Author: Kingsley Mayor Omenaiko
Entrepreneurship is simply the act of venturing into a business for the sole purpose of maximizing profits. It has been proven by many that entrepreneurship is the only means through which an ordinary man can get to reach his target in life.
If you want to find out more about the authenticity of this proclamation, then go ahead and ask a successful entrepreneur.
My major focus in this article is to reveal to you a secret on why most entrepreneurs don’t get to hit it big in their financial pursuit.
Tony Elumelu’s Advise
This secret was confirmed by the chairman of U.B.A himself- Tony Elumelu
You probably know him. He owns U.B.A ( United bank of Africa ), and has a net worth that can purchase an entire country.
Some time ago, Tony Elumelu advised one of my partners in progress who was opportuned to meet him at a conference.
He ended up executing the advise given to him by Mr Tony Elumelu. The next thing… Boom, he is currently building a billion naira brand.
Today, I want to pass on that same advice from an actual Billionaire in dollars and not as a motivational speaker.
Now these were the actual words of Mr Tony:
“Many African entrepreneurs.” Tony mumbled with a face expressing pity.
“They hardly become rich. Most of them hustle to old age. Do you know why?”
My partner in progress answered :”No Sir”with a twitchy ear eagerly expecting a ‘deep’ explanation.
Mr Tony continued… because most entrepreneurs refuse to upgrade from the BUSINESS MINDSET to the COMPANY MINDSET.”
He said hurriedly as he left to welcome Former President IBB into the conference room.
My partner was left confused because Mr Tony couldn’t explain further…
He said to himself: which one is Business and Company mindset? He thought those words meant the same thing?
He tried to make sense of it. But, he just couldn’t.
Several months later, the understanding finally hit him after constant brainstorming. Now these were the different assertions he drew from what Mr Tony told him.
No matter how legendary Michael Jackson was, he never became a Billionaire like Jay-Z. Why? Micheal was in the BUSINESS of music while Jay-Z understands how to build a music COMPANY.
Tim Paterson coded the most sold program in tech history – DOS. He was singlehandedly better than Bill Gates and the best developers at the time. Infact, Microsoft ‘big hit’ came as a result of buying DOS from Paterson.
Unfortunately, he never became a Billionaire. Why? He ran a BUSINESS that builds software while Bill Gate structured a COMPANY that will outlive him.
You dig the gist? A BUSINESS runs on your personal fuel while a COMPANY runs on synergy.
Truth is, entrepreneurship isn’t meant for everyone, but if you decide to do it, please do it freaking well!
Tell me… What’s the highest you can earn as a business owner (glorified freelancer) per client gig?
Remember as your earnings increase, so will your standard of living. Therefore, you may be comfortable but would not become wealthy
Why you should grow your business into a company ?
There’s no BUSINESS owner or freelancer on Forbes Billionaire list. All those who appear on Forbes list built a COMPANY. Make your research yourself
From today, avoid goals that involve running a business, trust me, you’ll burn out soon enough. Begin to envision how to structure a company that run on systems. I did that and I’ve results to show for it.
Personally, I am not trying to force you into establishing your own company without adequate preparation…No way
All am trying to do is to give you both foresight and insight. I want you to be able to know the difference between running a business and running a company.
Running a business is a good starting point, but building that business into becoming a company is going to be the best decision you will ever make…
Take for instance, you might be good in catering and making arrangements for events or ceremonies.
Your friends and relations will always invite you to help them out whenever they are planning an occasion.
That is where your meal ticket lies..Since you are good at such thing, why not establish an event management company where you will be able to handle people’s events and make good money..
First thing first, start from somewhere, that is business, then grow that business and expand it to a company. Packaging is very important in entrepreneurship.
The way you package everything determines the volume of your profit. Start dreaming big now and turn that business into a company.
Grow from the business mindset to a company mindset…
In subsequent days to come, I will be making an article on how to establish a company. Stay tuned and drop your questions in the comment section. Kind regards.