BUILDING YOUR ENTREPRENEURIAL SKILLA: A PRAGMATIC APPROACH PART 2

BUILDING YOUR ENTREPRENEURIAL SKILLA: A PRAGMATIC APPROACH PART 2

Sequel to the first part of this write up where we analysed the meaning, benefits, and misconceptions about Entrepreneurship.

NECESSITIES OF ENTREPRENEURSHIP

To excel as an Entrepreneur, there are certain requirements which will help to solidify the possibility of achieving success.
These requirements would be explained in terms of stages

CONCEPTUAL STAGE: You need to have an idea to be an entrepreneur.
Many at times the idea stems from the need to manage or maintain a particular problem, or offer a product which would add value to the end users.
Your idea might be innovative or creative
 Examples; If my idea is to create a website where people can order for akara and moi moi, then my idea falls under innovation
But if my idea is to build a special pot to ease the frying of akara, then I'm being creative with my idea.

So, first step, Conceive an idea

BUILD UP STAGE: This is where a potential entrepreneur carry out feasibility studies on conceived ideas/concept.
Possible actions under build up stage include but not limited to.

• Review of past efforts relating to the idea.

• Strength, Weakness,Opportunity, Threat (SWOT) Analysis.

• Refine and enhance of the idea based on analysis

• Working on methods and logistics that best suit idea
• Getting people with similar ideas to work with as one tree doesn't make a forest.

• Get professional advice and support from those that matters

•  Check for unrealistic policies and replace with realistic policies.

N:B A lot of people would try to dissuade you at this stage, telling you, you are wasting your Money or your Time, Don't listen.

Remember that if you build on passion, it will always keep you motivated
FINANCING STAGE: Every idea you conceive would need money to implement, needless to say this is where majority gets stuck, below are ways to source for funding for your concept.

•  Fundraising: you can organise small event to pull out cash from people. This always works when problem you're solving is general and solution to it is badly needed.

People will appreciate and try to help you.
You need to be wise in doing this as you're partially sharing your idea

• Get Investors: Create a simple blog stating that you're looking for investors, share with friends and families. 
• Government grants or SME funding: self explanatory I guess, even though it's difficult to get

• Scholarship or Foundation grant:There are certain international and indigenous bodies that seeks to finance concepts and ideas,  Example is Tony Elumelu Foundation(unfortunately, this year application has closed few days back)

• Loans: could be from formal banking institutions or from Friends and families.

Always put in mind that, if your idea/concept is truly extraordinary, the funds would find it's way in, you just need to look well

Watch out for the concluding part.
BROUGHT TO YOU BY Thoughts&Reflexes
CREDIT: Bakare Haneef Akinsola (Co founder, BuyHalalng.com)

For more interesting articles, enquiries and comments, visit www.Facebook.com/thoughtsandreflexes