Business plan

Penexus Consulting Launches Free Business Plan Training

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Business Plan Training

Business Plan Training by Penexus Consulting In order to help boost the success rate of more SMEs in this year’s Tony Elumelu Foundation’s Annual SME grant scheme; Penexus Consulting is having an open day for questions and answers on Business plan development and pitching. The program is for entrepreneurs interested in boosting their chances of … Read more

5 Ways Millionaires Approach Their Careers

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imagesHey, it’s 3:43am in Nigeria and I am excited because I just stumbled on this great piece written by Ken Sundheim on the entrepreneur webpage and I just know you will love it! Enjoy this read:

In the majority of cases, it’s not luck that makes people money, nor is it who they know. Rather, the people who make the most money in their careers are the ones who display discipline, and who have a definitive sense of purpose and heavy duty resiliency.

The positive news is that even if you don’t possess these skills now, it is very possible to obtain them. The first step in doing so is to analyze how millionaires approach their careers and begin to alter your thought processes, practices and overall professional approach.

To get you started, here are five ways the highly successful approach their careers:

Related: 5 Ways to Get More Respect at Work

1. Maintain an Open Mind and Active Imagination – Effective job seekers and entrepreneurs understand that tolerance and maintaining an open mind are necessities for anyone seeking wealth and prosperity from their job. They are not afraid of new ideas and understand that closed minds do not inspire faith, courage or belief.

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MOST ENTREPRENEURS DON’T PLAN TO FAIL, THEY FAIL TO PLAN

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I periodically read research reports about business failures. I always find them interesting, although often they are depressing.

Such as what I recently read. Which was research from Bradley University in Peoria, IL. This research found that 70% to 80% of new businesses fail within their first year.

And while this was frustrating enough to read, the research further stated that half of those companies which do survive the first year will fail within the next four years.

Now, let’s turn to the cause of this failure. According to Dun & Bradstreet, the number one cause of this failure is lack of business planning.

What this essentially means is this: entrepreneurs and business owners don’t plan to fail; rather, they fail to plan (which causes them to fail).

In my view, there are two types of business plans. The first is the business plan you must create when you start your company. The purpose of this plan is to ensure you have fully thought through your venture.

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What makes a good plan?

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image001What factors are involved in creating a good business plan? Is it the length of the plan? The information it covers? How well it’s written, or the brilliance of its strategy. No.

The following illustration shows a business plan as part of a process. You can think about the good or bad of a plan as the plan itself, measuring its value by its contents. There are some qualities in a plan that make it more likely to create results, and these are important. However, it is even better to see the plan as part of the whole process of results, because even a great plan is wasted if nobody follows it.

Planning is a process, not just a plan

A business plan will be hard to implement unless it is simple, specific, realistic and complete. Even if it is all these things, a good plan will need someone to follow up and check on it. The plan depends on the human elements around it, particularly the process of commitment and involvement, and the tracking and follow-up that comes afterward.

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Why are you in Business?

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Before you can build an exceptionally strong brand, you need to know why you’re in business. Not what you do, but why you do it. Your business’s ‘noble purpose,’ if you will. Articulating that mission is probably one of the most critical—and difficult—challenges in the branding process. And it’s a challenge for companies of any size and stage, not just for startups.

Without a clear articulation of your business mission, branding is just window dressing. If you’re like many business owners, though, you may find it difficult to separate yourself from your company’s brand. When you’ve been the driving force behind the company, it’s hard to take an objective, external view and see your brand, basically, as your customers see you. The following exercises may help you get started.

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What do you consider the Most Important part of your Business Plan?

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Now I need your view on this and only the best get Published! One of the things we do at PenexusConsulting is Business Plan reviews. With that I mean If you have already written your Business plan, we can provide an objective third party critique before you send it to investors. However I have seen … Read more