“We believe in the power of entrepreneurship - the basic notion that if you’ve got an idea and if you really work hard and you’re able to pick yourself up if you stumble a couple of times, you can eventually turn that idea into a reality. And this matters to us because encouraging the spirit of entrepreneurship can help us to tackle some of the greatest challenges that we face around the world.” - Barack Hussein Obama (former President of America, May 11, 2015).
Welcome to the exciting world of
entrepreneurship!
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I |
n the beginning was
entrepreneurship, entrepreneurship was creativity and innovation. There was
nothing that was ever made or ventured into by humans that were accomplished
without an entrepreneur. Entrepreneurs are goal-getters, achievers, and
arrivers. No government or society can do or exist without entrepreneurs.
Entrepreneurship was, is and will continue to be.
Every society that is
worth being mentioned in the committee of developed societies must be
entrepreneurship-oriented. This, perhaps, explains why Tony Blair, former
British Prime Minister enthused, “I want
Britain to be a nation of entrepreneurs, a nation where talent and ability
flourish.” (Business: The Ultimate Resource, 2008: 1745).
Entrepreneurship is now
a lifestyle of choice for anyone who is wise and desires not only for true
financial freedom but anyone who desires to make a mark in his/her world;
impact societies positively and become blessings (not just ‘blessing’ but blessings)
to his generation and generations yet unborn.
The importance of
entrepreneurship does not lie principally in its benefits in terms of
job-creation but also in economic growth of individuals and societies.
Entrepreneurship defines the current move of our world. Everywhere you go, entrepreneurs
are at the helm of affairs. At the snap of their fingers people listen and at
the clearing of their throats, the world stands at attention. Entrepreneurship
will remain till the world is no more, the way of life, the lifeblood and
livewire of the progressives.
All over the world
everyone, society and nation that desires to be counted are tilting towards
entrepreneurship because it holds the key to self-fulfillment, human capacity
development and empowerment. Anyone who dares to be somebody is taking this
honourable and long-lasting route to quality life and self-fulfillment. It is
the sure way to economic freedom; the pathway to true financial independence.
Do you want to join the
Achievers’ Club? Do you want to be recognized as solutions’ provider? Do you want to call the shots and be respected
among those who have arrived, and contributing meaningfully to meeting myriads
of human needs? Then, think entrepreneurship! Entrepreneurship is not about
job-seeking but about job-creation; it is about value addition.
Entrepreneurship is the power of personal vision. It is the power of can-do spirit. It is the triumph of gut wisdom, street smart, native intelligence and tenacity of purpose. It is the power that questions convention. It is the power of liberty over servitude – the power of being one’s own boss rather being bossed around by others.
When we embrace entrepreneurship, we invariably take our destinies into our own hands, decide to become our own bosses and run our own lives. Imagine what it means to wake up and go to bed each day knowing that you are living your own dreams. Imagine what it means not to live life begging, but living life being begged!
In a popular movie, Charlie’s Angels, a former ‘angel’ who left to start her own operations was asked by a serving angel, “Why did you leave Charlie?” to which she answered, “Why be an angel when you can play god?”
I ask: “Why be an angel when you can play god?” Why be an employee when you can become an employer? Why look for salary to be paid when you can pay salaries? Why be a servant when you can actually be a master?
Stop looking for an easy way out – stop looking for someone to work for or for government to create employment for you. Do yourself a favour – stop depending on government for your employment needs – Develop An Energy! In his book, Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth, T. Harv Eker (2005:10) quotes Stuart Wilde as saying,
“The key to success is to raise your own energy; when you do, people will be naturally attracted to you. And when they show up, bill ‘em.”
What does this imply? Entrepreneurship is about developing a specialty and carving a niche for yourself. A skill-less person is a liability, but a skillful person is an asset. You will get paid and paid well if you are good at what you do.
You cannot become a successful entrepreneur if you do not have something unique to bring to the table. Entrepreneurship is not a briefcase-carrying and swivel chair-sitting affair - it is a skills thing.
Develop your energy by building your capacity. Capacity is synonymous with skills. This refers to extensive use of your head and hands. When you combine a relevant idea with an uncommon skill, your growth will become phenomenal. At this point, you will become sought-after.
Why would anyone come looking for you if not for what you can do better than others? Mark yourself out. Let what you do have a touch of professionalism. Do what you are doing far better than everyone else. When you do, the world will beat a path to your door and reward you handsomely! Martin Luther King, Jr. said:
“If you are a sweeper, sweep like no one else does; sweep like Michelangelo painted pictures.”
Anyone who is risk-averse cannot be a successful entrepreneur. You have to appreciate the fact that risk comes with reward. He who does not venture will not gain and he who does not take risk will not be rewarded.
ENTREPRENEURS
ARE NOT BORN, THEY ARE MADE
Someone had remarked:
“The way of being a boss is for people who know that talent of entrepreneurship is not given to you at birth, rather, it is what you can develop by working hard and relentlessly.”
By default, entrepreneurs are people who are willing to dare, to take chances, to put in their bests to succeed. Shedding light on who an entrepreneur is, Hope Eno (2005:31) observed:
Put an entrepreneur in a desert, he will create water out of the sand dunes. Give him a mountain, he will create a tunnel. Give him a forest, he will turn it into a city. Give him a vast land, he will turn it into an estate. Give him a swamp, he will build a skyscraper. Give him a beach, he will turn it into a garden. Give him a stone, he will carve it into a monument. Give him a dumping site, he will turn it into a garden. Give him a bus, he will use it to buy ten more. Give him a store, he will create a supermarket. Give him a computer, he will build a cybercafé. Push him into a river, instead of drowning, he will come out with fishes. Take him to a library, he will become a walking library.
Entrepreneurship is a journey, not a destination. It is a journey that promises mouth-watering rewards, yet, it comes with its own challenges. To be a successful entrepreneur, you must arm yourself with the knowledge of what it takes to be an entrepreneur. In his book, New Venture Creation: Entrepreneurship For The 21st Century, Jeffrey A. Timmons (2002:44) stated,
Successful entrepreneurs work hard and are driven by an intense commitment and determined perseverance; they see the cup half-full, rather than half-empty; they strive for integrity; they burn with competitive desire to excel and win; they are dissatisfied with the status quo and seek opportunities to improve almost any situation they encounter; they use failure as a tool for learning and eschew perfection in favor of effectiveness; and they believe they can personally make an enormous difference in the final outcome of their ventures and their lives.
There is no gainsaying the fact that entrepreneurship holds the key to personal and national developments. Advanced economies of Europe, Asia and America are examples of entrepreneurial societies. Entrepreneurs are catalysts who make things happen.
CAUSES
OF BUSINESS FAILURES
Failures in business can occur as a result of these factors:
1. Lack of experience/Knowledge
If you lack experience or knowledge of the business you are into, you are bound to fail. It is recommended that you should have sufficient knowledge and expertise in your chosen area of operation. Before you go into any business, first go and learn by understudying a master in that field. Go into apprenticeship or engage in volunteerism.
2. Lack of resources (humans, financial and materials)
The greatest factor of production in any venture are humans followed by financial and material resources. Never go into any business where there is a dearth of ready hands, where the financial outlay needed to start and sustain your business are huge. Avoid any business where your sources of supply of needed materials is not guaranteed. To do so is to court disaster.
3. Lack of financial intelligence/Poor financial
management
Lack of financial intelligence or poor financial management is a major cause of business failures. First, separate your business capital from your personal expendables. You should monitor inflow against outflow. Put a knife to your throat. Be frugal and financially disciplined.
4. Government’s policy summersault/Unfavourable policies
Unfortunately, in Nigeria, governments are not encouraging or supportive of businesses, rather through their various agencies are asphyxiating businesses using unfavourable policies, multiple taxations and policy summersaults. Nigerian governments are not helpful to small businesses. Through their insensitivities many start-ups have gone down the drain.
5.
Poor customer
relations
Customer is king. One customer lost is many customers lost and one customer gained are many customers gained. Avoid clients’ dissatisfaction with the goods or services you provide. Try as much as possible to satisfy your customers/clients. Never make the mistake of bad-mouthing people who come to patronize you.
6. Dishonesty/Insincerity
In life, ‘Honesty’ remains the best policy, more so in business. A dishonest business person is his/her own worst enemy. Proverbs 13:11-12 says, “Wealth obtains by deceit dwindles, but he who gathers by labour increases it.” Dishonesty activates the Law of Diminishing Returns. Be honest and sincere in all that you do. Let people know you for your integrity in business.
7. Impatience
Usually every business has a gestation period. It is recommended that anyone who ventures into any business should exercise patience with himself or herself for a period between six and eighteen months. Within this period, you would have built a considerable clientele. Be patient. Impatience hurts business.
9. Lack of knowledge of your operational environment
If you do not know how things work, you will become a victim. In Onitsha and Nnewi business environments, there is a saying that “If you do not know how things work, you will be used to make things work.”
HOW
TO SUCCEED AS AN ENTREPRENEUR
In
entrepreneurship, capacity is the currency of success without which no
meaningful progress can be made. Capital is capacity. Your capacity is your
unique selling proposition which creates a pathway to launch you and your
venture, strategically positioning you, your product or service in the psyche
of those who need them. When you, your product or service occupies a node of
influence in the psyche of people, it is a pointer to the fact that you have
arrived.
What is Your
Capital?
1.
What
capacity defines your entrepreneurial activity?
2.
Are
you just a number or an influencer in your area of operation?
3. What is it that distinguishes you from others?
Cultivating
excellence is the hallmark of capacity. It was Ralph Waldo Emerson who wrote, “If you build a better mousetrap, the world will beat a path to your door.”
King Solomon at Proverbs 22:29 stated:
“Do you see a man who is good at what he does, he shall
stand before kings, not before ordinary people.”
Building
your capacity is the art of strengthening your giftings towards personal and
entrepreneurial development. Recognizing and building your capacity is the
first task you have towards accomplishing your entrepreneurial objectives.
Develop Your Capacity
As
a would-be entrepreneur, you need capacity, competence and character to be able
to, in the words of Charles Swindoll, “Strengthen
your serve.”
Capacity
is the sum totality of your ability to deliver service. Often, what people look
for when they are in search for solutions to their needs are people who have
capacities to meet their needs and deliver on their mandates. For instance, if
a car owner is looking for a mechanic to work on his automobile, he is not just
looking for any mechanic, but a person who has a working knowledge of the
mechanism of his automobile and has capacity to address the problem. The same
applies to a person who wants to build a house. Such a person is not just
looking for any bricklayer, but one who understands structural engineering and
building construction; one who would design and build a house that will stand
the test of time, not a person who will build a house, which will one day
collapse.
Why Capacity-Building?
Capacity-building
is the art of strengthening one’s skills and competencies. In their book, Start-Up Nation: The Story of Israel’s
Economic Miracle, Dan Senor and Sal Singer (2011) observed than an average
Israeli does not work for money, but to develop his capacity in the sector of
his interest from where he launches out to create his own venture. In other
words, the primary goal of Israelis is capacity-building. This explains, in the
words of Senor and Singer (2011) why:
“Israel, a nation of about 7.1 million people with
no natural resources, enemies on every border and in constant state of war –
produce more start-up companies than Japan, India, Korea, Canada, and the
United Kingdom…. Israel has more companies on NSADAQ than Korea, Japan,
Singapore, India, and all of Europe combined.”
It
is pertinent to state that capacity-building is developing a skill-set, honing
it and being the best at it. Martin Luther King Jr. has been quoted as saying,
“If a man is called to be a street sweeper, he
should sweep streets even as a Michaelangelo painted, or Beethoven composed
music or Shakespeare wrote poetry. He should sweep streets so well that all the
hosts of heaven and earth will pause to say, ‘Here lived a great street sweeper
who did his job well.’ ”
Why Develop Your
Capacity?
1. Capacity-building
keeps you ahead of your peers and competitors. Knowing what others do not know
is a plus for you.
2. Capacity-building
is sharpening yourself. Ecclesiastes 10:10 says, “If the ax is dull and its edge unsharpened, more strength is needed,
but skill will bring success.” (New International Version).
3. Knowing
what makes you different, what you can do differently to add value to people
and positioning yourself strategically is what makes for capacity-building.
4. Increasing and applying knowledge. Application of knowledge to specific needs is a secret many people are not willing to share easily with you. Knowledge and its proper application is a major success-factor in life and in entrepreneurship.
THREE CAPITALS
OF ENTREPRENEURSHIP
The
three capitals of entrepreneurship are: Intellectual,
Social and Financial. Many make
the mistake of thinking that financial capital is the most important need of
entrepreneurs. Far from it, actually, finance is the least capital needed by
entrepreneurs. In his book, Ideas, Not
Money Are What You Need, Kingsley Onwuka (2008:1) wrote:
An idea is what you need, not money. The concept of
money itself is an idea borne out of the need to confront various challenges
associated with trade by barter. A man who has a cow and needs a fowl has to
look for another who has a fowl and needs a cow. The inequality, delay and
exploitations associated with the system forced some men to start pondering on
better method (idea) capable of resolving the problem, hence, an agreement on
adopting something (coins, aluminum, notes, gold, etcetera) as generally
accepted medium of exchange. To buttress the potentiality of the idea, another
idea emerged – the object to be used as money must be scarce, durable,
portable, divisible and generally acceptable, otherwise the previous concept
could amount to nothing. Thus, what we need is an IDEA, not money since money
itself is an idea. Anyone who has an idea and is able to assemble relevant
forces to nurture those positive ideas could definitely attract ‘MONEY,’
materials and non-material well-being to himself.
From
the above assertion, it is easy to see that money responds to stimuli, in this
case, to an idea. When your idea is useful to others, they will come with money
to patronize you. In other words, money will come after you, not you running
after money. This brings us to the most important capital an entrepreneur
needs:
Intellectual capital
It
is important to establish that what lies inside you is much more than what lies
around you. What God deposited inside you is much more than what He has
deposited under the soil. Human resource has more potential than natural
resource. Take away everything that makes life comfortable, as long as a person
is imbued with intellectual capital, he can recreate his environment and make
it more comfortable. In his book, Needed:
Good Husbands Involved Fathers, Ikeazor Akaraiwe (2014:11) observed,
Singapore with a population of less than five
million, without natural or mineral resources, which could have spurred their
development, is today a world economic leader. On August 9, 1965, Singapore was
expelled from the Malaysian Federation, becoming the only country in the whole
world to gain independence against its will! After expulsion, conventional
wisdom declared that Singapore had a maximum of ten years to expire as a nation
on account of lack of mineral, human, land and other resources, and owing to
the comparatively large size of some of her neighbours. Singapore today,
however, has not only survived but is known as one of the freest, most
innovative, most competitive, most business-friendly and least corrupt
economies in the world. Singapore attracts a lot of foreign direct investment
because of its location, corruption-free environment, skilled workforce, low
tax rates and advanced infrastructure with more than 7,000 multinational
corporations from United States, Japan and Europe and another 1,500 companies
each from China and India based in Singapore. Singapore possess the world’s
tenth largest reserves and is today the leading financial centre, a major
ship-repairer, the world’s largest oil-rig producer, and although it has no
oil, one of the world’s top three oil refining centres!
What
made Singapore great? Intellectual resource! When everything was taken away
from Singaporeans, they began to mine their minds and resorted to internal
locus of control. That is what intellectual capital is all about!
You
were created and imbued with solutions. Because you are, you are some people’s
solutions, therefore, do not die without providing that solution. Your birth is
not a mistake – you are a child of destiny, a solutions’ provider. Inside you
are ideas waiting to be birthed.
Intellectual
capital is key to entrepreneurial success. Everything you are and will ever be
as an entrepreneur rises or falls on your intellectual capital. Your
intellectual capital determines whether you will soar in the heavenlies with
global industry players, hobnob with the likes of Bill Gates (Microsoft Inc.),
Jeff Bezos (Amozon), Lawrence Page and Sergey Brin (Google); Mack
Zukerberg (Facebook), Alhaji Aliko Dangote (Dongote Group), Femi Odetola (Zenon
Oil), Chief Ibeto (Ibeto Group), Dr. Obiora Okonkwo (Peace Air), Dr. Samuel
Maduka Onyishi (Peace Mass Transit) and the likes.
Social Capital
Ever
heard the word, “Buffettology”? This
word is derived from the investment principles of one of the world’s greatest
investors - Warren Buffet. This man had over the years donated US$24.5 billion
to Bill and Melinda Gates Foundation. When asked to explain the secrets behind
his stupendous wealth and secret to success, Mr. Buffet, the “Oracle of Omaha”
explains, “Your network determines your
net worth.” On its face-value, the people you choose to surround yourself
with will determine whether you are the prince or the pauper.
Social capital
is the networks of relationships among people who live and work in a particular
society, enabling that society to function effectively. Social capital is
closely knit to social intelligence.
Social intelligence is your ability to relate effectively with others. In
networking business, there are uplines
and downlines. These are the people
who determine your progress in the business. In life, the people you know and
associate with hold the key to what you will finally become.
How
do you relate with people? Are you monosyllabic or polysyllabic? Do you have
trust issues? Is your word your bond? Can anyone you relate with take your word
to any bank to cash it?
Social
capital revolves around TRUST ISSUES. At Luke 16:10 – 12 Jesus says:
He who is faithful in that which is small will be
faithful in that which is much. He who is unjust in that which is small will be
unjust in that which is much. If, therefore, you have not been faithful in the
unrighteous mammon, who will commit to your trust the true riches? And if ye
have not been faithful in that which is another man’s, who shall give you that
which is your own?
If
you are trust worthy, it is easier for you to succeed and generate the needed
fund to take your entrepreneurial activity(ies) to the next level. For
instance, you can start business using OPM (Other People’s Money). How? If you
are faithful in your dealings with your supplier, he/she will subsequently
increase his/her supplies while you remit money and then take the difference as
your profit.
STEPS
TO DEVELOPING A BUSINESS
Business is anything that is both lawfully and Biblically defined which generates income for you. It does not matter how small such a venture might be, what is important is underlined by the question, “Does it generate income?”
There are several steps that can be followed to develop an enterprise. The first step is knowledge:
What Do You Know?
What do you know that another does not know and what can you do better than another person? What do you know that another person needs but does not know how to obtain? Knowledge is a compound word, which combines two words: Know and Edge. This implies that what you know is what gives you the edge. It bothers on your skills and capacities.
What skills do you have aside being a preacher? You can employ your skills towards developing a profitable enterprise. Many people do not realize that talents are not enough and that we must commercialize our talents. A man’s gift should make ways for him (Proverbs 18:16).
Most New Testament characters had one skill or another: Jesus was a carpenter; Peter, a fisherman; Paul, a tentmaker, etcetera. Developing a business and growing it are skills’-dependent.
Let Your Passion Drive You
Depending on the type of business you want to go into, what would determine your foray is your passion – what do you like to do? What do you have passion for? Search your heart to see what motivations you have. You are the only person who knows what your passions are.
What many of us do not realize is that the answer to our economic needs are right before us and are within reach. For the widow of a deceased prophet of God, there was a pot (jar) of oil positioned within the house that was the answer to her family’s economic woes (II Kings 4:2f). This same pot of oil was probably there all the while that the prophet was alive. It was there, yet, he died in penury. For Moses, the answer to his prayer for deliverance was in his hand (Exodus 4:2; cf.14:15-16).
The questions coming to us at this point in time are, “What Do You Have In Your House” and “What Is That In Your Hand?’ You may not know that what you are seeking for in Sokoto are already in your Shokoto. Only, open your eyes!
Scan Your Environment
If you want to create a business, you must learn to scan your operational environment. Apostle Paul in Acts 17:23 took time off to scan an environment he found himself. By doing that, he discovered an unmet need and took the solution to the door steps of the people!
The same principle can be replicated in
the world of work and business. If you really want to make impact, be
productive and relevant, there is need for you to scan your environment. By
scanning your environment, you are likely to discover:
1.
An
unmet need.
2.
What
is being done but is not being done well.
3. What you can improve upon.
Stop looking in one direction – look in all directions. Do not be short-sighted. Be omni-directional in your search and you will be handsomely rewarded.
Find Out What People Need
Being entrepreneurial implies taking advantage of your knowledge of the needs of people in your operational environments, exploring and exploiting them to your advantage. It could be as simple as providing services or being the bridge between people and their needs. In their book, See, Feel, Think and Do: The Power of Instinct in Business, Milligan and Smith (2008:4) wrote,
Business is in fact a simple process: you create something someone wants to buy, they buy it, you take their money and create something else they want to buy, and so on. And underlying the success of business is the simple process of observing and understanding human behavior. The greatest entrepreneurs throughout history have been those who have understood – almost instinctively – what people would value and why, and then delivered it as simply and as easily as possible.
CONCLUSION
As entrepreneurs in the making, I challenge you to brace up to the task of reinventing our society and rebuilding our nation. Mark Twain wrote:
“… years from now, you will be more disappointed by
the things you didn’t do than by the ones you did do. So, throw off the
bowlines. Sail away from the safe harbour. Catch the trade winds in your sail.
Explore. Dream. Discover.”
