Tag - entrepreneurship

How To Create A Positive Mental Attitude: 14 Ways

Have you ever imagined what would have happened if Steve Jobs or Mark Zuckerberg didn’t have a positive mental attitude? We won’t have Apple and Facebook as we know it.

As an entrepreneur or business person it’s very essential to possess a positive mental attitude. Because you will need it to pull through the tough times.

People will wear you out with their negative opinions. Also there’s a tiny voice in your head that will repeatedly tell you it won’t work. Hence the saying a man’s own enemy is himself.

Positive mental attitude

It’s going to be a battle between you and your mind. How do you win a struggle you didn’t prepare for? A positive mental attitude is your weapon to win this tug of war.

This is why you need to create a positive mental attitude.

As a student I had the idea to open shop selling haircare and beauty products.

Though I was already selling on a smaller scale. But I never opened shop. I chickened out because I mentally beat myself out of it.

I can’t remember if I shared the idea with my friend but over time she opened shop and was successful.

Likewise there were other opportunities that came my way which I talked myself out of. Thence costing me so much.

Eventually I realized the negative thoughts were denying me of openings and I had to overcome it.

To deal with the negativity I had to read books, articles, listen to some recordings and recite affirmations. During my struggle I came across some helpful tips which I’ll share with you.

Positive mental attitude

How To Create A Positive Mental Attitude

  • Before anything you need to believe in yourself. Write down all the negative thoughts you have and trash it.
  • Picture yourself as a success. If you can see it you can achieve it.
  • Speak positively about everything in your life for at least 24hours. About your job, business, health, future etc. Screenshot as many positive affirmation memes you can find and look at them at intervals.
  • Repeat step above at least twice a week.
  • Feed your mind with positive thoughts. It will knock off the negative thoughts. Counter any negative attitude with positive attitude.
  • Move with positive minded people. Weed off the naysayers.
  • Consciously avoid arguing with naysayers wherever you find yourself.
  • Rid your mind off obstacles you have built over the years.
  • Be thankful for everything you have going.
  • Find your own path. Don’t copy others
  • Exercise alot.Positive mental attitude
  • Relax. Take time off and just chill.
  • Be a giver. Bless people and be good to them.
  • Choose to be happy. Always consciously choose to be happy when the gloom sets in. Happiness is a decision only you can make for yourself.
  • And if you are a person of faith like myself pray and read the good book.

Conclusion

In addition years of negative thinking will not disappear in a day but if you keep at these tips be rest assured you will create a positive mental attitude.

It won’t just help you as an entrepreneur but all facets of life as you know it. Being you a product of your thoughts you need to change your mindset of you and your business.

If this article speaks to you or you have other tips that can help do drop a comment. 

Entrepreneur Anxiety: 13 Unsually Sad Similarities Between Romance And Business You Need To Know

No entrepreneur will deny the existence of entrepreneur anxiety. We may just pretend to not be affected by it.

So here I am writing about something else entirely and a funny thought crossed my mind.

I compare starting and being in a relationship with doing same in business.

And discovered the similarities between starting/ being on an entrepreneurial journey and a romantic one.

What do they have in common you ask? It’s simply anxiety.

Perhaps you have a meeting with a likely investor. Or you mixed up the data you took to the meeting with your most important client.

Or you are tackling a difficult situation that has lingered for way too long.

All these can cause entrepreneur anxiety.

As an entrepreneur, you can relate to these things. The downs and turns of the entrepreneurship rollercoaster leaving you with the feeling of anxiety for most part of the journey.

Perhaps you just asked this fine chick out that seems to be way out of your league. Or the man of your dreams walked up to you and you missed it.

Maybe your love interest dumped you for someone more exciting compared to you.
Or you woke up to a nagging lover. It could also be a communication gap.

Entrepreneur anxiety

Most people won’t tell you the friction between them and their partners when they were in the “getting to know each other” phase.

Neither will they tell you the challenges involved in maintaining that relationship.
Just as most of your entrepreneur friends won’t tell you the challenges they face(d).

They only paint you rosy pictures of entrepreneurship. Hence why you decide(d) to venture into it.

You are solely responsible for your actions in your marriage. Likewise you are solely responsible for your actions in your business.

Being an entrepreneur can be hard, stressful and lonely. This is exactly how some people feel in their relationships.

Entrepreneur Anxiety: The Similarities.

  • Starting Out

Whether you are entering a new romance or starting a business in an unfamiliar terrain. There’s always that fear of not knowing what lies ahead.

Hence you are always asking questions and second guessing every decision taken.

  • Small Things Matter

Just as recording every small victory is important to boost confidence. It’s just as important to appreciate every little thing your partner does.

  • Delegate

Doing too much will overwhelm you. Learn to delegate tasks to employees for the sake of your psychological health.

Likewise in relationships learn to shed some load off your chest and concentrate on building the romance.

  • Leadership

In a romantic relationship the man is the leader. Though I’m not talking about a master – slave relationship. But a mutually respecting relationship.

Ditto for business. The entrepreneur is the leader of the organization. And his actions/ inactions can result in entrepreneur anxiety.

When the leader isn’t effective the followers are pointless which in turn creates anxiety for the leader.

Hence it’s the leader’s priority to get the right people on board.

  • Value

What’s being brought to the table? Same way you ask what’s this lover of yours going to add to your life you ask what’s your business partner or investor going to add to your venture.

  • USP (Unique Selling Point)

What makes your business different from everyone out there? The customer should look forward to what unique thing? Why should your spouse be with you and not some random man/ woman?

  • Depression

Depression, despair, mood swings and suicidal thoughts. These happens to some people either when their heart gets broken or business takes a major downturn.

Entrepreneur anxiety

  • Lack of self confidence

A heart break or a major financial downturn always tells on self confidence. It shreds you of all positivity. It holds you back from being your happy-go, lucky self.

  • Confrontation

You would have to confront issues with your love interest. Same as your clients.

Though some people are afraid of confrontation; it’s unavoidable. This is a major cause of panic attacks and anxiety.

  • Choice

Choosing a partner. As a man you get to meet delectable ladies everyday and you are wondering which really qualifies as your mate. And that’s if she’s also going to be interested in you too or if she isn’t taken already.

In like manner in business before approaching investors you need to know if they believe in your line of business and if they will buy into your vision.

Also will that friend/ stranger agree to being your partner? Do you even have the same values? So many questions to ask.

These uncertainties can also cause some people entrepreneur anxiety.

  • Communication

How effective is your communicating skills? How well do you pass messages to your spouse or business partner/ employees without causing unnecessary chaos, fear and resistance?

Entrepreneur anxiety

  • Money

Often referred to as the root of all evil. It causes despair in relationships likewise it induces entrepreneur anxiety too.

A lot of couples have parted ways due to money issues. Similarly a lot of business partnerships/ deals had the life snuffed out of them.

  • Separation/ Divorce

You can’t talk about relationship anxiety without these. In fact some people don’t want to marry just for the fear of divorce.

In similar fashion some people dread going into business or partnerships just for the fear of having to part ways and the plethora of issues that accompanies it.

These are just a few of the causes of entrepreneur anxiety. Either directly or indirectly these can cause entrepreneur anxiety when not properly managed.

In Conclusion: Entrepreneur Anxiety

The similar causes of anxiety are communication, choice, not delegating, not taking note of small victories and separation/ divorce.

Also depression, lack of self confidence, money problems, confrontation, value, leadership, unique selling point and starting out.

Entrepreneur anxiety

I realised entrepreneur anxiety is real and unavoidable at some point. You just have to deal with it and get moving.

It’s easier to deal with if you enlist help.
What we can do is try to reduce it so it doesn’t get the best of us.

Can you think of some other similar situations between being an entrepreneur and being in a relationship that cause anxiety? Please share.

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.

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 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.

Factors Affecting Entrepreneurship

7 Factors Affecting Entrepreneurship: Useful Tips You Need To Know

What are the factors affecting entrepreneurship development in our clime?

To discuss the factors affecting entrepreneurship in our clime it is only fair to define entrepreneur and entrepreneurship.

Entrepreneur simply defined is a person who organizes and manages a business with considerable initiative and risk.

Also defined as a person who starts and nurtures a small business, assumes all the risk and reward of a given business venture.

The entrepreneur is commonly seen as a business leader, an innovator of new ideas and business processes. Also good at detecting new business opportunities.

Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business. It could start as offering a product or service for sale or hire.

Entrepreneurship reduces unemployment and stagnation in the economy. Also increases the competitiveness and growth of businesses.

Hence entrepreneurship development (ED) is the use of entrepreneurial behavior and the dynamics of business set-up to develop and expand an enterprise.

Entrepreneurship development refers to the process of improving entrepreneurial knowledge and skills through structured training and programs.

It aims to increase the base of entrepreneurs in order to speed up the pace at which new ventures are established.

Entrepreneurship development focuses on the individual who wishes to start or expand a business.

It concentrates on growth and innovation. Urging more people to become entrepreneurs.

Entrepreneurship development accelerates employment creation and translates to sustainable economic development of any society due to entrepreneurs being the driving force of any society.

The success of entrepreneurship in any society depends on a number of factors asides having the attributes of successful entrepreneurs.

Factors Affecting Entrepreneurship

Training Entrepreneurs

The factors are classified thus for easy assimilation.

• INDIVIDUAL FACTORS

These factors directly influence the individual entrepreneur:

– Ability to capitalize ideas

This is the ability to turn ideas into income.

– Creativity and Knowledge

Do you see solutions or do you see problems? Being an entrepreneur entails being able to proffer solutions to problems.

– Opportunities

Do you recognize an opportunity when you see one or do you complain all day?

– Parental Influence and Background

In cases where parents or close relatives are successful entrepreneurs you are easily influenced to tow that line.

– Ability to Plan

As an individual your ability to make plans will help keep you in business even when all seems to be going up in flames.

– Funding

Financing is a big part of being an entrepreneur. Your ability to finance the business and also draw investors in is a big one because the lifeline of any business is capital.

– Hardwork and Persistence

Persistence and perseverance will keep you going after all the no’s you get at every turn. This determines your continuity. Giving up means closing shop.

– Ability to Manage and Minimize Risk

No successful entrepreneur made it without taking risks. How willing are you to take risks? Also how far can you go?

Ability to identify risks worth taking saves time and precious resources.

• PSYCHOLOGICAL FACTORS

– Need for achievement

Some people become entrepreneurs to prove a point that they can also achieve something.

– Idea Driven

Some individuals are idea filled and always have the urge to experiment. This should be accompanied with the ability to turn the ideas to cash.

– Perception and Motivation

Are you of the perception that you should determine your career path or someone else should?

• ECONOMIC FACTORS

– Market Network

Is there a ready market for your business or you have the ability to create it?

– Capital

Are loans readily available and accessible?

– Labour

What is the availability of skilled and unskilled labour?

– Raw Materials

Are the raw materials readily available or do they need to be imported?

– Industrial and Fiscal Policy

• SOCIAL FACTORS

– Society Values

Finding yourself in a society that believes in and encourages entrepreneurship also affects entrepreneurship

– Social Mobility

Are you presently located in an upward mobile society?

– Security

– Legitimacy of Entrepreneurship

– Role Models

Having successful entrepreneurs as role models is also one of the factors affecting entrepreneurship decision.

– Social Pressure

– Respect and Status

• LEGAL FACTORS

This is the State of Law and Order in every given society and what the law stipulates about any given situation.

– Income Tax Law

What does the law say about income tax?

– Labour Law

What does the law say about hiring and firing?

– Wage Law

What does the law say about the income earned?

• POLITICAL FACTORS

– Political Stability

– Ideology and Policies of Government

– Change in Government

– Government Actions

Actions of the government of the day can either favor entrepreneurs or not. Presently the actions taken by the government in power is not favourable.

– Lack of Government Support

• CULTURAL FACTORS

– Lifestyle

– Values

– Behavior

Conclusion

Factors affecting entrepreneurship either have positive or negative effects. It is their positive effect that contributes to the development of entrepreneurship in any given society promoting economic development. Dependent on the government, society and individual alike.

Do you know more factors affecting entrepreneurship? Kindly join the conversation to share.

 

Unemployment Crisis

Warning! Unemployment Crisis Is On The Rise

Did you see the unemployment crisis statistics as released by The National Bureau of Statistics (NBS)?

The latest report released by The National Bureau of Statistics (NBS) said Nigeria’s unemployment crisis worsened in the 1st quarter of 2016 rising to 12.1%.

The population of unemployed Nigerians increased by 518,000 to over 1.45 million.

While the economically active or working age population increased from 105.02 million in the last quarter of 2015 to 106 million by the end of March 2016.

Likewise the actual population of people able and actively looking for jobs increased by 1.99%, from 76.9 million in the fourth quarter of 2015 to 78.4 million in the first quarter of 2016.

The NBS said the total number people in full time employment or for at least 40 hours a week, decreased by 528,148 persons or 0.97%.

Unemployment Crisis

Huge Scale Layoffs

Additional 1.53 million economically active persons joined the labour force between January 1 and March 31, 2016.

Unemployment Crisis

No Job Experience – No Job

The number of underemployed or not fully engaged for at least 20 hours during the period, increased by 607,613 persons.

Coupled with that underemployment rate increased by 18.7% (14.41 million) in the last quarter of 2015 to 19.1% in the first quarter of 2016 (15.02 million persons).

NBS opined that the failure of government to meet its target of 1.5 million jobs worsened the unemployment crisis.

Consequently it would have kept the unemployment rate at a constant 10.4%

Entrepreneurs and Unemployment Crisis.

The present economic recession is as a result of a larger part of our population being employees not entrepreneurs.

History always repeat itself. The present economic situation is a repeat of the mid 80’s. Jobs were lost due to the Structural Adjustment Program (SAP).

Entrepreneurs contributed to salvaging the situation. Take a cue.

Having many entrepreneurs in a country ensures enough cash in circulation. Money in circulation translates to developmental projects.

Therefore problems such as high rate of poverty, youth and graduate unemployment, over-dependence on imported goods, Low economic growth and development stem from our inability to breed entrepreneurs.

Schumpeter (1947), who was probably the first major economist to analyze the role of entrepreneurship in economic development, attributed innovation to entrepreneurs. Little wonder we lack innovation.

At all levels we need to call for addition of entrepreneurial education to our school curriculum.

The educational system presently teaches students to be employees and not innovators. Education worldwide has moved beyond that. Ours is just archaic.

I have severally asked how significant what is taught in our schools is. Churning out graduates without creating employment is madness.

Insanity is also waiting for the government to provide jobs with statistics like these.

Presently the challenge is to provide willing young people with support (Finance and Structure) and the environment they need to make their ambitions realities.

In conclusion entrepreneurship will not solve our economic crisis in a flash but it is a step in the right direction.

Time to be an entrepreneur is NOW. Create jobs so you can reduce the numbers of the unemployed in our society.

Become an entrepreneur not a statistic.

PS: Be kind enough to share this article on social media. It starts with you.