ENTREPRENEURSHIP

To achieve success in life, there is a secret which, when unraveled makes you stand head and shoulders above others. Generating a good business idea is about setting goals working hard to achieve them seeking legitimate ways of continuous improvement and adding value to your goods or service.

Your ultimate height in life is a function of the insight that you have. This insight determines your height in life and it is acquired through research for relevant information.

In other words, the best way to generate a good business idea is to start with who you are and what you can do. Check around you, there are needs, cravings for satisfaction. How do you meet these needs by thinking about your own possible solution?  Who you are and what you are, is not only your educational background or your profession in life but your talents, skills, experience, education, etc. The solution to the needs of the environment or a place may not tally exactly with what you are doing in your field or profession but the solution you provide is unique and by doing those things you can do better. For instance, an Engineer may be naturally business inclined; nothing stops him from getting involved in the business. A civil servant who can make beads; nothing stops him from doing such after working hours. An able person retrenched or retired who has the know-how about farming; nothing stops him from pursuing it.

That you are a graduate in a particular field or profession or that you are a graduate in a particular field does not mean your riches must come from it. Your field and education help you to harness these special abilities, hence when talents, skills, experience are combined with education,   the result is wealth.

Moreso, your beginning may be small but your end will surely be great. Everyone that is at the top today started from somewhere, so you have to start from somewhere too. Skilled or unskilled, educated or uneducated, you can make it in life. You must have this conviction before you embark on the journey to success in your business.  Going by the 2001 National Population Commission Census figure, Nigeria has a population of about 150 million people. It was observed that 25 million are unemployed. 15 million people are unemployable due to a lack of skill or experience. Some people have theoretical education and certificates without relevant experience.

STEPS TO TAKE TO BE AN ENTREPRENEUR

1.   Identify a problem or a need and think about providing a solution in a new or existing business.

2.   Generate a business idea

3.   Group your business ideas into tangible and intangible business. Tangible businesses entail buying and selling of items or products. Intangible businesses entail buying selling services e.g. comedy,  barbing, oratory, etc.

4.   Identify the service you want to render.

5.   Identify your target market.

6.   Identify how you will make your service or product reach the target group or market.

7.   What are the uniqueness of your ideas and how will you beat your competitors.

IDENTIFY A PROBLEM OR A NEED AND PROVIDE A SOLUTION TO A NEW OR EXISTING BUSINESS

Before starting, why do you want to go into business? The right answers to this question would definitely motivate you in a great measure to delve into the business of choice without hesitation.

Some common reasons for starting a business are:

·        You want to be your own boss

·        You want financial independence

·        You want to meet a need

·        You want to fully utilize your skill and knowledge.

To only dream of the person, you would like to be, is to waste the person you are. Don’t just dream of accomplishments; stay awake and do them. You need a break from your thought process. Imbibe positively, if you are doing something already, stop for a while and think about how you can improve it.

Assess what is working and what is not working. Look for new ideas, read wisely find new formulas, then take action.

No doubt you’ve come up with new ideas several times that could net in tons of money for you and yet you are still in the same place. You were temporarily excited when that idea came in your mind. You even saw the money flowing in. You were ready to act but you hesitated. Then…, some nasty self-doubts started creeping in. Who do I think I am? If these ideas were any good, someone would already be doing it. What if I fail? What will people think? You have gone from an excited entrepreneur to a deer frozen in a car’s headlights. You’ve just killed your dream. This happens to everyone, however, the difference lies in the ability to master and overcome such doubts.

Take control of your own destiny now because today’s decisions are tomorrow’s realities. Shun idleness “ you can’t build a reputation on what you are going to do’ Henry Ford.

The decisions we make in life greatly determine what we achieve. Achieving our destiny is a matter of our decisions. Being able to know when to make quick decisions is an important skill.

It is time to set your goal and fire at your aim, your destiny is not a matter of chance. It is a matter of choice. It is a decision that determines destiny.

You might have wallowed in financial slavery because of the wrong decision you made, but you can still regain the lost grounds. Wake up from your slumber. You can succeed, you can own and manage your own enterprise.

Don’t procrastinate anymore. When you put things off, it kills the momentum, slows achievement of current goals, and restricts future opportunities as time moves on. Tackle procrastination by setting deadlines for the achievement of definite goals. “ One day, today is worth two tomorrows Benjamin Franklin”

Take action now! There is no more time to waste. Don’t wait for tomorrow. Remember, tomorrow is the only day in a year that appeals to a lazy man – Jimmy Lyons.

GENERATING A BUSINESS IDEA

Many people continue to struggle throughout their entire life and ultimately die wretched or at best penniless because of lack of livelihood. Truly speaking, most of them desire the niceties of life but never made efforts to attain that desired state. The type of upbringing some had the orientation of their brain, certificate mindset. Play safe mentality is one of the factors responsible. The fear of the unknown, the fear of venturing into an unknown venture inhibits many people from fully exploiting their innate potentials. They prefer to move with the crowd, the army of men and women held captive by civil service mentality. Going to school, getting good grades, and looking for a safe and secure job is their guiding goal. They pass the same orientation to their children and the cycle continues. Governments are often blamed for the high level of poverty in the land. A critical and dispassionate assessment reveals that we hold the keys to our financial liberty, only that some don’t know or know but are hesitant to do them.

To be successful especially as an entrepreneur, you must DARE TO BE DIFFERENT. In fact, you must go beyond daring to be different. Think differently,  act differently, and make your finances positively different! Runaway from living an average life. Don’t be contented with being mediocre. You weren’t created to be a mediocre but a champion.  Emancipate yourself from mental slavery. Only we can free our minds according to Bob Marley’s song. The worst thing that happens to many is that they die fearing to step out of their comfort zone. They prefer to remain where they are, earning the little money they are earning than delve into an unknown venture.

To be different means to think differently. To think differently is to imbibe high-performance thinking, that is thinking and acting like a winner. A positive optimistic mindset is a rule. That others have tried that idea you are exploring and failed does not mean that you will fail also if you take a shot at that business idea. You might probably transform into unlimited success. You can not conclude if an idea is workable or feasible until you try it out. You might have dreamt of accomplishing great things in your lifetime. You can be successful and acquire the things you desire. You can become what you have always wished to become. You must learn the secret of thinking like a  winner. These will immensely aid you in your quest to be different. You can succeed where others fail.

Think about those that have engraved their names on templates of gold through their high-performance thinking and solved societal needs.

Think about Isaac Durojaiye a.k.a Otunba Gadafi

He is the Founder, Pioneer, and Managing Director of  DMT toilets. Isaac Durojaiye studied Graphic design and Business Administration but ended up in the security business, probably because of his imposing physique. Over the year, he served as an investigator on credit card fraud for matters for American Express Card, United Kingdom, and as a chief bodyguard /chief security officer to late chief M.K.O. Abiola. He equally carried out major security assignments for both the private and public sectors. He was a thoroughbred security expert. He discovered a business opportunity when he was hired to provide security at a large society wedding. He noticed that the toilets facilities at the venue would not serve the needs of the attendees, a situation that posed security and health threat. He then proceeded to construct 18 toilets inside three containers.  In his own words, this worked perfectly well”. This gave rise to the creation of DMT Mobile toilets, a company that proudly manufactures, sells, rents, leases, and maintain mobile toilets, a company manufactures, sells, rents lease, and maintain mobile toilets in Nigeria. On the body of each mobile toilet is the inscription “ shit business is a serious business” depicting how well he is doing in his current business.

Through his vision,  hard work, and creativity, Otunba Gaddafi has demonstrated that it is possible to achieve a double bottom line in Nigeria. He has proven that it is possible to make money while transforming the environment and the lives of millions of people. He has changed the face of outdoor functions in the country for good. He is a pacesetter.

COLONEL SANDERS: The Founder of Kentucky Fried Chicken was turned down 1009 times when he tried to get the interest of others in his recipe for chicken. He drove from town to town, often calling on restaurant owners, often sleeping in his car. He strongly believe that the secret recipe would eventually pay off. His persistence and belief in himself and his recipe finally paid off in a big way! His tenacity is inspiring especially when you consider that he found his success when was already 65 years of age.

    Colonel Sanders kept his chicken recipe a secret but he was willing to share his recipe for success.

-         Never quit

-         Always believe in  yourself

-         Be patient

-         Be positive

Robert Kiyosaki: In his famous book “ Rich Dad, Poor Dad” drew from Sander's example thus, “ when you are in doubt and feeling a little afraid, just do what Colonel Sanders did to his little chicken, fry it.

Come on! Look at the lives of great people in business i.e  Entrepreneurs and get provoked! There are countless stories of people from all walks of life who achieved remarkable success. The stories of successful people have common characteristics. This has to do with patience, persistence, a positive attitude, and never giving up spirit.

ii. GROUP YOUR BUSINESS IDEA

It is very imperative to group your business idea into (a)  TANGIBLE AND (b)  INTANGIBLE BUSINESS

(a) TANGIBLE BUSINESS This is buying and selling of items or products. It has to do with the power to coax and convince people into buying a visible product e.g. Market promotion, personal selling, Media advertisement, etc.

(b) INTANGIBLE  This is the buying and selling of services e.g. Artist, (comedians and Actors), sportsmen and women, Motivational speaking Presentation, Barbing, styling, and Tailoring.

iii. IDENTIFY THE SERVICE YOU WANT TO RENDER

This could be referred to as an effort geared towards trying to do something that is not in place or trying to do something unique, solves a problem or meet a peculiar need of a people or place.

This may involve the use of initiative or physical strength. Skilled service requires training in a particular profession, unskilled service requires raw strength to achieve.

Be as it may, it is good to be tactful and skilled in any service you wish to render. You need to bring out the best in you, no matter the level of business or service you want to render or do.

For example, groundnut or roasted plantain seller with good packaging skills may be able to sell in a supermarket. This will not only give the privilege of monopoly but generate a lot of money for his business. In fact, to carve a niche for yourself, you must learn and obtain the required skill and experience to produce a marketable product that will attract high patronage.

iv. WHERE IS YOUR TARGET MARKET? HOW DO YOU GET THEM?

No individual leaves his own home and travels several thousand kilometers to another man’s land to work or trade if not for profit. The focus of any business or service is to do anything legitimately possible to make a profit. Any business you start for the fun of it is just a mere waste of resources. The basic objective or priority is to target a market that has a potential need for your products or service(s).

v. WHAT ARE THE UNIQUENESS IN YOUR IDEAS AND HOW TO BEAT YOUR COMPETITORS

To increase your chance of succeeding in any business, you need to take time to explore and evaluate your business and personal goals. The information gathered will assist you in building a comprehensive and well-thought-out business plan.

Before starting, you must examine the reason you want to go into the business. They must be right. The most common reasons may include:

Ø You want to be your own boss

Ø You want financial independence

Ø You want creative freedom

Ø You want to fully use your skills and knowledge.

Positive responses to these reasons will galvanize you to success The Small Business and Technology Development Centre usually compare the art of developing small business to the art of parenthood. People who try to start a business in order to fix a shaky economic or employment situation do not tend to be more successful than people who decide to have a baby in order to fix a shaky marriage”. Next, you need to determine what business is right and will bring out the uniqueness. Ask yourself:

What  do I like to do with my time?

What technical skills have I learned or developed?

How much time do I have to run a successful business?

What do others say I am good at?

Do I have hobbies or interests that are unique and marketable?

After these questions, identify the niche your business will fill. Conduct the necessary research to answer these questions.

Is my idea practical and will it fill a need?

Who are my competitors

What is my business advantage over existing firms or competitors?

Can I deliver a better quality service?

Can I create a demand for my business?

The final step before developing your plan is to do the pre-business checklist. You should answer these questions.

What business am I interested in starting?

What services or products will I sell?

Where will I be located?

What skills and experience do I bring to the business?

What equipment or supplies do I need?

What Insurance coverage will be needed?
What financing will I need?

What are my resources?

How will I compensate myself?

Your answers should guide you to create a focused, well-researched business plan that should serve as a blueprint. It should also provide milestones to gauge your success. The business plan should detail how the business will be operated, managed, and capitalized.

Finally, you make a SWOT test of your ideas and plans.

 

S        -      Strength

W      -      Weakness

O      -       Opportunities

T       -       Threat

 

After SWOT Test, you can now make a workable feasibility study of the project you want to embark upon.

WHERE TO SOURCE FOR BUSINESS IDEAS

1.   Education

2.   Hobbies/Interest/Talent

3.   Personal skills /Experience

4.   Mass Media

5.   Exhibitions/Seminars/Workshops

6.   Public/Private complaints

7.   Government Policy

8.   Research Findings

9.   Trend Analysis

10.               Rudiment skills and technology

11.               Access to raw materials

12.               Available natural and human resources.