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.
Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
You've clicked on this video because you want to
grow your net worth or start abusiness.
If you can't spare 5 to 10minutes of your time to watch
this video of experiences thathas taken me 10 years to build
and to learn, thenentrepreneurship may not be for
you.
You see, entrepreneurshiprequires more than just five to
(00:24):
ten minutes of your time.
In fact, it's a process that isreally going to test your
ability to withstand the test oftime.
Now let's get into it.
My name is Derek Abaiti and I'man entrepreneur and your
podcast host on Connected Minds,and I have built over five
(00:44):
businesses over the 10 yearsthat I've been doing business,
and I've also been called to setup businesses for companies
that are looking to start theirbusiness in the UK healthcare
market.
That is why I'm talking to youtoday, and this is the reason
why the experience that I'vebeen through and the lessons
that I've learned will be veryvaluable to you.
(01:05):
Now, some of these businessesthat I started failed
drastically.
Now, it's okay, but you don'tneed to fail that many times to
become a success.
I've gone through it the hardway, which is why this video is
right for you.
Lesson number one Marketing.
Marketing is a huge part ofbusiness.
(01:27):
Now you should learn how tosell either direct sales or
digital marketing.
For me, the way I did it was Ilearned how to do my marketing
through YouTube.
Yes, so this is where I learnedhow to do YouTube ads.
The business that I was in wastelehealth services selling
products, selling doctorservices to patients and at the
(01:51):
time, google Ads proved to bethe most important strategy that
I needed to apply, and Ilearned that in a course of two
weeks.
After I learned that there wasanother thing that I needed to
learn, which was Facebook adsand search engine optimization.
You see, as a business person,it is important to capitalize on
(02:11):
all the platforms that we haveto be able to move your business
to the next level, to be ableto put your business at the
forefront of customers who arelooking for you.
In our everyday lives, we'reselling ourselves to people.
We are selling our skills, ourabilities and the value that we
can provide and, of course, assomeone who's looking to start a
(02:34):
business from scratch, to getit to a level where people can
start using services, you needto be able to learn how to sell
that business.
Lesson number two understandingyour numbers.
I train as a healthcareprofessional, so I don't really
understand economics or business.
But you see, when I took on thechallenge of becoming an
(02:55):
entrepreneur, I quickly realizedhow important it is to know my
numbers.
How much money did you investin the business or how much
money are you looking to investin that business?
Do you know your cash flowforecast?
Do you understand your profit,your loss, your break even?
Because I didn't have theeconomics background, I did a
(03:16):
lot of research online and whatthese lessons gave me was to
understand my cost of goods, howmuch I'm gonna sell these
services for or these productsfor, what is coming in as gross
and, when I take away all myoverheads and all those things
that I used to run the business,how much I've got left.
It is important that, as abusiness person, you understand
(03:39):
these numbers, because that ishow you'll be able to know
whether the business is doingwell or not.
Some people just start businessand they are just running it.
In some cases, they're actuallyin losses, but they don't know
because they are not running thenumbers.
While I'm saying that, it isalso very important to
understand the basics of profitand loss For me.
(04:02):
I was very lucky to have someonewho agreed to spare me one day
of his time a week to sit in mybusiness as a bookkeeper and did
all the bookkeeping, did allthe work that I needed to be
able to understand in thebusiness.
During that time I also spent alot of time with him to be able
(04:25):
to understand the sort ofnumbers that he was running.
You see, you may not be aslucky as I was Now this guy.
I was in pain because heunderstood the vision.
I explained the vision of thebusiness to him, where I'm
trying to go, what I'm trying toachieve, and he said, yes, he's
willing to come on board, buthe can't afford to give me five
days a week, so he can only doone day a week.
(04:47):
Of course I took that and I wasvery pleased that he did.
He is still in the businesshelping us manage our finances.
Now, lesson number three is whatmany people shy away from.
What will make this businessfail?
It is a question that I didn'task myself at the time, but I
(05:09):
wish I did and I learned it thehard way.
You can avoid so many mistakesif you decide to ask this
question to yourself and yourco-founders and every other
person that wants you to do.
Well, you see, when you've putall your savings into a business
and you're so passionate aboutthat business, the last thing
(05:32):
you want is to begin to think ofnegative things around the
business why it's not going towork but also you think about it
.
That is also the same reasonwhy you should want to ask
yourself that question ofwhether it's going to work or
not, because, at the end of theday, what that does is that it
avo avoids the mistakes.
It avoids you overspending forthe business and it also avoids
(05:54):
you disappointing people whotrusted you with their money,
because your social capitalthrough your network is very
important.
The last thing you want to dois to break that with your first
venture.
You might need those peoplethat have entrusted their money
with you the second, the third,the fourth or even the fifth
time.
Now you need to be able toaccept right that you may have
(06:18):
made the wrong decision, you mayhave miscalculated in your
business plan and for thatreason, you did not make room
for asking yourself all the 21questions that can make the
business fail.
Now that question alone canallow you to get so deep into
(06:39):
the business that the questionof what will make it work may
not be enough to answer thosequestions.
This is why I encourage everyentrepreneur who is starting on
that journey, or even those thatare already in business, to ask
themselves this question.
When we got into business, therewere certain angles of the
(07:00):
business where we took it thatdid 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 differentdirection.
Imagine if we had askedourselves those questions.
That would have skipped a lotof time and a lot of resources.
Another lesson, which is mylesson number four, which I
(07:22):
learned was you will doeverything for that business.
You will be the accountant, themarketer, the cleaner, the
delivery guy or girl, the stockcontroller everything for that
business.
So it is a journey.
You've really got to understandyourself and your capabilities
and how much you're willing toget your hands dirty before you
(07:45):
get into it.
Many people just start businessbecause they think they can make
money out of it.
There is not enough passion,there's not enough drive.
There's not enough drive, thereisn't enough excitement about
that business for them to beable to stay in and do all the
dirty things.
I was actually the same wastedisposer guy that I used to
(08:06):
collect the waste from thebusiness and dispose them off.
You would find yourself workingridiculous hours for that
business because you simplycan't make the budget to be able
to pay somebody to do extrahours for you.
You find yourself doing that.
You basically that businessbasically becomes your baby, and
(08:29):
when you find onto a lot, a lotof entrepreneurs, their
business is their baby.
They spend so much time with it.
I'm constantly working on mybusiness constantly.
I'm able to delegate, of course, but in the initial stages I
couldn't delegate because youdon't have the budget.
So you find yourself doingeverything that you can to make
(08:51):
that business work.
Are you prepared to do that?
Are you prepared to be the oneto say that you know, I can
spend all those ridiculous hoursin the business.
I can do anything.
I can do everything.
Those moments will come whereyou feel like breaking down.
You feel like it's simply notworking.
You feel like you don't haveenough energy to move on.
But hold on.
(09:11):
Hold on, because we've all hadto do it, from the Jeff Bezos to
the Elon Musk to the Bill Gates, you name them.
They've all had to do it, markZuckerberg, now to be able to
double your net worth Afteryou've done all of this.
This is the point that willallow you To increase your
(09:37):
financial ability, yourfinancial power, so much that it
will allow you to become agiant in your own field, and
that point is reinvest intoother industries.
Reinvesting in other industriesis basically your financial
future proof.
(09:58):
What do I mean by that?
You see, there may begovernment changes or regulatory
changes in the existingbusiness that you have and that
may force you to close down thebusiness.
For example, there may be achange of government, government
policies that can affect yourbusiness.
Now, as someone who isfinancially dependent on the
business that they've started,how are you going to survive
(10:18):
beyond those challenges?
This is why you need to think astep ahead of all those changes
that may come your way.
I mean, you may be lucky.
There may not be any changesthat come your way.
I've experienced it.
I've had several changes withpolicies and regulations.
So the old concept of do notput all your eggs in one basket
(10:38):
to me, this is where it comesvery becomes very handy.
This is where you need to payvery close attention to that and
then reinvest some of the moneythat you make from the business
into other industries, butultimately, there is one thing
that keeps a business going,which is the passion that you
have to see that business dowell.
(10:59):
I hope you liked this video andyou enjoyed it.
Leave a comment, a like andshare, and if you're listening
on apple or spotify, pleaseleave a comment and let me know
what you think about this.
You've clicked on this video because you want to
grow your net worth or start abusiness.
If you can't spare 5 to 10minutes of your time to watch
this video of experiences thathas taken me 10 years to build
and to learn, thenentrepreneurship may not be for
you.
You see, entrepreneurshiprequires more than just five to
(00:24):
ten minutes of your time.
In fact, it's a process that isreally going to test your
ability to withstand the test oftime.
Now let's get into it.
My name is Derek Abaiti and I'man entrepreneur and your
podcast host on Connected Minds,and I have built over five
(00:44):
businesses over the 10 yearsthat I've been doing business,
and I've also been called to setup businesses for companies
that are looking to start theirbusiness in the UK healthcare
market.
That is why I'm talking to youtoday, and this is the reason
why the experience that I'vebeen through and the lessons
that I've learned will be veryvaluable to you.
(01:05):
Now, some of these businessesthat I started failed
drastically.
Now, it's okay, but you don'tneed to fail that many times to
become a success.
I've gone through it the hardway, which is why this video is
right for you.
Lesson number one Marketing.
Marketing is a huge part ofbusiness.
(01:27):
Now you should learn how tosell either direct sales or
digital marketing.
For me, the way I did it was Ilearned how to do my marketing
through YouTube.
Yes, so this is where I learnedhow to do YouTube ads.
The business that I was in wastelehealth services selling
products, selling doctorservices to patients and at the
(01:51):
time, google Ads proved to bethe most important strategy that
I needed to apply, and Ilearned that in a course of two
weeks.
After I learned that there wasanother thing that I needed to
learn, which was Facebook adsand search engine optimization.
You see, as a business person,it is important to capitalize on
(02:11):
all the platforms that we haveto be able to move your business
to the next level, to be ableto put your business at the
forefront of customers who arelooking for you.
In our everyday lives, we'reselling ourselves to people.
We are selling our skills, ourabilities and the value that we
can provide and, of course, assomeone who's looking to start a
(02:34):
business from scratch, to getit to a level where people can
start using services, you needto be able to learn how to sell
that business.
Lesson number two understandingyour numbers.
I train as a healthcareprofessional, so I don't really
understand economics or business.
But you see, when I took on thechallenge of becoming an
(02:55):
entrepreneur, I quickly realizedhow important it is to know my
numbers.
How much money did you investin the business or how much
money are you looking to investin that business?
Do you know your cash flowforecast?
Do you understand your profit,your loss, your break even?
Because I didn't have theeconomics background, I did a
(03:16):
lot of research online and whatthese lessons gave me was to
understand my cost of goods, howmuch I'm gonna sell these
services for or these productsfor, what is coming in as gross
and, when I take away all myoverheads and all those things
that I used to run the business,how much I've got left.
It is important that, as abusiness person, you understand
(03:39):
these numbers, because that ishow you'll be able to know
whether the business is doingwell or not.
Some people just start businessand they are just running it.
In some cases, they're actuallyin losses, but they don't know
because they are not running thenumbers.
While I'm saying that, it isalso very important to
understand the basics of profitand loss For me.
(04:02):
I was very lucky to have someonewho agreed to spare me one day
of his time a week to sit in mybusiness as a bookkeeper and did
all the bookkeeping, did allthe work that I needed to be
able to understand in thebusiness.
During that time I also spent alot of time with him to be able
(04:25):
to understand the sort ofnumbers that he was running.
You see, you may not be aslucky as I was Now this guy.
I was in pain because heunderstood the vision.
I explained the vision of thebusiness to him, where I'm
trying to go, what I'm trying toachieve, and he said, yes, he's
willing to come on board, buthe can't afford to give me five
days a week, so he can only doone day a week.
(04:47):
Of course I took that and I wasvery pleased that he did.
He is still in the businesshelping us manage our finances.
Now, lesson number three is whatmany people shy away from.
What will make this businessfail?
It is a question that I didn'task myself at the time, but I
(05:09):
wish I did and I learned it thehard way.
You can avoid so many mistakesif you decide to ask this
question to yourself and yourco-founders and every other
person that wants you to do.
Well, you see, when you've putall your savings into a business
and you're so passionate aboutthat business, the last thing
(05:32):
you want is to begin to think ofnegative things around the
business why it's not going towork but also you think about it
.
That is also the same reasonwhy you should want to ask
yourself that question ofwhether it's going to work or
not, because, at the end of theday, what that does is that it
avo avoids the mistakes.
It avoids you overspending forthe business and it also avoids
(05:54):
you disappointing people whotrusted you with their money,
because your social capitalthrough your network is very
important.
The last thing you want to dois to break that with your first
venture.
You might need those peoplethat have entrusted their money
with you the second, the third,the fourth or even the fifth
time.
Now you need to be able toaccept right that you may have
(06:18):
made the wrong decision, you mayhave miscalculated in your
business plan and for thatreason, you did not make room
for asking yourself all the 21questions that can make the
business fail.
Now that question alone canallow you to get so deep into
(06:39):
the business that the questionof what will make it work may
not be enough to answer thosequestions.
This is why I encourage everyentrepreneur who is starting on
that journey, or even those thatare already in business, to ask
themselves this question.
When we got into business, therewere certain angles of the
(07:00):
business where we took it thatdid 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 differentdirection.
Imagine if we had askedourselves those questions.
That would have skipped a lotof time and a lot of resources.
Another lesson, which is mylesson number four, which I
(07:22):
learned was you will doeverything for that business.
You will be the accountant, themarketer, the cleaner, the
delivery guy or girl, the stockcontroller everything for that
business.
So it is a journey.
You've really got to understandyourself and your capabilities
and how much you're willing toget your hands dirty before you
(07:45):
get into it.
Many people just start businessbecause they think they can make
money out of it.
There is not enough passion,there's not enough drive.
There's not enough drive, thereisn't enough excitement about
that business for them to beable to stay in and do all the
dirty things.
I was actually the same wastedisposer guy that I used to
(08:06):
collect the waste from thebusiness and dispose them off.
You would find yourself workingridiculous hours for that
business because you simplycan't make the budget to be able
to pay somebody to do extrahours for you.
You find yourself doing that.
You basically that businessbasically becomes your baby, and
(08:29):
when you find onto a lot, a lotof entrepreneurs, their
business is their baby.
They spend so much time with it.
I'm constantly working on mybusiness constantly.
I'm able to delegate, of course, but in the initial stages I
couldn't delegate because youdon't have the budget.
So you find yourself doingeverything that you can to make
(08:51):
that business work.
Are you prepared to do that?
Are you prepared to be the oneto say that you know, I can
spend all those ridiculous hoursin the business.
I can do anything.
I can do everything.
Those moments will come whereyou feel like breaking down.
You feel like it's simply notworking.
You feel like you don't haveenough energy to move on.
But hold on.
(09:11):
Hold on, because we've all hadto do it, from the Jeff Bezos to
the Elon Musk to the Bill Gates, you name them.
They've all had to do it, markZuckerberg, now to be able to
double your net worth Afteryou've done all of this.
This is the point that willallow you To increase your
(09:37):
financial ability, yourfinancial power, so much that it
will allow you to become agiant in your own field, and
that point is reinvest intoother industries.
Reinvesting in other industriesis basically your financial
future proof.
(09:58):
What do I mean by that?
You see, there may begovernment changes or regulatory
changes in the existingbusiness that you have and that
may force you to close down thebusiness.
For example, there may be achange of government, government
policies that can affect yourbusiness.
Now, as someone who isfinancially dependent on the
business that they've started,how are you going to survive
(10:18):
beyond those challenges?
This is why you need to think astep ahead of all those changes
that may come your way.
I mean, you may be lucky.
There may not be any changesthat come your way.
I've experienced it.
I've had several changes withpolicies and regulations.
So the old concept of do notput all your eggs in one basket
(10:38):
to me, this is where it comesvery becomes very handy.
This is where you need to payvery close attention to that and
then reinvest some of the moneythat you make from the business
into other industries, butultimately, there is one thing
that keeps a business going,which is the passion that you
have to see that business dowell.
(10:59):
I hope you liked this video andyou enjoyed it.
Leave a comment, a like andshare, and if you're listening
on apple or spotify, pleaseleave a comment and let me know
what you think about this.
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