Earlier today, I got the feedback from my business partner and COO of JarusHub, Olatunji Abdulkabir Olajide, who runs the career services outfit on daily basis and interfaces with clients more, that one stumbling block to our business growth is the mentality among most of our clients that “Jarus is made. Why should I pay him?” People who see Jarus as made and he should just dash jobs and give them money. He said they feel our services are expensive.
We thought to consider going upmarket, refocusing our model from graduates to high-end clients.
But that is not even the issue here. I told Abdulkabir, I have done everything possible to de-personalize JarusHub. JarusHub is owned by 4 people – Myself, Kabir, Jacob and Okpanachi. It is a registered company with employee that receives salaries, office it pays rents for and maintains (power and other utility bills, internet costs etc), and other costs (adverts etc).
Do people expect us to finance these from the freebies?
So what has Jarus got to do with it?
Will you say because Dangote is rich, for example, you will not buy his N100 noodle product?
As we strategize to move out of this backward client mentality, Kabir referred me to a recent article written by Zimbabwean multi-millionaire and former CEO of Econet Wireless, Strive Masiyawa, which eloquently addresses this issue.
THE BIGGEST SECRET FOR TURNING YOUR SMALL BUSINESS INTO A BIG BUSINESS (1)
Your business must have a life separate from you!
Years ago I shared with you the sad story of an old man who had a supermarket at a popular location. He boasted that he started his day at 4am and left at 12am. His business never grew because two of the Ps were missing:
# People: He did not hire people with management and leadership skills to run his business.
# Process: He did not invest in the processes that would have allowed him to run multiple locations with lots of time to spare.
You don’t ever need to visit a business if these two P’s are in place!
When your business is small, you obviously must work every day and every night to make it a success, with energy and passion, and with a deep desire to make it bigger. Now I know some of you are working your hearts out just to make ends meet every day, to feed your kids and get their school fees paid.
Still in your entrepreneurial hearts I know you are working towards a future where your business grows from a small business to a big one… Keep at it, because no matter how small your business is right now, what I am going to say applies to you, too.
The three Ps. For the past several weeks I have discussed the importance of:
If you’re dreaming of building a business that grows very big, I want to give you another perspective and share a few important secrets on this same topic. Let’s talk.
You have heard the expression “get a life”?
Your business must also have a life!
It’s important to allow your business “to get a life of its own,” separate from you. It must be a separate living persona that has its own needs, separate from you. You are not the business and the business is not you.
Imagine you run a cash business like a supermarket and a dear relative comes in with an emergency asking for money. Can you say to that person: “I’m sorry I have no money; what I have belongs to the business”?
People who run big successful businesses never treat the money of the business as their own. If this surprises you, then you are not yet ready for the big league!
A friend came to me once and asked me to lend him some money and I said I didn’t have any. I could see the bitterness in his face as he said, “Everyone knows you have money because your business is really doing well.”
“The business is really doing well, but I’m not the business,” I replied. “The two of us are different from each other.”
Now if you’re new to big business, you will not accept this, but if you went to Bill Gates or Patrice Motsepe they will tell you the same.
Let me tell you, if you cannot do that, you will never be able to own a truly big business.
#Tough talk? You better believe it!
Similarly, you cannot take the money belonging to the business to build a house for your family or buy a new car.
You are only entitled to your salary which should be fixed and taken only when others get paid. You are also entitled to a small portion of the profit, taken only from Year 4 of successive years of profit. Cap it at 25%.
I have known some absolutely brilliant, innovative entrepreneurs in Africa and yet they struggled with this one thing: They would not allow a business to have a separate life from them.
The entrepreneur who allows the business to have its own life is the one who builds a big business.