Sayed Mia – Business Tips – Part 2

With over 6 decades of experience in the business world, Sayed Mia has cemented his name as one of South Africa’s top entrepreneurs and businessmen – both locally and internationally. Sayed Mia is at the forefront of business in South Africa, is always attending public speaking engagements and attends many prestigious and illustrious events. This past week he attended the South African Council of Shopping Services conferences where he was in the company of many top businessmen and attended a dinner with the Minister of Finance. He has learned so many valuable lessons over the years, lessons which have helped him to continue to strive to be the very best at what he does while inspiring others around him to be the very best that they can be as well. Its like he says, “Believe in yourself, build the self-image of your team and they will naturally become top performers. People don’t look at who owns the company; they look at who runs it”.

Last week we gave you the first part of a two part series of tips for making an impact in the business world. Today, we are giving you part 2. So, if you want to know how to start a business, maintain it, and be successful at it, then keep on reading.

 

  1. LEARN UNDER FIRE.

No business book or business plan can predict the future or fully prepare you to become a successful entrepreneur. There is no such thing as the perfect plan. There is no perfect road or one less traveled. Never jump right into a new business without any thought or planning, but don’t spend months or years waiting to execute. You will become a well-rounded entrepreneur when tested under fire. The most important thing you can do is learn from your mistakes–and never make the same mistake twice.

 

  1. NO ONE WILL GIVE YOU MONEY.

There, I said it. No one will invest in you. If you need large sums of capital to launch your venture, go back to the drawing board. Find a starting point instead of an end point. Scale down pricey plans and grandiose expenditures. Simplify the idea until it’s manageable as an early stage venture. Find ways to prove your business model on a shoestring budget. Demonstrate your worth before seeking investment. If your concept is successful, your chances of raising capital from investors will dramatically improve.

 

  1. BE HEALTHY.

No, I’m not your mother. However, I promise that you will be much more productive when you take better care of yourself. Entrepreneurship is a lifestyle, not a 9-to-5 profession. Working to the point of exhaustion will burn you out and make you less productive. Don’t make excuses. Eat right, exercise and find time for yourself.

 

  1. DON’T FALL VICTIM TO YOUR OWN B.S.

 

Don’t talk the talk unless you can walk the walk. Impress with action not conversation. Endorse your business enthusiastically, yet tastefully. Avoid exaggerating truths and touting far reaching goals as certainties. In short, put up or shut up.

 

  1. KNOW WHEN TO CALL IT QUITS.

Contrary to popular belief, a smart captain does not go down with the ship. Don’t go on a fool’s errand for the sake of ego. Know when it’s time to walk away. If your idea doesn’t pan out, reflect on what went wrong and the mistakes that were made. Assess what you would have done differently. Determine how you will utilize these hard-learned lessons to better yourself and your future entrepreneurial endeavors. Failure is inevitable, but a true entrepreneur will prevail over adversity.

Sayed Mia – Business Tips – Part 1

With over 6 decades of experience in the business world, Sayed Mia has cemented his name as one of South Africa’s top entrepreneurs and businessmen – both locally and internationally. Sayed Mia is at the forefront of business in South Africa, is always attending public speaking engagements and attends many prestigious and illustrious events. This past week he attended the South African Council of Shopping Services conferences where he was in the company of many top businessmen and attended a dinner with the Minister of Finance. He has learned so many valuable lessons over the years, lessons which have helped him to continue to strive to be the very best at what he does while inspiring others around him to be the very best that they can be as well. Its like he says, “Believe in yourself, build the self-image of your team and they will naturally become top performers. People don’t look at who owns the company; they look at who runs it”.

So what wisdom can he pass on to aspiring businessmen and entrepreneurs? In the first part of our Top Tips for aspiring businessmen and entrepreneurs, this is what he has to say. Look out for part 2 next week!

 

  1. FOCUS. FOCUS. FOCUS.

Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. What they need to realise is that opportunities are often wolves in sheep’s clothing so avoid getting side-tracked at all costs and keep your eyes fixed on your end goal. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Be sure to do one thing at a time, making each thing that you do perfectly instead of doing 10 things  at the same time poorly.

 

  1. KNOW WHAT YOU DO. DO WHAT YOU KNOW AND HAVE A CLEAR VISION

Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Follow your instincts, don’t give up on your dreams, and do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not just important to celebrate your strengths, but it’s just as important to be aware of your weaknesses. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful. Waking up every morning and loving what you do every day in your career means that you won’t have to work a day in your life.

 

  1. BE ASSERTIVE

Say it in 30 seconds or don’t say it at all. From a chance encounter with an investor, to a curious customer, one should always be ready to pitch your business, idea or vision. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person and remember, less is always more. Most importantly, be authentic and strong in who and what you are putting across and representing. First impressions always last.

 

  1. KNOW WHAT YOU KNOW, BE AWARE OF WHAT YOU DON’T KNOW AND ALWAYS BE WILLING TO LEARN THE THINGS YOU DON’T

No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

 

  1. ACT LIKE A STARTUP

Forget about fancy offices, fast cars and fat expense accounts. Your wallet is your company’s life-blood. Practice and perfect the art of being frugal. Watch every dollar and triple-check every expense. Maintain a low overhead and manage your cash flow effectively. Be one hundred percent sure of what’s coming in and what’s going out. Stay on top of that at all times.