7 TIPS TO CONSIDER IF YOU REALLY WANT TO CREATE WEALTH

1. BUSINESS ARE CREATED FROM THE DESIRE TO SOLVE PROBLEM
If your desire is to own a business, then it means you have to look for a problem to solve. You have to think out ideas of how you can go about solving the problem at a cost and convenience that will be acceptable to the person who is in need of the solution. Your continual execution of these ideas and strategies makes up the business.
And the larger the population of those you are providing the solution for, or the greater the problem is, the greater and more rewarding the business will be.

2. WHO ARE YOUR TARGETS, POTENTIAL CUMSTOMER AND WHERE ARE THEY?
Your ability to clearly define your core customers will not only allow you to be focused on creating products and services that directly and effectively solve their problems; it will also prevent you from dissipating your resources in trying to satisfy everybody- no single business can meet everybody’s needs.
Equally important is to know exactly where to find the people who need your solution. This will enable your to employ the best and cost effective strategies to reach them with your offer.

3. EXPANSION IS THE KEY TO BUSINESS SUCCESS.
After establishing a firm foundation, your next move should be to quickly replicate your business in other locations, locally and internationally. You must not remain static, your products and services may be needed strongly elsewhere-even more than the demand is at the place of origin. Certainly, operating from several locations, providing multiple sources of income to your business is a factor to business than just one. Always remember that expansion is crucial to a business success.

4. MAKE WIN-WIN YOUR STAND WITH STAKEHOLDERS
The stakeholders of your business are people or organizations such as customers, investors, employees, suppliers, etc. These are people who have the capacity to affect your business in no small way. And that means you very much need their support to achieve your success. The best way to gain these people’s support and loyalty is to show concern and take care of their interests and needs in your relationship with them-let your dealings be win-win.

5. GIVE EQUAL CHANCES TO YOUR EMPLYEES TO PROGRESS
A big motivation to any employee is to know that they can climb to the highest position in the organization through excellent contributions to the organization. They will give the best of their creativity, talent and dedication to the business.

6. FIND INNOVATION WAYS TO BEAT THE COMPETITIONS
You will always have competition as long as your industry exists and when there is much money to be made it becomes even stiffer. To stay ahead of the competition therefore requires high degree of innovation from your business. You must continually come up with new and better ways of satisfy your customers.

7. DIVERSIFYING INTO RELATED BUSINESS MAKE YOU MORE COMPETATIVE
In addition to the fact that moving into related business increases your revenue, it also enables you to compete effectively in your industry as you offer your customers a wide range of products or services. Failure to extend into closely related business areas can be dangerous because it may leave room for competitors to gradually eat on your market share.