The10thMan:


My mum used to say, cutting an Iroko Tree by mouth is easy.


The person says ''I'll just cut it like this and slash it like that and swing the axe like this.....and it will fall with a great crash''!

Word on marble.

whytediamond:
I have a very funny and annoying case I'm dealing with right about now.

A company contacted me to design calendars for 2019 for them. After 2weeks of designing and countless tweaking plus product photo sessions, it got to the print stage and I suddenly the company said they can't pay the amount I requested for the print job.

I said OK fine, this is the soft copy of the job, get a printer to do the printing for less than what I offered, they went ahead and printed elsewhere even though the manager later confirmed they paid more for the printing compared with what I offered.

Now, the issue is this, I need my money for my intellectual property and time put into the design for calendar that they have already shared to their customers. To my greatest shock, I was told I won't be paid a dime.

What is their reason for not paying me? That I wasn't the one that printed the job, hence I won't be paid for the design. Like wtf are they talking about.

I'm already getting legal advice on how to recover my money from them.

Starting up a business ain't child's play people. Perseverance will surely pay in the long run. Stay focused, don't give up.

Never embark on such business without part payment. at least 50-70% payment should be done before you start.

I usually tell folks, for now, nothing beats advertising on Facebook, Google, and Instagram.

Their targeting options, and optimization methods available, can't be beat.

Mistakes people make is totally assume Instablog9ja, Nairaland, and the likes, are substitutes for the earlier mentioned platforms.

Guess we learn everyday.

adonainana:
Starting your own business is crazy oooo, I help individuals, business and companies incorporate and register thier business online. Its been about a month now since i paid 20,000 Naira to Mr Seun Osewa Zenith Bank account to help me with my advertising credit so my advertising banner can be live on Nairaland. Have not heard Pim from the email we are meant to send our evidence of payment to.

I was also scammed by instablog9ja, i paid 50,000 Naira for a post, till today he keeps on saying he thought i wanted a instagram story as opposed to a post.

Its not easy running your own business oo like you are so much in debt already before you even begin to make any money whatsoever,

AreaFada2:

Sir have you mastered it yourself or you are just quoting a business theory or someone?

I own several companies. Be nice

DeLaRue:
I've spent millions on my farm in the past 15 months, inluding about N2m in salary. Just paid salary again today.

Yet, total revenue to date - just N300, 000!

I should make more money this dry season, but I need to spend about N500k over the next 2 weeks to make that happen.

I'm beginning to doubt if I'll recover my investment.

The vast majority of new businesses fail. It happens every where, but in Nigeria, the likelihood of failure is extremely high.

Why will you be spending scarce money on salary

Can't you downsize?

How is your business model?

Your revenue generation, means of earning cash must be intact

What market are you serving?

Who are your marketer's?


These and many more you must address.

Have you engaged any professional/consultant/adviser on getting it right? It is very very very important!!

As in eh! Debtors are not even making things easy for person

whytediamond:


My brother, when you're new in business, you tend to trust big companies you're dealing with, I just realised they are looking for avenues to take advantage of people they are working with. Sometimes, you have to learn the hard way. Can't make this type of mistake anymore.

Bros, I understand you well (am a designer as well) and at start you learn the hard way but never again. Always watermark or put an easy fix mistake or deliberate error (maybe reduce resolution and always on JPG for a sample show through email so you could have evidence. But all in all pay before soft copy.

Wow! Eye opener. Threads like these are part of reasons I appreciate nairaland.

Firsthand experience from people that have ventured into biz. . . .not all those motivational trash those sugar-coated speakers keep rehashing.

Im not into business myself but know of many people and number of them are not finding it funny at all.

Truth is the Nigerian evironment is not very conducive when it comes to business. Just power (electricity) alone can chop all the profit.

Truly I respect those successful entrepreneurs

Loneley:
I usually tell folks, for now, nothing beats advertising on Facebook, Google, and Instagram.

Their targeting options, and optimization methods available, can't be beat.

Mistakes people make is totally assume Instablog9ja, Nairaland, and the likes, are substitutes for the earlier mentioned platforms.

Guess we learn everyday.

everything is fine now guys, mr Osewa has credited my advertising credits

Loneley:
I usually tell folks, for now, nothing beats advertising on Facebook, Google, and Instagram.

Their targeting options, and optimization methods available, can't be beat.

Mistakes people make is totally assume Instablog9ja, Nairaland, and the likes, are substitutes for the earlier mentioned platforms.

Guess we learn everyday.

It depends on if they have the funds to run ads...

Onnasucs1:
Every single day I visit the business section here on nairaland, It's either I find the crew who have money but don't have a business idea or I find those with business idea but lack money.

Whatever crew you are, please never start up a business if you're not dogged. That business idea might appear rossy in your brain until you start it up in the real world.

I started up a business barely a month ago and I'm almost loosing my mind. Is it the sleepless nights(sometimes working from 1am-7am) I'm going to talk about or the failed projects or the rude customers or the unnecessary but compulsory expensis or the pressure to give out the best at all times or the uncertainties.?

Hehehe...Because of business, I am now a professional Liar. Lord have mercy!

Now I know why most businesses don't last long. Not everyone is willing to go through the stress.

I now respect Dangote, Otedola, Adenuga, Jim ovia, Tony Elemelu...they are many

Your business will break your heart so many times. (I'm heartbroken at the moment)

Please if you're not dogged, don't think of starting up a business.


If you have started one, never back down. If it gets tough, you too get tough. In the end, you'll succeed.


I have made up my mind to continue to press on. No going back



My respect goes out to all business people.

Welcome onboard ....mate

fighal:
Lemme know what the business is about

Bike deliveries, we charge 20% lower to get market share. But we can't get past 200deliveries a month. Too poor to sustain the business

The10thMan:

Setting up a business has its appeal. It also has its benefits. You will understand why a lot of Civil Servants who retire and are paid gratuities etc. cannot successfully manage a business. The conflict of interest rule does not allow them run a business. After 35 years of handling a minute component of an organization, they try to delve into business. But how do you give what you do not have unless you want to deceive yourself or other people?

It requires effort and experience. You need to understand the business to a very large extent. The applicable regulations, direct and indirect influences of market forces, competitors, the associated services, sourcing raw materials/inputs,the processes of creating your output, your type of customers, your type of staff, the strength, weakness, opportunities and threats of/to the business, etc. You need to have these and more covered before venturing. You could also decide to have a mentor. Before starting, have conversations with people in the business. Visit various same/similar ventures like a customer and ask questions.

Additionally, business is done to create value of some sort. Every organisation exists to create value. Even NGOs. You have to enjoy the process of meeting people's needs. It wont be easy, especially at take off stage. You will need to understand cash flow, basic book keeping, business terms like invoice, quotation etc. depending on your type of business. The general rule is be sure to know what you are getting into before getting into it.

No one is ever truly prepared, there's always unforseen eventualities.

Business is only all about risks when you wanna explore and invest..But there is way i have been running my business for years with zero risk and zero capital.. and today i make profits.. that every year, i choose a destination and fly there for relaxation..mind you i dont do G if thats what ur mind tells you first upon seeing my comment ..

The matter becomes worse when a large part of ones client base are civil servants owed many months salary. They keep begging for credit, forgetting you have a business to run

963AvatarSpirit:
Most of you lamentators do not know what is takes to run a business successfully.

A great product is just one of the 4 steps process to guarantee profiteering and each of the 4 steps requires precision and supra level of market engineering and sales execution.

Money making is an art. Building generational wealth requires a template.

It is a science that only few have mastered.

Tayunyunyun

Science that successful Alhaja for market mastered right?

The10thMan:

Setting up a business has its appeal. It also has its benefits. You will understand why a lot of Civil Servants who retire and are paid gratuities etc. cannot successfully manage a business. The conflict of interest rule does not allow them run a business. After 35 years of handling a minute component of an organization, they try to delve into business. But how do you give what you do not have unless you want to deceive yourself or other people?

It requires effort and experience. You need to understand the business to a very large extent. The applicable regulations, direct and indirect influences of market forces, competitors, the associated services, sourcing raw materials/inputs,the processes of creating your output, your type of customers, your type of staff, the strength, weakness, opportunities and threats of/to the business, etc. You need to have these and more covered before venturing. You could also decide to have a mentor. Before starting, have conversations with people in the business. Visit various same/similar ventures like a customer and ask questions.

Additionally, business is done to create value of some sort. Every organisation exists to create value. Even NGOs. You have to enjoy the process of meeting people's needs. It wont be easy, especially at take off stage. You will need to understand cash flow, basic book keeping, business terms like invoice, quotation etc. depending on your type of business. The general rule is be sure to know what you are getting into before getting into it.

No one is ever fully equipped with the requirements of building a business, there's always unforseen eventualities.

That was a very wrong choice of business.
How can you spend 4m in opening a supermarket. I know businesses you can start with 1m and tripple that in a month.

Koval12:
Wonderful thread. Spent over 4m to set up my supermarket business about two years ago. Till today, am still battling for stability. It's been one loss after another. Now am heartbroken because of expired goods totalling about 200k. Even people owing me don run comot

Noted bro. Will definitely implement what you advised going forward. Thank you so much.

okenwa101:


Bros, I understand you well (am a designer as well) and at start you learn the hard way but never again. Always watermark or put an easy fix mistake or deliberate error (maybe reduce resolution and always on JPG for a sample show through email so you could have evidence. But all in all pay before soft copy.

How do you know Dantata was his mentor?

castro316:
My broda business is not for everybody. First you must lear how to understand people if not you will lie till thy kingdom come. Second don't start business on your own you must learn the ropes from someone successful in that biz. I am sure you want to be boss in a hurry. Sorry it doesn't work that way. Even dangote had a mentor dantata. Peace out

Help a brother here, please what business are you taking about. I'm interested.

Omudia11:
That was a very wrong choice of business.
How can you spend 4m in opening a supermarket. I know businesses you can start with 1m and tripple that in a month.

Jamal090:


No one is ever fully equipped with the requirements of building a business, there's always unforseen eventualities.

Of course. That is the simple definition of the word ''RISK''. Uncertainties. I mean isn't that fundamental knowledge? Even without being said.
However, even uncertainties can be being managed. That there are risks does not mean the business must eventually fail. The question then is were people prepared for the uncertainties?

Ugosample:



easier said than done

Thank u jare...that is what dey normally say.
Until your business start going down & u call them to seek for advice or help, only for them not to pick your call and start avoiding u...

Rubbiish:
So so true.
Running a business is not easy.
I have made up my mind to invest in landed properties and buildings alone, or keep the money in the bank.

or invest the money on me #SLAYQUEENGOALS

Onnasucs1:
Every single day I visit the business section here on nairaland, It's either I find the crew who have money but don't have a business idea or I find those with business idea but lack money.

Whatever crew you are, please never start up a business if you're not dogged. That business idea might appear rossy in your brain until you start it up in the real world.

I started up a business barely a month ago and I'm almost loosing my mind. Is it the sleepless nights(sometimes working from 1am-7am) I'm going to talk about or the failed projects or the rude customers or the unnecessary but compulsory expensis or the pressure to give out the best at all times or the uncertainties.?

Hehehe...Because of business, I am now a professional Liar. Lord have mercy!

Now I know why most businesses don't last long. Not everyone is willing to go through the stress.

I now respect Dangote, Otedola, Adenuga, Jim ovia, Tony Elemelu...they are many

Your business will break your heart so many times. (I'm heartbroken at the moment)

Please if you're not dogged, don't think of starting up a business.


If you have started one, never back down. If it gets tough, you too get tough. In the end, you'll succeed.


I have made up my mind to continue to press on. No going back



My respect goes out to all business people.

Omudia11:
That was a very wrong choice of business.
How can you spend 4m in opening a supermarket. I[b] know businesses you can start with 1m and tripple that in a month[/b].

Una don start ooo.

1zynnvn:
lol, month don end about 4 staff dey wait for their pay, for the past few months we started we've been paying them off our pockets, the business cannot pay them yet, this month I just dey look them as money no even dey. I've been brainstorming on how to enlarge the market. Abeg Any marketing gurus to advice us on how to enlarge the customer base? money no too dey for ads

As long as you don't quit there is still hope.

Do SEO for your business website. Invest in a social media manager with strong expertise in IG marketing.

whytediamond:
I have a very funny and annoying case I'm dealing with right about now.

A company contacted me to design calendars for 2019 for them. After 2weeks of designing and countless tweaking plus product photo sessions, it got to the print stage and I suddenly the company said they can't pay the amount I requested for the print job.

I said OK fine, this is the soft copy of the job, get a printer to do the printing for less than what I offered, they went ahead and printed elsewhere even though the manager later confirmed they paid more for the printing compared with what I offered.

Now, the issue is this, I need my money for my intellectual property and time put into the design for calendar that they have already shared to their customers. To my greatest shock, I was told I won't be paid a dime.

What is their reason for not paying me? That I wasn't the one that printed the job, hence I won't be paid for the design. Like wtf are they talking about.

I'm already getting legal advice on how to recover my money from them.

Starting up a business ain't child's play people. Perseverance will surely pay in the long run. Stay focused, don't give up.

Never make the mistake of giving out your designs without being paid. If they think I intellectual property has no value, they can design their stuff themselves

adonainana:


Whats is even vexing me is that i see new banners on nairaland everyday, especially on top page ( usually the politicians who paid 500,000 into Mr Seun Osewa bank account) since we all pay for advertising credits the same way. So whats vexing me is that im sure he acts really fast on the big money guys and us the guy who paid 20,000 into his account, we probably arent that important.

Have lost count on the follow emails i have sent (Attached evidence of payment from Morning to Night)

And you see i am losing customers everyday like that oooo. Kai this stuff painful

how do I contact Mr seun

I started my business last September, shortly before my NYSC POP. I needed up to a million to set it up, I had close to that but I wasted most of it back in Akwaibom . I mean this "get a job aft NYSC"believe took over my sense of reality! Imagine I went to Cameroon with a girl I'm no longer dating! To cut the story short, I ended up getting tokunbo machines at alaba intl market. Then some of these machines electric motor started to burn. I kept on replacing with new ones now but that wasn't the end, I had a contract from someone very close to me. She supplies them something else but she said, they don't pay a penny but once u supply, u get all complete. To my greatest of disappointment, the job got rejected on a shabby excuse of I used banana yellow instead of yellow.
Another time, I got another contract from a school. The owner of the school put her sister in charge of the school but anything money comes directly from her. This sister told me to add 500# on each for her else I lose the contract which I did. Now the owner has sacked the sister for fraudulent activities. Just as she did with me, she did with others. Problem now is, the owner knows the actual amount n the sister has collected her cut already. My actual balance now looks like the sacked sister has taken it in form of her cut. She took her cut in bulk leaving me to manage little for the job.
It's been though I must say. Now I'm considering using my university degree for paid employment. Please help me with a job if you can. Thanks.