5 THINGS EVERY ASPIRING ENTREPRENEUR SHOULD KNOW

The world as it is presently is hugely shaped entrepreneurs starting in small corners who dared to dream big. From Thomas Edison, Henry Ford, Sakichi Toyoda of the early 90’s to Jeff Bezos, Bill Gates, Michael Dell, Larry page, Aliko Dangote, Strive Misiyiwa, Mark Zuckerberg, Oprah Winfrey, Elon Musk, Steve Jobs and countless others that trail same part. Their influence in the society is hugely adding value to people and also making life easier. As a result of their successes, most young people dream of trailing same path these entrepreneurs did in a bid to add more flavor to the world. All over the world, there are so many passionate people with life changing ideas but only few ever impact the world with their ideas. Why is it so? Because they dived into this path without actually knowing some key things needed in the journey. The key secrets are shared below;
  1. Start Small, Dream Big.
There is a wise saying that have shaped the lives of so many people and that is “never despise the days of your little beginning.” Most people have this belief that immediately they follow this path, they would achieve greatness immediately. What happens when they don’t achieve this feat? Frustration, anger, rejection, bitterness lurks in, pushing them to give up too soon. You can only know the path to follow when you know where you are going to. World changers actually discover their paths from the “big picture”, and follow it with laser-focus. One thing that will help you as an entrepreneur is to enjoy the “process” you pass through in building your company to a reputable one. Start where you are, with what you have. With the big dream in mind, start small. This will help you to easily pivot when it’s needed and also, when you make wrong moves, the effect won’t be much.  
  1. Discover A Problem, Find A Solution.
Every company that ever stood the test of time did so because their product satisfied a critical problem. Don’t ever make the mistake of designing a product before looking for a problem it will solve. No matter how unique that product is, it will never penetrate the market.  Most people buy products based on its utilization and the satisfaction they will derive. If your product can’t satisfy both, you are in for trouble. Some people also make the mistake of designing their products based on their personal taste. The customers won’t buy what you love, they will buy what can satisfy their needs.  
  1. Know Your Market.
It is imperative you know the market your product satisfies.  Not all products cut across every market. In order to effectively market your product, you must know the segment (income, gender, age and geography) it appeals to. Your product could be for low income males, high income American females, just kids or built for Africa. With this, you can effectively draft out your strategy on how to penetrate that particular market. This will save you cost, energy and also give you time to gain market credibility especially if it is a disruptive innovation.  
  1. Don’t Be Scared, Big Companies Won’t Notice You.
One major reason most people with big ideas are scared to start is because they are scared the big players in the industrywould crush them immediately they start. However, it doesn’t play out this way in most cases. Most big companies are too bureaucratic and rigid to notice a new product from an unknown company. How do you expect a successful company with a huge market share to forsake their product that has been successful for a long period of time and adopt an untested new product that doesn’t have market credibility yet? Even when they eventually notice your product and company’s strategy, it will take time before they can actually re-model their business to actually operate on the same wavelength as your company. The ability for start-ups to easily pivot when needed is the advantage an entrepreneur has over an established company.    
  1. There Is A Difference Between “Risk Taking” and “Risky Moves.”
A high-percentage entrepreneur reduces the consequences involved in a decision to a low and acceptable level. John Paul Getty, who was at some point in his life the richest living American said “identify the worst possible thing that can possibly happen, make sure it doesn’t happen.” He understood that taking decisions that are risky could actually destroy an established company, talk more of a start-up. In 1995, a British bank called Barings (one of the oldest banks in the world) was put out of business a 28year old banker called Nicholas Leeson. Leeson made very risky investments that gulped over $1.3 billion of the company’s capital in just few months. You could leverage on the advice of mentors, partners, advisers to horn your personal opinions before taking a decision. Never be too rigid to learn, don’t push the opinions of others aside and also know that your opinions might not always be the best in the room. The survival of your venture lies in your ability to effectively distinguish between “risk taking” and “risky moves.”   Written Chimene Chinah
 
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Chimene Chinah (Agent 006)

Personal Development lover and Business strategist. I believe we light up the world first lighting up ourselves  .  Let’s catch up on Social Media follow and add me.

      

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