Ready to elevate your entrepreneurial game to staggering new heights? Buckle up as Derrick Abaitey, armed with a decade of entrepreneurial warfare, unveils the battle-tested strategies that could skyrocket your net worth. From the potency of precise marketing maneuvers to the nitty-gritty of financial acumen, this episode is a treasure trove for the ambitious business maven. Get privy to tales of triumph and tactics against the specter of failure, hearing firsthand how to fortify your enterprise and charm your investors. If your business acumen is a weapon, consider this episode the ultimate whetstone.
Strap in for a reality check on the unpredictable twists and turns of the business landscape, where government policies morph like quicksilver and the only constant is change itself. Derrick doesn't just preach about the perils of income monoculture—he schools us in the art of financial diversification, spreading your risk like a seasoned gambler to withstand the shocks. Passion is the pulse of prosperity, and this episode is a clarion call to keep that flame ablaze. For the entrepreneur who refuses to let their fire flicker in the winds of challenge, this is the beacon to guide you through the storm.
Ready to elevate your entrepreneurial game to staggering new heights? Buckle up as Derrick Abaitey, armed with a decade of entrepreneurial warfare, unveils the battle-tested strategies that could skyrocket your net worth. From the potency of precise marketing maneuvers to the nitty-gritty of financial acumen, this episode is a treasure trove for the ambitious business maven. Get privy to tales of triumph and tactics against the specter of failure, hearing firsthand how to fortify your enterprise and charm your investors. If your business acumen is a weapon, consider this episode the ultimate whetstone.
Strap in for a reality check on the unpredictable twists and turns of the business landscape, where government policies morph like quicksilver and the only constant is change itself. Derrick doesn't just preach about the perils of income monoculture—he schools us in the art of financial diversification, spreading your risk like a seasoned gambler to withstand the shocks. Passion is the pulse of prosperity, and this episode is a clarion call to keep that flame ablaze. For the entrepreneur who refuses to let their fire flicker in the winds of challenge, this is the beacon to guide you through the storm.
You've clicked on this video because you want to grow your net worth or start a business. If you can't spare 5 to 10 minutes of your time to watch this video of experiences that has taken me 10 years to build and to learn, then entrepreneurship may not be for you. You see, entrepreneurship requires more than just five to ten minutes of your time. In fact, it's a process that is really going to test your ability to withstand the test of time. Now let's get into it. My name is Derek Abaiti and I'm an entrepreneur and your podcast host on Connected Minds, and I have built over five businesses over the 10 years that I've been doing business, and I've also been called to set up businesses for companies that are looking to start their business in the UK healthcare market. That is why I'm talking to you today, and this is the reason why the experience that I've been through and the lessons that I've learned will be very valuable to you. Now, some of these businesses that I started failed drastically. Now, it's okay, but you don't need to fail that many times to become a success. I've gone through it the hard way, which is why this video is right for you.
Speaker 1:
Lesson number one Marketing. Marketing is a huge part of business. Now you should learn how to sell either direct sales or digital marketing. For me, the way I did it was I learned how to do my marketing through YouTube. Yes, so this is where I learned how to do YouTube ads. The business that I was in was telehealth services selling products, selling doctor services to patients and at the time, google Ads proved to be the most important strategy that I needed to apply, and I learned that in a course of two weeks. After I learned that there was another thing that I needed to learn, which was Facebook ads and search engine optimization. You see, as a business person, it is important to capitalize on all the platforms that we have to be able to move your business to the next level, to be able to put your business at the forefront of customers who are looking for you. In our everyday lives, we're selling ourselves to people. We are selling our skills, our abilities and the value that we can provide and, of course, as someone who's looking to start a business from scratch, to get it to a level where people can start using services, you need to be able to learn how to sell that business.
Speaker 1:
Lesson number two understanding your numbers. I train as a healthcare professional, so I don't really understand economics or business. But you see, when I took on the challenge of becoming an entrepreneur, I quickly realized how important it is to know my numbers. How much money did you invest in the business or how much money are you looking to invest in that business? Do you know your cash flow forecast? Do you understand your profit, your loss, your break even? Because I didn't have the economics background, I did a lot of research online and what these lessons gave me was to understand my cost of goods, how much I'm gonna sell these services for or these products for, what is coming in as gross and, when I take away all my overheads and all those things that I used to run the business, how much I've got left. It is important that, as a business person, you understand these numbers, because that is how you'll be able to know whether the business is doing well or not. Some people just start business and they are just running it. In some cases, they're actually in losses, but they don't know because they are not running the numbers. While I'm saying that, it is also very important to understand the basics of profit and loss For me.
Speaker 1:
I was very lucky to have someone who agreed to spare me one day of his time a week to sit in my business as a bookkeeper and did all the bookkeeping, did all the work that I needed to be able to understand in the business. During that time I also spent a lot of time with him to be able to understand the sort of numbers that he was running. You see, you may not be as lucky as I was Now this guy. I was in pain because he understood the vision. I explained the vision of the business to him, where I'm trying to go, what I'm trying to achieve, and he said, yes, he's willing to come on board, but he can't afford to give me five days a week, so he can only do one day a week. Of course I took that and I was very pleased that he did. He is still in the business helping us manage our finances.
Speaker 1:
Now, lesson number three is what many people shy away from. What will make this business fail? It is a question that I didn't ask myself at the time, but I wish I did and I learned it the hard way. You can avoid so many mistakes if you decide to ask this question to yourself and your co-founders and every other person that wants you to do. Well, you see, when you've put all your savings into a business and you're so passionate about that business, the last thing you want is to begin to think of negative things around the business why it's not going to work but also you think about it. That is also the same reason why you should want to ask yourself that question of whether it's going to work or not, because, at the end of the day, what that does is that it avo avoids the mistakes. It avoids you overspending for the business and it also avoids you disappointing people who trusted you with their money, because your social capital through your network is very important. The last thing you want to do is to break that with your first venture. You might need those people that have entrusted their money with you the second, the third, the fourth or even the fifth time. Now you need to be able to accept right that you may have made the wrong decision, you may have miscalculated in your business plan and for that reason, you did not make room for asking yourself all the 21 questions that can make the business fail. Now that question alone can allow you to get so deep into the business that the question of what will make it work may not be enough to answer those questions. This is why I encourage every entrepreneur who is starting on that journey, or even those that are already in business, to ask themselves this question.
Speaker 1:
When we got into business, there were certain angles of the business where we took it that did not work. We kept putting cash in it, kept believing that it was going to work, but it still didn't. So we had to take a different direction. Imagine if we had asked ourselves those questions. That would have skipped a lot of time and a lot of resources. Another lesson, which is my lesson number four, which I learned was you will do everything for that business. You will be the accountant, the marketer, the cleaner, the delivery guy or girl, the stock controller everything for that business. So it is a journey. You've really got to understand yourself and your capabilities and how much you're willing to get your hands dirty before you get into it.
Speaker 1:
Many people just start business because they think they can make money out of it. There is not enough passion, there's not enough drive. There's not enough drive, there isn't enough excitement about that business for them to be able to stay in and do all the dirty things. I was actually the same waste disposer guy that I used to collect the waste from the business and dispose them off. You would find yourself working ridiculous hours for that business because you simply can't make the budget to be able to pay somebody to do extra hours for you. You find yourself doing that. You basically that business basically becomes your baby, and when you find onto a lot, a lot of entrepreneurs, their business is their baby. They spend so much time with it.
Speaker 1:
I'm constantly working on my business constantly. I'm able to delegate, of course, but in the initial stages I couldn't delegate because you don't have the budget. So you find yourself doing everything that you can to make that business work. Are you prepared to do that? Are you prepared to be the one to say that you know, I can spend all those ridiculous hours in the business. I can do anything. I can do everything.
Speaker 1:
Those moments will come where you feel like breaking down. You feel like it's simply not working. You feel like you don't have enough energy to move on. But hold on. Hold on, because we've all had to do it, from the Jeff Bezos to the Elon Musk to the Bill Gates, you name them. They've all had to do it, mark Zuckerberg, now to be able to double your net worth After you've done all of this. This is the point that will allow you To increase your financial ability, your financial power, so much that it will allow you to become a giant in your own field, and that point is reinvest into other industries. Reinvesting in other industries is basically your financial future proof.
Speaker 1:
What do I mean by that? You see, there may be government changes or regulatory changes in the existing business that you have and that may force you to close down the business. For example, there may be a change of government, government policies that can affect your business. Now, as someone who is financially dependent on the business that they've started, how are you going to survive beyond those challenges? This is why you need to think a step ahead of all those changes that may come your way.
Speaker 1:
I mean, you may be lucky. There may not be any changes that come your way. I've experienced it. I've had several changes with policies and regulations. So the old concept of do not put all your eggs in one basket to me, this is where it comes very becomes very handy. This is where you need to pay very close attention to that and then reinvest some of the money that you make from the business into other industries, but ultimately, there is one thing that keeps a business going, which is the passion that you have to see that business do well. I hope you liked this video and you enjoyed it. Leave a comment, a like and share, and if you're listening on apple or spotify, please leave a comment and let me know what you think about this.
