HOW TO BE AN ENTREPRENEUR
Nowadays, wealth is gotten in several ways; Inheritance, Rituals, Hardworking etc……. If you don’t want to be involved in any wrong way of acquiring wealth then workshops programs like this is designed for you, where you will be thought how to start a little business on your own and make it grow to a wealthy fellow and become great and powerful entrepreneur.
Every human being who desires to become an entrepreneur in life must have what we called [DREAM]
What is a dream?
A Dream is a strong wish/Desire to have or become something or somebody great in life especially, a dream that is difficult to achieve… [ a dream is the candle light that light your tomorrow]
ENTREPRENEUR...
Who is an Entrepreneur?
An Entrepreneur is an individual or that man/woman who is willing and able to take up business risk with aims and objectives to maximize/make profit through business objectives...
THE THINGS THAT MAKE UP A SUCCESSFUL BUSINESS:
There are some setting factors that make up a successful business which are;
The IDEA... When idea of a business comes into your mind, it comes with some setting questions, which are;
Can I make or provide the needed product and services?
Is it better, cheaper or more efficient?
Is there a need for my product and services?
Who are going to be my customers?
Are there many potential/real customers or just few?
Who are currently my competitors that produce or provide the same products and services?
Who do I create awareness or reach to my customers?
The Motivation: Here also, the following question can also be considered..
What are the things I need from this business that will benefit my future?
Note: What you think of getting out from a business will motivate you strongly;
What does my family members, friends, relations think about this business?
What is motivating me in this business?
Is it to earn a lot of money?
Or to be financially independent?
Or to have power and position in the society?
Or to do a job/business I really love?
Or do a job/business rather than doing nothing…
The Ability: Here also are some questions a good entrepreneur needs to ask his or herself which are:
What are the skills and technical management I need?
My skills and services are they relevant to my ideas?
If technical skills, can I design and make my products?
Do I know how to render my services?
Can I promote, sell my product effectively?
Can I account or scout for business transactions?
Do I have help to lean-on, father, mother, brother, a friend or a wife?
The Resources: The questions here are
Do I know where to get the needed finance for my business?
If yes, do I know the exact amount of cash I need to start with?
What have I put in place, in terms of preparation?
NOTE: the above three factors are some of the key ingredients of any business, one need to draw them together before considering or planning of starting a business…
What Is Planning?
PLANNING: This is a systematic method for an effective and efficient management in order to achieve a desired result:
Also, It is the setting of objectives, goals and the formulation of selected patterns to be achieved..
NOTE: Planning should be a continuing process, not a once a year exercise.
Therefore, Planning is an attempt to determine what should happen and then take steps that will make it likely to happen.
IMPORTANT OF PLANNING
a. Planning brings a high degree of rationality and order into business organization that would not be presented without a plan.
b. Planning identifies and analyses business opportunities, strength, weakness, problems, and sets priorities for capitalization, so that the company resources will be put to the best uses. It therefore reduces the incident of crises.
c. Planning reduces overlapping and wasteful activities by reducing cost as the value is on efficient and a gainful clarification.
d. Planning gives directions and focuses attention on things you want to achieve, It decides where the business is going and the general ways it will get there.
e. Planning leads to decision making that deals with more factor and more considerations into account
f. Planning makes the coordination of activities in a business environment possible…
g. Planning continually helps the business to improve and control is facilitated.
NB: Specific benefits of planning are as follows:
Better understanding of the business:
Better decision making:
Better control over the business directions:
Better ability to judge well and investigation of opportunities and needs:
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEUR
Small business management combines personnel, characteristics, financial means within one own environment.
NOTE:
Every business managers has some unique qualities and it is necessary to identify these qualities.
More so, all entrepreneurs have their own individual style of doing things of owning and managing their businesses.
They normally have an orientation; they are highly motivated individuals who can easily take business risk to achieve goals…
The following list of characteristics and traits provide a working profile of entrepreneurs…
CHARACTERISTICS/QUALITIES TRAITS/GOOD PERSONNEL
- Self Confident Confident, independent, individuality,
Optimistic. - Risk Taker Like challenges, welcome any risk.
- Leadership Leadership behavior, social, listing ears.
- Originality Initiative, Creative, versatile, resourcefulness.
- Future Oriented Fore site, be understandable…
FACTORS RESPONSIBLE FOR A SUCCESSFUL ENTREPRENEUR
The successful functioning as a good entrepreneur depends largely on some factors which are:
The ability and willingness of the individual to respond to business opportunities; This is referred to as “Entrepreneurial Capacity”
The presents of a supportive institutions [Financial Institutions] social structures and values.
The availability of business opportunities in the society..
NOTE: To perform these qualities successfully as a good entrepreneur, one need certain level of knowledge acquired through formal or informal education, also skill and attitude acquired through training are vital [good]
Good training and education are important for some reasons which are:
It gives the entrepreneur the information about the environment where the business is to be established
It helps the entrepreneur to interacts with different people to know more of the business that he or she is about to do.
The Financing; Perhaps this is the most vital of your plan as to become an entrepreneur, training like this help in teaching you how to get the starting capital for your business.
Record Keeping; this is also aspect of any business, a good record keeping is the key to a successful business, and it enables you when the business is progressing or falling…
Human Relationship; Finding, employing and motivating your employees is another key to a successful business, deciding what must be done and what it takes to do it is the first step of selecting employees. A good manager cares about the welfare of his or her employees, it makes them put their best to make the business grows faster.
Remember planning is a continuous process [The moment you fail to plan, you have plan to fail]
Planning: There are many things to consider before starting a business:
Money, Customers, Location, and Labor force…
NB: One good approach to planning is to make up a prospectus in a loose-lead binder form, divide the it into sections, E.g.…
Finance, Marketing, personnel, and operations, continue gradually to add to it and always revise it until you are satisfied with your plans.
BUSINESS OPPORTUNITY
What is a good business opportunity?
An entrepreneur is supposed to be an opportunity seeker, his or her first task is to identify an attractive business opportunities, the question is, what is a business opportunity?
A business opportunity is a viable project idea which an entrepreneur has agreed to invest on, the person has a certain believe about the possibility of the project to come out successful.
Some ingredients are as follows:
i. Good market scopes, when you are going into a particular business always know the different between the present supply and the current demands.
ii. An attractive returns on investment, always know how good your returns or gain will come out before investing.
HOW TO IDENTIFY A GOOD BUSINESS OPPORTUNITY
Identification of a good business opportunities calls for an intensive effort and specialized skills .However, the following guidelines may help in knowing or assessing opportunities on a local level, such indications are:
a) Environment: This is a basic features of an area and its resources, like population, occupational pattern, socio-economic background…
b) Business Scene: Before starting a business you should check the business trading pattern and business activities in the area with reference to inter-regional flow of services for the needs and consumption.
c) Target Group: These are the people you want to render your services to [your customers] in setting up a business one has to check their Expectations, Strength and Weakness in terms of skills and knowledge.
SELF AWARENESS AND ACHIEVEMENT
Before starting a business, your self awareness [how much do I know my capacity] brings some question to your mind, the question is “Who am I?
This means your [personal efficacy]
The following question will further stimulate your thinking, which are.
What has giving me the greatest sense of accomplishment in this business? Or the least of accomplishment?
As an entrepreneur or trying to be one, what are my personal strength and weakness concerning this business?
How willing, ready, I am in participating or facing new challenges and different experiences?
Note: When you have finish answering the “who am I?” to yourself, answer the following ones also,
How do I relate to my business acumen? [the ability to think fast]
Do I give so easily to challenges?
Do I have any experience in the line of business am about to start?
Do I have experience on management, marketing, budgeting, cash flow, forecasting, and what have I put in place to improve my skills and knowledge in these areas?
Have I discussed my proposal fully with my family, spouse and others?
Will my family be able to survive during the initial lean months when regular income might not be coming?
Small business management in most part of the world shows that most successful business are married and they generally have good understanding, spouse provide more moral and material support,
An entrepreneur must certainly need the support of your family and this should be considered as an important factor.
MISSION STATEMENT
Every kind of business should have a purpose or mission statement if it is to be meaningful..
Objective: these are statement of what the company wishes or want achieve in a specific period of time. Also Objective are the end product wish a company or business is aimed at…
Policies: these are general statements or understanding the guides and channel of action in decision making.
Strategies: these are major plans or method for achieving major objective and goals.
Rules: these are plans that need action, they are the simplest types of plans and they require a specific action to be taken with respect to a situation.
Programs: these are step of accomplishing a particular mission at a time.
Budgets: these are plans for expenditure of money, labor and materials. it is a statement of expected results expressed in a numerical terms, it is call” number programs”
GOOD BUSINESS AT YOUR BUSINESS OR WORK PLACE BEHAVIOR...
a. Neatness: Always make sure you are looking clean at your business or work place, your clothes may not be expensive but always keep them in good shape “Cleanliness is next to Godliness.”
b. Communication: Business has its own language; an entrepreneur must find a way of having good communication with his or her customers.
c. Empathy: this is putting oneself in other peoples shoe, it will help in both selling your product and rendering your services to your customers.
d. Competency: as an entrepreneur you must have the ability to perform your part in your business as the boss without wasting time and making daily reviews of previous day business meetings...
Is just a welcome back to steemit for me to begin with a new intros as usual..
PS: please don't forget to comment or point out errors as these are my personal thoughts...
Thanks for reading...