Why do business fail? Have ever be in such situation or ask this same question? In this interview with Pastor Olumide Emmanuel a motivational speaker and author, you will learn everything it takes to succeed in business and the what to avoid. Read the interview below.
MY ONLINE BUSINESS TEACHER: Good day Pastor!
Pastor O. Emmanuel: Good day!
MY ONLINE BUSINESS TEACHER: Sir, lets not waste time, can you tell us why some businesses fail. Just give us the core factors...
Pastor O. Emmanuel: Thank you and thats a good question...
WHY DO BUSINESS FAIL?
1. Failure to organize little details: - Some little things are necessary to be considered e.g. If a small poison is added to water, you can’t drink it…some little steps that you take may help or destroy your business e.g. an athlete may break record with just a few seconds/steps taken ahead of his/her contenders…Another good example is .a bag of rice for example a bag of rice is made up cups that makes up the ‘derica’ which is used to sell in retail quantity. About 16 ‘derica’ makes up the bag of rice. If the seller add ‘extra’ to every customer buying a ‘derica’, he/she will find out that the 16 ‘derica’ of rice wont be complete after selling the bag of rice and that may even cause him/her to be in debt let alone profit.
2. Lack of strong purpose/drive:- Most successful people know that the first few month of business is used to reinvest in the business. When there is no strong purpose, a starting business owner may quit.
3. Disloyalty of employee/employer:- Employee unfaithfulness and even the extravagant spending of most business owners run business.
4. Misplacement:-Not in the right kind of business, with what it takes to succeed in the business. Also, putting an employee in the wrong department may make your business fail. For example, a lady with honest policy and diligence in her work but no good customer relationship will do better in the a/c department of a company etc but will ruin the company if she is given the job of a front desk officer.
5. Self-development:-“if you are not inspired, you will expire”. “If you are not informed you will be deformed.” “if you are not updated, you will be outdated”…Most businesses die because the owners fail to develop themselves with the latest trend/strategies.
6. Lack of order or wrong mindset (integrity):- Wealth gotten by vanity will diminish...Cheating people and even your staff will kill the business.
7. Lack of experience
8. Poor location:-There are locations you need to consider before starting your business. Try to consider choosing a location you can use at least for five years
9. Unexpected growth:-Many people don’t know breakthrough can also lead to breakdown. You should be ready to handle your business effectively if it experience sudden growth.
10. Insufficient capital
11. Over investment in fixed asset:- Sometimes you need to start somewhere and have back-up funds for your business …
12. Personal use of business fund
13. Competition:-If you don’t know how to handle competitors, your business will fail.
14. Spiritual warfare:-To be sincere, no successful people really succeed on their own strength. It is either they succeeded with God’s help or they are members of occult kingdom. (This website is not an evangelistic site, but as a visitor to this site, my advice to you is to know God and accept him if you don’t!)
15. Government policy:-e.g. Tax, levies, bribery and corruption etc.
WARNING SIGNS YOU SHOULD WATCH OUT FOR IN BUSINESS
1. When you have acute cash shortage.
2. When you have a delinquent debt (bad debt)
3. If after 4-5 years you are yet to make money.
THE WAY OUT
1. Start with a strong capital base; finance, human, intellectual capital
2. Avoid financial waste and management.
3. Avoid credit sales and when necessary, make sure its not a bad debt
4. Renovate constantly.
5. Build a solid foundation of quality products and services.
6. Avoid deceit and sharp practices.
7. Don’t over delegate all your staff…For example, don’t employ a driver if you cannot drive, so that you wont be disappointed when they quit.
8. Give God a rightful place in your business
STRATEGIES FOR WEALTH PRESERVATION
MY ONLINE BUSINESS TEACHER: Pastor Emmanuel, what are some strategies for wealth creation?
PASTOR O. EMMANUEL: Well, one thing that should be known is that money is not wealth but wealth includes money… A poor man is better than a rich man that has no sound health because all his money, if care is not taken, may be spent on recovery and debt may even be incurred…Relationship is more important. Money can buy a woman but not a wife. Money can buy a house but not a home. Can buy a companion but not a friend…Experience is more important, you work to learn how things work…
True wealth is asset-based, not cash based. Riches has to do with money but wealth has to do with asset…Most wealthy people may not have much money in their a/c but they have properties worth millions.
Real estate- Until you have real estate, you are not wealthy because real estate can never fail... Even if the building collapses, you have the land still.
You must activate multiple streams of income in other to activate wealth…The trinity of wealth are;CAPITAL MARKET, YOUR BUSINESS, REAL ESTATE.
Pick your successor:-“A successful business without a successor, is a successful failure. Don’t die before your property is handed over but hand it over in your lifetime so that you can know how it will be managed
Establish a legacy by giving back to the society “givers never lack”
Give God is rightful place…
MY ONLINE BUSINESS TEACHER: Thank you Pastor Emmanuel Olumide for these wonderful motivations. God bless you. (INTERVIEW ENDED)
You can get tapes, video cds and ebooks of Pastor Emmanuel Olumide by mailing us. Some of them that will help you in your business are; (VIDEOS)-HOW TO BE A MILLIONAIRE IN 5 YEARS, HOW TO RAISE CAPITAL FOR YOUR BUSINESS, WHAT IS MONEY, VEHICLES ON WEALTH CREATION, HOW TO DO BUSINESS PART-TIME, ENTREPRENUER 101, ACTIVATING MULTIPLE STREAMS OF INCOME, FREEDOM FROM POVERTY etc (EBOOKS)-PATHWAY TO WEALTH, HOW TO BE A MILLIONAIRE, THE SCHOOL OF MONEY, HOW TO GENERATE BUSINESS IDEAS etc There are other books as well that will help you that are not listed here but will be available on www.myonlinewealthguides.blogspot.com soon. Just mail myonlinebusinessteacher@gmail.com to order for them.
MY ONLINE BUSINESS TEACHER: Good day Pastor!
Pastor O. Emmanuel: Good day!
MY ONLINE BUSINESS TEACHER: Sir, lets not waste time, can you tell us why some businesses fail. Just give us the core factors...
Pastor O. Emmanuel: Thank you and thats a good question...
WHY DO BUSINESS FAIL?
1. Failure to organize little details: - Some little things are necessary to be considered e.g. If a small poison is added to water, you can’t drink it…some little steps that you take may help or destroy your business e.g. an athlete may break record with just a few seconds/steps taken ahead of his/her contenders…Another good example is .a bag of rice for example a bag of rice is made up cups that makes up the ‘derica’ which is used to sell in retail quantity. About 16 ‘derica’ makes up the bag of rice. If the seller add ‘extra’ to every customer buying a ‘derica’, he/she will find out that the 16 ‘derica’ of rice wont be complete after selling the bag of rice and that may even cause him/her to be in debt let alone profit.
2. Lack of strong purpose/drive:- Most successful people know that the first few month of business is used to reinvest in the business. When there is no strong purpose, a starting business owner may quit.
3. Disloyalty of employee/employer:- Employee unfaithfulness and even the extravagant spending of most business owners run business.
4. Misplacement:-Not in the right kind of business, with what it takes to succeed in the business. Also, putting an employee in the wrong department may make your business fail. For example, a lady with honest policy and diligence in her work but no good customer relationship will do better in the a/c department of a company etc but will ruin the company if she is given the job of a front desk officer.
5. Self-development:-“if you are not inspired, you will expire”. “If you are not informed you will be deformed.” “if you are not updated, you will be outdated”…Most businesses die because the owners fail to develop themselves with the latest trend/strategies.
6. Lack of order or wrong mindset (integrity):- Wealth gotten by vanity will diminish...Cheating people and even your staff will kill the business.
7. Lack of experience
8. Poor location:-There are locations you need to consider before starting your business. Try to consider choosing a location you can use at least for five years
9. Unexpected growth:-Many people don’t know breakthrough can also lead to breakdown. You should be ready to handle your business effectively if it experience sudden growth.
10. Insufficient capital
11. Over investment in fixed asset:- Sometimes you need to start somewhere and have back-up funds for your business …
12. Personal use of business fund
13. Competition:-If you don’t know how to handle competitors, your business will fail.
14. Spiritual warfare:-To be sincere, no successful people really succeed on their own strength. It is either they succeeded with God’s help or they are members of occult kingdom. (This website is not an evangelistic site, but as a visitor to this site, my advice to you is to know God and accept him if you don’t!)
15. Government policy:-e.g. Tax, levies, bribery and corruption etc.
WARNING SIGNS YOU SHOULD WATCH OUT FOR IN BUSINESS
1. When you have acute cash shortage.
2. When you have a delinquent debt (bad debt)
3. If after 4-5 years you are yet to make money.
THE WAY OUT
1. Start with a strong capital base; finance, human, intellectual capital
2. Avoid financial waste and management.
3. Avoid credit sales and when necessary, make sure its not a bad debt
4. Renovate constantly.
5. Build a solid foundation of quality products and services.
6. Avoid deceit and sharp practices.
7. Don’t over delegate all your staff…For example, don’t employ a driver if you cannot drive, so that you wont be disappointed when they quit.
8. Give God a rightful place in your business
STRATEGIES FOR WEALTH PRESERVATION
MY ONLINE BUSINESS TEACHER: Pastor Emmanuel, what are some strategies for wealth creation?
PASTOR O. EMMANUEL: Well, one thing that should be known is that money is not wealth but wealth includes money… A poor man is better than a rich man that has no sound health because all his money, if care is not taken, may be spent on recovery and debt may even be incurred…Relationship is more important. Money can buy a woman but not a wife. Money can buy a house but not a home. Can buy a companion but not a friend…Experience is more important, you work to learn how things work…
True wealth is asset-based, not cash based. Riches has to do with money but wealth has to do with asset…Most wealthy people may not have much money in their a/c but they have properties worth millions.
Real estate- Until you have real estate, you are not wealthy because real estate can never fail... Even if the building collapses, you have the land still.
You must activate multiple streams of income in other to activate wealth…The trinity of wealth are;CAPITAL MARKET, YOUR BUSINESS, REAL ESTATE.
Pick your successor:-“A successful business without a successor, is a successful failure. Don’t die before your property is handed over but hand it over in your lifetime so that you can know how it will be managed
Establish a legacy by giving back to the society “givers never lack”
Give God is rightful place…
MY ONLINE BUSINESS TEACHER: Thank you Pastor Emmanuel Olumide for these wonderful motivations. God bless you. (INTERVIEW ENDED)
You can get tapes, video cds and ebooks of Pastor Emmanuel Olumide by mailing us. Some of them that will help you in your business are; (VIDEOS)-HOW TO BE A MILLIONAIRE IN 5 YEARS, HOW TO RAISE CAPITAL FOR YOUR BUSINESS, WHAT IS MONEY, VEHICLES ON WEALTH CREATION, HOW TO DO BUSINESS PART-TIME, ENTREPRENUER 101, ACTIVATING MULTIPLE STREAMS OF INCOME, FREEDOM FROM POVERTY etc (EBOOKS)-PATHWAY TO WEALTH, HOW TO BE A MILLIONAIRE, THE SCHOOL OF MONEY, HOW TO GENERATE BUSINESS IDEAS etc There are other books as well that will help you that are not listed here but will be available on www.myonlinewealthguides.blogspot.com soon. Just mail myonlinebusinessteacher@gmail.com to order for them.
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