RHETT POWER SHARES TIPS ON HOW TO START AND RUN A BUSINESS WITH THE YOUTH AT KiBO FOUNDATION

Inc.com Columnist, Tenacious Entrepreneur, Speaker, Business Coach, Author, ENFP, Explorer, Dad- that’s Rhett Power. So at KiBO, we wouldn't have been more excited and privileged to host such an extraordinary figure. Thanks to the US Mission in Uganda, the youth at KiBO yet again got the opportunity of learning from a successful entrepreneur.

Rhett Power speaking to the youth at KiBO Foundation 

Who else, other than Rhett Power at this material time in the life of any youth at KiBO would share tips on how to start and run a business? In no particular order, some of the tips he shared included

• Do a self inventory: Are you motivated and resilient? Do you have blind faith to make it in business? How do you react to adversity? Asks yourself questions that will help you assess your readiness for business

•   Develop your idea: When you are sure of your interest in business and you have an idea, do your homework. Completely understand your product or service. If you do not know your product/service, then no one will understand it

Selfie Moment

•  Write a business plan: This is very important. It has got to be a living document that guides you as you grow in your business. It helps you assess your progress

• Identify your market: Who do you want to sell to? Identifying your target market is key

• Manage your cost: Look at how much you’ll pay for rent, utilities, and licence. It is absolutely important to have a budget

• Get a mentor: This should ideally be someone who is not in the same field of business as you but has got an understanding of how to run a business. Always have someone who will look at what you are doing and criticize you or encourage you accordingly

• Take advantage of free resources: Attend as many seminars, talks, or workshops as you possibly can to gain as much knowledge as possible

•  Be flexible: Roll with the punches

"If I don't want competition, then I'm lazy. I love competition because I want to win"-Rhett Power

• Customer service: Over deliver if you can. Do your best to retain that customer. Customers are the life of your business. You have to pay attention to them

• Say goodbye to your social life: There will be moments when your business will consume you. It's okay to have some fun although it has to be limited

• Say goodbye to regular paychecks until you get established 

WHEN QUITTING IS THE RIGHT THING TO DO

Rhett added that it is okay to quit when;

• Your heart is not in what you are doing
• You are not happy and continue to be unhappy with what you are doing
• You can not stand waking up every morning to do what you are doing
• It is not satisfying anymore

However, you need to be absolutely sure that it is the decision you want to take and be ready to face the consequences.

"If you are not clear about what you are doing, then you shouldn't be doing it"- Rhett Power

Please go ahead and check out Rhett's website here.