The last Community Connect event which took place on the 9th of September 2022 began with TG asking the attendees that were present in the last community connect (Part 1 – Entrepreneurship Master Class) what their take home from the last event was?. Some attendees gave their different perspective on what they learnt while some asked questions on some of the things that needed clarification.
One of the attendees, Marlene, reminded the house on the importance of documentation and separating personal account from business account as an entrepreneur as it helps discipline and proper documentation, it was after that, TG asked everyone who was in attendance to introduce themselves and what they do as tradition in Abia Tech Hub.
It was on this note that TG introduced the new series which includes:
Bootstrapping; Bootstrapping is the act of recycling what you have into something better. It’s also known as “Compound Interest”. The way you make money is through iteration. He also went further to educate the attendees on how to run a business, and the other steps to take.
Steps On How To Run a Business
- Before you start a business ask yourself this; what problem am I solving? Because to make money, you’ve to be able to solve a problem.
- Focus first on your one-on-one customer for the 1st three months. Most people jump into putting up their businesses online without first creating a rapport within their community/circle.
- Register your business first before beginning the online work; this helps to secure your business in the long run.
- Get a domain name.
- Get a professional email address and phone number; this makes your business appear authentic to your clients.
A lot of people require funds/money to begin their business. While this is necessary, there are steps to getting funds to enable run your business properly, and they include;
- Build a website first. Your site should contain readable information.
- Come up with a good business proposal for both the bank or an investor, ensure your proposal contains your documentation and numbers.
- Go to the bank for a loan. But before that try to build good connections and be sure to always pay back with interest. This helps build your credit and make you a trustworthy customer.
- In place of getting a loan from the bank, you can look for investors.
- Understand elevator pitch; this is a detailed summary of yourself and business which makes investors decide whether or not to invest in your business.
- When customers talk about price, shift their focus to value, when they understand it they’ll go an extra mile to get it.
- Know when you’re talking to the wrong customer; don’t waste your time on them.
- Always sign an agreement. Never do word of mouth.
- Understand deflection; if you want to sell, you’ve to create demand and after that create supply.
- As earlier said, focus more on your community, offer value to them, and then shift your focus global.
- Leverage ads- begin with google ads.
- Study your market and take feedback from your market, not from people.
Setting Up a Productivity Section in Your Company
- Learn to document.
- Track the task progress of your staff.
- Make use of productivity tools such as; track attendance, productivity income, expenditure and information flow.
- Adopt technology in productivity.
- Make sure your tech team adopts dev-Ops, Agile and SCRUM.
Some Entrepreneurship take home nuggets;
- Build into the level of network you have and think beyond just poverty and eating.
- Try to attend events, meet people, learn new things and try to offer value.
- If you’ve not built the mental and financial capacity (look at your circle of friends). Money shouldn’t be your problem to start a business.
- Focus more on value.
- Write; always write about your journey, about what you do.
- Don’t see money as a big thing, see it like a game. See money as fuel. What matters most isn’t money but time. Find a way to save time with money, because the more time you have the more you can save money.
- Be educated; education isn’t only about filling one’s mind with books but about inspiring the mind.
- The advantage you’ve as a startup is speed.
TG ended by letting everyone know that we can all be great CEOs. He advised all to brainstorm about mind blowing ideas which can be actualized and grow into something big in the future. He also called forth interested young minds to join a created forum where business ideas can be shared.
With that, the event came to an end. We got lots of feedback from our attendees saying the event was as mind blowing as the last and they looked forward to the next. Whenever you find yourself around Umuahia, locate the hub and join this connection every second week of the Month on Fridays, you’ll go home changed.
Remember to follow us on all our social media handles to keep tabs on more information, also, community connect runs every two weeks. Be sure to keep a date with us.