ENTREPRENEURIAL SKILLS FOR BEGINNERS

I'd just like to say that I have been a hardworking person all of my life. I've always put my best foot forward, knowing that the journey ahead of me is not a bed of roses, rather it looks like walking on a rope, and so some kind of risk had been involved. I have put my shoulder to the wheel and nose to the grindstone. I have burnt the mid night oil at both ends, rose early, and went to bed late. Although I'm not a workaholic, and I will never be, but I usually do everything I can to improve the shinning hour, Why? because I'm an entrepreneur.

Talent is no longer enough in today's highly competitive marketplace, so one needs to develop his or talent into a skill. A skill is a way of doing something in a way that is unique, and unusual, and that separates one from others. Being an entrepreneur is not enough, one has to develop entrepreneurial skills, and I will be sharing some of them with you,

RISK TAKING

Before embarking on the journey of entrepreneurship, one has to be prepared for the risk that has to be taken especially when one is just starting. When I started my own journey, though I have gotten to the height I had loved to attain, I risked my time, my education, my resources my finance, and even my health at some point. The journey is filled with a lot of uncertainty, and oftentimes, it looks like jumping into the unknown and hoping that one will, over time learn the ropes, and get by.

Since risk taking is inevitable, then there is need for a risk management system. That is, how do you take calculated risks? And that's where planning and organisation comes into play. Before taking risk, I think one needs to read in between the lines, and if possible, come up with a plan B in case things don't go as planned, as they sometimes will, so that you don't get your fingers burnt.

PERSISTENCE

I have observed that entrepreneurs are not the brightest, sharpest, or most intelligent people, those are the attributes of scholars, and academics, not entrepreneurs. One denominator of entrepreneurs is that they are persistent. They may not have all the degrees, but they know what they want and they won't stop until they get it.

Given that less than forty percent of businesses today, survive past five years, then only the "die hard," strong headed people who are so stubborn that fly in the sky, to make their dreams come true. In the absence of wings, they will run, and when they can't run, they will crawl. By every means possible, they want to survive past their struggles, until they achieve success.That's the entrepreneur's spirit, or what some people call the warrior spirit. Warriors don't get tired until they win. I will like to end this point in the words of Peter Bankole of Lagos Business School: "It's a tough world out there! mediocre can't survive for too long and when they do, they can only operate as peripheral players."

CAPITAL

An entrepreneur has got to be money wise. Though the reason he/she is in business in not just to make profit, money serves as the grease that keeps the wheel of the business moving, smoothly. It is always good practice to have an emergency fund solely for the business outfit, and the fund will be useful when, perhaps, when one to seize a business opportunity.

Money management also have effect on employee's salary. If the entrepreneur is not money wise, sooner or later, he/she will be owing his/her accountant or secretary three month's salary. Money is also needed in implementing growth strategy.

Aside financial capital, entrepreneurs need human capital. You cannot succeed alone, so you need like minded people, people who share the same vision with you. Grooming and helping others to discover and develop their potentials is the work of the business leader.

Presently, we have the 7th generation of Henry Ford championing the course of the Ford Group of Companies. Until you have developed people, your business does not have a life of its own. The later means that when you are sick, the business is sick. When you are financially down, the business is financially down,and perhaps when you die, the business dies. As entrepreneurs, we have to create the big picture for others to see. A vision compelling enough to motivate your team so that when we eventually die, the business empire outlives us.

Lastly, entrepreneurs need to develop relational capital. As your business expands, you can easily become isolated from some of your workers, which is not supposed to happen. Charles Schwab, a very successful entrepreneur, once decided to travel in a train, instead traveling in an aeroplane, to enable him discuss with his driver. Don't forget that the higher you go in management (or any business for that matter), the less of technical skill you need, and you need more of people skills.

NETWORK

A network could simply be a friendship founded on business for the mutual benefit of one another. Your network consists of those people whose contact you have, and had developed friendship with. The truth is that every new positive friendship we develop, based on business, can be of great benefits, not just today alone, but sometime in the distant future.Furthermore, someone's call on your behalf, or his/her hand written letter , or better still, his/her business card can take your business to the next level. It can open doors for you.

Your network should also consist of people who have the same vision, passion, and motivation as you. It should consist of people with whom you can have monthly or bi-monthly meetings, where you sharpen each other's axes. It has been said that you are just three persons away from whatever you want in life.

INNOVATION

An entrepreneur is an innovator, who paints a big picture that motivates a marching order. The entrepreneur must be willing to always re-invent himself/herself,at all times, to remain relevant in the marketplace. Since the particular needs of customers change per time, entrepreneurs must embrace change. "If the rate of change outside your organisation is greater than the rate of change inside your organisation, then the end is not in sight.

I will like you to share your views with me on this article.

Agbolade Omowole, Computer Science of the Ambrose Alli University, helps young people and the young at heart to live the life of their dreams. You can reach him on:

E-mail:agboolaa_coach@yahoo.com
Mobile: 08020777803