WHY MUST YOU CONTINUE LIMITING YOURSELF TO SERVING SOMEBODY WHEN YOU CAN DEVELOP YOURSELF INTO FULL FLEDGE ENTREPRENUEURSHIP? GET THESE IDEAS OF LAUNCHING YOURSELF INTO FULL FLEDGE ENTREPRENURIAL CAREER!

 

In this era of scarcity of job salary work I think with your educational background or apprenticeship training what you should be aiming at by how is how you can become a successful entrepreneur.  Therefore to get to the level of entrepreneurship there are certain principles you have to be acquainted with because an entrepreneur is different from a business man or woman.  Thus failure of keeping these principles by some business men and woman are found to be responsible to their collapse after sometimes of taking off.  According to Ife Adedayo, ability to turn ideas into money making venture lie in the knowledge of business management techniques as well as ability to manage through problems when they arise.  Some of these strategies are what entrepreneur like your expected to have sound knowledge of before embarking on business ventures. These are what we are going to discuss in this paper.  They include adequate knowledge of principle of entrepreneurship, problem solving strategy, understanding of market, financial strategy, start with a small business, and good work team selection.

 

1. ADEQUATE KNOWLEDGE OF PRINCIPLE OF ENTREPRENURSHIP

 

Studies have revealed that the poor knowledge of principles of entrepreneurship often responsible for failure of some businesses.  As an entrepreneur you are supposed to have sound knowledge of marketing going to.  This will prepare you for any eventuality that may come up in the cause of running the business.  Therefore you as an entrepreneur should be ready and prepare to take risks.  This should not be a problem because you must have done your homework properly through a feasibility that you will have enabled you analyzed the effects and defects of certain decisions.

 

1. PROBLEM SOLVING STRATEGY
    

As an entrepreneur you should be able to meet immediate needs of the target market.  The act of meeting their needs is a problem solving mechanism which can be taken care off through feasibility studies.  This process will not only stand you out among the competitors but also create a niche for you.  This is strategy employed by the pioneers of online marketers. The outcome of problem solving strategy gave birth to online shops that have conveniently brought products or services to the doorsteps of targeted consumers.  Bookings are done online and payment on delivery.  This is a fantastic problem solving mechanism.  Therefore you should begin to develop your capability in this area through understudying the profile of some successful business man and woman to learn the strategy they adopted in order to fashion out idea that will suit you.  According to Mr. Dele Momodu, the Publisher of Ovation magazine, once said some years back  Late Chief Moshood Olawale Abiola was his mentor that motivated him to achieve what he is today.  He said and I quote: “Chief Abiola says when you get to a place where you want to establish business, look for what they lack and invest on it.  This was the idea he used to establish Ovation magazine in Ghana.  He said when he got to Ghana he discovered that on Sundays there was no publication.  Whereas he said further Sundays supposed to be resting days after church services when people would have time to read newspapers and magazines.  He used the opportunity to open a branch of his magazine in Ghana and was able to make an edge over his competitor as a pioneer of Sunday publication.

 

1. UNDERSTANDING OF MARKET

 

As an entrepreneur you need to constantly carry out research to be conversant with the market needs and how to meet them.  Before you commence business at all, like I said in the last paragraph you need to do a feasibility studies that will enable you identify your target markets, their required products and avoidable price. It will enable the business to compete favorably in its chosen sphere.

 

1. FINANCIAL STRATEGY

 

Having identified your market and its consumption power brought about as a result of intensive research the next stage is calculation of finance to meet them.  Business should be run in line with predetermined budget to avoid running at a loss after a period of time.  Some businessmen do not take this aspect into consideration and later find themselves in liquidation.  Therefore as an entrepreneur you need financial strategical skills to be able to prepare an annual financial estimate that will take care of income and expenses in such a way that gives correct figure or of profit or loss.

 

1. START WITH A SMALL BUSINESS

 

It’s always good to start with small business to be able to learn the intrigues of business management. This will not only afford you opportunity of being very close to your customer to address their needs, listen to their complaints and able to make quick adjustments when and where necessary. As a beginner, is always advisable to start small so that if anything goes wrong, it will be very easy to adjust and the loss will not be much.

 

1. CHOSEN YOUR TEAM WISELY

 

Another area that requires entrepreneurship principle is the selection of working team.  Appointment should be by merit and not by mediocracy or friendship or family lineage.  You can employ the service of professional to appoint your working team.  As a beginner delegate responsibility but allow them to account to you.  Best way of approaching this is by conducting a weekly management meeting to be chaired by you for proper control.  Management Board should comprise of different heads of units. Also, once in a year, a regular workshop or seminar can be organized for staff where experts in relevant management fields are invited to give talk on effective management strategy to enhance workers job performance.

 

1. CONCLUSION

 

All the aforementioned tips are the necessary ingredient for effective entrepreneurship venture.

 

SOURCE:

 

Ife Adebayo Turning Your Idea into Profitable Ventures Punch Newspaper of July 31, 2014 p.8.