It may be quite difficult to envision better days, prospects, prosperity, and business chances amid trying times like ours. A young business starter will undoubtedly be hampered by the political, security, economic, and social conditions, as well as the deteriorating infrastructure, high interest rates, and the unfriendly environment. However, I’ll be bold and tell you that this is precisely the time for you to boost your confidence and advance. The rule is to hope for the best while preparing for the worse.
I give you “the Top Seven (7) List” of what to do in order to succeed as an entrepreneur. You should read them and put them to use in your business; the results will astound you.
1. You need a solid business plan.
Creating a solid and practical business strategy should be your top concern before starting any venture. This will guarantee the success of your business and a rise in production. Your company plan needs to be carefully thought out because it will be used as a “directive tool” for obtaining success. Before you launch your business, having both short- and long-term business plans with alternatives is not illegal. Due to the fact that both company plans are anticipated to be specifically targeted to accomplishing the same goal, doing this will assist you position yourself to handle any problems that may come your way. It has the advantage that you can build on your short-term company plan to succeed in the long run.
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Entrepreneurs are highly imaginative people who frequently think of novel solutions by looking for chances to complete a project or receive compensation. Being an entrepreneur has no beauty if you are unsuccessful, and the first factor in determining your success is your company plan. Your business plan must outline and demonstrate your company’s vision while persuading readers to help you realise it.
2. You Must Be Properly Prepared
As you begin your entrepreneurial adventure, it is critical that you understand from the start that you are going on a long trip.
This voyage is so long that you’ll need backup strength and energy, “water” in your flask, and if possible “Lucozade” to boost and revitalise you when you’re feeling tired.
This means that your luggage must be full of knowledge about your area of specialisation, and of course, academic knowledge will be an added advantage to help you improve your management skills; strong team building abilities, and excellent communication and time management skills, all of which are frequently perceived as essential leadership attributes of successful entrepreneurs.
Prior to beginning, I had anticipated that you would have considered your ideal location, the expense of conducting business there, and, most crucially, the viability and market acceptance of your proposed goods and/or services.
Planning and preparation are the two most important factors in success, and you must be willing to pay the price before you ever begin.
3. You Must Have Adequate Funding Or Capital
With an effective business plan and understanding of the industry. The second major obstacle is finding the money or capital to launch your own firm. Lack of considerable funding will undoubtedly limit any business’ capabilities and seriously jeopardise the stability and growth of a company.
Many people tend to make the error of thinking that obtaining finance or funding to launch a business should come first, but this is incorrect.
Money without clear, realistic goals and a strong business strategy that includes sufficient research on the industry you want to enter is suicide since you won’t even know how to manage the money.
Before you reach the “money stage,” work needs to be done.
As it is desirable for the business to be financed through founder’s (your personnel) cash, partnerships and or through means other than loans, it is vital to determine how much money a business will require, the cost of beginning the company and other incidental charges. Because your business needs more time to settle and leave her mark in history, loans are not a good idea for startups. You destroy your business the instant you take out a loan to launch it.
The sad reality is that if you are unable to repay the loan by the scheduled date and your business has not yet begun to generate enough revenue to support itself, you are finished. However, this depends on the source of the loan, as some “sources” may believe in your idea and stick with you while many others would not.
4. You Need To Form A Good Team
You must be willing to dedicate a significant portion of your working hours to the concepts you have developed. Your passion will inspire others who join you as you establish a team to succeed in your endeavours. No one person can be good at everything; everyone requires others with complementary skill sets.
You are expected, as a business owner, to be aware of the employment difficulties and to create some equilibrium in your workforce by giving tasks to capable workers. Remember that mental victories often precede physical victories; as a result, you should divide difficult activities into manageable chunks.
The ability to delegate comes from the simple realisation that there are people around you who are better qualified, educated, and trained to handle the tasks you are unable to complete on your own. You can also move up the ladder more quickly by selecting the appropriate personnel for each position.
If you don’t know how to establish a competent team, it could cost a lot of money. Instead, you should build your team gradually and in line with your growth and affordability. No matter what, aim to find individuals who will share your vision and strive for excellence with the same or greater level of passion.
5. Risk Trying At A Reasonable Level
One thing stands out to me as a common factor among successful business tycoons as I read about their lives and careers: taking risks. You might need to take some risks in order to thrive as an entrepreneur, which can either make or break your business. You don’t simply take risks because you want to; you also take risks when they are essential. Your risk must be calculated before you decide that it is worthwhile to take.
Although there aren’t many new opportunities, you must be able to spot them when they appear. Remember, if you want to conquer the island, destroy the boats, therefore you have to be flexible in your means but not your results.
I advise you to take a risk when you are persuaded that the value to be acquired by moving forward is larger than the one to be gained by remaining steady. Taking a risk involves ignoring the self option, it can entail pains, the unpredictable, and the unknown.
Never consider taking unfair advantage of others to be taking a risk. NO! The difference between taking a risk and taking advantage of others is that when you take a risk, you put yourself on the line, whereas when you take advantage of others, you put others in a bitter position.
6. FInd A Good Office Space
The location of your office should be quite important to you. There should be no compromise between the nature of your company and the location of your target consumer base.
Many people choose the space that is provided, yet this is inadequate. Whether you operate from home or a rented office, you must ensure that your workspace is set up to allow you to do so effectively while making it easy for your clients and customers to find you.
My friend is a professional photographer and at one time he was losing some of his most important clients and celebrities because of the neighbourhood where his studio/office was located, along with the lack of parking spaces. He made the decision to investigate the reasons why the majority of his customers had stopped visiting, moved to a better location with adequate parking spaces and now his business has expanded beyond all expectations.
Therefore, I advise you to find a decent location that fits your line of work or type of business while also considering your clientele.
7. You Must Manage Time Well
You need to effectively manage your time if you want to be a successful entrepreneur. You can schedule yourself into the numerous tasks you aim to complete with the aid of proper time management.
If you have an appointment with a client at 10am, make sure to arrive on time because your client might value his time more than your service and may even have another commitment to attend to. You must be punctual and accurate while keeping appointments. Ignore the catchphrase “African time” and work diligently according to the global clock; this will help you advance and gain respect.
