You sure must have heard of Otunba Akin Alabi before? Well if you haven’t, I will tell you a bit about him. Otunba Akin Alabi is a Nigerian politician, entrepreneur and philanthropist. He is the author of the business and marketing book, Small Business Big Money and the founder of NairaBET.com, Nigeria’s first sports bookmaking company.
Recently, I was privy to read his book: Small Business, Big Money, and I must say, it is the best business book written by a Nigerian that fully tells what it means to run a business in the Nigerian Landscape.
In this post, I have compiled 20 of the most inspiring business lessons I learned from the book that will be of great benefit to you.
20 Business Lessons from Small Business, Big Money by Akin Alabi
1. Only one out of 10 business start-up succeeds, hence you must have a strong why before starting any business.
2. Wrong reasons to choose entrepreneurship over a paid job:
- Becoming your own boss
- You don’t want to work long hours
- The need to have money now
3. Big brands are big because they know how to do business, and not just for the name they carry.
4. How to build a successful business Build it, and market it well, do not just rely on the new skill you learned.
5. Your choice of business should not be what everyone else is doing. “Stand out”.
6. How to choose a good business comes in this order:
- Discover what people need
- Sett up your customer base
- Build a business around your customer base
7. Business is about identifying and meeting people’s needs and not just their wants.
8. As a business owner, don’t run your business based on sentiments or charity, but rather on profit-making.
9. A successful business is built over years of relentless labour.
10. To remain top in business, make noise about your unique selling point. That way, you engrave your business name in people’s mind.
More Business Lessons
11. The mind share principle of marketing is such that you advertise your product not just for immediate returns but to register your name and your product name to customers.
12. Create an advertising budget for your business.
13. Getting people to talk about your business or recommend it to others is something you earn from your customers over time as a business person.
14. Target marketing means marketing to people likely to buy your product. And this is the best form of marketing to get results.
15. Look for referral product that will reward people who refer others to your business.
16. To succeed in business, you must have a Must-Win attitude
17. Success is not a destination, it’s a journey. That’s why even after you hit a major landmark, you move on to win the next big thing.
18. Speed of implementation mindset is one of the greatest success factors.
19. Capital is important, but it is not the only thing needed in business.
20. When you start to make money in your small business, put it back into the business, don’t spend it.
I trust you have learned some applicable business lessons from this post. To get a copy of this book, please reach out to me on: 07032806206, or send an email to firstname.lastname@example.org.