Golden rules for business owners

[Princess Joa]

Golden rules for business owners:

Rule number 1: Don't ever trust anybody in business, or expect them to do what is necessary to see the business succeed. Inspect every move.

Rule number 2: Treat and deal with everyone that you do business with as if he is a known crook trying to defraud you.

Rule number 3: If you live abroad, use external auditors to examine and confirm the reports of your workers or partners in Nigeria.

Rule number 4: Don't outsource the procurement of expensive farm inputs/ materials to anybody -- pay your suppliers directly from your own bank account.

Rule 5: Don't stay away from your business for more than 6 months consecutively.

Rule number 6: Don't ever rely on business opinions of your managers--you must also have sound knowledge of the business you are in to.

Rule number 7: Dare not employ or hire people based on primordial sentiments, or with a sole intention to help them out of poverty. Recruit people that share the same passion and business ideology with you.
Business and charity don't mingle very well.

 

[Serifat Obayemi]

I don’t care what an “investor” is promising you, if the term sheet requires them taking a majority of the shares in your company especially when it’s your first raise, it’s a BAD DEAL and you should absolutely walk away from it.

 

[Mr OJO Olayele]

Data helps you understand customer behaviors that you never could have imagined.

Having the right technology to capture valuable data is vital in any business that wants to scale.