Discuss the different principles to be a successful entrepreneur as mentioned by the writer.
Answers
Principles of Entrepreneurship:-
1. Be a Solution Provider
You must note that entrepreneurship is not just about making money at first but it’s about providing solutions and adding value. Over the years, successful entrepreneurs had noted that passion is what brings success in business. This is because, in starting a business, there are bound to be issues ranging from sourcing funding to getting good partners, building a good team, location, marketing etc. If you are involved with inexperienced persons, you are bound to fail as fast as you had started. Only passion can keep you if you find yourself in such situation. You just need to impact a life no matter how small; that is the beginning of your success story.
2. Have a Vision
You are not an entrepreneur merely to make a living. You are an entrepreneur because you want to enable the world to live more amply, with greater vision, with a finer spirit of hope and achievement. You are an entrepreneur to enrich the world, and you impoverish yourself if you forget the errand. Jonathan Swift said that “Vision is the art of seeing what is invisible to others”. Have a defined purpose and pursue it.
3. Choose the Right Team
When assembling your team, it is imperative to gather a team of individuals with the same mindset and attitude towards achieving a common goal. You must not involve family or close friends especially those without any knowledge or expertise they can add to your startup. Your team must have the same drive, tenacity, perseverance and an underlying belief in themselves and the value they can add to the success of the business. Your team must be motivated and dedicated.
4. Viable Product/Service
Let your product/service fulfill a need, be innovative and the approach, a little different from other regular businesses. Technology is an important tool in the hand of modern entrepreneurs. Your business should easily be accessible to your target customers. Always give your customers room for feedback or suggestions on how your product/service can be better.
5. Capital
Good business plan always draw investors. Capital should be your least worry when you have a solution. Entrepreneurship is all about solution. When your idea is great, you can easily get investors or government loan. In my country, Nigeria for example, government has created loan programs for SMEs and this can be easily accessed with a good business plan alone. One of such programs is YouWin. Also, the Central Bank of Nigeria is supporting startups with funding with a little interest rate. Other programs like the Tony Elumelu Foundation also support startups financially. These funding channels should be exploited. These are measures most national governments are applying to promote entrepreneurship knowing that the growth of the world’s economy depends on it.
6. Accountability
As an entrepreneur, you are accountable to the success or failure of your business, not your employees, investors or advisors. You must have detailed account of whatever transaction made by the company. Have a scorecard of all inventories. Always carry your investors along if there are any. The success of any business is, in many ways, measured by the management of its resources. Even if you hire a full-time accountant, as an entrepreneur, you are expected to have a fundamental knowledge of accounting, how it works and how to apply its basic principles with the aim of operating a flourishing business.
7. Growth and Marketing
Every successful business grew over the years. Most big companies started small. It was all a process. Success in business is not a one-time event; it is an on-going process. You must give room for growth. Do not be content with the success of yesterday; always strive to beat your own record. That way, your business will keep on growing, your investors will be happy to remain and inject more funds. Always remain focused and dedicated to your goal. Have a clear goal and pursue it. Your business growth also depends on your marketing strategy. Marketing helps in getting your product known and good sales come from good marketing.
8. Know Your Customer
Your customer base determines the life of your business. If you provide solution to better the world, your customers will increase. In business, the higher your customers, the higher the profit. Your business must be streamlined into a particular niche. This will help you to know who your prospective customers should be and how to get and keep them. When you focus on a niche market, it is more efficient, more productive and less competitive. Always map out strategies that will allow for customer feedback even if it means giving out discounts/vouchers in exchange.