BUILDING YOUR ENTREPRENEURIAL SKILLS Concluding part

BUILDING YOUR ENTREPRENEURIAL SKILLS Concluding part

Now we know almost all the basic requirements of being a successful entrepreneur, however some other pointers which must be noted are encapsulated below.


CONCLUSIONS

After all that have being said, it's pertinent to note that certain things should be put into consideration as regards Entrepreneurship.

•  Pay yourself first.

•  Delay gratification

•  Don't pay for everything, get some services on a partnership basis

•  Build a very effective customer service

•  always look for ways of getting feedbacks

•  Ask for referrals

• Start with a lean but effective staff and adjust along the way.

•  Start from simple to complex

• Don't let momentary success overwhelm/deceive you.

Finally, you need to work seriously on your managerial skills, because Entrepreneurs are managers, they manage People, time, money and policies,
All above make a good entrepreneur.

We hope that this little effort of ours would spur us all to start thinking on how to become Entrepreneurs.
We wish you the best in life endeavours.

Thoughts&Reflexes
CREDIT: Bakare Haneef Akinsola (Co founder, BuyHalalng.com)

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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)

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Building your entrepreneurial skills part 1

BUILDING YOUR ENTREPRENEURIAL SKILLS: A PRAGMATIC APPROACH PART 1
INTRODUCTION
Take a quizzical look at the present economical quagmire which our beloved country is neck deep in, the level of economic recession and the massive rate of unemployment, it becomes imperative that all Nigerians begin to think and reflect on the best approach to remove ourselves individually and collectively from this menace of Economic recession. One thing that easily comes to mind in a bid to escape this quagmire is self employment, a feat that is possible only when we all go into ENTREPRENEURSHIP
 
WHAT IS ENTREPRENEURSHIP

Entrepreneurship relates to the pursuit of risky and innovative business ventures to capture new opportunities.
Entrepreneurs are innovators, willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problem,
In other words, every person with his or her senses is bound to be an entrepreneur,  The grandmother selling moimoi near the street is an Entrepreneur,
Likewise the woman hawking pap early in the morning.
No doubt, entrepreneurship is the way out of the seemingly expanding unemployed labour force in Nigeria. But the lack of skills on the part of the Nigerian youths has really been contributory to this problem.(Muhammad Basheer Ishola, President, Union of campus journalist, Unilorin).
Jack Ma, founder of AliBaBa, said, there's power in the youths thus virtually all the youths should be an entrepreneur.

BENEFITS OF BEING AN ENTREPRENEUR
Abound are numerous reasons why you need to be an entrepreneur especially as a Nigerian Youth, particularly as a student.

• Financial freedom

• Freedom of Time

• Being your own boss

• You're an employer thus contributing to the growth of your nation's economy

MISCONCEPTIONS ABOUT ENTREPRENEURSHIP

Many of us have nurtured some misconceptions about entrepreneurship, below are some of those widely believed misconceptions.

• Thinking you need to be super rich

•  Thinking only those with degrees in Entrepreneurial studies can excel

• Wrong notion that the country does not support self employment.

• Add yours, we know you have.

We stop here for now watch out for the second part where necessities of Entrepreneurship would be analysed.

Brought to you by Thoughts&Reflexes

CREDIT: Bakare Haneef Akinsola (Co founder, BuyHalalng.com)

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