Different Angle- MBWA (Managment by walking around)

I am amazed how seeing things from different angle can change how we think.

Let me tell you how.

I was doing some research( obviously on internet )  on a new business opportunity i want to capture. I had made up my mind that it was not worth it. Just to make sure, today, I came to South Africa to see it in person how that business is being done over here.

I am so surprised to know that I was completely wrong. Now I know the difference between 2D (internet ) and 3D ( getting up from chair and bringing my ass out in reality). This additional Dimension has made the huge difference.

stop sitting

Judging your business by reports, I call it 2D (papers and reports), while going out and talking to your client, suppliers and people is 3D( in person) makes huge difference in how you measure your business. We call it MBWA (Management by walking around).

So the trick is “Quit sitting” (like smoking, drinking, or even shitting ūüėČ and start moving.

managment by walking

It will change how we see things. Our perspective will change.

So break routines, don’t just rely on internet, Start walking around and I am sure we will do some better management.

 

 

 

Tips to Entrepreneurs!

Economies are shrinking. Day by day businesses are becoming more tougher. Hence the few tips !!

  1. Be prudent : Before taking any decision which can affect your business in any way, be careful. Don’t just use your guts but also use your brain.¬†Picture1
  2. Put your house in order : Although we are more affected by our environment, surroundings and markets, we are more affected how we work and how we keep our house in order.Keep your books up-to-date, maintain daily reporting system, keep your sales, debts, stock on your finger tips. Keep all legal papers handy. Make sure that you know all related laws of the land. Picture3
  3. Work with your competition : In usual business we want to work against our competition. I suggest to know them more. Make deal with them in better interest of both the business. keep good relation with  them. know their business   more. Lets not take the ostrich approach. Lets face it. Picture2
  4. Reduce your costs : Reduce your costs : Specially your fix costs. Try to maximize return on your current fix cost. Incur it if it extremely important.
  5. Picture4Work with ethics :¬†Don’t forget why on the first place you are in business. The primary purpose is to create something, to make living but of course not at the cost of others. Anything which is not ethical will not last for longer. Picture5
  6. Diversify :¬†Don’t keep all your eggs in one basket. Even if you are in one business, try to sell complementary products, Add value in what you do. Look at your products from end user’s point of view. ¬†Too much dependents on one product or service can be dangerous in longer runPicture6
  7. Insurance : It is not the cost but it is your peaceful sleep at night. Big or small, any business should not underestimate power of insurance.Picture9
  8. Look for new opportunities : While you are doing your business in a conventional way, keep your eyes and ears open. Look for gap in the market. Be creative and use different approach to promote your products. Picture8

Don’t use short cuts to achieve success. Grow your business like parents raising their children. Step by Step !!!

Shift from full time Job to Entrepreneurship

Hey friends !

To become an entrepreneur is not that difficult as we think it is. This fact is known to me only after I started my own business 4 years back.  I was in full time job for many years. Every time I use to think to leave my  full time job, I use to get sweat and shivers thinking what will happen if I fail ? How will I feed my family if I fail ? 

I am not an expert on “How to create your own business”. I am certainly¬†not advising everyone to leave there full time Job¬†and start their own business. To those who are in full time¬†Job and dreaming to become an Entrepreneur I can¬†give few tips based on my learning during the journey of ” Slow shift from full time job to Entrepreneurship”.

1. Are you sure ? 

Make sure that you really want to become an entrepreneur. There is this urge because someone else is doing it. Do not jump¬†in it unless you are¬†sure of your dream of becoming an entrepreneur. I recommend to read a book “Rich dad poor dad” by Robert Kiyosaki to get more insight on entrepreneurship.¬†¬†

2. Belief.¬†You will be able to make a successful business or not is mainly dependent on what you believe.¬†If you believe that you can be a successful entrepreneur then¬†you are right. But¬†If you are doubtful of your success in that case too you are right. Do not¬†jump into business till you believe that you can do it ! To know more on how belief system works read¬†the book ” The power of subconscious mind”.

3. Learn

Risk is synonym of uncertainty. When anything is unknown, we feel it is risky to go into it. Business is risky till you do not know what it is. Start learning everything about your business idea. Do lot of research on the idea you have in mind. Ask friends and family. Talk to people who are in similar business. Find out what  is  the trick  to become successful in  similar business. Learn everything you can on your idea of business. Before you start your own business you should know everything about it which is possible to know before doing  it.

4. Equation of the business. :

Equation is a reason or more for any business to sustain. For example, in  a small dense locality there is no grocery shop. There must be big demand from the local resident to have super market nearby.  Usually the gap between demand(needs ) and supply (business) create successful businesses. Look for such gaps. Make sure that you know there is enough gap between demand and supply for any business to sustain for fair  time. Find out the equation.

5. Change your career like Tarzan. 

Image

Derek Severs says “Don’t let go the old one till you get support from the new career “. Do some experiments while you are working in¬† full time¬† job, make partnership with someone who is free and can give life to your idea,¬†work from your home after hours to start your business . This will help you to know your business well. There will be less chances of failure if you have already learned the business before you go¬†in full fledge. ¬†¬†

5. Start small     

Starting small will¬† ensure that even if you make some mistakes it will not give you big losses. Small business¬†is manageable. don’t forget that still you are learning. it will take months and years before you get full confidence of doing big business.

 6. Bigger picture

While you work in full time job, you are doing only certain type of job. When you become entrepreneur, you have to look after the whole business. You should have a helicopter view of all systems and processes of your business. These includes Purchasing, Production, Storage, Marketing, Accounts, Finance, Income tax, Human resources, Administration, Customer service etc.  Learn law of the land. Learn more about each aspect of your business before you jump into it.

While I am saying  that entrepreneurship is not difficult, I am also saying it requires more discipline, commitment, self motivation and due diligence.

I would love to guide you if it is in my capacity. 

Feel free to share.

(I live in Maputo, Mozambique. While I have tried to keep the topic for all, there may be some influence of geographic region on my experience. Please keep in mind such fact.) 

 

 

 

Dr Edo Shonin

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