It is instructive for intending youth’s entrepreneurs to note
that success in entrepreneurship involves consistent production of
products or rendering of services that met the specific needs of
customers coupled with the ability of the firm to provide quality
customer services that will compel repeated customer patronage which
increases the profitability of the firm, to sustain and grow the
business.
However, research has shown that for every one thousand newly start-up businesses, ninety percent fails within the first five years of operations due to factors that I don’t want to bore you with for now. But on the other hand the ten percent that succeed was due to certain qualities displayed by the entrepreneurs operating them. So what are these qualities?
Here are some of them that intending youth’s entrepreneurs can access to develop themselves and deploy in their entrepreneurial venture:
1. An Agile Mind:
It’s useful for entrepreneurs to possess an agile mind i.e. the mind to think quickly and intelligently so that he/she can be able to assess business opportunities after identifying a need and move swiftly to fulfill it.
2. Business Consciousness:
Actually, true entrepreneurs are business conscious people who are completely obsessed with business opportunities and can easily identify one even when others see it as a problem. e.g when Jimoh Ibrahim bought NICON from the federal government; it was a failed public corporation and constituted a problem to the government but to him it was a cash cow waiting to be re-structured and provided with good management.
3. Dynamism:
A true entrepreneur must possess the energy and enthusiasm to convert business ideas into reality. And this usually plays out in their capacity to put together a bankable business plan which assist them to secure finance to execute their business idea, work hard to pull out their business from a state of declining profit to a margin of profitability through the introduction of new ideas, creating new business environment, spotting trend and adding new product lines to meet changing taste of customer, creating awareness of their activities to turn around the fortune of the business for the better.
4. Leadership Skills:
This is very key to success in entrepreneurship because an entrepreneur should be able to select a team, delegate and direct, initiate actions, communicate, control, inspire and motivate employees towards achieving organizational goals/objectives.
5. Courageous:
Successful entrepreneurs are courageous people who usually cope with the risks associated with running a business concern such as low – patronage, harsh economic environment, risk of losing one’s total investment and dwindling fortune of the business etc. Despite all these afore mentioned risks they sum up the courage to run their business successfully.
6. Discerning:
The capacity to exercise a good sense of judgment plays a significant role in your being a successful entrepreneur because entrepreneurship involves making decisions i.e choosing between alternative. e.g before opening shop an entrepreneur may decide to either employ a full-time staff or outsource most of his/her activities.
7. Knowledge ability of market:
Having a good knowledge of your prospective customers and target market coupled with information on what their specific needs are before executing decision associated with the market mix variables i.e product, place, price and promotion are critical issues in successful entrepreneurship.
8. Hard Working:
Successful entrepreneurs usually display the capacity to work for a long hours in their business. And very often they do not see the long hours invested as working but feels as if they are having fun. This attitude is attributable to their love for their business. Perhaps, this explains why it’s extremely necessary for you to engage in business which you truly love. Indeed engaging in a business that your heart is not is a recipe for disaster.
9. Ability to Accept Mistake:
As you embark on your entrepreneurial journey, you’re going to experience a lot of strange things in the business arena. And when you do, you can look so stupid. And you’ll begin to say to yourself: why do you allow this to happen with all your experience.
My candid advice to you is to quit bothering about it. Accept you made a mistake and move on.
To succeed as an entrepreneur you must develop the capacity to take mistake as a practical experience that equips you to be able to pursue your entrepreneurial dream to a successful venture.
10. Having more than profit motive for setting up a business:
Although the chief aim of an entrepreneur setting up business is to make profit but if you make profit – making your dominant goal for being in business, you’ll never succeed. This is very key because of the get rich-quick-attitude among youths in recent times. Take for example: A supermarket operator who refuses to destroy an expired Tin-food stuff because doing so will make him/her lose money and thus went ahead to sell same to an unsuspecting customers. Now if the expired tin-food stuff causes food poisoning that resulted to the death of the customers, he/she will be in serious trouble if the cause of the death is traced to the expired tin-food sold to them. Even if the customers merely discovered that the tin-food sold to them were expired stuffs and they were constrained to disposed of them, they won’t return to the supermarket again. And worst still if they decide to tell prospective customers of the supermarket of their experience: The net result will be lack of patronage and poor sales turn-over which will directly affect the profit margin of the supermarket. It’s worthy of note that hardly can any business survive without repeated customers patronage and favourable words of mouth recommendation from satisfied customers.
11. Networking:
Actually, true entrepreneurs are always networking with others to enhance the success of their business. And they do this through joining trade association, social clubs and relevant business association for ideas and contacts to promote their business.
12. Capacity to stay on course:
True entrepreneurs often demonstrate the capacity to hang on, on their entrepreneurial dream against all odds i.e They seldom give-up, despite all odds until they achieve their desire: If they try one method and it doesn’t work, they will another ……………. And another until they eventually get the one that works. Notices that in the process of doing that, those closed to them are naturally going to think that they are out of the mind for persisting. Indeed in entrepreneurship you will constantly have to draw from the reserve of your resilience to weather through the storm of ups and downs, strains and stresses, pains and gains that are part and parcel of the entrepreneurial endeavour to excel. It has never being an endeavour for the quitters.
However, research has shown that for every one thousand newly start-up businesses, ninety percent fails within the first five years of operations due to factors that I don’t want to bore you with for now. But on the other hand the ten percent that succeed was due to certain qualities displayed by the entrepreneurs operating them. So what are these qualities?
Here are some of them that intending youth’s entrepreneurs can access to develop themselves and deploy in their entrepreneurial venture:
1. An Agile Mind:
It’s useful for entrepreneurs to possess an agile mind i.e. the mind to think quickly and intelligently so that he/she can be able to assess business opportunities after identifying a need and move swiftly to fulfill it.
2. Business Consciousness:
Actually, true entrepreneurs are business conscious people who are completely obsessed with business opportunities and can easily identify one even when others see it as a problem. e.g when Jimoh Ibrahim bought NICON from the federal government; it was a failed public corporation and constituted a problem to the government but to him it was a cash cow waiting to be re-structured and provided with good management.
3. Dynamism:
A true entrepreneur must possess the energy and enthusiasm to convert business ideas into reality. And this usually plays out in their capacity to put together a bankable business plan which assist them to secure finance to execute their business idea, work hard to pull out their business from a state of declining profit to a margin of profitability through the introduction of new ideas, creating new business environment, spotting trend and adding new product lines to meet changing taste of customer, creating awareness of their activities to turn around the fortune of the business for the better.
4. Leadership Skills:
This is very key to success in entrepreneurship because an entrepreneur should be able to select a team, delegate and direct, initiate actions, communicate, control, inspire and motivate employees towards achieving organizational goals/objectives.
5. Courageous:
Successful entrepreneurs are courageous people who usually cope with the risks associated with running a business concern such as low – patronage, harsh economic environment, risk of losing one’s total investment and dwindling fortune of the business etc. Despite all these afore mentioned risks they sum up the courage to run their business successfully.
6. Discerning:
The capacity to exercise a good sense of judgment plays a significant role in your being a successful entrepreneur because entrepreneurship involves making decisions i.e choosing between alternative. e.g before opening shop an entrepreneur may decide to either employ a full-time staff or outsource most of his/her activities.
7. Knowledge ability of market:
Having a good knowledge of your prospective customers and target market coupled with information on what their specific needs are before executing decision associated with the market mix variables i.e product, place, price and promotion are critical issues in successful entrepreneurship.
8. Hard Working:
Successful entrepreneurs usually display the capacity to work for a long hours in their business. And very often they do not see the long hours invested as working but feels as if they are having fun. This attitude is attributable to their love for their business. Perhaps, this explains why it’s extremely necessary for you to engage in business which you truly love. Indeed engaging in a business that your heart is not is a recipe for disaster.
9. Ability to Accept Mistake:
As you embark on your entrepreneurial journey, you’re going to experience a lot of strange things in the business arena. And when you do, you can look so stupid. And you’ll begin to say to yourself: why do you allow this to happen with all your experience.
My candid advice to you is to quit bothering about it. Accept you made a mistake and move on.
To succeed as an entrepreneur you must develop the capacity to take mistake as a practical experience that equips you to be able to pursue your entrepreneurial dream to a successful venture.
10. Having more than profit motive for setting up a business:
Although the chief aim of an entrepreneur setting up business is to make profit but if you make profit – making your dominant goal for being in business, you’ll never succeed. This is very key because of the get rich-quick-attitude among youths in recent times. Take for example: A supermarket operator who refuses to destroy an expired Tin-food stuff because doing so will make him/her lose money and thus went ahead to sell same to an unsuspecting customers. Now if the expired tin-food stuff causes food poisoning that resulted to the death of the customers, he/she will be in serious trouble if the cause of the death is traced to the expired tin-food sold to them. Even if the customers merely discovered that the tin-food sold to them were expired stuffs and they were constrained to disposed of them, they won’t return to the supermarket again. And worst still if they decide to tell prospective customers of the supermarket of their experience: The net result will be lack of patronage and poor sales turn-over which will directly affect the profit margin of the supermarket. It’s worthy of note that hardly can any business survive without repeated customers patronage and favourable words of mouth recommendation from satisfied customers.
11. Networking:
Actually, true entrepreneurs are always networking with others to enhance the success of their business. And they do this through joining trade association, social clubs and relevant business association for ideas and contacts to promote their business.
12. Capacity to stay on course:
True entrepreneurs often demonstrate the capacity to hang on, on their entrepreneurial dream against all odds i.e They seldom give-up, despite all odds until they achieve their desire: If they try one method and it doesn’t work, they will another ……………. And another until they eventually get the one that works. Notices that in the process of doing that, those closed to them are naturally going to think that they are out of the mind for persisting. Indeed in entrepreneurship you will constantly have to draw from the reserve of your resilience to weather through the storm of ups and downs, strains and stresses, pains and gains that are part and parcel of the entrepreneurial endeavour to excel. It has never being an endeavour for the quitters.
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