Five (5) tips for Business and Entrepreneurship

There are a lot of things surrounding business and Entrepreneurship. In our last post we discussed seven Ps that had to do with business, kindly read our previous post to see all about it, Link is here: https://humteqindustries.blogspot.com/2022/10/seven-7-ps-of-business-and.html

In this post we would be sharing five tips that would help anyone in business or wants to start a business. The tips are seen everywhere and we hope you find them useful.

1) Start Small and Minimize borrowing: All this depends on the kind of business one is involved in or wants to get involved in. It is best to start with what you have and grow with it. There is a beautiful thing that happens when one watches something small grow and become big: it’s like watching a baby grow and become an adult. It is very humbling. In addition to starting small, we encourage startups or established businesses to reduce borrowing due to how uncertain times can be (Example in Nigeria, with the high rate of inflation, borrowing can be very risky. Let us say one is into flour distribution and bags of flour are bought at N20,000 per bag and one sells at N20,500. When one returns back to the manufacturers, one may discover that a bag of flour is now N20,500 or N21,000.) In this case, paying back money borrowed can be challenging and bear in mind prices are sold at a common rate; as a seller, one cannot sell higher than neighbors around them unless customers will vanish.

2) Compassion and Sentiments are different things: Compassion and Sentiment are two separate things in the world of Business. Compassion has to do with adding value and Sentiments has to do with killing business. Example of Compassion, Let us say there are relatives looking for work and they approach one to find them work, out of compassion one puts them in a starting position to train them. Example of Sentiment, let us say there are relatives looking for work and they approach you to find them work, out of sentiments (Entitlement too) one puts them in a managerial position without training them. That is a recipe for disaster.

3) Management and Money are needed: There has to be a balance between Management and Money when running an organization. There should not be a little of any one and there should not be an excess of anyone. There are businesses that have a lot of money but lack proper management and there are businesses that have good management but lack the right amount of money to get work done. Both has to balance.

4) Wisdom is needed – Strategy and others: When running a business, wisdom is needed. Wisdom includes studying the environment to know the kind of needs to address through the business. It also includes doing research, applying proper strategies to draw people and keep them as paying customers.

5) Motives Matters: Business is all about profitability; it must sow value to reap a harvest of value. It is more than money, money is part of the rewards. Other rewards includes reducing unemployment which will reduce the rate of crime and reduce the rate of insecurity in the society. The more business grows, the more these social and economic challenges are solved.

                                                                    Other Information.

• Also gentle reminder, we have our 100 trades challenge for forex trading coming soon, November 2022 and all you need is an internet enabled phone, with data or internet connection and also demo trading account. 
  
  
  
• We also have for those in Nigeria, Jamb CBT software for sale. Software comes with cool features like user friendly interface, instant score feedback and others.
  
  
  

Kindly send a mail to humteqindustries@gmail.com for more details.

We appreciate you for reading this far. Kindly subscribe, like, share and comment.

Thank you.

Have a lovely day.

Humteq Industries

Breeding Solutions