Know your limits, be aware of how much is the maximum the business can deliver
In today’s no-MBA, this simple article from one who’s been hustling for decades tells us not to fall into the error of default-businessmanship. Never mind what that means. Enjoy!
I guess you know one old woman, sited on a small stool by a small tray selling walnut (don’t mind what that is) or sweets/chewing gum neatly set in groups of 3 or 5 or as their mind wants to organize it, waiting for buyers and patrons to her small ‘store’ by the roadside, loving her hustle and carrying on with commitment and pride.
If you’ve gone by the streets, I guess you’ve seen our little boys and girls selling their wares with that iconic tray with neatly pealed oranges batched in twos, or fives and so on, often with no stress singing on with a merry voice to catch people’s awareness of what they sell. That’s their hustle.
There’s so much to tell about the latter lot and their business spirits, their zeal, and their efforts. There’s a lot we can learn from them for our own entrepreneurship outlook. However, that’s not the point. The point I’ll like to make is soon seen.
I want to make a guess about those two ventures I earlier wrote about. Why the old woman chose to retail walnut and the little boy chose to retail oranges. My guess is they were only selling what was available, what I will call a default-mode decider of what business to start.
If you are going into business or a hustle in our communities especially as a youth, this may be your approach too. A lot of people start a business with lots of default decisions, and that is why I am writing this, to point out to aspiring entrepreneurs and hustlers how to avoid a few of those.
What is the maximum amount of money I can make if engaged in this business?
By that I mean the total size of the potential market. Yours, and everyone doing the same business.
Why ask yourself this question?
- So you can be able to get out of the business when the right opportunity comes. Fate may smile on you and you get enough income and profits to be able to engage into some more profitable and enduring business.
- So you may know that this is temporary (if the potential takings from the business is meager overall). If you are going to make something a livelihood, it better be able to support your life and your dependents. If you ask yourself the question, you will realize whether or not the ‘business venture’ is something you can hold on to for the long run.
- So you may ‘double your hustle‘. In Nigeria street talk, you’ll hear the phrase to ‘double your hustle’. That means to put more effort or work. That’s a true one for a business that would only be able to fetch you just so much. If you realize that the business isn’t going to really fetch much, you will know what to do – whether you would add an allied line of business or do something else.
Whatever happens, at least you would not be in the default-mode when you have asked yourself that question.