Wednesday, January 24, 2018

Know the Ins and Outs of Business

Given our economic reality, it is not every day that every young person will have employment. African leaders have taken it upon themselves to promote youth entrepreneurship as a solution. But as an aspiring entrepreneur you need to be aware of what entrepreneurship entails before your entry in to it. Passion, determination and hard work is what entrepreneurship is all about. You can have the greatest idea, but if you do not execute it and turn it in to a reality? It will remain just as that, an idea! What most of you young aspiring entrepreneurs lack out there, is courage. If there is one thing that stands in the way of your success, is exactly that, lack of courage. So develop that courage and do the unthinkable.

Entrepreneurship is the willingness to go an extra mile.  Stand out from the crowd and be one of those who will not wait for funding to execute their business ideas. There is nothing wrong with being funded but there is everything wrong when you put it on hold. I started small without seed capital and that did not stop me from turning my dream in to reality. The entrepreneur you know me to be today, was never that entrepreneur more than a decade ago. It took me a good number of years. I had my first company since I was 14, It was never an overnight success.

Another mistake that young entrepreneurs make, is entering in to industries that they have no knowledge about. Choose your industry wisely. It's one thing to start a business with little experience or business know-how, but it's another if you do not take time to do your research and familiarize yourself with the industry you are planning on penetrating.  Know your target market, and commit to a market solution. Do not sell people dreams, just do what is expected of you. Just like all other businesses, you want to make profit. But bare in mind that business is not a money making scheme. It is rather finding a gap and closing it.  Put in all your efforts. You do not have to do it all by yourself, know when to seek outside help.  Hence no one succeeds in business alone.