday and due to popular demand, will be featuring on our social media platforms – Instagram by 2.00pm and Facebook by 3.00pm.

 

Warmest Regards,

The Netaya Consulting Team.

Boundary between business and personal finances

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Finding money to start a business or grow an existing business poses a challenge to small business owners or would-be entrepreneurs. Before considering taking loans from financial institutions or requesting assistance from family and friends, it’s natural to reel in finance from your own purse.

Kaboom! The business starts, regardless of its pace or size and continues or grows to what you want it to be. Interestingly there are personal needs you’ll have that require financial solutions and in such incidences, as the business owner you are quick to take cash from the business purse to put the pending issue to rest. This is usually the case because average small business owners/entrepreneurs see their business as an extension of themselves and as a result of investing so much time and work in building their businesses, have become attached to the point of having non-existent personal life apart from the business. As much as you’re passionate about rendering a service or providing a product to your target audience, remember you’re in business to make money. In all aspects of life, boundaries exist, but creating an overlap of personal and business financial boundaries can be disastrous to a business regardless of its size.

Okay you might be a sole proprietor and feel you have got your business covered, now here’s an interesting fact financial accountability of this business form is difficult for the owner because he is answerable to no one.

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Now, what’s the importance of ensuring a financial marriage doesn’t occur? The average small business owner doesn’t hope the business remains at its start-up stage for the entire time of existence; there is always a dream to be much bigger and better. Dreams of this nature are what give rise to business expansions – creation of new product lines, employment of more manpower, acquisition of machines as required, etc. These and more are usually achievable with the influx of finances (loans, grants or investments as the case may be). At the end of a year (fiscal or calendar year), it is important for the business owner to reflect on the health of the business and ascertain areas that need erasure and areas of the business that require expansion to thrive. Also, the process leading to cash entry for business expansion usually involves a declaration to appropriate bodies, the financial state of the business for the duration of its existence.

The inability of a business owner to create and respect the divide between his personal and business finances spells out to financial institutions, prospective investors, prospective partners (in the event of a change in the business form), and employees, the financial irresponsibility of the business owner. You don’t need to be a professional accountant in addition to your business knowledge to solve this problem before it is created or if it already exists. Today, consultants can construct accounting and financial management records systems for business owners, ensuring accurate and professional accounting systems for their businesses. And yes, their services are affordable.

Are you a small business owner or an entrepreneur with a mixed up financial status? It isn’t too late in 2017 to modify the nature of your business finances. Contact us today, lets sort out your finances.

The Entrepreneur’s Potential

What is Potential?

Potential can be defined as hidden, dormant or unused talents, strengths or abilities that may be developed and lead to future success or usefulness.

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Knowing your potential

Everyone has got a potential, the problem is usually identifying what it is. Any of the following ways or a combination of them can point you in the right direction.

  1. Be aware of what comes easy to you: Identify activities that are easy for you to do but difficult for others.
  2. Listen to others: People have the ability to see qualities of us that we might not see in ourselves.
  3. Know what you enjoy most “genuinely”: Going with the tide has become a trend in present day society. There are certain things you enjoy doing, not because others are doing it but because you really enjoy doing them.
  4. What is your go to topic in a conversation?: There are some topics you can talk on for hours or days about without getting tired, or some topics that when called to contribute you have loads of facts. Those topics sum up things you are interested and passionate about.
  5. Ask God: You can’t go wrong with asking God about your potential. He created you and is aware of what you are capable of.

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Releasing and using your potential

Knowing your potential is not enough, you need to develop it to ensure success. The following pointers are helpful:

  1. Establish a relationship with God: A relationship with God enables you understand your purpose in life and your function in His grand scheme.
  2. Believe in yourself: Believe in yourself and be passionate. Self-belief enables you to tap into your inner hidden abilities and passion pushes you to do more and not rest on your previous successes.
  3. Change your thought pattern: Proverbs 23:7 says that “As a man thinketh in his heart, so is he”. Let go of the mindset that some heights are unattainable or certain things are unachievable.
  4. Be creative and responsible: Be on the lookout for resources that help in the development of your potential. Constant learning aids in improving on your previous knowledge of your potential. Remember to be creative and unique. There is no need copying exactly what everyone is doing.
  5. Exercise your gift: Maximise opportunities to use your abilities. Decide that no job is too small.
  6. Install an anti-virus system: Prepare your mind early enough for various forms of opposition that may arise in the course of using your potential. Learn from your mistakes and move forward.
  7. Share your potential: Collaborate with individuals with the same skill set as yourself or in the same industry your potential exists in.
  8. Trust God: Trust in God’s ability to make His purpose for your life come to pass and make you to do more daily.