To execute a business idea that requires capital you do not have and for which you may have to partner with the financially capable, ensure to engage a good lawyer to prepare a contract that protects your interest. You don't want to be shortchanged or schemed out of your vision when it starts to materialize and shows promise.

In order to turn our dreams and aspirations into reality, we need to be determined, self disciplined, passionate, sincere and patient.

Honesty is a rare but good character to have in business, especially in the Nigerian clime where trust is a major issue. Always try to be sincere and upright, as people will respect you for it.

"You can't assume people will trust you because they've read about you or because you run a successful company"(culled from Forbes).
You have to earn that trust and the only way to earn trust is by being consistent in character, deeds and words. These are the 3 golden ingredients. Certainly not by your bank balance, position or fame.

During negotiations, it's better not to take issues personal. Do not bring emotions into business discussions so as to be able to talk and act objectively.

Challenges & roadblocks in achieving your goals do not mean failure. They are temporary setbacks and part of the learning process in business.

What is the 'caffeine' of your business? That very thing that makes doing business with you so addictive customers keep coming back. It's called ATTITUDE!
A business that gives average service with good attitude will go further than the one that delivers excellent service but with a bad attitude.

Don't be concerned about closing sales just for the sake of earning a commission only. Build relationships, offer assistance & proffer solutions beyond the sale.

Always endeavor to carry out a S.W.O.T analysis (Strength, Weakness, Opportunity, Threat) before taking any business decision especially in the current volatile business environment.

mrdammy:
Honesty is a rare but good character to have in business, especially in the Nigerian clime where trust is a major issue. Always try to be sincere and upright, as people will respect you for it.

Very important but very difficult to get in Nigeria!

How effectively you manage your working capital has a direct impact on the size of your business profits if any. Put in place tight controls.

Learn to sacrifice. You cannot have your way all the time. Something's gotta give. Sometimes you have to let go now for future streams of benefits.

No pain no gain. You have to sacrifice a lot of hours to kick start that business and even more sacrifice to put it in cruise control.

Running a business takes a lot of sweat, blood and tears. But at the end of the day, you should be building something sustainable and with a legacy you will be proud of.

The workplace should be a conducive environment in which the boss and employees communicate effectively and work together toward achieving the common goal.

Treat your staff with utmost care and show concern for their well being. Make people feel valued and appreciated and see the result!

Pay your staff commensurate to the work they do and the value they add to the business. Do not keep most of the profit to yourself because you own the business. Staff deserve to live a good life too!

Be tolerant of divergent views or even outright criticism. Nobody has monopoly of knowledge. Analyze all the opinions and feedback you get and then take necessary action.

Delegate responsibilities. You cannot do it all no matter how energetic you are. Learn to have faith in other people's capabilities.

Network as much as you can as opportunities abound out there for what you do if only you have the information. Not everything is advertised.

When you draw up a budget as a standard, compare it with the industry average of your business. As you might just be spending more than others while you are there feeling efficient because you are working within your set budget.

Choose your business partner(s) wisely. Learn to perceive people (know their 'smell'). The greed and blind ambition of some robs them of loyalty, commitment and opportunities.

You never get a second chance at making a first impression. When engaging customers, strive to leave a lasting impression that will ensure you are always in consideration they want to make a purchase.

Never under estimate the power of training. It helps to update, polish and bring out salient skills in staff which impacts greatly on the firm.

Take time-outs at regular intervals. Health is wealth and a refreshed mind breeds fresh ideas. You are no good to the business if you die.

Key risk cost center areas businesses need to watch out for:
1. Personnel cost i.e salary, allowance, benefit
2. Cost of inventory
3. Cost of production

You can enter into an agreement with another company that has comparative cost advantage in that production you are interested in and do distribution instead.

Management should learn to listen, interpret and respond constructively to work related issues and problems .This will help avoid work place conflict.

Your attitude determines your altitude. Develop your interpersonal and relationship management skills and watch as it opens doors and bring opportunities.

Do not down play the place of having a sound accounting system in place as well.

Only engage in that business you have passion for, because that is the only thing that will keep you going when all hope seems lost.

Reduce your profit margin as much as you can, targeting volume sales and a faster/short stock turnover period instead. In the long term you make more money!