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Tunde Ojo

WaitWait a minute...a minute...

Why in the world would anyone want to be an ????EntrepreneurEntrepreneurThis a question we must all sincerely answer before we go on....This a question we must all sincerely answer before we go on....

Back toBack to our previous question...our previous question...

...is it...is it

Why?Why?Or... Why? Why? Why?

Ego trip?

Wealth creation/financial independence?

Joining the joneses?

Just for the fun of it?

Just because you’re having rough time with your boss?

A great sense of mission?

Let me bubblebubblebubblebubbleburst burst

a littlea little

You don't need to be an You don't need to be an entrepreneur to live the good entrepreneur to live the good

life and be self fulfilled... life and be self fulfilled...

You don't need to be an You don't need to be an entrepreneur to live the good entrepreneur to live the good

life and be self fulfilled... life and be self fulfilled... ...that is if you Feed your family Send you kids to good schools Have a good roof over your head

...and fulfil your financial obligations and generally live honourably

Why must anyone put Why must anyone put himself/herself into a himself/herself into a great cycle of endless great cycle of endless challenges just to be challenges just to be called an called an entrepreneurentrepreneur??

...because entrepreneurship is tough...everywhere

Also, the rate of Also, the rate of business failure is business failure is high even in the high even in the best of business best of business environmentenvironment

To live well, all you need is to get a good job in the area of your skill set and passion, keep improving yourself through training and personal development, walk your way to the top and plan your retirement

You can always You can always re-inventre-invent your career and your career and be fulfilledbe fulfilled

WhoWhoSo...So...

...in heaven’s sake is ...in heaven’s sake is an ENTREPRENEURan ENTREPRENEUR

??

Entrepreneur Entrepreneur is a person who is a person who has possession of a new has possession of a new enterprise, venture or idea and enterprise, venture or idea and assumes significant accountability assumes significant accountability for the inherent risks and the for the inherent risks and the outcome?outcome?

The The definition...definition...

WikipediaWikipedia


“An individual who, rather than working as an employee, runs a small business and assumes all the risk and rewards of a given business venture idea, or good or service offered for sale”


The entrepreneur is commonly seen as a business leader and innovator of new ideas and business process

Investment Dictionary

Now Now the big question...the big question...

The The answer is a big...answer is a big...

NoNoIt is someone who always holds failure in contemptIt is someone who always holds failure in contempt

What may be a failure to What may be a failure to others is only a set back to others is only a set back to the real the real entrepreneurentrepreneurTo the entrepreneur, a setbackTo the entrepreneur, a setback is a source of additional experience

is full of answers

is full of insights

is one more obstacle down

it’s stepping stone

The true The true entrepreneur entrepreneur does not fear does not fear to fail, does not fear others, does not fear to fail, does not fear others, does not fear competition, does not fear a projectcompetition, does not fear a project

Instead, Instead, the entrepreneur...the entrepreneur...

Has “pregnant” setbacksHas “pregnant” setbacks

Is motivated by oppositionsIs motivated by oppositions

Is inspired by what others consider “impossible”Is inspired by what others consider “impossible”

Does not fear to work (he/she is not really Does not fear to work (he/she is not really working but actively feeding a passionworking but actively feeding a passion

Does not fear to work (he/she is not really Does not fear to work (he/she is not really working but actively feeding a passion)working but actively feeding a passion)

Does not fear to devote all his/her energies and Does not fear to devote all his/her energies and resources into the chosen undertakingresources into the chosen undertaking

Does not fear to step outside her/his “comfort zone”Does not fear to step outside her/his “comfort zone”

so, so, who is an entrepreneur?...who is an entrepreneur?...

...obviously, it is someone who loves to ...obviously, it is someone who loves to win, but he/she will also derive the most of win, but he/she will also derive the most of the pleasure and satisfaction just pursuing the pleasure and satisfaction just pursuing

a goal...a goal...like hunter chasing his preylike hunter chasing his prey

Now that you know who Now that you know who an entrepreneur is, do an entrepreneur is, do you still desire to be oneyou still desire to be one ??

its its question time...question time...

Let’Let’ss

ask ourselves some ask ourselves some questions to know questions to know whether starting whether starting business is right for usbusiness is right for us

Please answer these questions sincerely in your heart

Do you really want to operate Do you really want to operate independently and be the person independently and be the person making all the decision and making all the decision and shouldering all the responsibilities?shouldering all the responsibilities?

11

Are you willing to work hard and Are you willing to work hard and make sacrifices starting a small make sacrifices starting a small business entails?business entails?

22

Do you have self-confidence and Do you have self-confidence and self discipline that will enable self discipline that will enable you to persevere and build your you to persevere and build your new enterprise into a success?new enterprise into a success?

33

If the answered “If the answered “NoNo” to ” to any of these, you’re any of these, you’re probably not ready for probably not ready for starting a small businessstarting a small business

Why? you may askWhy? you may ask

OvernightOvernight success stories are just that... success stories are just that...

StoriesStoriesThe reality is that success is won The reality is that success is won

through hard work through hard work over timeover time

Starting your Starting your business...business...let’s consider some basic stepslet’s consider some basic steps

Start with your won ideaStart with your won ideaStep 1Step 1


Put together your business Put together your business planplan

Step 2Step 2


Determine if you need Determine if you need financingfinancing

Step 3Step 3


Put together your initial Put together your initial marketing planmarketing plan

Step 4Step 4


Build your infrastructure Build your infrastructure earlyearly

Step 5Step 5


Move forward and get Move forward and get startedstarted

Step 6Step 6


Use the webUse the webStep 7Step 7


Make paying for your items or Make paying for your items or service convenientservice convenient

Step 8Step 8

Ideas Ideas are very important in business but are very important in business but where do business ideas come from?where do business ideas come from?

Business ideas are all around usBusiness ideas are all around us

Examine your skill set for business ideasExamine your skill set for business ideasWhat have I done?

What can I do?

Will people be willing to pay for my products or services?

11

Keep up with current events and Keep up with current events and be ready to take advantage of be ready to take advantage of

business opportunitiesbusiness opportunities

22

Invent a new product or serviceInvent a new product or serviceLook around and ask yourself, “How could this situation be improved” ask people about additional services they will like to see?

33

Add value to an existing product Add value to an existing product 44

Investigate other marketsInvestigate other markets55

Improve an existing product or Improve an existing product or service service

66

Build a better mouse trap

Get on the bandwagon Get on the bandwagon 77

Social trends can create a “bandwagon effect”

Start with family and friends

Approach the financial institutionsBanks Micro finance

Mortgage Bank etc

Seek partners for the idea

Try venture financing

Now to Now to financial your business idea...financial your business idea...

Lead with vision and exampleLead with vision and example

Running Running your business...some practical tipsyour business...some practical tips

Serve with humilityServe with humility


You are the Chief Responsibility officer (CRO)

Serve the customerServe the customer


Be market driven

Be driven by valueBe driven by value


Honest still the best policy

Make decisionsMake decisions


Good decisions

Keep learningKeep learning


Hire rightHire right


Empower employees

Make use of technologyMake use of technology


Understand financial literacyUnderstand financial literacy


Avoid short term thinking Avoid short term thinking


Manage for the long haul

Invest in growthInvest in growth


Never give upNever give up


“success is never ending. Failure is not final”

True spiritualityTrue spirituality

Connecting Connecting the dots...the dots...

““true spirituality is the lordship of true spirituality is the lordship of Jesus Christ over all of life”Jesus Christ over all of life”-Francis Schaeffer-Francis Schaeffer

Gain is not godlinessGain is not godlinessThe builder of all thingsThe builder of all things-Heb 3:4, Ps 127:1-Heb 3:4, Ps 127:1

TOUCHSTONE

TheThe

storystoryFrom From DreamersDreamers to interpreter of to interpreter of DreamsDreams

TOUCHSTONE

Thank YouThank YouAny question?Any question?