Alongside others, I was a panelist at the 41st CVL (Centre for Values in Leadership) tribute colloquium in honor of Prof. Emmanuel Edozien where we talked about “The Spirit of Enterprise”.
I defined entrepreneurship as an opportunity to meet people’s needs (to solve problems) through creating products and giving profitable service. Successful entrepreneurship is about curiosity i.e being able to ask specific/right questions and getting the right answers.
The quality of your questions as an entrepreneur will determine the quality of answers you get. Entrepreneurs MUST ask Questions like:
- what are the problems
- Who has the problem
- Where are they
- Why do they have the problem
- What are the solutions
- What are the needs
- How best can that need be met
- Where is the real money and profit in providing the solution to this problem
- Where are the opportunities
- How can I solve the problems in a profitable way
More critical questions to ask
Who am I (IDENTITY)?
What is my personality?
What am I gifted for?
What are my talents?
What skills sets do I have?
What am I passionate about?
From the entrepreneurship policy perspective, there are 3 angles to the policy conversation
2. The Entrepreneur
3. The Market
But as an entrepreneur, you have to choose your battles and ask What can we change in spite of an environment where the policy doesn’t favour me?
Here are a few:
Make a Key Policy Change Move i.e vote in the right people into office
Be Dynamic and Flexible (like Aliko Dangote, who invests in policy, lobbyists)
Find out who makes policies in your business area and understand what makes s/he tick
Study government policies and the implications of these policy changes in your industry . So, ensure that you Study the budget, Follow the budget and Follow the money
How to be a Dynamic Entrepreneur
Ask yourself: What am I selling? What line of business am I into? What category of need does it meet?
Are you into Transportation? Then no matter what the change in policy is, you can change business into any of the following – Air, road, train, Cab order services like Uber, taxi, executive Chauffeur, petrol motor spirit, car servicing, selling brand new or used cars, etc
Accommodation? Then no matter the change in policy, you can change your business into any of the following – Building, Renting and Letting, Interiors, Carpentry etc.
Clothing? Then no matter what the change in policy is, you can transform your business into any of the following – Selling fabrics, designing, tailoring, teaching fashion, selling accessories, making accessories, importing from abroad etc.
As an entrepreneur just starting out, you ought to:
- Carry out a SWOT analysis
- Research and get data
- Develop and Manage the Right Relationships
- Develop Emotional Intelligence