My challenge as an entrepreneur (39) – Fola Daniel Adelesi

The temptation to hoard every little profit is one of the little foxes that kill people’s businesses faster than the businesses can gain enough stamina to walk, stand or fly.

 

I have heard several statistics about businesses failing in several countries of the world. You may have heard people say that 9 out of every 10 businesses fail before the 5th year of operation but one of the things the people have not told us is why the businesses fail. I am also writing about my challenges so that people will no longer look at how many businesses are failing but focus on how many businesses can actually succeed. If ten businesses are going to start out and it is sure that nine are going to fail I think you should ask why yours should be part of the nine! You need to ask yourself what to do to make sure that yours will be the only one standing from every 10 businesses that will be monitored.

 

I started here by talking about the temptation to hoard and you must understand that this is killing a lot of businesses in the world. The owners of the businesses start the businesses in question and they take out every penny available as soon as they start making some sales. A lot of business owners cannot differentiate between the profit and the working capital of the organization. So many people have forgotten that you do not call the cash from sales your profit until you have deducted all expenses incurred. Some people have also forgotten that you cannot touch the cash from sales until you already have the cash for reproduction separated. When you have separated the cash needed for the business to continue to survive then you can say that you have made some profit.

 

When I putting my intellectual properties in various formats I knew I was going to make some money from the sales. I sold books and kept the money. I sold CDs and kept the money. In some cases I would have demands for CDs but there would be no CDs because I would have used the cash from the last sales. Sometimes I used up this cash because I always seem to find myself in emergencies. Apart from finding myself in some emergencies I cannot also stand the fact that there is somebody around me who needs what I have so I keep giving even when it seems to affect the business.

 

I knew I could not continue like that for a long time because if I did the business would not grow so I changed my approach. I decided to start selling my intellectual properties through some stores in town. I also gave to some other individuals who like marketing. By the time I was doing this I had already printed a paper I call the product distribution list. The product distribution list contained the date the products were supplied, the quantity supplied, the price of each, the commission on each for the seller and the total amount I am expecting from the store. The last thing there is the date when cash or products were retrieved from the stores.

 

When I started supplying my products to stores I realized that it was helping my marketing. People were getting my products on the same shelves with famous people who are into human capacity building. That gave my products added value and you already know by now that I can only get my money after most of the products must have been sold. The benefit was that there was control over the cash since I did not have access to it just when I need it. When I eventually get it I know that one of the first things to do is to go and buy the materials needed to reproduce for the business to continue to grow. As a matter of fact there is one of those stores that insists I must give them a notice before coming to pick up my money and they would tell me if it is okay to come or not. This thing I have done is called “Systems’ Development.” I didn’t know that was what it was called. I was just doing it to keep my business in better shape and it also makes me feel like some people are working for me because the stores that sell are getting commissions so it means I am paying them. I found out it was called systems development when I enrolled for basic certificate course in Daystar Leadership Academy because systems development is a separate course in the academy.

About the author Fola Daniel Adelesi

Fola Daniel Adelesi is a professional public speaker who also trains other speakers. He's a highly engaging training facilitator and he holds his large audience spell bound when speaking at gatherings. Apart from his several platforms which include banks, insurance companies and religious organizations where he facilitates trainings, he has been a part of some national television shows and he spoke so intelligently. He's an author, business consultant and highly skilled master of ceremony with excellent poise and diction. He was on the Debaters TV reality show season 1, he presented 'You Can' on Radio Continental in 2011 and he did motivational segments on Galaxy TV from Dec 2008 to August 2009. Fola Daniel has authored at least 5 books including ‘Writing Business Proposals,’ ‘The Mentoring father’ and ‘Get up and hit that goal.’ He talked about Social Media on Info.com - An ICT Show on Lagos Television from August 2015 to late 2016. He’s a regular guest on some national tv platforms (including Channels TV and Television Continental) and a delight to their audience. He trained as a communications professional, works as a business consultant and was also trained at Lagos Business School in collaboration with Google as a Digital Business Manager. He is the President and CEO of the Edible Pen Group.

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