Five Things Every Entrepreneur Needs To Get Right
Entrepreneurship, the new kid on the block is not a thing for the faint-heart. In the developing world, it is the most encouraged things. It reduces unemployment, encourages innovation and of course empowers young brains to put their knowledge gained from schooling and ideas to work.
Though several startups have come out from virgin zones, not many have survived the scrutiny and test of the market and business environment to enable them graduate to an SME's or anything viable in the business ecosystem. In fact one can wager a 8/10 probability of failure for most start ups. This implication doesn't look encouraging.
Below are five things each entrepreneurs needs to get right to enable them start their business right.
Don't shy away from getting help:
Going solo is usually the norm since not everyone will buy into your vision for your business. However one must not shy away from getting help when the need arises. One cant be the epitome of knowledge on all things. "At a point I had to get help from friends, hubs like iSpace Foundation etc on how to manage my finances and that helped me immensely", said mydocgh.
It is always advisable to have a mentor, coach, expert, to guide you through your Journey as an entrepreneur. This is one thing hubs like iSpace Foundation can guarantee you as part of their community.
Get your finance in order:
Entrepreneurs can be hard headed, they want to start big, start on their own and start with little limited capital and in some cases zero funds. This might sound ambitious since there are success stories to motivate them. But truth is, many businesses fold because of funds shortage. It can either be due to salaries or due to fixed asset investments.
However, there are plenty of options available to a budding business owner. The first and most common place to seek capital is with friends and family. If that is not enough, expand the search to angel investors and venture capitalists. Should these options not provide the amount needed, then apply for business loans through banks and small business associations.
Get your research right:
Research is very important. You can have the best ideas but poor research can make that idea redundant. There is a saying in the entrepreneur ecosystem that says "Business ideas are overrated".
You need to understand your industry and its players to know how to position yourself right for maximum benefit.
You need to explore the target demographic which will inform your decision making in terms of marketing and product designs.
All these will help you deliver not only what the client might want, but also part of what you have envisioned for them.
Make all legal aspects a priority: There is always the problem with legalities in form of partnerships, Co Founders, Intellectual properties and the like. Some of this problems could be avoided if the entrepreneur took steps to document signed agreements from the very start. Even family businesses have to be documented since human behaviour in relation to money cant be determined long term.
You also need to register your business so you might not be cheated on taxes in the long term.
Get the right team and culture:
You cant work alone and you cant work with everyone. You first need to know and adapt the right work culture for your team. This implies the way things work at the workplace must be peculiar and must fit in with each team players goals. Individuality is great but teamwork requires the right culture and relationship to work.
You also need this individual team members to be competent and have constant training if necessary to help your business progress.
It is also advised to give little shares of the company to certain hard-working workers to keep them loyal.
What other things do you think entrepreneurs need to start up their business right? Your comments are welcome!