The Phases of Building a Successful Business 2: The Foundation

by Olufolake Stephen Adams Business/Marketing Consultant

Hi there and how has been your day and i hope that you are following me up on these series as it will be ending on Thursday the 24th of August 2017, God 's willing
So, in continuation of my teaching on the phases of building a business, i am teaching on the proper layout known as the FOUNDATION.

Now the beginning of anything is VERY IMPORTANT because it is what carries the structure of the building and so how you lay the foundation matters and determines the durability and longevity of your business. So in building a strong foundation, you need to use strong materials that can withstand the storms or challenges that blow on that building.
This is why Civil Engineers use quarry stones with other materials as the laying foundation of a building. Now for easier understanding, i will use the term 'QUARRY STONES' to define the following that should be and must be in the foundation of your business.

QUARRY STONE 1.
Avoid Making Mistakes in Your Business.
Now mistakes are bound to happen, however, there are some mistakes that you should NEVER make as an entrepreneur. Examples
1. Never borrow to start your business. That is bad debt. start with what you have to avoid financial pressure. You do, you have began ypour business at a loss. DON'T DO IT!
2. Never outshoot your budget. Go within your means and start.
3. Never invest into what you don't fully understand. You will run at a loss. Dwell within your center of competence.
4. Never sell on the platform of lies. it destroys your credibility.
Now there are 11 more that i discovered and i just made into a report with the title '15 Mistakes Entrepreneurs Must Never Make In Their Business.' If you are interested, it is FREE. You can comment on this thread. It is to assist your business and i will send it to you immediately.
Many Entrepreneurs and Business Owners today who made these DEADLY MISTAKES have shut down today. DON'T BE NEXT. it is better to be safe than sorry.

QUARRY STONE 2
The Real Purpose of Starting a Business.
Many start their businesses for several reasons but like i always tell my clients, start your business to outlast you and start it on these 3 premises.
1. You love the business and you have passion for it. This helps you to overcome the challenges that come your way. Even when you don't make sales on the way, it keeps you going.
2. It solve people's problems. This is what really bring in the sales: solving people's problems.
3. To make the world a better place. This way you leave legacy behind that you came via your business.
Don't be like a mist, that is here today and gone tomorrow, never remembered. LEAVE YOUR FOOTPRINTS ON THE SAND OF TIME.
In assisting you in laying this quarry stone, i have a business coaching course program material known as 'THE REAL PURPOSE OF STARTING A BUSINESS', it will teach you in FULL DETAILS what this all about and how to harness it to progress in your business.
If your PRINCIPAL PURPOSE in business is to make money, you won't make any at all. Believe me. Yes, sales generation is the ULTIMATE of any business but not the CORE PURPOSE. What is the core purpose then? GET THE BOOK to access this for further teaching on this.

QUARRY STONE 3
The Power of Taking Risk In Investment in Business.
Never be a business owner ONLY, be a BUSINESS INVESTOR. Business Investors are the real key people who build a multi billion dollar company. And when you invest, stay within your centre of competence i.e an investment portfolio that you UNDERSTAND THOROUGHLY and have adequate information on. Don't do the risk i call BLIND RISK. People lose their money massively here, DON'T DO IT!

Do the first one i told you about which i call ANALYZED AND CALCULATED RISK.This is the risk renown and notable business investors take. Men like Bill Gates, Warren Buffett, Robert Kiyosaki, Gery Carson etc just to mention a few. i learnt from these men and others, so i know. Also as Warren Buffett said, 'NEVER BELIEVE YOUR FINANCIAL EXPERT. BE YOUR OWN FINANCIAL EXPERT AND INVEST ONLY IN WHAT YOU THOROUGHLY KNOW ABOUT, THAT IS YOUR CENTRE OF COMPETENCY'.

These words have guided me through the years in my investment portfolio and has enabled me NOT to run at a loss.

QUARRY STONE 4
The Laws that Govern Business.
Every profession has its laws that govern its success.Even success has laws. There are over 20 laws that govern business and you need to discover them for that is the only way that your business can be guaranteed of success.
Some of these laws are:
1. Branding.
2. Packaging.
3. Leadership
4. Mission Statement.
5. Location
6. Growth: There are 3 forms of growth here etc.

QUARRY STONE 5
Generating a Cash Flow Within Your Business.
To do this, you need to
1. use what you have on ground that can solve people's problems. You don't have, create one.
2. partner with successful marketing agencies that already a huge existing customer base. plug into their buying clients and generate your needed money.This is how i generate my cash flow in my business. .

If you have any questions, please do not hesitate to ask.
Thanks and see you tomorrow, for phase 3: Here, i will be teaching you on the 5 business structure pillars that you are to lay on the foundation.
Bliss week ahead. God bless you.