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Innovative entrepreneurship

The Ultimate Guide To Innovative Entrepreneurship

The word innovative entrepreneurship has become a cliché but we can’t stop talking about it.

Sounds like an irony, right?

Have you ever wondered what’s Innovative Entrepreneurship?

Are you one?

Do you know the relationship between innovation and entrepreneurship?

Let’s start with what innovation is.

To innovate simply means to introduce new ideas, products or methods of doing things.

Therefore innovative entrepreneurship is when new ideas, products or new ways of doing things are introduced into a business.

Subsequently for efficiency and increase in productivity.

In other words it means provision of solutions.

Additionally it provides an entirely new solution as never been seen or improving on old solutions to achieve better results than previously.

For example a bluetooth earpiece that automatically increases volume when it’s moved closer to the device.

Or decreases the volume of a device when it’s moved farther from the device. (Assuming someone hasn’t done this already).

Likewise innovation in entrepreneurship is a tool to become highly competitive not a destination.

Innovation in Entrepreneurship

You are probably wondering what’s the importance of innovation in entrepreneurship.

We will get to that in a minute.

But briefly innovation is the wheel that propels entrepreneurship.

Another question is are all entrepreneurs innovative?

Here are some characteristics of innovative entrepreneurship:

  • Enhances

Significantly the performance of what it’s used with/ for is increased. It adds value.

It enhances the performance of a product, company or industry. Imagine life without Google search or Apple.

  • Disrupts

Disruptive innovation causes a dramatic turn in products, methods or services.

They raise the bar and metamorphose existing markets or establish new ones. It’s also a catalyst.

  • Eliminates

An innovation eliminates the old method of doing things or the old product once it catches on. If not totally then almost totally.

For instance the first IBM personal computer made.

  • Opportunistic

An innovation recognises the gaps in the market/ industry and fills it.

To emphasize it identifies what’s lacking and modifies it. Sees the gaps as opportunities and grabs it.

  • Advantageous

An innovation is always an improvement upon the existing one (always at an advantage).

Example is the advantages of the Whatsapp messenger over the traditional SMS.

  • Compatible

All innovations seamlessly fit within the sector they are meant for.

For example Instagram works perfectly for professionals in the Arts and Entertainment Industry.

  • Observable

An innovation is easily and readily observable to the user. The innovator makes it so to encourage adoption from early users.

Notably early users are known to evangelize for an innovation. Else what’s an innovation without adaptors.

Innovative entrepreneurship

Innovation in Entrepreneurship

Now that you can identify innovation who’s an innovative entrepreneur? And do you think all entrepreneurs are innovative?

There are no sufficient words to define an innovative entrepreneur.

Rather I will cite some characteristics of innovative entrepreneurs:

  • Visionary

An innovative entrepreneur sees things that most people don’t.

Even when others say it won’t work; they don’t give up.

  • Risk Takers

They venture into things that have never been done not minding the outcome. They are well aware of the risks but still go ahead.

  • Don’t Have A Box

Great minds think out of the box; innovative entrepreneurs don’t even have a box.

  • Education or Training

Very versed in their craft.

They acquire formal/ informal training to enable the separation of relevant and irrelevant information while creating/ developing.

  • Patience

An innovative entrepreneur doesn’t mind how long it takes. He will keep testing his innovation.

His end goal is to ensure the innovation does what it’s meant for effectively.

Hence several trials. There’s never a finished product. Improvements will always be made.

  • Proactive and Persistent

They create or control situations; they don’t react. Thus they exploit opportunities.

  • Prudent

Despite being risk takers innovative entrepreneurs are more careful and organized.

Everything is well accounted for and documented.

Innovative entrepreneurship

An Innovative Entrepreneur

Thus this leads us to the relationship between innovation and entrepreneurship. And the importance of innovation in entrepreneurship.

Innovative Entrepreneurship:  Relationship between innovation and entrepreneurship.

Entrepreneurship relies on innovation for sustainability.

A simple way to look at the relationship is entrepreneurship needs innovation just like we need air.

Innovation is seeing what is needed and creating it. In essence infusing something new or improvements with the old.

It could be an idea, product, model, method or a service.

While entrepreneurship entails turning a great idea into a business opportunity.

Understanding this simple analysis helps us understand better the relationship between innovation and entrepreneurship.

Which is imbuing new/ better ideas, products, services, methods or process into a business to give it an edge. An extra shot at sustainability and profitability.

Entrepreneurship begins with innovation and survives on innovation.

While innovation feeds on creativity and unbelievable thinking.

To innovate doesn’t always mean
inventing something new.

It could also mean changing and adding values to an existing idea, product, method or a service.

Everything above leads to the crux of this post. Which is the role of innovation in entrepreneurship.

Why is innovation so important to entrepreneurship?

  • Agent of Change

Innovation sees the problems in entrepreneurship and solves them. It changes the game.

  • Increases Competition

Due to the improvement innovation provides there’s an increase in competition between entrepreneurs.

To provide what exactly solves the customer’s problems.

  • Increases Efficiency and Profitability

Innovation is synonymous with increase in efficiency hence increase in profits.

  • Increases Opportunities

Innovation leads to discoveries which create opportunities. Thereby allowing more people gain entry into the industry.

  • Sustainability

Furthermore innovation ensures continuity and sustainability.

  • Restores Growth

With innovation comes growth. Growth of the business and market.

  • Identity

Being creative creates an identity for the entrepreneur and the organisation.

Conclusion

In summary innovation isn’t necessarily making something new. It could also mean adding something new to an already existing product, service or process.

Simply to make it more efficient thereby increasing productivity and in turn increase profitability.

Consequently innovation is what gives you an edge over your competition as an entrepreneur.

Not all business people are entrepreneurs. But when you become innovative then you become an entrepreneur.

Innovative entrepreneurs challenge problems and they draw inspiration from different ideas to solve a problem.

In conclusion they continually observe and ask thought provoking questions. Which results into what the world sees.

Do you have more information on innovation in entrepreneurship? Feel free to comment.

Entrepreneurial decision making process

This Is The Entrepreneurial Decision Making Process You Need To Know For Success

Do you feel like the entrepreneurial decision making process is complex? Here’s a breakdown.

As an entrepreneur it’s essential you have a working entrepreneurial decision making process.

To avoid making several fatal mistakes.

As much as you want to learn from your mistakes; it’s better to save time and money by not making too many.

Others have made enough to learn from.

Consequently you can’t operate at full capacity as a business unless you consistently make good decisions at the right time.

And also implement them effectively.

In addition remember that your customers make decisions as well.

A decision is a determination arrived at after consideration of some options. That’s according to the Merriam-Webster dictionary.

Hence in simple words a decision is what you choose to do out of several or few options.

Entrepreneurial decision making process

Entrepreneur Making A Decision

For example you need to choose from several options a location for your business. You pick the one that contributes positively to your business growth.

The decisions we make take us from point A to point B. It’s what takes us from the before to the after. To a positive outcome. And what separates success from failure.

You are where you are in life because of decisions you took over the years.

Therefore as an entrepreneur you would need to take calculated risks via your decisions.

Most noteworthy is your entrepreneurial journey entails 4 decision types which we have covered.

Remember don’t take risks without doing a proper situation analysis using the SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)

The entrepreneurial decision making process is one of the most important processes you will undergo as an individual and for your business.

Hence it’s quite necessary as an individual since it’s mostly your responsibility to make decisions about everything affecting your business.

Though the effect of these decisions vary on the business; you still need to make sure you take the best decision(s) at every stage.

“The intellectual equipment needed for the job of the future is an ability to define problems, quickly assimilate relevant data, conceptualize and reorganize the information, make deductive and inductive leaps with it, ask hard questions about it, discuss findings with colleagues, work collaboratively to find solutions and then convince others.”Robert B. Reich

Entrepreneur Dialogue

Identifying the four components that are instrumental to the entrepreneurial decision making process is key.

They are:

1. Context.

This can also be referred to as the problem at hand. What needs to be decided upon.

2. Objectives.

What do you hope to achieve with your decision? Ensure you apply logic.

3. Alternatives.

Consider as many options as possible but ensure you don’t overdo it to avoid confusion. Make sure you have as much data as needed.

4. Criteria.

This involves considering your business values. The decision that matches your business values best wins.

Being an entrepreneur will cause you to wear different hats.

Hats like Tech needs to reach a conclusion on a major update or Finance on resources allocation.

Therefore you need to ensure you make the best choice(s) for every hat you wear.

And the best decision emanates from an entrepreneur decision making process that works perfectly.

Here are the steps:

Step 1: Recognize the problem

Whenever a decision needs to be taken it means there’s a “problem” (an issue at hand).

Ask questions like what’s the problem and what’s the best way to solve it without creating more problems?

Furthermore identify where you are and where you ought to be.

What’s the goal (purpose) of the decision in your business?

While considering if there’s a timeframe to it. You don’t want to be too late.

Also don’t just ask your staff ask your clients too. They have tons of info for you.

Step 2: Analyze the problem

Once you identify the problem(s) the next step in the entrepreneurial decision making process is to gather appropriate information on the problem.

As much as you can.

Likewise get information from within your business, published studies, online data from credible sources and materials from experts.

Also not forgetting everyone with stakes in your business.

Sometimes you have to deliberate on more than one issue at a time.

Notwithstanding don’t be overwhelmed just arrange your priorities right.

Step 3: Define And Analyze Plausible solutions

Your accurate analysis of the problem will help when brainstorming on every possible solution.

This step also involves you, your staff, every stakeholder in the business and experts.

Thoroughly consider everyone’s suggestion before discarding it.

And choose options that provide a long term fix to the problem.

Step 4: Select the best solution.

Select and evaluate the best decision.

What are the consequences of your chosen solution?

Would it solve the problem without generating additional problems? While being cost and time effective.

Does it align with the mission, vision and values of the business?

What does your gut also tell you about this decision? Trust your gut.

Also this step involves you choosing the best option based on the information available.

You should appoint an administrator at this point. So they are in charge when you aren’t there.

Finally for this step you need to spell out the Who, What, When and How of the chosen decision to all the players involved.

Step 5: Execute Your decision

The next step is to put your decision to work.

Because making a decision without implementing is hogwash.

What if you carry out a decision and it doesn’t work as planned?

Then you go back to Step 3 armed with the lessons you learnt to pick the next best decision on your list.

On to steps 4 and 5. Or to step 1 if there’s a change in data and conditions. More like a rinse and repeat.

This step also includes follow up and feedback.

In summary having an entrepreneur decision making process will ease things up in your organisation.

Subsequently when your staff know they don’t have to fight while making decisions they will relax.

I once worked at a firm where the Lease, Recovery and Internal Audit Units were always at loggerheads due to too much bureaucracy.

I could literally feel the tension in the air and it was bad energy.

Therefore identify the critical positions of your company and fill them up with people who are capable of making the best decisions. Without prejudice, at the nick of time and without wasting resources.

Are you using a different set of steps to make your entrepreneurial decisions? Please share in the comments.

4 Entrepreneur Decisions You Should Make To Be Successful

Entrepreneur decisions should never be overthought else you will never make headway.

In every success story, you will find someone who has made courageous entrepreneur decisions. — Peter F. Drucker.

As (aspiring) entrepreneurs what decisions are you struggling to make?

Entrepreneur Decisions

Crossroads in Decision Making

When I started catfish farming I used imported feed for the first 3 months then finish with self formulated feed. Overtime the cost tripled due to the exchange rate.

I had to decide if I would stick to either the imported, local or self formulated based on the results I got.

The price of the imported is now cut throat, the local also because they import additives and are competing with the imported. While the mill where I compound my self formulated feed also jacked their prices.

I had to decide which to stick to for costs cut.

I’ve had to make decisions as this and much more as an entrepreneur.

One of the characteristics of an entrepreneur is the ability to lead. And being a great leader entails the ability to make good decisions at the right time.

Entrepreneur Decisions

The decisions you make as an entrepreneur varies from stage to stage of your entrepreneurial journey.

1. The Launching Decision.

2. The Turning Point/ Pivot or Persevere Decision.

3. The Tipping Point or Delegation Decision.

4. The Letting Go or Succession Decision.

Which I further explain:

• The Launching Decision

You have a book of ideas tucked away somewhere. You feel it can solve a problem and also provide you some income.

This is the first of all the entrepreneur decisions you will make. Which is to become an entrepreneur.

Entrepreneur Decisions

Choices in Decision Making

You will need to decide if you want to leave paid employment or be a part time entrepreneur. This decision also entails others such as:

1. Is your solution a product or service?

2. Is there a market for it?

3. What’s your pricing strategy?

4. What’s your Unique Value Proposition (Unique Selling Point)?

5. You also need to decide on your Mission & Vision Statements, Tagline, Logo, Company Culture, Goals and Objectives.

6. What’s your customer acquisition strategy?

• The Turning Point/ Pivot or Persevere Decision.

This entails the decision you make to take your business to the next level.

The results of testing your idea will determine if you pivot or persevere. Also if you will continue being a solopreneur or if you will expand.

Expanding is one of the most strategic entrepreneur decisions you will make. It involves stepping out of your comfort zone at the right time.

Thereby culminating into decisions such as increasing product or service options, job benefits, hiring new staff or outsourcing jobs, job role and payment.

And determining new location and market’s interaction with your new product/ service.

You also need to decide if the internal workings of your business can sustain the expansion and if it’s not just a flash in the pan.

Also consider if your brand, market and price strategy aligns with the expansion? These are questions that will also lead to more entrepreneur decisions.

Entrepreneur Decisions

Strategy in Decision Making

A good example of this decision is the example I gave in the introduction of this post. I had to decide to cut costs so I can remain in business. It involved looking into my budget, cost and price strategy.

• The Tipping Point/ Delegation Decision.

At this point you have to decide to stop working in the business but on the business.

Prior to this you should have built a dependable team that can work in the business while you work on it.

Most entrepreneurs find it hard to delegate certain duties to others.

But you have to else you won’t have time to perform more leadership roles and generate ideas that can grow your business.

• The Letting Go/ Succession Decision

This is one of the most emotional entrepreneur decisions you will be required to make.

Letting go in business mostly refers to succession. What succession plans do you have in place? Is it your child(ren), family member, a staff or an outsider?

And other times it could mean a business gets acquired if no succession plan or it’s doing badly.

You have to decide if you want to remain in it or cash out after it’s acquisitioned/ merged.

This also includes:

1. Determining how much your business is worth.

2. Is the business still financially viable for you?

3. How much will you sell it?

4. Will you be retained or bought out?

5. Does the new owner(s) have the same vision as you?

In summary if you are the indecisive type partner with someone that doesn’t shy away from making decisions.

Because being an entrepreneur revolves around making decisions. And making them in time for that matter.

Conclusion

Being an entrepreneur involves being able to recognize a problem and solve it timely using the best possible solution.

Also the environment within which business is done evolves on a regular basis therefore it requires taking business decisions.

Are you ready to make these decisions? What other entrepreneur decisions have you made?

As (aspiring) entrepreneurs what decisions are you struggling to make?

I would love to hear from you in the comments!!!

Entrepreneur Trust Building Tips

Entrepreneur Trust Building Tips: The Instructive Guide

Every relationship needs trust building tips but seeing we are entrepreneurs let’s focus on entrepreneur trust building tips. This is not to say you can’t apply them to other types of relationships you are involved in. It might just need a little tweak.

You are probably wondering why the title says instructive guide for entrepreneurship trust building tips.

While simple they are quite elaborate.

Four kinds of relationships are essential to the success of your entrepreneurial journey.

Accordingly relationship with employees, clients, investors as well as suppliers and outsource providers.

The foundation of these relationships is “Trust”. As earlier emphasized in Trust and Entrepreneurship.

These are the days of entrepreneurial surge due to technology advancement and more people seeing the need for innovation. Therefore leading to the “entrepreneurship boom”.

As a result there’s a struggle to win customers, gain investors, keep the best employees and retain lovely suppliers.

Furthermore trust plays a huge role in successfully achieving all these.

The idea of trust may seem hard for people who have never come in contact with it in any of their relationships.

Not to fret; this article will provide you with entrepreneur trust building tips.

Entrepreneur Trust Building Tips – Employees

• Reward efforts, promote at when due and encourage your staff.

• Another tip is genuinely care about your employees.

• Pay salaries and bonuses at when due. I had a boss who promised Sales Reps commissions. In over a year I spent there he never paid. Not even once. He lost the trust of his employees. They left, set up the exact business and poached his customers.

• As a business learn to endure mistakes from your employees though correct them professionally.

• Treat your employees with respect thereby gain their trust.

Entrepreneur Trust Building Tips – Customers

• Ensure all your sales/ service points are working properly, updated regularly and they all have the same information.

• Existing/ Intending customers need proof that you are genuine hence testimonials. Therefore use every opportunity that presents itself to showcase testimonials from customers who bought.

Entrepreneur Trust Building Tips

Customer Testimonials

You see what I did there? That’s some of our customer testimonials.

• Ensure your Customer Service is prompt and effective.

• Always surpass customer expectations; never go below their expectations.

• Your products/ services should be exactly what you said in the description. Sometime ago I ordered a handbag online, when it was eventually delivered the leather had peeled. The seller never signified that in the description. Of course I returned it and she lost my trust.

• Ensure your payment process is transparent.

• Your products/ services should be readily available.

• At all times offer value and strive to meet and surpass deadlines.

Entrepreneur Trust Building Tips – Suppliers and Outsource Providers

• Stick to the terms of the contract.

• Provide good work conditions.

• Communicate effectively; avoid surprises.

• Ensure everyone understands the terms of the contract to avoid conflict.

• When you get delivery of your supplies ensure you pay at when stated in the contract. If you can’t pay inform them ahead.

Entrepreneur Trust Building Tips – Investors.

• To each his own; let each investor understand what they stand to gain from investing in your venture.

• Be sincere. Don’t tweak the numbers. If business isn’t going as projected at any time; let them know.

• Pay whatever percentage was agreed on. Don’t cheat them out of their investments.

As you have read It’s not so hard to build trust.

Essential trust building ingredients are openness, sincerity, truthfulness and straight forwardness.

To be trusted you need to be trustworthy.

No one will gift you their trust. It’s very expensive.

In conclusion you should earn the trust of the people you will be in an entrepreneur relationship with. When earned it’s hard to lose but when lost it’s hard to rebuild.

Please share in the comments other tips you know entrepreneurs can use to build trust in their business relationships.

Trust and Entrepreneurship

Trust And Entrepreneurship: 4 Applicable Ways You Should Know

Have you ever wondered what the relationship between trust and entrepreneurship is?

Keep reading to find out more about the intriguing relationship between trust and entrepreneurship.

In a new year a lot of decisions need to be made. Some people will decide to employ or let go of certain staff while some will decide to persevere/pivot.

Some will decide to win more customers, some will outsource their business while some will try to woo investors.

One common factor in taking all these decisions is “Trust”. Therefore Trust and Entrepreneurship are more entangled than you think.

Trust is key for entrepreneurial success.

As an entrepreneur you may have started your business alone and built it alone but at some point it will surpass you.

At that point you need to hire employees and (or) outsource. In comes trust.

As an entrepreneur you need trust to employ, relate with your suppliers and clients. You need to build an environment of trust around your business.

  • Trust And Entrepreneurship As Applied To Employees.

Exponential growth of your business will require you bring in a team of people with a vision same as yours.

Know the perfect time to trust your business to people. Not too early and not too late.

Bringing them in too early might make you incur unnecessary costs thereby debt and too late might stagnate your business.

The perfect time is when you have put all the necessary things in place and you can afford to pay the people you hire.

Bring people in one at a time not in one fell swoop. Though you still need to guide them.

If you mistakenly hire the wrong person(s) quickly retrieve the tasks you delegated to them.

Can you trust your employees not to steal your funds, your ideas or sell your ideas to your competition?  Ensure you conduct morality tests.

Can it also be said of you that you are committed to the interests of your employees?

The key thing is to trust them to do their job after you have hired the most qualified hands.

  • Trust And Entrepreneurship As Applied To Suppliers and Outsource Providers.

A business in operation will definitely involve suppliers. You need to trust them to supply you the best your money can buy and they need to trust you to come up with payments as at when due.

You need trust to maintain business relationships.

You should have a working relationship with your suppliers in terms of them knowing when to supply you and you knowing when to pay them.

This arrangement can only work with trust.

It’s important to treat your suppliers and outsource providers like partners. This increases the level of trust thereby creating a well oiled engine for your business. This relationship requires patience though.

  • Trust And Entrepreneurship As Applied To Customers

A customer who has never patronized you before approaches your business for only one reason “Trust”.

He trusts that your product/service will meet his needs.

While a repeat customer comes back to you due to only one thing “Trust”. That you are not a one-hit wonder. Just to confirm that his first purchase from you wasn’t a fluke.

Can the customer trust you to serve him well?

As a business you must also be able to trust your customer to give you feedback about your product/service rather than sue you without initial dialogue. Or that they won’t imitate your products.

Some customers will purchase from you on credit; do you trust them to pay you as at when due and can they trust they will get the best despite not paying you immediately.

Trust is the foundation of your business relationships.

  • Trust And Entrepreneurship As Applied To Investors

Every entrepreneur dreams to expand their business. Funds are needed which you may not have much of. This is where investors come in.

Your investors need to trust that you won’t squander the funds given to you.

Also you need to trust the people you approach to be your investors will work with you to make sure your business doesn’t go down the drain.

It is common knowledge people only do business with who they know, like or trust with emphasis on “Trust”.

To cap it all up trust is what makes a first time customer patronize you and makes a one time customer become a repeat customer.

Trust is what you hold on to that an employee’s interest in your business is genuine, that a supplier or outsource provider has good intentions, it guarantees a customer that you are committed to his interests and your investors that your commitment to their interests is great.

It’s what makes suppliers and outsource providers remain in business with you even when they know luck isn’t smiling on you.

Also makes your staff keep coming to work even when there are no funds to pay them and what makes your investors keep pumping funds into your business.

Hence “Trust” is an entrepreneurial behavior you should learn to cultivate.

Would you love to tell us more about the relationship between Trust and Entrepreneurship? Kindly join the conversation.

 

 

 

 

 

 

Entrepreneur Shifting Seasons

Entrepreneur Shifting Seasons: All You Need To Know

Is the change in climate seasons similar to the shifting seasons of an entrepreneur?

In most parts of the world the seasons experienced are Spring, Summer, Autumn and Winter. The change in each season ushers in the next season.

Likewise there are also entrepreneur shifting seasons which are marked by changes; same as weather.

In my years as an entrepreneur I have experienced various seasons (stages). But I will narrow it down to four (4) significant stages.

Entrepreneur Shifting Seasons

As an entrepreneur you move from Discovery ➡ Plan ➡ Evolve ➡ Growth.

  • Discovery

This is the process of uncovering your entrepreneur potential. A self-realization period that you consciously decide to be an entrepreneur.

Some call it Entrepreneurial Seizure.

You look inward to find out what you love doing and resolve to make money from it.

It can’t be overemphasized that as an entrepreneur you must build your business round your passion.

Most noteworthy is the fact that with time things will wear you out but your zeal will keep you going.

  • Plan

This season shifts you as an entrepreneur into the hard work stage. Since this period sets the foundation for your business.

It involves drafting your business plan. It’s important to have a business plan for direction and in case you need partners or investors.

Furthermore establish your business opportunities, research the demand, decide your business value, develop your business ideas, develop your market entry strategy, sort finance and capital.

Likewise identify your competition, set your price(s), build relationships, analyse your risks, patent your products, register your business name and company. While at the same time device your exit plan (just in case).

  • Evolve

In this entrepreneur shifting season you either decide to persevere (continue what you do) or pivot (change what you do or how you do it).

It is based on evaluating the business. Is it going as planned, any progress or are things spiraling out of control?

Are there plans to diversify into complementary products or services?

Answering these questions move you into the next season.

  • Growth

While drafting your business plan you should have defined what growth means to your business (yardstick).

Either an increase in the number of customers, increase in average transaction per client or increase in the number of subscribers to your app or product.

No matter the yardstick you use to measure growth this is the season to shoot the arrow up with hard and smart work.

This is the season your perseverance pays.

Entrepreneur Shifting Seasons

In conclusion hang in there if you are in a not so good season presently. It will pan out just as the seasons of the climate system change. One season gives birth to the next.

What other seasons have you experienced as an entrepreneur or you have seen other entrepreneurs overcome?

 

Entrepreneur Creed

Entrepreneur Creed : 10 Tested Ways To Be A Focused Entrepreneur

Entrepreneur creed: The guiding principle on your journey to being a successful entrepreneur.

Entrepreneur Creed as written by Thomas Paine.

I do not wish to be a kept citizen.
Humbled and dulled by having the
State look after me.

I want to take the calculated risk
To dream and to build.
To fail and to succeed.

I refuse to barter incentive for a dole
I prefer the challenges of life
To the guaranteed existence

The thrill of fulfillment
To the stale calm of Utopia.
I will not trade freedom for beneficence

Nor my dignity for a handout.

I will never cower before any master
Nor bend to any threat.
It is my heritage to stand erect.
Proud and unafraid.

To think and act for myself
To enjoy the benefit of my creations

And to face the world boldly and say
This, with God’s help, I have done

All this is what it means
To be an Entrepreneur.”

         Thomas Paine, 1776

You can’t talk about being an entrepreneur without referencing the “Father” of the entrepreneur creed; Thomas Paine.

Entrepreneur Creed

Thomas Paine

A creed simply defined is a set of beliefs that guides the actions of a person or group.

Entrepreneur Creed is a bunch of ethics you live by as an entrepreneur.

I can’t promise you a safe sail on the waters of entrepreneurship but I can guarantee that following this entrepreneur creed to the letter will save you from going under.

Here are 10 important tenets to guide you on your entrepreneur journey.

1. Pick a business, stay focused and understand it. Know it in and out. Conquer it before branching out.

If you keep trying you will get the honey from the bee

2. Understand your clients. Know what they buy from you and why they prefer yours.

3. Hire professional managers. Ensure you have the right people on your bus. They get you to your destination faster. Hire people that are smarter than you.

4. Put in place strong financial and administration controls. Ensure you have an internal auditor.

5. Constantly research the market on pricing. You don’t want to charge way less and you shouldn’t be over board as well.

6. Don’t spend too much money on office space especially if you are just starting. Be street smart.

7. Have a strategic business plan and regularly review it. This is to keep your destination in mind even if you sometimes derail.

8. Keep proper record of every transaction. A dubious customer may act funny. Be prepared. Keep track of every activity.

9. Make sure there’s a job description for every position. Learn to delegate and automate where necessary. Pay parallel to the job description.

10. Set performance milestones for yourself and your team. This is how to measure progress efficiently and motivate. Award the best and keep promises made for outstanding performance.

I once had a boss that promised to pay commissions to Sales Reps. Performance decreased after they realized he made empty promises.

Entrepreneur ethics such as these will make your entrepreneurial journey remarkable.

As an entrepreneur what creed do you live by? Please do tell by joining the conversation.

Entrepreneurial process

7 Fundamental Stages of The Powerful Entrepreneurial Process

What’s the fuss about entrepreneurial process? What does it encompass?

First off what’s a process? A process as defined on google is a series of actions or steps taken in order to achieve a particular end.

As the name implies entrepreneurial process is the series of actions you take to be an established entrepreneur. (Simple right!)

The entrepreneurial process is a continuous one and it plays a huge role in the growth or demise of your business. So never give up that grind.

Everything you do as a human requires a process from conception to growth, schooling, marriage for some and sadly death for all. Entrepreneurship is not different.

Quick digression: We have been digging into the nitty-gritty of being an entrepreneur. This blog is a beginner’s guide to point you in the direction of being an entrepreneur.

You can catch up on who’s an entrepreneur, types of entrepreneur, characteristics of a successful entrepreneur, entrepreneur challenges and entrepreneur motivation factors. So you have an idea of the things we have earlier discussed and know where we are coming from.

The entrepreneurial process is undergone by everyone who sets out to be an entrepreneur. And sometimes by those who didn’t even intentionally set out to be one.

Follow my outline of this process and endeavor to get back to me with your success story. I’m all about success stories.

The entrepreneurial process is as follows:

• Self Realization
• Plan the Business
• Trial and Error
• Start the Business
• Perseverance and Sustenance
• Reflection
• Retire or Repeat the Process

Self Realization (Discovery)

This is the point you have a mental jerk known as entrepreneurial seizure. The point where you finally realize you want to get paid doing what you love.

Plan the Business

This stage of the process is actually a process in a process. It involves a whole lot; it might seem overwhelming but it encompasses the hard work of the entire process.

This stage involves identifying and evaluating your business opportunities, demand research, deciding on the value you will add to the market, developing your business ideas, developing market entry strategy, finance and capital, identifying your competition, pricing, building relationships, risks analysis, patenting your products, business name and company registration, device your exit plan and lastly your business plan.

I mentioned your business plan last because it is the most important thing you will need if you intend to bring people on board your ship.

Trial and Error

You ask why this. Most times the first business we set out to do fails. You just have to get back in the game and try another.

Start a Business

This is the part where you officially launch the business after overcoming certain hurdles. This confirms you are in business.

Perseverance and Sustenance

At this point if you have done everything prior to this right you enter into the autopilot mode. But don’t get carried away; things can still go south.

Refuse to call it quits, pay the bills, pursue sustainability also pay attention to your competitors and the market.

Reflection

This involves you looking into your records, keep what’s working and throw out what’s not.

Stay confident, embrace your business challenges and get out of your comfort zone.

Retire or Repeat the Process

Remember I said earlier to devise your exit strategy. Well this is why you need it. You can choose to continue running the same business or sell it off and start all over.

Some entrepreneurs get a thrill from selling and starting all over.

Prior to now did you start several businesses and gave up? Don’t berate yourself. It’s all part of the process.

So many business greats underwent this process over and over. Be rest assured you are in good company.

If you went through this process differently, want to add more steps to this process or share your success stories with us please join the conversation in the comments section.

Entrepreneur types

The 5 Popular Types of Entrepreneur You Need To Know

Which of the entrepreneur types best describes you?

There are different entrepreneur types based on several classifications.

First a quick recap on entrepreneurs.

Entrepreneurs are people who take risk, exercise initiative and take advantage of opportunities.

They plan, organize, commit their resources and also create new or improve existing products and services.

Due to my love for business and freedom I have been talking a lot lately about entrepreneurs and entrepreneurship.

So I figured why not an article on types of entrepreneur. To help you understand better the entrepreneur concept.

Knowing the types of entrepreneur will enable you identify your strengths and weaknesses as an entrepreneur.

Also how much work you need to invest in yourself to get to where you aspire to be.

Based on various classifications there are different entrepreneur types. Some are categorized by entrepreneurial motivation factors.

You can evolve from one type of entrepreneur to another or be a combination of different types of entrepreneur.

Depending on what motivates the entrepreneur the 5 types are:

The World Changer

This type of entrepreneur is influenced by his will to make a positive impact on the world either on a local/ national/ global scale.

Uses his knowledge from past experiences or jobs and spare time to spearhead a business.

Likes the challenge and rush he gets from establishing a new business.

He sees a problem and decides to use his products or (and) services to solve it.

The Innovator

Mr. Innovator likes to come up with new ideas, method of production, products and services as never thought of or seen.

Always looking for unconventional means to solve problems and loves to improvise.

These are strongly internally motivated entrepreneurs.

Of all the entrepreneur types this is the most creative and are majorly the most successful.

The Opportunist

As the name implies he makes use of opportunities. He sees a need and fills it.

He creates a business on impulse. Predicts the right time and right place to do a business. Which works and sometimes it doesn’t.

An opportunist sees the demand and commercializes it. Able to sniff out money making opportunities and cash in on them.

Opportunists seek for a chance. Entrepreneurs make new chances – Toba Beta.

They mostly copy existing techniques and technology so they are referred to as Imitative Entrepreneurs. Always following new trends but tweaks it.

Copy cats seem good at what they do but will never find a spot at the top – Cyc Jouzy.

Jack of All Trades

This entrepreneur has the ability and resources to do several businesses at a time.

Doesn’t have to be at the helm of affairs.

Wants to have free time with family and friends. Just loves the idea of being an entrepreneur.

Only wants to escape the confines and stress of paid employment.

Serial Entrepreneur

Always looking for the next business boom to venture into. Looks for growth potential and has the ability to generate a lot of income.

Grows the business to a point and moves on either by selling it off or handling it to a successor.

Sees every business venture as a project. Once a project is done they start the process all over again.

These are project oriented set of people. Gets bored easily.

Conclusion

Am sure while reading through you were able to identify yourself or notice you exhibit characteristics from various types of entrepreneur. It is normal.

Reading this will help know what type you are presently and what you aspire to be in the light of what inspires you.

Join the conversation to tell us more entrepreneur types you know and based on what classification.

Role of government in entrepreneurship

Entrepreneurs: Are You Clueless To The Role Of Government In Entrepreneurship

What is the role of government in entrepreneurship development?

As an entrepreneur you may have been wondering “what is the role of government in entrepreneurship?”

So have I. Let’s find out together.

Most startup companies fail and it is smart public policy to help entrepreneurs increase their odds of succeeding.

But the biggest loss to our economy is not all the start-ups that did not make it.

It is the ones that might have been created but weren’t – Eric Ries

Entrepreneurs are the bane of economic growth in any society.

And the existence of these entrepreneurs depends on how encouraging the sitting government is.

Therefore entrepreneur relevance can not be disputed.

Also to facilitate entrepreneurial development and sustainable economic growth by creating a symbiotic relationship between these entities.

Entrepreneurs drive growth by creating employment, new markets, new products via innovation and tax revenues.

Entrepreneurs are risk takers, willing to roll the dice with their money or reputation on the line in support of an idea.

They willingly assume responsibility of the success or failure of a venture and are answerable for all its facets – Victor Kiam.

Hence government should support by playing their role as the distributor of opportunities, wealth and basic amenities.

The law entitles entrepreneurs to the following :

  • Policies to mandate financial institutions to lend SMEs funds.
  • Security of Lives and Properties.
  • Law and Order.
  • Good Road Networks for easy movement of raw materials and finished products.The Colonial masters understood this pretty well which was why their first assignment was to connect the hinterlands to the ports.
  • Easy Registration and Freedom To Do Business.
  • Training and Skills Acquisition Programs.
  • Grants, Loans, Government Seed Investments (Funds set aside by different tiers of government to help small and medium scale businesses kick-start).

Consequently funds are needed to         establish the business and cash               flow for sustainability .

  • Quality Education and Manpower Development.
  • Enabling Export.
  • Stable Economic and Political Atmosphere.
  • Constant Power Supply: This is to enable increase in production and reduce cost of production.
  • Tax Holidays: Temporary removal of tax (mostly Sales Tax) for a certain period to encourage entrepreneurship.

Presently in Nigeria there is a tax holiday of the first 5 years of business (Pioneer Status). Excluding Corporate Tax for new businesses.

Also an extra 3 years based on meeting some criteria.

Though in 2015 government moved a motion to reduce it to 3 years.

All tiers of government should endeavor to finance the different stages of business.

Ranging from when it needs Seed Capital to when it needs cash flow for continuous operation.

I would say raising capital is one of the weakest things for most entrepreneurs – Robert Kiyosaki

Role of government in entrepreneurship.

Over the world governments are actively thinking of ways to encourage upcoming businesses.

Until our government embraces entrepreneurship as an Engine of Growt requirements to foster entrepreneurship development will not be provided.

Conclusion

Innovation and development will grow rapidly when the role of government in entrepreneurship is properly played.

Join the conversation to tell us more roles you think the government should play in entrepreneurship on this side of the planet.