THE ENTREPRENEURS CHRONICLES: Becoming a Successful Entrepreneur

By Kobe Eru Godwin

Somebody who initiates or finances new commercial enterprises is called an ‘Entrepreneur.’ An entrepreneur assumes the responsibility and risk of a business operation with the expectation of making a profit. Entrepreneurs are builders of modern day society. They create platforms and paths for the nation’s prosperity.   No country can progress if the people of that nation are not enterprising. Entrepreneurship is not just about profit maximization but wealth maximization as well. There are no specific methods or a guaranteed formula to follow to become a successful entrepreneur. Successful enterprises are not built overnight but determination, perseverance, decision making skills, passion, risk-taking, innovation, intelligence, and so many other variables, play a major part in achieving this level of success.   THE ART OF BECOMING A SUCCESSFUL ENTREPRENEUR On the path to becoming a successful entrepreneur a few best practices and facts comes into play. Act. Learn. Build. Repeat. Those four words are the most essential ingredients you need in building a successful company. Plan Less, Act more. Don’t dwell too long on planning; start acting. No doubt it is beautiful to plan, but all ideas give birth when plans are converted into actions (Act). You’ll make mistakes along the way, but eventually you’ll figure out the solutions that work for your business. The best entrepreneurs don’t wait until their product or service is perfect. Once it is above 60% it is good to go (launch). Successful entrepreneurs cultivate their own restraint, saying no quickly and frequently in order to stay on track. Learning to set boundaries, delegating work, keeping a clear focus on goals, and employing small steps towards progress is an act of discipline, a quality of a successful entrepreneur. Entrepreneurs recognize that not all opportunities are created equal; many are merely distractions that drain the company of important resources, such as focus, energy and time. Learn to say no at the appropriate times. What entrepreneurs need most of all is desire. Without that desire, nothing else matters or occurs. Desire is a key factor in entrepreneurship, it is what compels people to go beyond borders and boundaries to do or create something new. Entrepreneurs are purpose driven people, the word that keeps the fire burning is desire, it can be called craving, yearning, aspiration, longing, passion to do or become something. Desire is that feeling that impels one to the attainment or possession of something that is within reach. Another fact to put into consideration is the measure of success. Success isn’t about size, remember bigger isn’t a prerequisite of better. Entrepreneurs should have a pictorial image of what they want and generate their own definitions of success, which may include numbers and metrics. With a defined perspective, there will be no need for unhealthy comparison with bigger companies in terms of top-line revenue, number of employees, location and market share. Understanding the role of money and the fact that every industry is different matters a lot. Understand that ‘money matters’ is a rule that can’t be neglected; money gives you the purchasing power. Money is as important as any plan, act, or passion needed to get a business going. Money matters in product development, getting your product to market, and in terms of  the revenue model. Industries are like colours, even as colours have different shades so do industries, so mastering this fact and approach in terms of business development, marketing and sales, is relevant. Delegate; you can’t be a jack of all trades. Admit what you don’t know. Openly admitting knowledge gaps is as important as comfortably asking for help. Most successful entrepreneurs spend a lot of time identifying what they don’t know and, more importantly, how they can learn it. Entrepreneurs know that their survival depends on it. If you are not highly skilled or do not have the technical knowhow (not educated), then find someone who is or does (a partner). Be impervious. In business only the smart and the strong survive, so you have to be tough skinned, having a ‘never say never’ mindset. It is good to have a founder’s mentality. Jeff Bezos, founder and chief executive officer of Amazon, says the difference between founders and professional managers is that founders are stubborn about the vision of the business, and keep working the details. Founders stay glued to the dreams but professional managers, when things don’t work, want to change the vision. Be fluid, master change. Inasmuch as it is good to be focused and stubborn, good entrepreneurs also make room for change, and stay open to new innovations and business ways. Entrepreneurs are calculated risk takers.  Evaluate your risk then take action Create an identity for yourself. Leadership doesn’t really amount to much unless you cause people to take action; to follow you. Having the desire to become a brand is the same thing. Being a brand doesn’t really amount to much unless you are able to influence people to take action; to buy your product or service. You must  have a unique approach to your market, your product, and your team. If you’re not unique, it will be really difficult for someone to become a regular customer. Finally the market knowledge. To become an entrepreneur, one should have a wide knowledge of the societal needs and then develop a solution to meet such needs. This involves feasibility studies and market survey. Think outside the box; there is always a need to be addressed. Be industrious.