January 19, 2021
By: Abdul Banya Braima
Who an entrepreneur is becomes the compelling starting point in navigating the scope of the subject matter leading to deeper insight in creating your own brand in the sector.
According to DAN LOCK( The Asian Dragon) ‘’ An Entrepreneur is a person with a vision to orchestrate other peoples time, money, talent to make his/her vision real.
BRIAN TRACY defines an Entrepreneur as a “person who has the potential to radically improve the world on multiple fronts’’.
In simple terms, I will define an entrepreneur as a person with a creative mindset to make a difference in a business venture he chooses. He must have knowledge about the business he wants to venture into, have passion for it and be determined to succeed at all cost.
What we see flowing from these definitions is the sense that anybody can be an entrepreneur if you know what it takes. It is in this regard that we are witness to the 21st century reality- several people are craving to be entrepreneurs. There is a growing tendency in people leaving their jobs to work at their own pace. This is a growth process- being your own boss and en employer rather than an employee.
The small medium enterprises, hawkers, street traders and owners of market stalls are equally captured in the broader categorization of an entrepreneur. And without reinventing the wheel, the rule applies to them.
Unfortunately though, not everybody has what it takes to succeed as an entrepreneur. The following key attributes scribbled below will serve as a personal screening test to know whether you can succeed as an entrepreneur or not:
KEY ATTRIBUTES OF SUCCESSFUL ENTREPRENEURS:
- LOVE WHAT YOU DO– It’s sad to note that so many people leave their houses in the morning to go do a job, only with the aim of receiving their next pay check. They do not have the passion and love for their job that motivates them to creatively think of continuous improvement. Successful entrepreneurs spend all their time brushing up their skills and taking productive action.
- BE A MAN OR WOMAN OF INTEGRITY– Another goal scored by successful entrepreneurs is bracing their integrity with both hands. If you must succeed as an entrepreneur, you must be honest, reliable and full of integrity. It’s a must that your customers, business associates, employees and all stakeholders in your circle trust you. If by any means they find out that you misrepresent yourself, they will lose confidence and trust in you, which will possible never be regained.
Let me put this in context: I once bought an electrical device from a popular Lebanese businessman in Bo along Bojon Street . In the process of paying for the product, I over paid him. He counted the surplus and handed it back to me. I was surprised and confessed that his action is hard to come by these days. He smiled and told me that the biggest diamond he had ever bought in his life was from a man whom he did similar act to. The old diamond dealer was so impressed that when he took the gem, he headed straight to the diamond office of this honest businessman.
I sincerely learnt a lesson from his story which I certainly will not forget in a hurry. That was how I also became a permanent customer to his shop. Whenever am in Bo I bought whatever I desire from the honest Lebanse. We had since become buddies.
Duping people as a businessman is not smartness. On the contrary, t kills your reputation and buries your integrity.
Somebody says: “When money is lost, something is lost, but when integrity is lost, everything is lost”. Be a man of honesty and integrity if you are to succeed as an entrepreneur.
Still on more attributes of an effective entrepreneur:
- BE DISCIPLINED AND HARDWORKING– To succeed as an entrepreneur takes handwork and discipline. If you think starting your own business is quick fix and conducting your affairs, then you are missing it. You could even be a joker. Successful entrepreneurs go beyond the normal eight (8) hours a day duty to sometimes twelve (12) to fifteen (15) hours. They hardly have time to go for vacations, parties or night clubs, but spend sleepless nights thinking creatively to add value to their business to ensure that it succeeds.
Let share some experience on this point: Whilst i was Marketing/Sales Executive for TIGO Mobile Company in Bo few years ago, Mr Skaikay, a Lebanese businessman widely regarded in Bo town as the most successful businessman in the city( richest man in Bo) almost always greets and passes me at a particular time in the morning between 7: 00 Am – 7: 30 Am. This was the routine time when I usually opened the regional office/shop. He will open his shop which was few meters from my office and start the days business before 8:00 Am.
My thought then raced to the question: this man dresses-up around this time in the morning, when did he wake up, had breakfast before climbing down the stairs to open his shop?
From this case study we are certain that entrepreneurship is not for lazy people.
More things to remember:
- CARE IN HANDLING CASHFLOW- Cash flow in business is the money that comes in and goes out of the business to put it in layman terms. When the out flow outweighs the inflows there is a serious problem. This is why so many business spring up looking bubbling with all kinds of goods, packed full to the brim but dwindle in a couple of months. An entrepreneur that aims to succeed watches with caution what he spends his money on. Whether the business is small or great at start, money must be spent wisely and for the right purpose only.
I had the opportunity to know why Mr. Skaikay who is as I stated earlier widely referred to as the richest man in Bo maintains his business as well as his wealth. Being close to him as a business partner then dealing in TIGO Mobile company products, which he bought and resold as a dealer, I was once in his shop when a lady brought a fowl for sale at Le 35,000. Mr Skaikay negotiated for Le 30,000 but the lady wanted Le 32,000 as last price. I sincerely could not believe that he did not buy the huge cock because of Le 2000 difference. That cock I could have bought for that price without thinking for a second but he did not. That is the most successful businessman in Bo for you to learn from in this instance.
Here is the moral lesson to grab:
Running an enterprise is not an open cheque to live frivolously. You want to wear all the latest fashion designs trending, eat at the latest restaurants, attend all the parties in town and show up as the biggest guy in town… you will fail woefully as an entrepreneur no matter how much profits your business venture makes. Watch carefully your cash outflow, by this I mean what you spend money on no matter how successful you think your business is.
More pointers to get your start your own business that succeeds:
- ENTREPRENEURS ARE COMMITTED TO THEIR BUSINESS.
Entrepreneurs are not easily defeated. In fact, they view failure as an opportunity for future success. If they don’t succeed the first time, they’ll continue to try until they do. Most entrepreneurs don’t take ‘no’ for an answer, they continue to push till they succeed.
How to remain committed:
- Each time you run up against an obstacle, rather than thinking that your idea won’t work or that you have failed, think about what you can learn from the experience so that it does not repeat itself. This is making the best out of the experience.
- Figure out another way to reach your goal from where you are.
- Remember that many successful entrepreneurs fail several times before they succeed.
- ENTREPRENEURS ARE WILLING TO TAKE RISK.
Most entrepreneurs don’t ask themselves whether or not they will succeed – they believe they will. This innate confidence allows them to take risks because they firmly believe those risks will pay off.
How to practice taking risks:
• When deciding whether or not to take a risk, ask yourself, “What is the worst thing that could happen?” and then, “How likely is it that the worst thing will happen?” The answers to these two questions can inform your decision.
• If the worst possible outcome is not really that bad, or is extremely unlikely, it’s probably a risk worth taking.
This is by no means an exhaustive list, but as stated earlier key test you must be willing to pass to succeed as an entrepreneur. This is more or less to whet your appetite; there is more to share in my next series.
