By virtue of this gathering, I believe my audience is a crop of up-and-coming and aspiring entrepreneurs who are ready to take their world by storm. So, I don’t see myself talking to some young ladies and gentlemen (as is the case), but to young entrepreneurs who will grow to become commercial giants in the next few years. So, you will remember, but you may not recognize, this little giant standing in front of you, because he would have grown a lot too!
Thank God for the ideas. But, if ideas were equal to entrepreneurship, all of you would have been great entrepreneurs, great inventors, great businessmen and women. Entrepreneurship is a topic that goes beyond starting a business and staying a business owner! It’s not about blowing the trumpet, giving yourself self-centered titles: CEO, COO, OM, OPC, EFCC, because you’ve become a company. No!
The bitter truth is that, as profitable as entrepreneurship may seem, its adventure is not for everyone. An older friend once told me in an interview I had with him, “You need the right mindset and skill set. Don’t try (entrepreneurship) until you understand these two!”
I want to sound a warning note too. Undertaking is not a plan B. It is not an alternative for those who could not get administrative jobs. Thank God for delicious salaries; but entrepreneurship is not a choice you make because you couldn’t get a job at Shell or MTN! A future student, who makes a federally owned Nigerian university his second choice of institution when filling out the forms, has already decided his fate!
Indeed, the growing number of unemployed graduates has forced many to look inward. Ironically, this situation has its positive aspects. On those days (as we were told), as a graduate, you are sure that a good job awaits you. But today, the opposite is the case! Even with your M.Sc or MBA, you may need to back it up with a professional certificate and several years of practical experience.
I don’t care how many MTN, Shell or Chevron have turned down your job application; all you need is for God to smile on your seemingly small business. I see why giants emerge from this encounter. You will go out and storm your world!
What then is entrepreneurship? Who is an entrepreneur?
An entrepreneur is truly a unique individual. Entrepreneurs find it difficult or impossible to work for someone else, even though they do work for their clients/clients. They are willing to risk everything for the passion and love of seeing their business grow…and sometimes live with multiple failures.
An entrepreneur is one who has the ability to dream big. The entrepreneur has the qualities of a leader. A leader is one who knows what he wants. He is the one who created ideas, unique opportunities and designs. He is willing to take risks.
The following people have something to say about entrepreneurship:
Alan Sugar: “An entrepreneur, if there is such a thing, is a born schemer and thinker of things.”
Hunt Greene: “Everything is always impossible before it works. That’s what entrepreneurs are all about: doing what people have told them is impossible.”
Michael Smurfit: “The entrepreneur is like an eagle… it plans alone, it flies alone and it hunts alone.”
Tom Peters: “Entrepreneurship is an unreasonable conviction based on inadequate evidence.”
Nigeria’s business landscape is made up of entrepreneurs who, despite their humble backgrounds, weathered the storm and are still holding their own.
Here is a list of some of them:
1. Mike Adenuga (Globacom)
2. Femi Otedola (Oil of Zenon)
3. Aliko Dangote (Dangote Group)
4. Jimoh Ibrahim (Nicon Insurance)
5. Frank Nneji (ABC Transport)
6. Tony Momoh (TV Channels)
7. Tony Ezena (Orange Drugs)
8. Samuel Adedoyin (Doyin Group)
9. Alex Ibru (Guardian Newspaper)
10. Folu Ayeni (Tempters)
11. Dele Momodu (Ovation Magazine)
12. Otunba Gadaffi (DMT mobile toilet)
Let’s take a look at some of the most basic factors that have helped them get this far.
I. You need ideas: Ideas are your connection to the business world, and this can be obtained through inspiration. Ideas that take to the skies have been the harbinger of the most successful businesses around the world. Ideas are like good wine, they don’t need a bush. All entrepreneurial companies start from ideas. Therefore, you constantly need to be creative, innovative and resourceful. Never underestimate the value of an idea. Every positive idea has within it the potential for success if managed properly.
II. You can start small but always think big! As a new business, you may not always have enough funds to start on a large scale. More than 60% of new businesses inside and outside Nigeria often face the challenge of startup and operating capital. Start with what you have. Starting small does not in any way mean that you are going to remain small. You are allowed to start small, but understand that you need to think big; “for as is his thought in his heart, so is he.” You need to paint a picture of your dream business in your imagination. You have to “act” like you are running a big company. This kind of feeling should be reflected in everything you do: your communication, the way you dress, your business environment, etc. Starting small is not a crime, thinking and staying small is. God’s Word admonishes us not to despise our small beginnings. He knows that there will always be small beginnings! For many of us, it is a time to learn and become strong enough to face the challenges associated with big business.
3rd Be creative and innovative: Your business cannot survive without a little creative thinking. It amuses me how some business owners run their businesses as if they are the only company offering a certain type of product or service. You cannot afford to be lazy in your trading approach or strategy. Consistently create an activity to make your business, products, and services newsworthy to think about or talk about. If there are 1001 fashion outfits in an area, aim to become the best!
Everett Rogers said, “Invention is the process by which a new idea is discovered or created. On the contrary, innovation occurs when that new idea is adopted.” If you use yesterday’s tactics and strategies to manage today’s complex business challenges, you’ll be out of business tomorrow. Arthur Koestler also postulated that “the main mark of genius is not perfection but originality, the opening of new frontiers.”
You need creative approaches to manage current business trends and anticipate future ones. Ask yourself strategic questions. “What can I do to improve my existing offers?” Tom Peters puts it this way: “Ask dumb questions. ‘How come all the computer commands come from keyboards?’ Someone asked that first; therefore, the mouse.”
You have a creative mind, use it! You can’t read about creativity; you have to start doing what every creative action requires: taking the first step into the unknown.
Do you have a new (creative) idea? To take action. Turn it into implementation and inspiration into execution. “The way to start is to stop talking and start doing” (Walt Disney). As Ben Franklin once said, “Well done is better than well said.”
IV. Search for relevant knowledge in your area of expertise and interest. Knowledge they say is power. God’s Word says, “A man is recommended according to his wisdom…man’s wisdom makes his face shine.” Do not think about decorating your house, store or office with your title; instead, decorate your mind with current innovative strategies, techniques, and trends that will help you grow your business or career. Look for new pricing and sales techniques. The truth is that you cannot be better, bigger and more successful than what you have in mind. Your actions and inactions can be attributed to your power of knowledge; and your power of knowledge determines your thoughts! Remember: “For what is his thought in his heart, so is he.” Creativity and innovation is 90% inside and 10% outside.
V. You need a defense against discouragement. As a startup or aspiring business owner, you need to have the mindset that success doesn’t come easy; not even in business. Usually, at first, we are overflowing with ideas to start a business; Enthusiasm is high and we dedicate time and energy to the success of the new venture. At this level of your business, you never really knew that, on the other hand, business management means coping with stress, challenges, disappointments, failures, and outright rejections.
In a research study of two hundred and forty three businessmen in Lagos, Nigeria; among the problems encountered by employers, unreliable employees were the most critical. The weak economy, electricity shortage, and unsafe location were also mentioned as obstacles preventing entrepreneurs from achieving their goals.
At every point in your business growth, you need to guard against discouragement; you need to trust God to help you and believe in yourself to stay strong until you overcome fear. As a small business person, I have been tempted on several occasions to apply for a paying job elsewhere. In fact, I have applied for a few! Owning and running a business is not an easy subject. You have to be aware of this from the beginning. Business is life, don’t let it die in your hands!
be focused Be persistent. Be consistent. Be strong. In fact, you really can become a business giant! See you at the top!