From 18 to 24 November 2024 is Universal Entrepreneurship Week. In celebration of this event, the Be-entrepreneur community made a Call for contribution with insight and experiences from members and writers on Hive.
This call came at a perfect moment, considering the fact that I had just concluded attending an entrepreneurship summit via Zoom. An old friend invited me to attend; he serves as one of the directors at the Bank of Industry in my country.
While sitting and reflecting on the learned lessons from the Zoom conference, I couldn't help but reflect deeply on what future entrepreneurs really need to be able to make it. Being an active member of the Be-entrepreneur community, I find it appealing to express my view on their very important question:
"What kind of knowledge and skills would you recommend for future entrepreneurs?"
Let me play motivational speaker and say what's on my mind.
The Foundation of Success
Resilience is the most sought after trait that any serious entrepreneur must have. I hove seen some very good business concepts fail not because they were not good enough but because their owners were not able to endure. Courting business success is not so much about avoiding failures but it is about trying to get up after a fall when it does happen.
Think about it as if it were a process of learning how to ride a bicycle. You do not expect to be successful after the first attempt do you? You manage to stand up again, clean your body and retry each time you fall. That’s purest entrepreneurship.
Understanding Money and Market
The management of money is considered a business's lifeblood. When I first started, one classic mistake I made was mixing my personal and business finances together. And boy, was that close to costing me everything. You have got to understand cash flow and working capital: let me repeat, every penny in, every penny out. Your business may look profitable on paper but die from poor cash flow. Always maintain enough cash on hand to cover at least 3-6 months of operations.
- Market Dynamics: Understand the target audience inside out. What are their paying points? What motivates them?
- Pricing Strategy: It is not about merely imitating competitors but knowing your costs and value proposition.
Growth with Technology
In today's digital world, there is no dispute that the use of technology is a compulsion. In my zoom Summit we were told that even small businesses will have to adopt digital means for the following:
Social Media Marketing
- Select only those channels where customers use most of their time.
- Regular creation of valuable content
- Being genuine in interacting with your audience
- Paying attention to what does and doesn't work
Know the basic of Essential Business Tools
- Accounting software for proper financial tracking
- Customer Relationship Management tool
- Basic knowledge of Digital payment systems
Financial Intelligence
Financial intelligence is a lot more than bookkeeping. Here's what you really want to know:
- Profit Margins
- Gross versus net profit
- Understanding your break-even point
- Managing overhead costs
Investment Management
- When to reinvest in the business
- How to manage business growth
- Understanding return on investment
Funding Sources
- Traditional bank loans
- Investor funding
- Alternative financing options
The Power of Human Connection
At the beginning of my entrepreneur journey, I thought having a killing product was the holy. Was I wrong! That should a story for another day.
I started my first business with an amazing product, but sales were quite poor. I could not understand why, until I came across a mentor who really opened my eyes to the fact that my focus was the product instead of building relationships with my customers.
It only became successful when I started to:
- Listen to customer feedback
- Building actual relationships with the suppliers
- Networking with other entrepreneurs
- and having a very positive team culture.
Building Lasting Relationships
Here's what I've learned about relationship building in business:
Customer Relations
- Regular communication
- Prompt problem resolution
- Going the extra mile
- Following up after sales
Team Building
- Clear communication
- Showing appreciation
- Growth opportunity creation
- Trust building
Network Development
- Industry associations
- Events
- Professional relationships
- Give before you take
Let's Recap
As we mark Universal Entrepreneurship Week, remember this: entrepreneurship isn't just about having a great idea or product. It's about mastering multiple skills that work together. You need resilience to keep going, financial intelligence to stay afloat, technological savvy to stay competitive, and strong relationship skills to build lasting success.
My journey so far has taught me that one rarely succeeds by doing one thing perfectly but by doing many things adequately and continuously improving.
To all the future entrepreneurs reading this, focus on developing these basic skills. Join communities like Be-entrepreneur where you can learn from others' experiences. Remember, every successful entrepreneur started exactly where you are today.
It won't be easy, but after learning your lessons and with the mentality to back it up, then you're already ahead in the game. Are you ready for the next level of entrepreneurial journey?
Let us grow together in this entrepreneurs' community. Your success story is waiting to be penned down.
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