Tag - Entrepreneurial Process

Business idea is not a business opportunity

A Business Idea Is Not A Business Opportunity: The Difference

A business idea is not a business opportunity. Have you heard this before and thought well it can’t be true?

As a business owner or aspiring business owner repeat this to yourself for emphasis:

A business idea is not a business opportunity.

There are differences as you will see in a minute.

But first

What Is A Business Idea?

Every successful business starts with a powerful business idea. When establishing a business the first step is having an idea. Which anyone can come up with. So not just any idea but a promising one.

The characteristics of a promising business idea are:

  • Innovative – Has it been done before or are you improving on what’s been done?
  • Unique – What’s the USP (Unique Selling Point)? How’s it different from the competition’s? Does the value differentiate yours from your competition’s?
  • Problem solving – What problem does it help the customer solve? What does the client benefit?
  • Profitable – Will it earn money? Will it cover the costs and more? It has to be profitable on the long-term.

Business idea is not a business opportunity

  • Market – Is there a market for it? Are you creating a market? Will your created market willingly accept and adapt the idea? A promising business idea must offer a product or service that would be accepted by a large market.

Business Opportunity

The opportunity to make income as a business owner. It’s an existing and well packaged business investment that allows the buyer to profit from a business idea.

Elements of a business opportunity

  • A need.
  • The means to fulfill the need.
  • A method to apply the means to fulfill the need.
  • A method to benefit.

A business idea is not a business opportunity except it has been proven to make profit. Because an idea is just an idea till there’s return on investment (ROI). Then it evolves into an opportunity.

Though business ideas are innovative no one will continue to sponsor a money losing venture.

A business idea is not a business opportunity till it’s able to answer the following questions:

  • Will the product or service add significant value (benefits) to the end user?
  • How many people will buy the product/ service?
  • Will the business be profitable? Is there an apparatus in place to ensure the business breaks even and also makes profit within 12 months – 36 months?Business idea is not a business opportunity

 

  • Do you have the money to start and operate this business? Because the capital invested must be realistic and affordable for you.
  • Does it have the potential for residual income?
  • Does it have a low level of liability risk and high level of returns?
  • Will the business idea fit into the four basic capital factors: human capital (the staff you employ, skills and abilities you acquired during your career); sociological capital (your networks and support groups); psychological capital (your attitudes, values, opinions and beliefs); and financial capital.
  • Are you ready and willing to drive the business to success? You must be very enthusiastic.
  • Will it improve with time?
In Conclusion

Reading through this you have seen a business idea is not a business opportunity. Rather a business idea evolves into an opportunity.

So how does a business idea evolve into an opportunity? Through conducting market research on your idea, feasibility study, writing a business plan and working with a business team to ensure its success.

Do share your thoughts in the comments. 

Does Knowledge Come At A Price? Think Remarkable Results For Your Business

As an entrepreneur does knowledge come at a price?

What do you think is a fair price to pay for knowledge? What’s the highest monetary value you are willing to exchange for knowledge that will improve your business?

How far would you go to acquire knowledge that will boost your business? Or will you continue to do things as you have always done without results?

You are probably wondering why I’m asking these questions. Well I had an experience that got me thinking and prompted me to ask.

Does knowledge come at a price?

A friend called me to say his cousin started fish farming without prior knowledge and needed my help. So I asked to speak with him.

Does knowledge come at a price

He handed the phone to his cousin and a conversation ensued between us.

I asked him what the problem was. And realized that without experience of any sort he got into fish farming. He had managed to rear them for four months and had sold a portion.

He didn’t even know he was meant to have a scale to measure the fish for sale. Thence the guy that bought it capitalized on his ignorance and cheated him.

Likewise he was feeding them wrongly, using the size of feed that wasn’t age appropriate and he didn’t know fish was sold per Kg. Amongst other things he didn’t know.

I gave him some nuggets to acquaint himself with the basics. The major problem required I get to his farm to see things for myself and tell him what he could do to solve the problem.

Because his farm is quite a distance from me I asked he pay my transport fare and also buy me lunch. Since I will be at his farm for a while answering his questions.

Does Knowledge Come At A Price

He thanked me for the free info I had given him saying it was enough to turn around things on his farm. And he would keep experimenting as he had been doing previously. With the hope he will eventually get things right.

I was marveled because his previous ways had cost him some loss running to thousands. Rather than give me less than a tenth of it he was willing to incur more loss.

He wasted resources trying to do fish farming without prior experience when he could have just paid a consultant/ experienced person to learn the basic stuff.

Madness is doing the same thing over and over and expecting different results.

So I respected his decision and minded my business.

I later realized I had given too much information for free. I guess it’s because I was doing a friend a favour.

He preferred his money going down the drain to paying for my services. So it got me thinking that does knowledge come at a price?

How much are you willing to pay to acquire knowledge for your business success. And wouldn’t you rather save some money while still seeking knowledge the right way?

Would you rather choose to let money go down the drain playing guessing games or would you pay a fair price for knowledge?

I would love to read your thoughts in the comment section.

Intrapreneurship Concept: How To Save Your Business Now

Several businesses got into a rut but something came along and saved them. You ask what? It’s the Intrapreneurship Concept.

What’s the Intrapreneurship Concept?

Gifford Pinchot III, an author coined the intrapreneurship concept in the late 1970’s.

Pinchot opined that intrapreneurship was the merging of an entrepreneurial spirit with the resources of a large corporation.

Intrapreneurship concept involves creating a new and self-funded organisation within the auspices of an existing company.

It involves creating or discovering new ideas, methods or opportunities for the purpose of creating value.

Trust me to always break things down for you. Intrapreneurship is simply an entrepreneurial venture by an employee within an entrepreneurship.

Simply a start-up within a start-up. Also known as employee entrepreneurship.

If you are an employee in a large organization with entrepreneurial tendencies but don’t want to leave the safety net your job provides then by all means introduce the intrapreneurship concept to your managers.

Intrapreneurs enhance existing products/ services and methods or create new streams of income for the company.

They are brought in to solve existing or envisaged problems.

Intrapreneurship Concept

These are people that just can’t wait to bring their ideas to life. They change corporations from within.

Probably you have the qualities of an entrepreneur but you feel fear and lack the finance.

Don’t fret the intrapreneurship concept is for you.

Intrapreneurship is an incubator and catalyst for innovation especially in large organisations.

It takes away bureaucracy thereby speeding up growth and productivity.

Most employees are too scared to take risks but intrapreneurs are employees on steroids.

Unlike an entrepreneur the intrapreneur doesn’t bear the cost if there’s a loss in the venture.

An entrepreneur may not be able to foot his bills while starting out but an intrapreneur still gets his salary.

He is a visionary and spots successful trends before anyone else.

Intrapreneurship concept

Intrapreneur analyzing trends

Hence the backbone of any successful company is the intrapreneurship concept practised within it.

Therefore they should be encouraged and compensated adequately for their contributions.

As a business owner you should encourage your employees that exhibit entrepreneurial traits.

Have them become Intrapreneurs. For the greater good of your business.

This shouldn’t scare you thinking they are the only ones benefitting from this.

Intrapreneurship Concept

Fun boardroom

Your organization will own whatever innovation they come up with while with you.

But always remember they are self driven so don’t be in their space.

Therefore if your business is in an innovation rut just opt in to the intrapreneurship concept.

Be well aware that boredom will become a thing of the past for your employees.

Because there’s always a new project to look forward to.

As an employer you are sitting on a goldmine of ideas; use it.

Businesses are now keying into this phenomenon. Such as Deloitte, GFK, Accenture, Ashoka, Barclays, 3M, AT&T, DuPont, Google, Sony and even Toyota.

Google allows its technical employees spend up to 20 percent of their time on projects of their choice. This freedom is called “license to pursue your dreams”.

That’s how Marissa Mayer, one-time VP of Google’s search products described it in the Fast Company magazine.

Characteristics of An Intrapreneur

• Result Driven and Passionate

Intrapreneurs are self driven to achieve desired results in all they set out to do. Hence they are very focused when on a task.

Other people give up when they encounter roadblocks but due to passion an intrapreneur keeps pushing.
This helps them survive unnecessary criticism and skepticism.

Intrapreneurship Concept

Passion

Through their passion they keep others engaged and inspire others to join them in their change evangelism.

• Pivot

They know when (the right time) and how to pivot.

Intrapreneurs know to change their business strategy when it’s not working. As well as the right time to do it before incurring too much loss.

Steve Jobs pivoted Apple from confusion to a high flying consumer electronics range company.

They aren’t afraid to admit a course isn’t going as planned nor do they fear to change course when it’s not working.

• Entrepreneurial Spirit

An intrapreneur just like the entrepreneur isn’t afraid to take calculated risks. Certainly he’s always willing without fear.

This spirit also encompasses the ability to think visually and ahead as well as brainstorm.

Intrapreneurs are quite tenacious even in the face of failure. They are very confident which could be confused with cockiness atimes.

• Diplomatic and Ethical

Due to the nature of Intrapreneurship, employee entrepreneurs ought to be diplomatic and ethical.

They come in to boycott bureaucracy hence they know how to avoid clashing with anyone especially in authority.

And Intrapreneurs are quite ethical in manner; setting aside personal emotions to do right.

• Creative and Innovative

Creativity gives them the ability to see things differently. They see the potentials others don’t.

It allows intrapreneurs to patiently toil with ideas and hone them into fully developed plans.

Also known as ‘greenhousing’, just like the greenhousing concept in gardening.

Intrapreneurs greenhouse ideas that every other person seems too busy or discouraged to carry on with.

• Resourceful

They know where and how to get resources. Whether it’s a network or individuals with the right skill sets and tools.

Intrapreneurs know the value of their network and resourcefulness whilst they use it appropriately.

They know how to efficiently use the resources at their disposal and find resources without having to pay for them.

• Spot trends and Adaptable

Intrapreneurs spot trends early on before anyone.

They are quite intuitive, able to identify the tiny signals that others miss or choose to ignore.

While others discard little occurrences that can cause disruptions in a market or industry, intrapreneurs pay attention and keep records.

Trend analysis

And when these disruptions happen Intrapreneurs are quick to adapt like fish takes to water.

Because they are quick responders and flexible.

• Provide Value

Intrapreneurs always add value to the organization.

They know they are an investment hence they strive to impact their colleagues and the organization as a whole.

Always empowering themselves and their colleagues for the growth of the business.

• Mentors

Mentoring is a form of training, influence and knowledge sharing.

Intrapreneurs always look out for mentors who can influence their creativity and are great mentors as well.

They are always willing to share their knowledge with others.

Organizations see exponential increase in their creativity and productivity with mentorship.

• Apt Learners

Intrapreneurs are fast learners who are always learning.

Whether it’s for personal or professional reasons, they always strive to better their creative and productive ability.

They always pick valuable lessons from every situation. The more they learn, the better they perform.

Objectives of Intrapreneurship Concept

• Innovation

Innovation is the key ingredient for progressive growth in any organization.

Corporations are fond of not innovating or innovating once a year. This can’t sustain the business’s growth.

Intrapreneurs constantly turn the wheels of innovation.

Therefore the presence of the right people, processes and environment will encourage the rise of Intrapreneurs.

Intrapreneurship, innovation and growth are all entwined for your business to be successful.

If you are asking how’s your business to grow then intrapreneurship is the answer.

Since intrapreneurship entails having the entrepreneurial mindset and right infrastructures, it’s a framework for transformation hence growth.

• Leadership

Intrapreneurs think and act differently. Due to having different motivations and aspirations from the normal staff they prefer working in different environments.

This differentiation qualifies them to lead new growth initiatives.
Intrapreneurship is the best way to attract and retain your most
entrepreneurial staff.

• Change

Intrapreneurs are change advocates. Blazing new trails and being the change they wish to see.

They not only drive change they also model change so others can learn from them the change they propose.

Intrapreneurship helps organizations to accelerate and manage change efficiently.

• Engagement

With intrapreneurship, employees are certain they will always have work that is challenging, meaningful and interesting to them.

Studies have shown that businesses lose significant amount of money annually due to workers not being engaged with work.

Due to passion + determination which is = grit; intrapreneurs are highly engaged in their work.

Furthermore engaging and inspiring other workers to get involved in new things.

This is a recipe for their growth and the organization’s as well.

Intrapreneurs have a lot in common with entrepreneurs.

They take initiative and calculated risks.

And they’re innovative, creative as well as problem solvers. Also tenacious and don’t give up.

Despite the similarities they also have differences.

• Risk

This is the biggest difference between an intrapreneur and entrepreneur.

An entrepreneur is solely responsible for the projects, including all financial risks related to it.

Entrepreneurs willingly sign up for unlimited risk or boundless reward.

While the intrapreneurs get funds from the organisations to avoid financial risk.

Thence they are not entitled to the huge financial gains.

Intrapreneurs aren’t deterred by risk so they take more risk than the average employee.

But these risks are significantly smaller than an entrepreneur’s.

Because entrepreneurs risk losing their businesses if everything goes south.

• Ownership

Another clear difference is ownership. Studies show that entrepreneurs have a distinct ownership of their concept and business.

Meanwhile an intrapreneur’s ideas are owned by the company.

Also an intrapreneur doesn’t have the full independence to make certain decisions despite being autonomous.

It’s common knowledge that some companies don’t give their Intrapreneurs recognition for their concepts and ideas.

Nor do they have equity in the company.

• Culture

Entrepreneurs build their company’s culture from scratch while intrapreneurs have to deal with navigating through longstanding beliefs and policies.

Intrapreneurship compliant companies are building a culture that encourages intrapreneurship among its staff.

Organizations are gaining awareness of the benefits of intrapreneurs hence are working towards creating a work space that encourages it.

• Motivation

Another difference is what drives the individual.

Both entrepreneurs and intrapreneurs are motivated to make an impact on businesses and organisations. But in various ways.

An entrepreneur is motivated by things such as money, personal achievement or fulfilling a lifelong dream.

But the primary motivation of an intrapreneur is either financial stability, love of the job or making a difference within the organization.

• Resources

Intrapreneurs have access to the organization’s resources.

Such as funds, production setups, marketing network and every other support needed.

Meanwhile an entrepreneur has to use his own funds or borrow funds and do the legwork for his own resources.

• Context of Operation

The intrapreneur makes decisions under the auspices of an existing organization.

Most organizations demand that the intrapreneur ask for permission before attempting to create or change anything.

Meanwhile an entrepreneur can make decisions most of the time without seeking anyone’s consent.

Rather he might just ask for advice from the concerned professionals in order to make informed decisions.

Likewise the intrapreneur is the internal revolutionary.

Always questioning the status quo and fighting to change the system from within.

• Focus

The scope of an intrapreneur is narrow while that of an entrepreneur is quite broad.

An intrapreneur is focused on a section of the business.

Creating either a new product, service, method or policy within the organization. And making old processes better.

While the entrepreneur is focussed on the entire business. Because he envisages for the organization.

• Role

The intrapreneur plays a restorative role while the entrepreneur plays a developmental role.

In Conclusion

Intrapreneurship centres on innovation and creativity.

It creates/ transforms an idea into a moneymaking venture while within an organization’s environment.

Also entails following the culture, goals and objectives of the organisation.

Intrapreneurship is used to encourage and motivate employees to behave as internal entrepreneurs.

While knowing they have the resources, funds and security of the larger organisation to lean on.

It helps staff to continually try things until successful, learn from failures and manage funds.

It increases the potential and value of a stagnant business without holding the staff accountable for failure.

Now you see why it’s the entrepreneur’s saviour?

Is there anything we forgot to mention about the intrapreneurship concept? Kindly drop by the comments section.

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 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?

 

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.