Table of Contents
1) What is Multilevel Marketing Business?
2) How Multilevel Marketing Business Works
3) How MLM business is criticized
4) MLM scheme Vs Pyramid/Ponzi scheme
5) Benefits of Multilevel Marketing Business.
So, let start!
What is Multilevel Marketing Business?
Multilevel Marketing (MLM) is a type of business everybody outside there can do that can earn living. It’s a type of business where different people are wooed to become a sales representatives for a particular company. The main objective of these sales Representatives is not just to sell products of that company only but also, to call in more people to join the business also as a sales representatives. These sales representatives are often called distributors. These distributors works together to build a large networks of sales reps.
So, the existing Distributors aren’t just selling products or requiting more people to become distributor like them or to sell products only but, there are bonuses for every impressive points made by a distributors. For clear understanding, they enjoy both Financial and Travel Incentives. This is made possible by the company in order to build and increase large sales force.
The simple formulae to be successful in this business is to know how to build Networks of people who are ready to work for themselves but not by themselves; they partners with a multilevel marketing company not employed by the company.
The company is not paying out salaries just as I have said above, they gives out Bonuses inform of Cash bonuses and Lifestyles enjoyment. The simple logic you must know before joining any of this business is to take it as your own personal business and work hard and build network.
In multilevel marketing business, your Network is your Net worth. That is why the it’s also refers to as the Network marketing, Person-to-person marketing, direct selling etc.
Multilevel or Network marketing business is one of the most patronized industries in the world!
Regarding to a report made by Direct Selling Association (DSA), multilevel Marketing businesses across the world employed about 5 million people in 1991 and 10-12 million people in 1999.
How Multilevel Marketing Business Works
Multi-level Marketing business usually work by prospecting people to work as a part-time or full-time worker depending on the current status or determination of the person being prospected. Most people who join MLM business are students, employed people, apprentice students, frustrated graduates, women etc… In recent times, we have seen a lot of people who have left their “half-lucrative” job for MLM became of the future advantages attached to it.
An American entrepreneur who is also a wealthy networker, Gitomer said MLM is the affordable and easiest path to achieving your DREAM. He added that it’s the best business that you can operate from your house without anybody bossing you.
Although MLM is a legal and lucrative business but, it also has Criticisms which may likely discourage you from investing on it but, it’s not all true and most of these criticisms are as a result of ignorance and defamation. What are the MLM criticism?
How MLM Business is Criticized
MLM are criticised negatively due to arrant reports of different business scams such as “Ponzi Schemes” but, MLM is far different, legit and better than any of the ponzi schemes outside there.
The greatest criticism of MLM results from the methods used by most business which use MLM’s network marketing strategies.
These illegal business ventures who imitate MLM strategies are no way related to MLM. They are called Pyramid Schemes.
Apart from defamation brought on MLM by these ponzi schemes, most people think that those who participate in Multilevel Marketing business are poor and suffer more than enough at the inception of their business. According to a report made by Direct Selling Association in 1991 stated that ninety percent of MLM distributors earn less than $5000 a year but, is this still true about today MLM industry? No! A lot of representatives have and they are currently making something big and achievable. Let check some benefits of this business.
Benefits of Multilevel Marketing Business (MLM)
Regardless of the false accusations made on MLM, we still have some benefits to look up to. The core benefits of MLM can be summarized into the following:-
: Unlike other businesses outside there where they invest their fortune and whole lifetime and at the end of the day, they earn something meager and fixed. I know of a man who invested about $800 on a business but earn nothing as profit and couldn’t recover his capital (went bankrupt).
But in MLM business, you starts with few capital (about $50) and you may likely earn $500 within 3 months.
This is not a quick way to make money, you earn money in respect to how much more you work (In MLM, You earn directly in proportion to your efforts, sales and network you builds).
So by far, MLM is very easy to start and lucrative!
: MLM business guarantee wealth as long as the sales representatives work towards the plan or marketing strategies of the business. Bonuses, commissions and incentives are giving to these sales representatives whenever they make a sale, call in new sales representatives, stepping up to another status etc…..
When these are accumulated together, the money earned by an earnest network marketer will be higher than those who work alone, employed etc..
Because of this reason, most most have left their job for MLM and, they are sharing impressive and motivational testimonies now.
: One thing you loose when you work for other people is “Freedom”. When I mean freedom, am talking about your whole lifestyle in regards to social and financial life. No matter how big your dream is, if you are working for someone else in order to collect SALARY, you are not going to make it as fast as you have ever think because, you are collecting something “fixed” as salary and your “responsibilities” to take care of, increases everyday.
You are never entitled to “financial freedom” even if you are operating poverty in a shop!
Also, people who either work alone or under someone else doesn’t have what we called “social freedom or lifestyle”. This is what I mean; you wake up very early to work and close very late from the work. So, the time you are to use to catch fun with your family and friends has already been snatched away from you.
But in MLM business, you work when it’s convenient for you. The normal hours of the day to work is 8, meaning that a normal worker will work for 40 hours ( added with the time for transport, break etc… It will be 60 hours per week) but in Multilevel Marketing business, 60 percent of their sales representatives work less than 30 hours per week will 40% work less than 10 hours per week.
Apart from social and financial freedom, MLM business open wide opportunity for their distributors to enjoy travelling incentives to foreign countries and have fun and they don’t require very long term commitment from them.
Multilevel Marketing business also allows their sales representatives to established their own business. You don’t work for any “Boss” or “employer” in MLM, you work for yourself alongside with your team of distributors or “downlines”.
- Lifetime Benefits
: The most interesting part of MLM business marketing strategies is that, it assures you of achieving whatever you want to achieve in life.
You can clear the poverty in your generation through this business opportunity even if you “die”, your family members will still be benefiting from what you have done in the marketing industry.
The main focus of MLM is to help you bring your DREAM into fulfillment. The future of the business is very bright and we have seen a lot of people who are illiterate in term of schooling but literate in earning.
Am not writing on behalf of any Network marketing business but, just to write and convince most people outside there who confused MLM to pyramid scheme.
Do you have any addition or question about this article? Kindly use the comment box below or contact me for personal or private enquiry.
At the inception of year 2018, Konga was acquired by a business group which is known to as ‘Zinox Group’ and since then, gradual efforts has been into action behind the screen to roll out something big in African online market. The two merged online malls, Konga and Yudula has officially made this known to the world and announced 1st of May, 2018 as the new merged company’s effective operations.
Their is no confusion about the merging when it comes to Branding as the two companies has agreed to operate under a brand name which is the Almighty “Konga”.
According to one of the statements made by the management of the two companies, they said with assurance that “Konga” will be the biggest and most patronized eCommerce company in Africa (to becomes undefeatable) and, that is there main focus for merging together.
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The new “Konga” will have a little change but almost the same mode of business operation. They will integrate the following features of:
– Konga Online
the marketplace or eCommerce platform
– Konga retail and
– Offline service.
He also added that Konga with now be operated under two Chief Executive Officers (CEOs) which are Nick Imudia who is appointed to control all the company’s online business affairs and Nnamdi Ekeh who is to control all offline affairs of the company.
The chairman boosted that no other eCommerce company in Nigeria and Africa as a whole will be above them in any area of eCommerce business.
As we know that Konga is one of the best online marketplace in Africa and Yudula is a great offline stores for thousands of customers, the new merged Konga will now combine both their online and offline customers, workers, resources, partners etc together with their different business strategies to defeat any other marketplace in Africa.
According to WhatsApp Business App Has Been Released For Entrepreneurs in Nigeria – Full Story & Guide Here
One of the biggest ambition of new Konga eCommerce company that really wowed me personally is that, they will be in all the seven hundred and seventy-four (774) local government areas in Nigeria which will make it possible for all nooks and crannies of Nigerians to have access to the company’s goods “at their fingertips”.
Nick Imudia is the CEO of new Konga Online business affairs added to what her composite CEO said concerning this operational merger between Konga and Yudula.
She teased all their merchants, clients, consumers and shoppers that, the best about the company is on its way!
What do you think about this merging? Do you think Konga/Yudula will defeat our Jumia Marketplace in Nigeria? Well, your views, comment and sharing is accepted by me. Kindly click on the share buttons at the left handside of your computer’s screen or the floating share buttons on your phone to help create awareness with your friends.
How are you dealing with negotiations in your business, are your negotiation strategies or tactics working well for you? Either you are a startup entrepreneur or you have been doing your business for a while but your main priority to succeed is to learn how you can keep your existing customers to you and how you will attract new ones.
But unfortunately, a lot of self-acclaimed entrepreneurs outside there has chase their customers (Both present and future) away due to bad negotiations’ skill. I read about a short story of a smart entrepreneur on How to Start A Success Business From Scratch
Can you believe that this coach haven’t make #250,000 in a single month before not to talk a single day! He was so happy because he tried his luck to negotiate the right way with his clients rather than thinking about his stomach.
He said: ”For you to be a successful entrepreneur, you must know the right way to negotiate with your clients. And when you are negotiating with your clients, don’t think about your stomach (how hungrier or desperate you are for money). But think your head (act like a professional and use your sense).”
That’s just a story of a smart entrepreneur who had think his head and instigated a smooth and affordable negotiation with his client. How can you also learn how to do this? Here in this article, I will outline some working tips on how you can strike good business negotiation strategies.
Top 10 Effective Negotiations Strategies or Tactics for Business Owners
(1) Be Patient and Listen: As an entrepreneur, one of the best skills you must have is how to avoid “Impatience”.
Before a successful business negotiation, you as either buyer or seller must have the ability to exercise patience and understand the views of the other party about what you are bargaining on.
You don’t need to speak everything in your mind out or think that you want to take over the dialogue between you guys. To be a smart entrepreneur and of course, best negotiator, you should at first understand your clients’ main and most genuine ideas and issues. After that, think well and more than twice before you reply to him/her.
One of the best key to a successful business is the ability to understand what will impress your customers and what may also depress them and abstain from being a talkative.
(2)Have Full Preparation: Before you fix a day for negotiation with a client, you must have done a lot of research of research about such client, know about the genesis and policy of his/her business, products or services. Check articles on their website, do Google search and also explore more about the business on LinkedIn.
Also, make sure you know the negotiation strategies including pricing from the client you want to negotiate with.
(3)Be Professional: When you are negotiating with a client, you need to use your brain! Even if you don’t know much about the business you are negotiating on, you should think head not stomach.
This is what I mean, don’t think of the money you needed quickly, don’t think that because you own someone a debt and because of these, you exchanged your right to be wrong and vice versa.
Just like the short story of a man I gave above, you need to always act like a professional and negotiate like a professional. Don’t insult or snub your client if the price or budget he gave to you is far below how much you are offering your services or selling your products.
(4)Make the Agreement Paper Ready Before Your Clients Do: To back your professionalism as a good negotiator, you or your lawyer should have first prepared the agreement paper or draft of the contract you guys want to negotiate on. The reason for this is that, in the agreement paper you prepared, you would have stated the policies and terms you want in the business, draft out how the deal should be implemented etc. By doing this, you have strengthened yourself because, most clients will feel reluctant to change all what you have prepared in the agreement paper or draft.
But, you must be careful and don’t think of only what will benefit you; think of the other party and how you can both gain in the transaction.
(5)Don’t Force Your “NO” to be “YES”: It do happen most time that prospective clients who we called or approached us for a deal often bring up very low budget for the product or project they needed. If this happen to you, think head and don’t pay attention to what your stomach is saying.
I mean, you should just say NO to what you can’t handle or can’t accept. Be prepared to walk away and end the game when the client insisted on paying walk-away price. Don’t do your business like a beggar or cheap one, a business website advised that you should be ready with market data to back up why your price is reasonable as this will even increase your ego as a smart entrepreneur.
(6)Remember That Time Flies Quickly: In any negotiation, time management is very essential because the more you delay the deal to be completed, the more your chances of loosing. Always stay focus on the clients you are negotiating with and do give quick responses.
Managing your timeis different from keeping the negotiation in haste or trying to rush because you have other clients to attend to. But nevertheless, you must understand why time is precious and at the same time, how to manage your time wisely because, time is the enemy of many deals.
(7)Don’t Make The First offer An Opportunity: Added to the fact that you should be professional and act like a professional when you are negotiation with a client, don’t think or feel happy whenever the customer bring up a certain amount of money or budget in exchange for your service or product.
Even if the first offer is okay, don’t accept it. Negotiate more and try to convince the client to pay more (or give you discount if you are the buyer). If you accept the first offer, the other party will think they have offered you more than enough and, they may stop the negotiation with you and try another client whose they think that their price will be cheaper than yours.
If you bargain more on the price and you agreed on a balanced price, the transaction will be done smoothly without any side inconvenience.
(8)Be Inquisitive: Have you ever heard of an adage that says, ”the child that inquire for the way will never get lost”? This adage also work well when you are negotiating with a client. If you are the type who believed that you know and understand it all, you will finally end up with a deal that will or may affect you financially or professionally. Always ask what you don’t understand and the answers may be your pathfinder to this zenith of your negotiation.
Other Points Are:
(9) Be friendly and don’t be harsh
(10) Seek for help when you need it either from a friend who understand your business or a corporate lawyer.
Thanks for Reading!
If you have been running a business for a while or you are just starting or implementing a new business idea and you are thinking of becoming a great and world-class entrepreneur, you should also learn about these 10 habits of successful entrepreneurs in your daily life.
These success habits are accumulated together after noticing and interviewing most of these smart and successful entrepreneurs about their businesses and social lifestyles. They do these habits in regular basis in order to drive their company to success and achieve more than their competitors.
As a smart entrepreneur, i know this is what you will be aiming for – to be the best among your competitors and as well maintain healthy and social lifestyle. Most entrepreneurs believes only in buying and selling forgetting that without these success habits, their won’t be a reception.
READ: How To Start A Successful Business From Scratch
What are these success habits that you must always inculcate? Here in this post, i have piled up ten (10) habits of top business owners. They are as follows:-
10 Best Habits of Successful Entrepreneurs You Should Learn
1. Don’t Be Afraid of Failure:
No successful entrepreneur will finish his/her life story without making mention of the times he/she had failed numerous times. FAILURE and SUCCESS moves together; if you can’t accept failure then forget about success – You either accept it or quit because of it.
As a smart entrepreneur, you must be able to accept any failure that might comes your ways and use the chance to rethink and re-structure your business strategies through these tips [Click Here].
No matter how versatile you are in your chosen business field and you are AFRAID of FAILURE, opportunity and success will run away from you.
One of the the world-class entrepreneurs named Sophia Amoruso, advised that YOU – Entrepreneur should never take anything PERSONALLY, don’t say NO for an answer you never know what you’re going to learn along the way.” This woman has met a lot of circumstances that should have trigger her to quit but, she PUSH on till present. Her clothing brand which he stated as a “Mini Store” on Ebay moved on to become the fastest retailer store in the world in 2012.
To become a successful entrepreneur, always be ready to accept FAILURE and learn how to keep moving even if you are knocked down.
2. Always Provides Genuine Value:
If success is your dream as an entrepreneur, then you must always be ready to accept and understand people’s opinion and how you can satisfy and solve their problems. If you solve people’s problem or provides to them what they really need, it won’t be tedious to make profits.
One of the smart and world-class entrepreneur said: ”If you can provide value or solve people’s problem, then you have a business.” These successful entrepreneurs has the habit of making mutual connection with their customers in order to be certain that they are truly solving people’s problems.
For YOU – As smart entrepreneur, you should always focus on your customers and what they really need. If you have not been doing that, you should start DOING it now or forget about success.
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3. Create Network with Other Entrepreneurs in Your Niche:
Chris Winfield who made his fortune from Writing and coaching other successful and newbie entrepreneurs said that, ”Not asking the right people in his business niche to help him was his greatest Startup Mistake
A great and smart entrepreneur, Mark Cuban said ”All Would-to-be Entrepreneurs should always do what do really love to do and what they are good at.” If you are following your interest, long-term success is guaranteed for you.
5. Implement A Single Business Strategy At A Time:
Have you ever wonder why many entrepreneurs fail? I can’t say as well but most of them fails because they always try to do many things in a click! This often happen to new or upcoming business owners who haven’t build their business solidly. If you are just starting a new business or you have a single unit of team working for you on a single niche or field, don’t think of “Multi-tasking” or else you will quit your business at the end of the day.
Tony Stubbelbine of Coach.me and John Acuff of New York Times said: “Focus on the next step and don’t try to make your five-year vision happen tomorrow.” and “Hustle the right way. It’s not about doing more, it’s about doing what you need to do.”. If you want to multi-task or implement more than a business strategies at a time, you then need to build strong team of workers who will be able to bring your dream and business ideas into REALITY.
6. Your Business Idea Should Solve People’s Problems:
People – I mean Consumers nowadays won’t patronize any service or product that can’t be a SOLUTION to their problems even, If you have the best product or service. Before you can say that your business idea is great and can solve people’s problem, such idea should be great and helpful to at least 20 people who don’t know you and also, who you don’t know. WHENEVER you are coming up with a business idea, think about the people especially your active customers and the people as a whole.
Lauren Holliday says, “The biggest mistake new entrepreneurs make is relying on a business idea that isn’t valuable to anyone with actual, real-world problems.” If you can figure out the main point here and you add this success habit to your business and lifestyle, you will be indeed successful.
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7. Build Mutual Relationship With Your Customers:
Just like i have said above, your customers should be your first piority not your product or service because, you are creating these products and services for them. Chiara McPhee says, “I’ve found it incredibly helpful to have a framework in place to systematically collect, prioritize, and implement product features based on customer feedback and effective relationship—both from customers you have, and the customers you want!”
Another world-class entrepreneur added, “They tend to dismiss negative feedback on their products or neglect collecting some. And they end up missing product/market fit… my advice is to talk to potential customers or users from day one and for every day after that. Never stop collecting feedback.”
8. Know What You Are Doing Before You Let People Know About It:
Don’t ever think that rushing to let your idea or new product be known by people will make you to be rich or successful. if your business idea is not genuine then, you are going to be such a great LOSER! Before you release a product or service, think about what you fantasize and has captivated you about the product.
Ask yourself: “Is the product or service i want to launch is helpful to me and will be helpful to other?” If you don’t know what you are doing and you are in haste to get your business known, then your business is going to be disastrous.
A world-class entrepreneur who is also a writer said, “The most painful mistake I see entrepreneurs make is launching before learning. For example, you may decide you want to launch a marketing consulting company, so you hastily make a website, content and reach out to people, but you haven’t yet figured out who your target clients are. What people actually need help with or what you’re specifically good at. So no one bites.”
9. Don’t Quit Your Dream But Avoid Wasting Time and Money on Minor Tasks:
They says, “Winners Never Quit”. It’s quiet correct but, world-class and smart entrepreneurs do quit what they see or notice that it won’t move them near their dream and business idea. Don’t waste your time, energy and money on what didn’t bring you profit.
You just need to be patient and figure out the right business you should invest on. William Harris of Elumynt advised that you should “Outsource tasks that stop you from doing what only you can do in your business.” and Navid Moazzez says you should, “Only do the one thing that will move the needle for you and your business.”
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10. Don’t Loose Your Focus:
The best successful habits about these world-class entrepreneurs that i personally love about these famous entrepreneur is that, they never loose their focus and hope. If you want to be great in life, you must not let your right to wrong or your wrong to be right.
You are not perfect and of course, you shouldn’t expect your business to be perfect also. It’s normal that the urge to quit believing in your dream will come into your mind or may try to trick you out of your path but Don’t loose your focus and determination.
Rhett Power advises entrepreneurs to, “Take time to think strategically about the big picture.” instead of thinking on how to quit, think on how to redeem your mistakes and failure to Success. If you are just starting a new business, it’s part of the ‘Musts’ that you faces some circumstances which may result to problem, risk etc. But, if you know where you are going, those will never pin you down easily. Remember that Great things in life worth sacrificing For!
Did you know the latest working business strategies in the entrepreneurship world? As a business owner with great and profitable business ideas, you may have noticed some changes in the economy of your country or the world at large. Most times, things may not seems to be working for your company and you may even think of quitting but, did you know that if you change your ways of thinking, ways of implementing your ideas and how you strategized your business, you won’t be shaken by any economic meltdown.
Fortunately for smart entrepreneurs, Business nowadays is now made easy with the use of technology and other things which has changed the landscape of businesses entirely. There is no need to bother with how we will be reaching out to our audience across the world; we can connect and create meaning information for them without a steam of sweat.
READ: How to Choose the Best and Perfect Business Name for Your Business
Technology have so long been one of the major principal of a successful businesses. Technology doesn’t only work alone in business but also, with the help of information, there is way for you to leverage your business ideas and communicate with your business partners.
How Can You Think Mobile?
• Have a mobile Friendly Website: If you have a website for your business, it should be mobile friendly. If your ecommerce or business website is not mobile friendly, expect poor sales and conversion.
• You must also have an application (App) for your business and, you must target a Android and iOS users the most.
• Adopt the use QR codes for your products and services.
• And other useful APP for your business.
The world is fast moving digitally and, you must carry yourself and business along with it. Most of your clients and buyers are using mobile phones, for you to get your services, products and promotions to them, you must think mobile.
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==> (2) Engage Mutually With Your Customers:
The best business strategy focuses on customers the most. As a smart entrepreneurs, you must know how to engaged with your customers well than any other business owners outside there. A well engaged relationship between you and your customers will drive your business to the Zenith.
A smart entrepreneur and business owner who founded “Vision Critical”, Andrew Reid said “Customers are beginning to understand that their true value to companies goes well beyond their wallets. This is the age of the empowered customer, when a single complaint on social media can cost a business millions of dollars, an online review can shape the fortune of a restaurant and feedback can significantly affect business decisions.”
How can you improve your business strategies by thinking about your customers?
There are some ways you can improve your relationship with customers and have sales but here, I will mention 3. They are:-
– Getting More Personal With Them: Although, you may not be able to be checking on your customers one after the other but, there are better ways to kill the goat except slaughtering. I mean, there are other ways you can get personal with your customers.
All you have to be doing is to gets their feedbacks, reviews and comments often.
You can do this by allowing comment on your business website, have live chat features on it, get to them through Emails and newsletters and moreover, always accept criticism.
– Branding & Customization: To keep your customers more engaged, you must think of what they think… That’s quality products, services and experiences.
Also, attract new customers with packaging and branding. Let your products comes out with 100% uniqueness and color. For example, you can choose “red” as your official company color and, all the things from your company or bearing the name of your company must have this unique texture.
– Give Out Things Freely: To attract new customers and to retain the existing ones, you must appreciate their patronage often through discounts, bonuses, competitions with rewards or prizes etc. Doing this will make new customers coming and the old ones to keep patronising.
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==> (3) Implement Unique Business Marketing Strategies:
How are you doing your marketing? Are you following others people’s ways of marketing? If your answer is yes then, you must come back to your sense immediately.
I don’t mean to scold you but, you must be wise and remember that you are having head-2-head with business competitors whom their own ways of marketing should be different from yours.
You can copy their marketing strategies but, do it better than them.
A business marketing expert, Susan Solovic said “in 2015 small business owners will look at the big picture and design their own ‘marketing blend‘ that includes several marketing strategies.”
What she mean is that, you should leverage your marketing strategies to all platforms you can afford. For instance, you can combine Street business giggling with Emails, facebook ads, twitter ads, google adword, pinterest, content marketing, search engine optimization and CRM.
A veteran digital marketer advised that:
• Re-evaluate the target audience
• Determine what works and what doesn’t.
• Re-prioritize and be smart about resource allocation and investment.
==> (4) Think of Contents and Contents Marketing: In business world, content is considered as “Product” not just words because, that is what will attract your customers the most. Whenever you want to advertise or market any of your products, think of great and captivating content that can easily attract them.
Don’t forget that when you are doing video promotion, contents should be put together effectively. Those words, sound and voice is your video content so, it must be great and unique!
If you lack content and content marketing, you should think well and change your ways. Hire trending technology about business and to the outside world.
If your workers including YOU are not trending with the latest technologies or strategies, how can you expect your company or team to develop business strategies in the coming year?
Training your staffs and yourself will proves that your company has a “skills supply chain” challenge.
Being a smart entrepreneur doesn’t mean you should just rely on your own personal philosophy but, you need to think of your customers, and how to get them engaged so as to retail them.
Also, focus on attracting new customers by giving out prizes, freebies, discounts and any other ways you can entertain them. Think of quality products and think mobile.
Don’t forget that content and content marketing is one thing the best key to a successful business.
Get to know your customers’ feedbacks, reviews and how to impress them. Train them on what they may not know are not good in doing.
Don’t forget that the toddlers of today will become parents tomorrow if they don’t die young…. The interns of today will become the Professionals of tomorrow, Always employ and train INTERNS (at least Annually).
If you can take all these into action, then you have proved yourself as a smart entrepreneur who is ready to improve his/her business strategies.
Do you know that your patience as an entrepreneur can woo and win your clients’ heart? Yes, you can be a successful entrepreneur by practicing how to be exercising ‘Patience’. In my previous article, I outlined 5 Ways Impatience Can Ruin Your Business. Impatience is part of human being and You – as entrepreneur is not left out.
A Psychologist said that we humans have lost the art of just slowing down and enjoy the moment because we always expect things to move quickly, efficiently and when it doesn’t happen the way we planned or expected it to be, we quickly feel irritated or frustrated thereby, leading to Impatience.
Do you know that this habit of quick frustration is now part of the reason why most businesses fails? Alot of business owners have lost many Investors because of impatience.
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If you have read my previous article, you would have noticed that with impatience, you will loose a lot of customers / buyer, be faced with financial woes, exposed to health risks and others. But as a smart entrepreneurs, how can you avoid or overcome all these things that causes impatience – a bug to a business’ failure?
Below are some of my top recommendations for you on how to be more patient And Win Buyers’ Heart:
How to Be A Successful Entrepreneur By Practicing Patience
==> (1) Understand Your Triggers:
Before you can cut a tree, you must first know where it is. Before you can fight impatience, you must first know what always push or causes the impatience and that is what we refers to as impatience triggers.
To Understand and Know Your Triggers, Ask Yourself the following questions:-
• What are the things or situation that trigger your impatience?
• Who are people that always make you to be impatient? Are they your friends or family? If you have had your own children, your triggers maybe your kids because they are the principal impatience triggers in your life.
• Are you always frustrated to chill and wait for others especially you check that you are running late?
• Do you always loose your patient when you are sad, hungry, sleepy or tired?
• Where do you loose your patience the more? Is it at home, restaurant, office or at social meeting?
If you have asked yourself the 5 questions above and have given yourself sincere answers then, knowing the source or your impatience’s triggers. Knowing and understanding your triggers will let you to be sensible and keep yourself upright and normal whenever the quick gratification want to showcase itself furiously in You.
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As a smart entrepreneur, you need to be always on alert and avoid any triggers that may want to ruin your business or startup because of impatience. In my previous post, I have outlined 5 risks of impatience in your business, why don’t you read it by clicking here?
==> (2) Simply Your Life Entirely:
“People Really Can’t Multitask” said by a professor of computer science at a University in USA named Noreen Herzfeld.
It’s pretty sure that the human brain controls the entire body system but, it can’t concentrate on several things simultaneously.
Am not saying you can’t do two or more things at a time. For instance, you can be listening to music and at the same time be writing with your hands on the keyboard and even be thinking of what to write at the same time! But, can you be dancing, eating, writing, singing, cooking etc., at the same time? NO.
Over time, doing more than enough things at a time erodes our ability to pay total attention and thereby, eats away the habits of being patience, good decision maker and to be fair in judgment.
As an entrepreneur, it may be difficult for you to be patience whenever you have alot of tasks to do, have many business trips or events to go, have alot of investors or clients to meet etc., don’t let this turn you to an impatient entrepreneur but rather, simplify everything in your life.
Stress is the cause of most impatient reactions. Don’t give it a chance in your business but rather slow down and smell roses. Make enough time and days to enjoy your life, have strong business relationship with your workers and clients.
==> (3) Learn to Manage Your Time Effectively:
Mismanagement of Entrepreneurial Time also causes impatience.
You know that “Time is Money” right? But, does that means you should serve all the 24hours in a day because of Money? NO. Smart entrepreneurs outside there are gathering streams of income with the little time they use for business while other entrepreneurs works day-and-night but still, aren’t succeeded in their businesses.
To avoid the crap of impatience through time management, always budget your time and set your priorities wisely. Avoid any time wasting hobbies and unfruitful work. Have daily routine and always check on it without omitting or replacing any, check where you can slow or cut down some time you are spending to do meaningless tasks.
==> (4) Be Realistic:
As an entrepreneur, you must understand the rule of nature things doesn’t always happen as fast as you may wish or planned. Accept the fact that time moves at the speed of time and not at the speed of your expectations – that’s what we called patience.
Also, remember that you can’t always control your circumstances. A Wiseman Said that the fastest runner does not always win the race; the strongest army does not always win the battle; the wisest man does not always get the food he earns; the smartest man does not always get the wealth; and an educated person does not always get the praise he deserves.
Instead of losing your patience quickly over what may seems unachievable or controlled, try to identify a way you can solve and control that thing or situation. For instance, instead of getting angry over a delayed taxi or train, try to find another way out to get to your destination, you may even consider trekking than being impatience or angry. But what if waiting is the only option? Use the time of waiting to do any other productive things; you may use that period of time for writing down your plans for your business activities.
You must also accept the fact that you can’t add more time to your life or business lifespan.
You have learnt 4 basic ways you can be patient in your life and business lifestyle. These four Tips work effectively provided you take Action immediately and everyday.
Impatience will eat deep into your business and render It havoc.. There are things you should accept that you can’t control or do at a particular time. Give your life the best gift it deserves, don’t stress yourself too much on something that seems out of control.
I hope this short article, “How To Be A Successful Entrepreneur By Practicing Patience” worth sharing right? Please, do share with your friends by clicking on the share button beneath this post and, I will be very glad to hear your view about this post through the comment box below.