To be an entrepreneur is a call many have attested to and rightly so because of the enormous benefits society derives. Have you felt strongly that entrepreneurship is your calling too? You are not alone, but what differentiates success from failure for most entrepreneurs is heeding to wise reasoning as you embark on this lonely journey.
From the thoughts shared by the insightful membership of The Spirited Hub Facebook Community. Here are eight solid, not mincing words and factual advice contributed for you who wants advice as you aspire to become an entrepreneur.
1. Be Prepared to Embrace the Risks.
Life itself is a risk. Not taking a step a risk and doing so is riskier. This is not to scare you but expose you to the cold reality. You have taken the first risk which is making the bold decision to become an entrepreneur.
“Entrepreneurship is a risky venture but worth it… focus, and stay committed to your chosen venture and fall in love with what you do… challenges will definitely come but be tactical and play accordingly.” – @Ebenezer Essuman
2. Ponder on Why You are advised “Don’t Do It!”
“If you are able to find reasons why you think I should not tell you not to do it, then you my dear friend have found your own reasons why you should do it. I find that when people arrive at conclusions for themselves they do a better job at sticking to it.
Now, qualities, virtues and advices work for everyone differently. Some people breakthrough because they are patient and determined, others are very impatient and a minute spent on something is too long too much but that impatience drives them to try so many things and kaboom! one works and that’s their breakthrough.
People will focus on one thing, what if you are innately wired not to focus on one thing? I will tell you don’t go into entrepreneurship? If you feel offended and have the need to debate it then voila! you are already an entrepreneur because if there is one thing all successful entrepreneurs do, it is that they do not let anyone tell them they can’t or should not do anything.” – @Nora Delali Kumahor
So on your own you begin to ask yourself why you shouldn’t and if you truly want to be an entrepreneur, the fire in you won’t quench and will give you every reason back to answer you “I will do it and I’m prepared for all the challenges ahead.” – @Battseeyon Fynn
3. Failure is a Necessary Evil.
How many times have you failed at doing something? On the issue of failure, research and you will realize that for many achievements by successful entrepreneurs you celebrate today, repeated failures was an inevitable tool for success, so be prepared.
“Be prepared to fail many times. But it is not failure if you learn from that error and not repeat it. If you are not willing to fail and still go on, then don’t start.” – @Marricke Kofi Gane
4. Getting Mentorship is a Must.
Mentorship involves being guided and given right directions by experienced entrepreneurs who have long passed your stage of the journey.
“There is a huge difference between folks who have made it and those striving and doing their best possible. There is a secret, the former knows something that the latter doesn’t. I would advise, have a mentor and be humble in all circumstances to learn because experience is another way of teaching.” – @Ishmael Cudjoe
5. Pursue that Dream, Reward Will Come Later.
Your business idea did not come to you for nothing. Consider the number of people who will be direct beneficiaries if you bring that dream to reality. There are others who also have dreams just as yours, but you know how best it should be executed.
“I will encourage them to go ahead and follow their dreams. I agree because failure teaches you virtues such as patience and humility which makes you want to learn and grow (perseverance). I also think in the initial stages and perhaps throughout the entire life of that project/initiative, one should focus more on meeting the satisfactions/needs of that particular initiative and money/rewards will follow later.” – @Monica Tetteh
6. Solve a problem.
Successful entrepreneurs such as Elon Musk, Mo Ibrahim, Strive Masiyiwa, etc. are all considered great not for the fat bank accounts they control but for the services and products they developed which go to solve a specific problem society is facing. Money won’t come when customers don’t believe in the business.
“Is my idea trying to solve a problem in society? Passion is key.” – @Issah Adil
7. Don’t Start Without Market Research.
All businesses operate well in particular niches. Your product is not meant for all the 7 billion human beings on earth but for a specific market with peculiar behahiours. For a market where many have both failed and succeeded, you need to pull resources together for proper research into your market providing the basis for you to decide if it is worth pursuing or just a mirage.
“I will urge the fellow to research into the chosen field to know if there is a market.” – @Kingsley Gbeho
8. Answer the question, “How Will You Make Money?”.
Apart from the impact your business idea will make on the society, the essential ingredient of success and staying in business is your company having inward cash-flow. Furthermore, for your business idea to be attractive enough to potential investors, one question you should be prepared to find answer to is how you will make money or what is called having a Business Model. You are in business for profits and when it’s difficult finding answers to this question, you may regret you started.
After going through these pieces of advice and mentally prepared for the lonely journey. You are on your way to fulfillment.
Are there other pieces of advice you want to share with aspiring African entrepreneurs? Leave your comments.
Was this article useful? Kindly leave your comment.