For Successful Business People

Successful people's pick

 
As I interact and brainstorm with business owners and entrepreneurs, I have come to discover that it is an all time more difficult venture being an entrepreneur in Kenya. They have always listed a number of challenges affecting their ventures and sought advice on the possible solutions in vain.
Overcoming business challenges

During the last workshop where we were taking SMEs through website management, many SMEs wanted to know whether they had hit the bottom, showing any progress and identifying the possible reasons for their inability to overcome their business challenges.
Looking at some of their challenges, making predictions on the solutions to their problems is an uphill undependable task. Although the Kuzabiashara portal is here to assist the SME fraternity, there are some challenges that we might not have addressed here in.

I met this entrepreneur that claims that he does his work according to an order he made before establishing the business. Now, considering the technological evolution and economic changes, this strategy in my opinion is a flop. This will call for analysis on the financial state and income of the business, sales, profits and customer base but with relation to the existing economic and technological status.

These are dynamic factors that are most likely a hindrance on the business performance in the near future. It is a challenge to the business owner since they may end up focusing on the business returns instead of focusing on growth and investments.

Business environment

On the other hand, entrepreneurs and small business owners have been talking of a change in the business environment. However, further probe indicates that few of them know what this means to their business. This is closely tied to the future business plans since upcoming business owners tend to make business arrangements in line to the prevailing techno-economic environment. In such a case, they end up disappointed as they find it difficult to bear with the changes in the business environment.

To come up with a solution to the possible problems in the business environment, as an entrepreneur, one needs to have various plans and alternative options. You need to have the ‘what if” mentality since this will be acting as a shield whenever business goes wrong. The “What if’ mentality is important since having it in your organizational structure gives you an alternative option.

As we went through the Kuzabiashara website with an entrepreneur during the workshop, he would look at a business I considered average and commented on the profitability of the said business. He on the other hand did not know that I considered his business bigger that the one he considered big.

Appearance and marketing.

As a business owner, you need to know that appearance and reality are two different things. You however need to concentrate on your core business and seek to discover better ways of doing that which you already know, observe your competitors and do something different, look for ways through which you can change or improve your business since someone out there is looking at your business and envying you. 

You need to know that different companies ride on different managerial paths and that it is difficult to successfully follow in the actions of another company hoping that it will as well work for yours. Consider your own strengths, client base and financial might as this is a better path as through this, you will be able to understand revenue, and reduce steps that are most likely going to lead you to losses.  

Entrepreneurial Learning:

As an entrepreneur, you need to identify managerial issues within the organization, find challenges affecting your business performance and seek solutions to them. You have to understand that issues within your business are similar to those bigger firms face. You therefore need to have a second plan on standby always so that this can cushion you whenever things go awry.

This is all you need to be a successful business person

As I interact and brainstorm with business owners and entrepreneurs, I have come to discover that it is an all time more difficult venture being an entrepreneur in Kenya. They have always listed a number of challenges affecting their ventures and sought advice on the possible solutions in vain.

During the last workshop where we were taking SMEs through website management, many SMEs wanted to know whether they had hit the bottom, showing any progress and identifying the possible reasons for their inability to overcome their business challenges.

Looking at some of their challenges, making predictions on the solutions to their problems is an uphill undependable task. Although the Kuzabiashara portal is here to assist the SME fraternity, there are some challenges that we might not have addressed here in.

I met this entrepreneur that claims that he does his work according to an order he made before establishing the business. Now, considering the technological evolution and economic changes, this strategy in my opinion is a flop. This will call for analysis on the financial state and income of the business, sales, profits and customer base but with relation to the existing economic and technological status.

 These are dynamic factors that are most likely a hindrance on the business performance in the near future. It is a challenge to the business owner since they may end up focusing on the business returns instead of focusing on growth and investments.

On the other hand, entrepreneurs and small business owners have been talking of a change in the business environment. However, further probe indicates that few of them know what this means to their business. This is closely tied to the future business plans since upcoming business owners tend to make business arrangements in line to the prevailing techno-economic environment. In such a case, they end up disappointed as they find it difficult to bear with the changes in the business environment.

To come up with a solution to the possible problems in the business environment, as an entrepreneur, one needs to have various plans and alternative options. You need to have the ‘what if” mentality since this will be acting as a shield whenever business goes wrong. The “What if’ mentality is important since having it in your organizational structure gives you an alternative option.

As we went through the Kuzabiashara website with an entrepreneur during the workshop, he would look at a business I considered average and commented on the profitability of the said business. He on the other hand did not know that I considered his business bigger that the one he considered big.

This comes down to appearance and marketing. As a business owner, you need to know that appearance and reality are two different things. You however need to concentrate on your core business and seek to discover better ways of doing that which you already know, observe your competitors and do something different, look for ways through which you can change or improve your business since someone out there is looking at your business and envying you. 

You need to know that different companies ride on different managerial paths and that it is difficult to successfully follow in the actions of another company hoping that it will as well work for yours. Consider your own strengths, client base and financial might as this is a better path as through this, you will be able to understand revenue, and reduce steps that are most likely going to lead you to losses.  

Entrepreneurial Learning:

As an entrepreneur, you need to identify managerial issues within the organization, find challenges affecting your business performance and seek solutions to them. You have to understand that issues within your business are similar to those bigger firms face. You therefore need to have a second plan on standby always so that this can cushion you whenever things go awry.

 

Preparing a Business Contract

Your contract need to be validated.

Have you tried making a business contract? A business contract is not just a random paper as I came to learn. You know, to close a business deal, you definitely need a legal business contract in writing between the parties. For as long as I have been writing for business, I have critiqued contracts from a number of firms and pointed out a number of omissions.

This has prompted me into outlining a simple directional structure that will make your process of writing and making your business contract valid legally acceptable.

 Basic agreement 

As a business manager, you need to come up with a summary of the basic terms of your agreement in writing. I advice that before making a business contract, you reach a final agreement on all the terms and if possible I suggest that you confirm these terms with the other party by email.

On the internet, we have limitless samples of the relevant business contracts that can assist you with this. In my interactions with the internet, I have come across various types of business contracts with existing templates online. You can select a template that is relevant to your business then modify the content in it to suit your terms. If you have an existing simple business contract, you may not need a sample agreement as it may be easier to make your own as a letter agreement that is then signed by all parties.

Agreement clause 

In the agreement, include all terms and specific agreements within your business contract.  You have to confirm that you have written comprehensively written the contract bearing in mind the Who, What, When, Where, Why and How regarding the terms and conditions. Considering the 5W and H strategy, you will have comprehensively handled every bit of the agreement.

The 'what if' Scenarios 

Since you may not be informed about any possible alterations and consider "what if" scenarios and the best way to handle them. I suggest that you consider any possible miss-being such as non-performance, lateness and default and come up with the remedies to handle such cases. Remember to always discuss any changes on the terms or new terms with the other party if applicable.

Legality

In cases of large companies, I suggest that you send the contract to the attorney for review before getting into the deal. This is important because including the attorneys’ approval assures you of compliance with the law.

You then will have to send two original copies to the other party with a short cover letter.  Both parties should then initial each page of the agreement and sign and date on the last page. After the other party has initialed and signed the contracts, sign them and send one original back for the other party's records.

Identification

However, I suggest that the other party includes their Identification documents on the agreement to bind them to the contract. Many businesses do not take this seriously but I suggest that since you know, you have to include the identification documents on the deal.

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