successful entrepreneur

The roles an Entrepreneur plays amongst
other known factors of production is key and
non-negotiable. As the coordinator and brain
behind other production agents, the
entrepreneur’s major goal is to succeed in
terms of making profit, expand and if
possible metamorphose to a quoted
company.
The reading of the best business books,
listening to motivational conversations,
attending business schools and dinning with
business icons does not guarantee automatic
business success.
Being located in the business hub of the
state, running the best adverts and
sponsoring the best soap on television does
not equate to success in business. Also, to
have a fluctuating increase in turnover or
galloping profits are not the magic; it is
about growing through the business circles,
surmounting challenges and winning
territories. Secrets must be known before
you become successful.
Sometimes, the categorisation of a business
owner as successful is relative.
To succeed as an entrepreneur, it starts with
an unambiguous determination in the mind
of the entrepreneur to be successful. But real
– successful entrepreneurs are usually seen,
felt and heard in the business environment.
Such institutions or business owners have an
obvious connection with the community
through sustained growth, socially–friendly
gesture, customer–base, staff–welfares,
amongst others.
There are certain common virtues that
successful entrepreneurs or business owner
have that make them different from the rest
of the pack. These qualities are not bought
with money nor memorised by them; they are
just basic business principles that when
identified and applied in any business entity,
the owner(s) become successful.
1. BE A CARRIER OF PROBLEM–SOLVING
IDEAS
The ability to identify problem(s) and proffer
solution(s) to that problem(s) is not a virtue
for every Tom, Dick and Harry. A lot of
people in the society see problems in
virtually every area of life; some even
identify problems per hour of the day but
have no clue of what solutions to proffer.
Few other people see the same problems per
hour but can provide creative ideas that can
solve such problems per minute, that is, 60
solutions could be provided to a problem by
such people.
The extra effort to convert ideas that would
solve the problem into economic value is
what makes you an entrepreneur. Therefore,
a vital quality of a successful entrepreneur is
to provide ideas that could solve problems
for people, institutions and government.
“You must have problem-solving ideas.”
2. BE A VISION CARRIER
By definition, vision means seeing beyond
the present.
Successful entrepreneurs are people that see
that they are successful as business owners
before they become one. They see the future
of their business, finance and status before
the commencement of such business entity.
As they picture the future of the company/
firm, they state their mission (immediate
objective), set targets, ensure that targets
are met and surpassed, conduct appraisals
and evaluate performances.
Notwithstanding the conceived vision from
the beginning of the business, vision–driven
entrepreneurs always ensure that all steps
and actions of the organisation are in line
with the shown and known vision. As the
driver, the entrepreneur puts the business
back on track in any case of derailment.
“You must have vision.”
3. BE AN EFFECTIVE RESOURCE MANAGER
The known resources of all business
enterprises are man, material, money and
time. To be a successful entrepreneur, you
must be able to manage these resources
effectively and efficiently. The ability to
manage these resources has to do with a lot
of discipline, tolerance, experience,
confidence, honesty, determination and
managerial prowess; generally exhibited to
generate result.
Successful entrepreneurs ensure that the
wastages are minimised, slack time
eliminated and manpower optimised.
A successful entrepreneur must know how to
stick round pegs in round holes. That is, the
ability to delegate the right and competent
person to execute a particular task that
matches the person’s core – competence.
“You must be an effective resource
manager.”
4. BE PASSIONATE ABOUT QUALITY
PRODUCTS AND EXCELLENT SERVICES
Passion is one of the greatest trait any
entrepreneur must possess to be successful.
In this regard, successful entrepreneurs are
passionate in delivering quality products and
quality products or excellent services;
because they know customers are easily
converted if they derive satisfaction in what
they purchase. Through passion, the
entrepreneur ensures that the product/
service become a brand and a market leader.
Passionate entrepreneurs protect the
business image with all resources at their
disposal because inability to do so might be
an avenue for competitors to compete
effectively with the company.
“You must passionately provide both quality
products and excellent services.”
5. BE A PERSON OF INTEGRITY
Integrity as a virtue cannot be bought in the
open market, it is part of you. It has to do
with truthfulness, honesty and straight
dealings with every person, under all
circumstances.
Successful entrepreneurs ensure that their
words are their bounds. They live the life,
walk the talk and lead by example as role
model. Entrepreneurs that cherish integrity
see it as a value that cannot be
compromised; people take them by their
words and trust that they will do what they
say. Such entrepreneur will not produce sub
– standard products or provide inferior
services.
“You must have undoubted integrity.”
6. BE CONSCIOUS TO SELL ALWAYS
All successful entrepreneurs are also
successful sales people; they are advocate of
their products or services. Such
entrepreneurs do not just make decision on
what to produce but why to produce and how
the goods should get to the consumers/
beneficiaries. In doing this, various
marketing strategies and selling techniques
are applied to ensure that the goods
produced or services provided are embraced
by the end – users. It is a known fact that
the product life circle end with the consumer
of that product, therefore the entrepreneurs
do not go to bed until they are sure their
products receives the required patronage. It
should be noted that successful
entrepreneurs are also referred to as Chief
Sales Officer.
“You must be a passionate sales’
professional.”
7. BE A CARRIER OF POSITIVE ATTITUDE
Positive attitude is an essential quality
needed by any individual irrespective of your
status in a business. As essential as it is in
life and business, not every business owner
exhibit it.
Attitude is not the answer, but a positive
attitude. With positive attitude you see all
challenges, weaknesses or threats in positive
light; you speak positively and act positively.
The attitude of an entrepreneur speaks a lot
about his or her business empire. Where
feeble – minded business people stumble,
positive – minded business people burble
because they apply positive attitude and
actions to their business activities.
It should be noted that positive attitude is
not just in speaking positively, but making
positive decisions, taking positive actions,
building positive team members, providing
positive goods /services and adding positive
value to the society.
“You must have uncompromising positive
attitude.”
8. BE A NETWORKER
In the business world, the making and
marring of an entrepreneur is a function of
who such person relates with. Using the
popular saying that states “Iron sharpeneth
iron”, one tends to understand that like –
minds interact together. To be a successful
entrepreneur, you have to identify those that
are successful in entrepreneurship, learn
from them, dine with them and grow with
them. “Show me your friends and I will tell
you who you are.”
As you network with fellow entrepreneurs,
hidden secrets would be revealed to you,
relevant business information would be
divulged and breakthrough decision would be
taken together.
“You must be able to network with value–
added individuals.”
9. BE INNOVATIVE
An interesting attribute of successful
entrepreneurs is that they do things
differently. They have the belief that things
can be done in a new way or improved upon
so as to have better impact. Simply put,
‘they think outside the box’. An entrepreneur
is not complete or successful until he starts
thinking outside the ordinary.
The successful entrepreneur always devise
positive means of improving on goods/
services, improving staff welfare for increase
in productivity and proffer better ways of
satisfying customers so as to keep them.
They are aware that doing the same things in
the same way leads to the same results;
therefore they use innovative skills to do the
same thing in an improved way to get a
better result and a fulfilled satisfaction.
“You must be creatively innovative.”
10. BE CORPORATELY AND SOCIALLY
RESPONSIBLE
Without a conducive business environment,
no entrepreneur can flourish; therefore most
entrepreneurs survive most in a friendly
business environment.
Aside the statutory obligation that business
entities render to the government in form of
taxes, levies, rates, etc, the act of giving
back to the society is a business secret, that
only successful entrepreneur knows and
applies.
When entrepreneurs provide social amenities
through their companies to the community
that host them, it builds harmony between
the community and the company/
entrepreneur, which in turn makes the
community an ambassador of the goods or
services provided by the entrepreneur.
In providing for the society, it must not
necessarily be in millions or billions of naira.
It could be in form of scholarship for children
that attend public schools or monthly
provision of basic household necessities for
the less–privileged.
“You must be socially responsible to your
community.”