Author: Tito Philips, Jnr.
Tito Philips, Jnr.
Hi! My name is Tito Philips Jnr, an unusual Nigerian that is MAD – Making A Difference. I'm the Chief Community Leader here and this is where we raise the bar of entrepreneurship. We are a TRIBE of Unusual Entrepreneurs, we are not your every day entrepreneurs who go into business to put food on the table and pay bills. For us, business is more than making ends meet [survival]. It is our means of doing what we love [passion], changing the world [purpose] and being financially rewarded for it [profit]™. Want to become ONE of us?
The concept of reinvesting profits is one that every entrepreneur should be intimately familiar with. Especially in your early years in business, the need to pay yourself can greatly impact your capacity to set aside some funds from your profits for reinvestment purposes. While this is the reality for most growing entrepreneurs and businesses, you shouldn’t conform to it. The ideal situation is that you refrain as much as you can from siphoning money away from your business for personal use. That way, any profits that are generated early on can be reinvested back into the company in order to…
Still on the issue of EXECUTION 2015 and our goal of making this year work for you and your business, permit me to go further. In my first unusual article on EXECUTION 2015, I pointed out the two kinds of execution that exists; Energy-Driven Execution and Strategy-Driven Execution. In the second installment of this series, I went a great deal to explain and analyze these two kinds of execution. This is my third piece, and I am going to talk about a very key component that is not often mentioned when talking about personal, business or any other form of…
In continuing our discussion on EXECUTION 2015 -how to make this year work, let me shed more insights on the two kinds of execution discussed previously. Energy-Driven Execution This is the most common type of execution in the world of business. As a matter of fact, it’s what 99% of entrepreneurs use and that’s why the 1% who succeed are those who use the other kind of execution. In other words, this is what powers majority of businesses. Let me tell you a story to practically explain the meaning of energy-driven execution. Sometime in 2012, a fellow entrepreneur who I…
Welcome to 2015, so glad you made it! Breaking the silence It’s been precisely 2 months ago you last heard from me, I wish it weren’t so. But couldn’t just help it. I have been busy working on a very impact-driven project with my Vision Partners [team] to relaunch one of our failed projects since 2011. Last week Tuesday we finally launched www.UniteNigeria.com and it’s been one heck of a crazy ride! I just couldn’t help NOT thinking of you and feeling bad about the sudden silence. Wasn’t intentional. So pardon me! Moving On… It’s that time of the year…
Startup planning refers to all the essential things you need to consider when starting up a new business. As an entrepreneur, there are so many things you need to consider when starting up a new business. But of all these things, the 5 essential factors you need to focus on during your startup planning that will guarantee a successful launch of your new business are; Team Product Market Business Model Capital Let’s take a closer look at each of them. Startup Planning: 5 Things You Fundamentally Need to Start A New Business Team To build a great company, you…
What does it really take to achieve entrepreneurial success? From my experience as a business development consultant and entrepreneurial coach, I have seen two different schools of thought on this issue. 1. It Takes WILL To Succeed As An Entrepreneur The first school of thought believes that entrepreneurial success is a matter of determination –WILL. The underlying assumption is this; if you are determined to succeed, you will succeed. This underlying assumption is built around the belief that the sheer doggedness of an entrepreneur largely contributes to their entrepreneurial success. To this school of thought, success is achieved so…
Business revolution is what unusual entrepreneurs start. They don’t just Do business, they START a business revolution. How? By building a business that MATTERS! I have always strongly believed that there’s more to entrepreneurship than just business as usual. I believe entrepreneurship is a test of your life seeking expression through an idea. The idea is one that possesses you to do something about a problem, a need or an opportunity. It draws upon your passion, life experience, skills, and talents all channeled into creating a SIGNIFICANT company –a business that is different [unique] and making a difference [useful]. This…
What’s the one thing that gives an entrepreneur the unfair advantage over others? Time freedom. The fact that you own 100% of your time is your greatest advantage as an entrepreneur. While others have to give up their time in exchange for salary, entrepreneurs make use of their time to create products/services that makes them money. I’ve previously written about this; how entrepreneurs create wealth in their spare time. For an employee, there’s a limit to their income potential because there’s a limit on their working hours. For an entrepreneur, you own and determine your working hours and also…
Can Everyone Become An Entrepreneur? OR Is Entrepreneurship for Everyone? To effectively answer this question, we’ve got to go back to the very beginning; what is entrepreneurship? We need to understand the very meaning of the word –entrepreneurship. Entrepreneurship is derived from the French word ‘Entrepreneur’, dating as far back as 1723. It means an individual who undertakes, organizes and manages any enterprise, especially a business with considerable initiative and risk. In other words, entrepreneurship is simply the practice of being an entrepreneur – a person who takes the initiative and risk to start a new business venture. Since…
For every new subscriber to naijapreneur, in the welcome email, I often encourage them to write me back telling me about what they are currently struggling with in their business. In other words, what’s their business status quo? Exactly 3 days after their subscription, they get another email from me asking them to tell me what they are currently struggling with in their business. Why do I insist on you sharing your business struggles with me? Because I know you wouldn’t be reading naijapreneur if there wasn’t something bothering you as an entrepreneur. That you are here is enough proof…
Clearly understanding the characteristics of an entrepreneur is an important step in your entrepreneurial journey. Why? Because being an entrepreneur requires a lot from an individual that is often not properly thought through before many venture into entrepreneurship. But until recently, entrepreneurs were not widely studied. There was a general lack of knowledge and information about what made them tick. One of the leading studies on the anatomy of an entrepreneur was published by the Kauffman Foundation of Entrepreneurship in 2009. Although no one has found the perfect entrepreneurial profile, there are many characteristics that show up repeatedly. Based on…
An entrepreneur’s decisions affect the success of his products, the loyalty of his employees and the overall success of his business. In order to make the best decisions you have to think critically and quickly. You have to avoid flaws in the process which may harm the business when confronted with an important decision. Strong business decision-making skills are an important characteristic of entrepreneurs. They should make the right choices at the right time to remain competitive in the market. Each problem in the business world will be unique, but as an entrepreneur, you need to know which decisions to…
In this edition of the unusual entrepreneur interviews, ex-banker Ernest Umeike after losing his job finally decides it’s time to take on the entrepreneur’s journey. In this interview, he shared with us why he decided to launch his startup; PushandStart – a crowdfunding platform. He also takes us behind the scenes on; How to define a price for your product/service, The crucial difference between a business idea and a business opportunity, The essential role mentors play in the life of every entrepreneur The importance of networking and research And many more… What are you waiting for? Start digging in! Interview…
5 Beats by Dr. Dre Marketing Strategies for Entrepreneurs. These 5 marketing strategies helped two music icons create a powerful global brand, they can help you too!
Very few things have as much impact on your capacity to succeed as an entrepreneur like learning does. From my over 10 years personal study of entrepreneurship and successful entrepreneurs, plus my 8 years personal experience as an entrepreneur, besides passion and purpose, one other common denominator I found across board is this; voracious learning. Self Education For Entrepreneurs All education is self-education. Period. It doesn’t matter if you’re sitting in a college classroom or a coffee shop. We don’t learn anything we don’t want to learn. Those people who take the time and initiative to pursue knowledge on their…
Regardless of the goal, task or activity being undertaken, there are a lot of factors that can be attributed to your success or failure in any given endeavour. But of all these factors, none is as powerful as personal conviction –a deep seated belief that you can accomplish the goal, task or activity and an unwavering commitment to do whatever it takes to get it done. This personal conviction comes from clarity of purpose –an unbiased understanding of WHY [the reason] you are undertaking such task or activity and the fundamental ROLE [the importance] of such task or activity in…
Each time I throw open this question to entrepreneurs; what is the most important word in business? The most frequent answer I get is profit. Profit is a short term view of assessing the health and wealth of a business. Unless you want to stay in business for the short term, don’t focus on profit alone. The most important word in business is not profit, but cash flow. Yet, many entrepreneurs strongly believe that profit is the most important word in business. But according to management guru Peter Drucker, this shouldn’t be so. In his all time management classic book;…
In 2011, Hamilton Powell sold a couch on Craigslist. By 9:00pm, a man in a van showed up with $400 cash to his office. It scared the heck out of him! That’s when he started thinking about the downsides of Craigslist and it led him to search for common categories that are more valuable, and therefore even scarier to sell, than couches. He typed in several search terms and when he typed in “Rolex” he was dumbfounded. Right there, he knew there had to be a better way to sell a watch. And Crown & Caliber was born! Crown &…
What’s the singular driving force behind the success of unusual entrepreneurs like Steve Jobs, Richard Branson, Bill Gates, Oprah Winfrey, Donald Trump, and many others in their league? Is it their ground breaking innovations or exceptional business skills or determination? The answer is neither. While it’s obvious that all of these attributes definitely contributed to their success, as a matter of fact, these are the very attributes that have been often popularized. The truth is that there’s something more subtle that’s been frequently overlooked but is highly responsible for the success stories of most unusual entrepreneurs. What’s this often overlooked…
Poor inventory management can lead to overstocking which eventually affects your profitability. To increase profits, better manage your inventory. Here’s how!