There are different ways or secrets to acquire wealth in life which most human being don’t know about, here you we know how to acquire wealth.
UNDERSTANDING THE BUSINESS YOU WANT TO START:
As a business man who want to start up a business or start up a company, the first thing you must know is to understand that business, another thing is to go for research about the business you want to start up. For example if you want to open a provision store what you should do first is:
- To know what kind of people you are going to be dealing with.
- To know how people patronise them.
- To know what is not sold there that you need to add to your pending store.
If you have known this thing then you have created a foundation. It is very important for a business man to understand the kind of business he or she is about to involve himself with, because if not you will have some serious challenges in your business or company.
LOVE THE BUSINESS YOU DO
This is another factor or way of making wealth, as a business man who want to be successful in his business, you must love what you do as a business man in the sense that you must enjoy it, it should be more like a hobby to you. Until you enjoy and make your business a hobby to yourself, you will not be successful in your business, when you love what you do as a business man, even when there are turbulence you will not be shaken even when there is no much money coming from the business, you will not really mind because you enjoy what you do , it is very important that you love the kind of business you do if you really want to succeed in that business.
YOU MUST BE AN EXPERT ON YOUR FIELD
As a business man who want to succeed in his business you must be an expert on your field, you should always try to be the best in your field, for example if you want to start up a business or a company that you don’t know very well, what you should do is to look for people who have experience or people who have retired from that particular business, they can teach you to become an expert in that field or you can also study to acquire more knowledge in that field, it will be difficult for a business to make it if you are not an expert in your field, if you are good in what you do you have more customer and you will make more profit, for example if you are into furniture and you are very good in furniture, you will make more money and get more profit, so it is very important for a business man or a manufacturer to be an expert in his business even if you are a retailer you must be an expert in your field to make it.
HAVING BOARD OF DIRECTORS
This is another important method of acquiring wealth, yes you need board of directors in your company because, whenever you want to expand your business or you want to establish a new company you we need people to direct you advice you so that you don’t take the wrong decision in your business. I know that some of you will be asking question like, how can I have a board of director when I only have a small company, you should always know that there is no company that is small, it is how you manage it that really matter. If you are into selling of suite, you need board of director it does not really have to be like that of a coca cola company, you can still have people who you know that they are specialise in that area of your business or people who have good experience in that area of your business, what you do is to make these people partners in your business so that whenever you want to take any decision they will be able to direct you.
Now you will realise that when you have board of director it will be easier for you to take decision and it will make you more advance in you company or business and it will also make you company grow fast with good standard and structure.
BIULD A TERM FOR NETWORKING
So many of you may be very confuse in this building a term for networking, as a business man you have to build a term for networking if you want to have more customer and also if you want to make more profit. For example if you have a company and you want to buy computer and install it in your company, to make the work less stressful for you, you have to build a term for networking, like I earlier said if you want to buy a computer you will need somebody to go to the market, you will also need somebody to fix the computer and also you we need someone to install it for you before it can be use, building a term for networking make your business grow faster, maybe if you where the one to go and buy, fix, install, you can imaging the stress and time wasting you will go through, so it is very essential for a business man to build a team for networking.
LOOKING FOR MORE CUSTOMERS
So many business men and women always make this mistake in business whereby they are always contented in other word they are satisfy with the customer they have, a wise business man is never satisfy with the customer he or she has because he knows that one day some of his customer may fall out, which is they may decide to relocate from that country, state, city, town to another. So if you are the type of a business man that is contented with the customers he has, what will happen to you if your customer runs out of cash or maybe they decide to do business with someone else, you see it is very good to always look for more customer so that you will make more profit, remember the more customer you have the more profit you get so while not look for more customer, if you want to succeed in that business of yours.
ALWAYS BE HUMBLE AND RESPECT YOUR EMPLOYEE
Before you can make it in life you have to be very humble so it’s apply in business if you must succeed in your business you must be humble, in business you must remove what is called ‘’ego’’ you cannot be successful in business if you have ego, at times you may be short of staff or maybe you have so many order and you staff are finding it difficult to render good services to the customer, it is the responsibility of the owner of that business to assist his staff no matter what the situation may be, you will have to remove that ego from you and do th e work. If your office is dirty and not of your staff are in the office yet, as a good boss you don’t wait for your staff to come and sweep your office, you will pick up the brume and sweep your office [that does not mean that you will lose your respect as the boos but rather it make you a good business man who is not minding the things around him but he is after the profit of his business,
Another thing is that you should always respect your staff because staff loyalty fore front your business, so many company business men always believe that they only make their profit through their customers but that is not the true because without the loyalty of your staff your business will not be successfully manage, always make your staff happy, there are different ways by which you could use by giving them off days, by increasing their salary etc. if your staff are happy with you they can go extra mile for you.
BIULD A STRONG RELATIONSHIP BETWEEN YOU AND YOUR CUSTOMERS
How do you build a stronger relationship between you and your customer? If a customer buys products from your company or from your service you don’t just value the initial goods he is buying from you, you should come in tense of looking forward to value the life profit you will receive from that customer, you can also build a strong relationship by giving discount in your customer, but not the kind of discount that will affect your profit. Remember if you have a good relationship with you customer, not just only your customer your retailers, marketers they will refer you to other customers, you can imaging when people start to refer you to other people you may not really have to do too much of advertising. So it is very good to build a strong relationship with your customers.
STAY FOCUSED AND BELIEVE IN YOUR BUSINESS
No matter how many company you have or how many business revenue you have, you have to stay focus so that you will be able to monitor all your companies or all your business revenue, there are different ways that you can use to monitor all your business it could be by phone calling, emailing, by occasional visiting or by periodical visiting, it is very important for you to have a very good information about your business if not you will encounter loses.
Another thing is that you must believe in your business because if you don’t believe in what you do there is no way you can be able to succeed in that business so you must have faith in your business to make it in life and to succeed in your business.
APPLY DIVERSIFICATION IN YOUR BUSINESS.
First of all what is diversification? Diversification simply means an act in which a company acquire or establishes a business other than that of its current one, as a business man you should have this enthusiasm in you that whenever you have more profit you should learn how to establish a new one a real business man will put hand into his pocket and start up another business, the business dose not really have to be similar to the very first one that you are currently operating on but meanwhile you must have an ideal or experience about the business,. A real business man does not wait for the profit of his current business before he can open another company or business you can collect money from your pocket or get a lone that you know is not more than you, the new company would be better if they are in the same location because when you advertise one of company automatically the other company will be advertise while because if customer come to patronise one that is being advertise they will definitely see the other company. By then you will be able to get more profit from both company.
HAVE A CLEAR SYSTEM
As a business man or a manufacture there should be a system that you are following. There should be rules that are guiding you and your employee in your business, there should be a guide line in your business or company weather it is a big or small organisation there should be rule and regulation that are guiding you.
NETWOKING FOR EXPANSION
Learn how to expand your business don’t stay one place and expect customers to look for you, learn the habit of looking for sale even outside your comfort zone as in outside your town or city or market. As a business man you cannot be lazy so you must seat up market your product not just in one place. You should always be ahead of your competitors.
This is one of the most important role that you need to play in your business. customer need people who they can trust, customer want to know the kind of person they are dealing with, if your customer have confident in you, even when your product is expensive they will not mind yet they will buy from your product because they trust you and the product that you sell for them, so it is good to have integrity as a business man it will make you have more customer and more profit,
HAVE A POSITIVE OUTPUT
No matter how turbulence your business is going through weather there is gain or not your output matter a lot and also don’t always put the blame on anything if you have loses and also don’t praise a particular area of your business just because you are making big profit
Remember that investing on real estate will make you a bigger profit, try to invest on real estate because there are two major ways you make a lot of profit like you receive income from rent and also you will have a potential of profit from the increase in value of the properties. And also try to invest on stock market, all this will help you to make more profit
BRING IN NEW STRATEGIES
This is another important part that a business man should apply in his business, you must try to do something different from others you must always be creative a good business man is always ahead of his competitor, creativity is very important in your company or in your business, try to create what other has not created. If you are very creative in your business or in your company you will definitely succeed, so many people want to see new thing new product. So it is very important to be creative in every aspect of your business.
About 80 percent of new company that started failed after three years, if you start up a business and probably you failed, that does not mean that you don’t know that business all you need to do is to persevere and work harder. Real business men don’t give up so easily even when they fail, all you need more time to study that business, not to give up.