That moment you finally discovered what you are destined to do is one great defining moment of life. Oh! The excitement of such great discovery. Then you take time to figure out how to monetize that gift, talent or skill in a way that will bring value to mankind and make your life meaningful.
Then you decided to go entrepreneurial. That image of yourself sitting as the chairman, and chief executive officer of a Fortune 500 company is so intoxicating and electrifying, that you immediately get to work, and began sharing your dream with friends, families and foes. Some encourage your decision, others laugh behind your back, while the rest look on to see how far you will go with your dreams.
Then you suddenly hit a great wall, similar to the wall of old China. Raising start -Up capital. You crack your brain on how to cross this hurdle until headaches became your normal sensation. You went to your Bank and hoped your account officer will able to pull something through, at least for being a consistent saver in the past years. But Nigerian Banks, with all their noise about supporting businesses, are not in the least interested in funding Startups.
Then you turned to a few well-to-do friends, hoping they will see your great vision and support your bid to raise capital. Start small, they say. Maybe they are right, afterwards, scripture says we should not despise our little beginnings. But starting small is relative. What I regard to be small may be huge for others and vice versa.
Then you heard about the gender desk at BOI and how they support women-owned businesses. With great excitement, off you went. But when you saw the mountain of requirements to obtain the facility, you realized that despite all the noise about building small-scale businesses, the BOI facility is not for start-ups, but for established and going concerns.
Then you became discouraged. But when friends began to ask how far now, adrenaline pumped into your blood again. You are not one to give up easily without a fight. Being a creative and determined person, ideas flowed into your mind again. You attempted business plan competitions hoping to win a grant, but nothing came out of that.
Then you began to look inwards on how you can leverage on your natural resources to scale your vision. That involved hours of learning non-stop, but little by little, results began to trickle down in trickles. Modern-day social media is a marketing miracle for those who understand how to use to platforms to get visibility and support.
The entrepreneurial journey in Nigeria, especially for startups is fraught with frustrations and discouragements. Some of the lessons you will learn on this route will never be taught in a business school. It takes only those with the courage to overcome those initial hurdles. An entrepreneur has to see them as tests to weed out those who cannot pay the price to be counted among the great.
Entrepreneurship is not a calling meant for everyone, especially for those who lack the liver to withstand, endure and use failure and adversity for good. The path of an entrepreneur is a dynamic journey characterized by innovation, determination, and constant adaptation.
It begins with a spark of an idea, a vision that holds the potential to solve a problem, meet a need, or create something entirely new. As the entrepreneur embarks on this path, he navigates through the intricate web of challenges and opportunities, from refining their concept and conducting market research to securing funding and assembling a skilled team.
The road is often marked by uncertainty and risk, demanding resilience and an ability to learn from failures. With unwavering dedication, entrepreneurs iterate their products or services, incorporating feedback and embracing change. This path is a continuous cycle of growth, fueled by creativity, hard work, and the courage to pursue one’s passion, ultimately leading to the realization of their vision and the potential to make a lasting impact on the world.
Readiness
An Entrepreneur must understand the need to be opportunity ready at all times. Opportunities abound but only those who are prepared and take advantage of them. To the opportunity ready, you must ensure the following:
- Get your business registered. You will be taken more seriously when your business is not viewed as a sole proprietor or one-man business.
- Open a Bank Account in your company name.
- Get a tax pin and pay your taxes. You may not be able to access certain opportunities if you don’t have a tax pin number.
- Keep accounting records of your business operations. To take up grant and funding opportunities, you need to keep proper accounting records. A multitude of apps are readily accessible on various app stores, providing you with the option to choose and utilize any that align with your preferences and needs.
- Separate your personal expenses from your business. Do not lump them together.
- Find out about government regulations about your line of business and comply. Your business will not go far breaking the government laws and regulations.
An Evolving Journey
We must all evolve in the entrepreneurship journey. There will be hard times and good times. And you need to train yourself to rebound swiftly from adversity and failures. When faced with a challenge, have it at the back of your mind that there is always a solution to every problem if you search deep enough. Which explains why you must be a committed learner. There are lessons you will learn from your experiences, and also lessons you will learn from the experiences of others.
Dorning Several Hats
At a certain juncture along the entrepreneurial journey, the role of an entrepreneur becomes multifaceted, requiring them to assume various responsibilities to effectively manage the business until it reaches a stable point. This transition involves donning several hats, each representing a distinct aspect of the business’s operation.
From being the visionary leader who sets the course and navigates the strategic direction, to becoming the meticulous manager who oversees day-to-day operations and ensures efficient execution, the entrepreneur’s role is akin to a symphony conductor orchestrating an intricate harmony.
Furthermore, the entrepreneur becomes the face of the brand, engaging with customers, investors, and stakeholders to cultivate relationships and foster trust. They also step into the shoes of a problem solver, addressing challenges and identifying opportunities that arise. This diverse role demands versatility and adaptability, as the entrepreneur pivots between strategic planning and tactical execution, innovation and problem-solving, leadership and collaboration.
It’s important to note that this phase of the entrepreneur’s journey is pivotal in shaping the business’s trajectory. The entrepreneur’s ability to wear these diverse hats effectively can determine the business’s resilience and growth potential. As the business evolves and scales, there might come a time to delegate and build a team to share these responsibilities, but initially, the entrepreneur’s capacity to embrace this multifaceted role is instrumental in steering the venture towards success.
Some of the Fortune 500 companies of today were birthed from businesses that sprouted up during the great depression in America, so we can still build great businesses out of the ruins of our nation’s economy. I am excited to see the interest in farming, exports, Tech, Entertainment and creatives etc. I only hope this is sustained over a long period of time. You must find yourself in the entrepreneurship wave sweeping through Africa.
Collaborating Internet with Business
We are in the information age and it is either we go along with the change or be swallowed up by it. The internet is the new marketplace for any organization worth its salt. Be it companies, religious organizations, learning firms, causes, political organizations or what have you. Any business organization which downplays this will find itself kicked out of the game.
Words cannot explain the immense power of the internet and any savvy entrepreneur must learn to make effective use of it. We must find how to wrap whatever we do around the engine of the internet which calls for adding to our knowledge and continual education. Endless opportunities abound for those who understand this.
Time swiftly progresses, and unfortunately, new developments can render systems, organizations, products, services, and knowledge outdated. Trends from a decade or even half a decade ago no longer retain their significance in the present. Fashion evolves, preferences shift, and people undergo transformations.
To ensure both you and your business maintain relevance in these rapidly changing times, constant acquisition of knowledge and adaptation is crucial. This involves continuous learning, keen observation, thoughtful contemplation, and inquisitiveness. Failing to do so can result in becoming obsolete and losing relevance in the grand scheme of things.