Tag - Growth Strategy

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.

Bill Gates On Lazy People: They Increase Your Company’s Growth

Bill Gates on lazy people: I choose a lazy person to do a hard job.

Because a lazy person will find an easy way to do it.

Prior to now I had always related to this statement by Bill Gates on lazy people from afar.

There was really no experience for me to relate to it deeply till recently.

Personal Illustration About Bill Gates On Lazy People.

I came back from Sunday service waiting for my friend who was meant to pay me a visit.

And having waited for 3 hours whilst calling severally without response I concluded he wasn’t coming. Probably the distance and traffic had gotten to him.

I decided to carry on with the business of the day. Checking my fish ponds I noticed the water was quite dirty and smelly (quite unusual).

This was a result of me being pissed that we didn’t have electricity for almost a month now. And the fuel bill for the generator was skyrocketing (in thousands).

You can imagine using the generator everyday to change the fish pond water.

So I decided to manually change the water using buckets to fill the ponds up.

But first it needed cleaning and flushing.

I was contemplating all these in my head whilst also feeling sleepy when I heard a knock at the gate.

Bill Gates on lazy people

Feeling sleepy

Alas it was my friend bearing gifts ofcourse. He said he wasn’t picking his calls because he wanted to keep me guessing if he’ll really show up.

We go in and I allow him rest. After catching up on things I took him to the pond side.

His first comment was the pond’s water is dirty so we let out the water.

Saying nothing I went in and changed into my work clothes. I entered into the pond to scoop out the residue at the bottom.

Had to do that to make the pond cleaner since there’s no using of hose to flush the residue out.

To say my friend was shocked is an understatement. He stood there looking at me in amazement as I pranced around in all that dirt.

While I looked at him in pity because he was dressed in his Sunday’s finest with tie and all. There he was thinking how’s he supposed to help this girl.

The next thing he uttered caught my attention. He said you know I’m lazy and this task seems hard. But what’s the easiest way you think we can achieve this?

And right there it clicked. I remembered what Bill Gates said about lazy people.

Bill Gates on lazy people

Lazy Person

I said to him you are the type of person Bill Gates would love to hire.

We brainstormed and arrived at the easiest way to do the job.

I thanked him profusely and he left hours later. Not without making him something to eat ofcourse.

Afterwards I kept thinking for two days straight how to get the job done even faster and at a cost effective way too.

Which I eventually came up with. (Yay)

In Conclusion: Bill Gates On Lazy People

Bill Gates wasn’t lying when he said he will always employ a lazy person to do a difficult job at Microsoft.

Because a lazy person will always figure out an easy and fast way to do it.

Surround yourself with smart lazy people. They are efficient in cutting time cost and resources.

They always think of how to automate everything and even manual processes.

Thereby increasing your company’s growth.

Do you have any lazy people stories or experience to share? Please comment. 

 

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.

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.

 

 

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.

 

Economic Recession

What You Should Know About Economic Recession

You are probably thinking the impact of economic recession can only be negative. What good could come out of this seemingly dead-end situation?

You feel the economic recession is getting worse; no respite in sight. Various private companies especially banks are downsizing their staff strength.

People are losing jobs in every nook and cranny of the country. From the public to the private sector. And you are probably wondering what could you benefit from an economic recession.

Just some days ago I was listening to the radio; a lot of people called in to lament on loss of jobs and not being able to provide the basic needs of their family.

have learnt that in life it depends on how you decide to view every situation. It can either be positive or negative. Choose sides wisely.

In every bad there is a good. It is times like this that inspire great men to provide solutions. Times like this are meant to be an eye opener and propeller to greatness. Hence times like this birth life changing ideas. You do not just think outside the box you remove the box.

 

Economic Recession

Take Away The Box

High time we realized that the number of graduates we churn out yearly cannot be accommodated by the labour market. Also the quality is quite questionable.

While I was an Assistant Admin Manager I received many job application letters that were poorly written. To think they were written by graduates.

When there is an economic downturn there will be a huge backlash because employers do not increase worker’s pay neither do they create more jobs. Instead jobs are lost on a large-scale.

Advantage of Economic Recession

The positive impact of economic recession is entrepreneurship (innovation). Though it is the innovative never-say-die that will take the bull by the horn.

Be warned do not take this route if you are looking to blow (get rich overnight). It is not a get rich quick scheme. If you are looking for that try baba ijebu (lotto) or betnaija (sports betting).

You are probably thinking entrepreneurship is not for you. You do not have the funding and a myriad of other problems you are conjuring up in your head.

Before you write yourself off being an entrepreneur answer these five (5) questions:

  • Do you love that job you are presently slaving away at right now? Do not be shy; no pretense here. I mean do you seriously love it to death?
  • Would you want to do it 50 years from now?
  • Is that job guaranteed if all hell breaks loose?
  • Do you dread Mondays or you cannot wait to get to the office?
  • Do you have time for your family and loved ones?

If your answers are not I love my job to death, I see myself doing it 50 years from now, The job is guaranteed, I always always look forward to Mondays and yes I spend a reasonable amount of time with family and loved ones then you need to dump your boss before your boss dumps you.

The first people hit by economic recession are the ones that solely rely on paid employment.

To determine how ready you are to be an entrepreneur take this short test:

  • Identify what you love doing.
  • What would you do lovingly and willingly without pay?
  • Would you love to do 20-50 years from now without getting bored?

Hopefully your answers to these questions should be the same or close. Note your answer should be a product or service that meets a dire need or solves a problem.

Congratulations! You have an interest.

Economic Recession

These steps below will guide you:

  • Solve one problem at a time so you do not get overwhelmed. Bear in mind that a Jack of all trade is a Jack of no trade.
  • Brainstorm on how you can commercialize this interest of yours.
  • Can you bankroll this venture of yours? If no can you convince people (friends and family) to invest? For expansion overtime can you convince investors they will get their money back? How viable is the business? Nobody wants to invest in a dead-on- arrival kind of business.
  • In terms of finance also think about partnership. Can you join forces with like minded individuals who share your vision?
  • Do you have any form of experience in your chosen field or do you need training?
  • Do you have a well written and carefully analyzed business plan? A plan existing in your head will never get executed neither will anyone fund it.
    Ensure your business plan is tight proof. Let investors see the potential in your business without your explanation. Your explanation should be a bonus.
  • Determine what sector of the economy you will operate in.

These are sectors you can never go wrong with.

  • Agriculture: Food industry (Processed or Unprocessed) and Livestock.
  • Real estate (Properties)
  • Service provider industry
  • Information Technology
  • Fashion

These sectors are the summary of man’s basic needs. Most definitely someone somewhere will at one time or another need one or two of these. Do you get my drift? The trick is to be ready and right there when the need arises.

Recently I got a message via WhatsApp if I knew anyone that could supply fresh catfish. I immediately replied yes. And voilà that was how I got one more customer that eventually became a repeat customer.

I need to warn you though being an entrepreneur is not a walk in the park. Entrepreneurship can get scary quickly but be rest assured FEAR (Face Everything And Rise) is what you need to push you to succeed. In no time with consistency you will stand out.

Learn During Economic Recession

Attend motivational talks, training, read books, talk to successful entrepreneurs, learn more about the characteristics of successful entrepreneurs and discipline yourself.

Also talk to entrepreneurs that have failed at a business or two; it helps you to not repeat the same mistakes they made. With time you will discover that the successful ones had also failed at some point.

Not everyone has the guts to be an entrepreneur but those that brave it will create more jobs thereby alleviating poverty and cushioning the effect of the economic recession.

Permit me to add this caveat emptor; If you are not a diligent employee you cannot be a successful entrepreneur. Old habits die-hard (sometimes they never die).

At this stage no individual should ask what has the country done for me rather you should ask what can you do to for the country.

Conclusion
Do you have honest reasons to complain about your job? Can you provide a solution to a problem? Do you have people skills? Or do you have leadership skills? Also think you can revolutionize the economy? If you answered yes to all the questions asked then embrace entrepreneurship.

Do you know more positive impact of economic downturn? Do you know of more ways you can help with the present economic situation? Kindly join the conversation.

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