10 Things I Learnt In Business: Prince Nyembe
One individual we can learn a lot from as young people is, Prince Nyembe who founded Beam Group in 2015. While it was still running, the company achieved a number of milestones bagging deals such as Vodacom, Cruz Vodka, Boulevard Champange, Honor Cognac, Reebok, BCWYWF and Touch My Blood the Album.
The inspirational Nyembe is an entrepreneur and the of CEO of Tau Matla commodity mining. He has shares and investments in various companies such as Blac business Africa , Blac Digital , Global International , Global Medicare , Mashabela Investment Group . Prince is also the founder of Pudi Crypto Coin and Exchange.
Just like many successful entrepreneurs out there Nyembe has also had lessons to learn over the years. Listed below are 10 lessons from him that can also benefit you as a business person as well as in other aspects of your life.
1. Time is Money
Having sufficient time is one of the biggest stumbling blocks for many people who want to start their own business. One of the most important skills you need when balancing a day job and running a business is good time management skills. Learning to prioritize tasks is difficult, but if you fail to do so, you may end up alienating customers and vendors that you need to work with. Learn to take care of jobs that must be done immediately as soon as possible, and delay doing the projects that you know can wait. Prioritizing business tasks is key, but it doesn’t stop there. Prioritize personal tasks as well to make sure you can carve out sufficient time in your busy day to devote to your start-up. My biggest problem was I was always doing things alone and at first and that was taking my time now I have a team of people I can relay on and they help me plan better and coordinate.
2. Research the Market
With some ideas having been worked out, market research will be in order. That means arriving at relatively firm ideas as to important issues like your ideal customer. Thinking about things from the perspective of the customer is almost always helpful, and not least when getting started with a new business. Developing a picture of a new company’s ideal customer will make many subsequent decisions much simpler. Think about the needs and preferences of that person or organization and how best to serve them. Define these details as precisely as possible and be prepared to refine and update them however subsequent experience indicates. Also know your competition. I’m in an industry where clients have many options There will almost always be other companies that are aiming to serve the same customers you are. Look into how these future competitors are faring and where they come up short. Given the new context that develops, think again about how to position your new business as a clearly superior alternative Before my business was focused on to many things that others offer now I have taken a different direction I offer niche services
3. Understand the Market Instead of the Product
Many start-ups and small businesses make the mistake of relying too much on their product to drive sales. What this means is that they fail to take into consideration the market they’re getting into. One thing I notice today is many small start ups offer the same things or look identical to others. Small businesses should focus on delivering a product that people are willing to buy. You can come up with the most revolutionary product in the world, but you won’t get anywhere if there isn’t a market for it. Focus on niches. Getting a small market share is better than trying to invest in a market that doesn’t exist.
4. Commitment is Everything
Before you start, determine if you’re actually prepared to start a business. Running a brand, no matter how small, takes a ton of dedication. Expect your day-to-day life to change. Not only will you need to put down a significant financial investment, but you’ll also need to put down some emotional investment as well. I have failed and cried many times before I even received a cent and even when I made money I still had an emotional roller coaster. Be prepared to lose sleep and feel stress. Be prepared to build connections. Remember that as your business grows, you’ll need to dedicate more and more time to it. Failing to manage this aspect of running a business properly can damage your relationships with other people.
5. Change and Evolve or Die
A growing business is a successful business. It’s OK to always be changing. In fact, it’s great! When you’re changing, you’re growing and adapting. That means new employees, new processes, and new revenue. However, if you’re not always changing, your business could be starting to die. The last thing you need is a stagnate business. If it is, look at your sales, marketing, business plan, processes, or even your employees. A great way to do this is to analyze everything and everyone. Understand your strength, weaknesses, opportunities, and threats. This will help guide you in starting your new business.
6. Make Your Goals Come True
Setting goals and achieving them is so important. Once it is written down, it needs to be specific, measurable, attainable, relevant, and time oriented. Be a dreamer dreams will help you find the vision for your goals. If it’s specific, you know exactly what it is. By measuring you can understand your progress. Attainable means it is realistic, and that you can get there. Your goal also needs to have relevance to your purpose. Time oriented will help you know your deadlines. Dream big.
7. Know Your Strengths and Weaknesses
Every small business owner has certain skills, abilities, knowledge, and experience that give them an edge when it comes time to build up a business and start operating it. However, no small business owner is so adept that they can be an expert in every single process related to developing a new company. I have skills that others may not have but I also find myself having, many weaknesses. While you’ll have to wear a lot of different hats, especially during the business’s earliest stages, don’t place too much of a burden on yourself for too long or expect yourself to dive into a highly complicated task with no prior training. Develop a strong understanding of your skills and weaknesses so you know where to best focus your attention.
8. Plan Your Finances
Create a plan on how cash is going to flow in and out of your business, so you’ll be able to spot warning signs. It will help you decide actions to control your cash flow. Before establishing your business, make sure you’re not focusing on the profit. In most cases, a positive profit doesn’t mean your business is doing well. You have to take into account how cash moves in and out of your business. You might make the mistake of starting a business when it shows a possible positive profit when in fact cash flows out readily, I was involved in a business that brought in a lot of profit, but it also had high expenses and it was hard to balance the business because it had too much spending.
9. Pay Your School Fees
“The only source of knowledge is experience.” Albert Einstein It’s not just for your own sanity. Don’t put the futures of your team, investors, or yourself through unnecessary pain if you’re not ready to lead. The best salespeople supported by outstanding talent is no substitute for hands on experience. When sh*t hits the fan (and it always does) only those who have “been there, done that” will be able to keep calm and carefully lead their organization through the madness.
You’re probably wondering: “What if I don’t have experience in the field where my passion lies?” To that I say: wait. Don’t start a company until you have the necessary experience. Work for someone else. Learn on their dime. It’s not worth the time, money and relationships that you’ll lose by entering an unfamiliar marketplace. Another question you may ask: “How will I know when I have the necessary experience?” That’s easy: if you’re asking that question, you don’t.
10. Manage Expectations
Don’t want to burst your bubble here but building a successful company will likely be the most challenging undertaking you ‘ll ever embark on. You will probably fail on your first venture, especially if you don’t do move organically the business will humble you. One of my favorite phrases, and it applies to many aspects of business, is: under-promise and over-deliver. This is important when setting and managing expectations. You and your team will feel relieved when your projections have been exceeded. The opposite will leave everyone feeling drained and sometimes hopeless.
Don’t Stop Learning
There are countless stories about companies that started with one mission, met with middling success at most, and saw their growth explode after pivoting to a different focus. Entrepreneurs do best when they are constantly looking for ways to improve and for new opportunities to pursue.
