Tuesday, 14 October 2014

Starting a Business: Between Desirability and Financial Resources

In both developed and developing countries, entrepreneurship has been advocated as a means of bridging the gap between the poor and the rich. It been the driving force for economic development especially in capitalist countries. However, the rates of growth of entrepreneurship between developing and developed nations have raised some concerns that seem to suggest that poverty prevents people from starting a business. The implication of this is that poor people who are predominant in developing nations lack the financial resources to engage in entrepreneurial activities. Again, from studies done especially in Nigeria, most people believe that the reason they can't be entrepreneurs is because they lack the financial resources to do so.

For obvious reasons, this argument/believe is faulty. First, starting a business or being entrepreneurial is more of an attitude than it is of financial resources. Those who engage in entrepreneurial activities are driven either by the strong desire to succeed or to meet needs within the society. Secondly, there is no empirical evidence yet to suggest that being rich or having a rich background guarantees success in entrepreneurial activities. Moreover, many entrepreneurs in Nigeria succeeded through determination and hard work, although this two factors seems to be fueled by the desire not to be poor.

No doubt financial capital is important for starting any business, but the desire to go into business and the attractiveness of the business opportunity that exist is more important hence, aspiring entrepreneurs must focus on their psychological needs rather than their financial needs. Entrepreneurs need to have the right mindset, ask the right questions, develop a business plan, and implement a strict business strategy in order to start and succeed in business.

When a good opportunity is identified, it paves the way for financial resources. With the right perception, attitudes, and beliefs an entrepreneur is set to launch out. 

The Briefcase: Changing a Winning Strategy

Sustaining a winning strategy in business is good, however, a time comes when dropping such strategy becomes a necessity even when it is still profitable to the business and the reason is simple – every stage of business growth requires a new strategy, and when a business gets to maturity, it’s an indication that a new strategy is required to sustain the organization in business.

An entrepreneur can reinvent a business by employing deliberate and conscious strategies that will help the organisation compete effectively, and the only way an organisation can maintain its growth is by launching new growth business strategies when the core units are still strong.

Don’t stay too long on a business strategy, you must learn to adjust in a dynamic business world.

Sunday, 15 December 2013

A Short Business Walk with Nelson Mandela

Today December 15 2013, Nelson Mandela is finally laid to rest in his home town Qunu. He is a Legend, and the face of freedom in Africa and indeed the world. An iconic leader that earned world respect because of the values he represents. However, beside his personal life and struggles for freedom, there is a business perspective to his name, and there is a lesson for every upcoming entrepreneur who wants to add value to business.
It is in your hands
The decision to make a difference is in your hands irrespective of your challenges. The success of your business is in the choices you make, the diligence you put into work and the values you represent. Take charge, and take action to grow your business.
Taking 27 years out of a man’s life is enough to discourage and kill his dream of a free South Africa, but he refused to give up his ambition. Set your business goal and determine to stand by it. Never give up, and be confidence that you would walk out of that ‘prison’ (Struggles) successful. Successful businesses became achieved success because they hanged on even when it was not convenient. Business will not always go your way, but you have to persevere hoping that the good times will come.
Turning adversity into a brand
46664 is the prison number of Nelson Mandela. However, today this number is not just a prison number but an emerging brand in Africa for a cause. Businesses are set up to pursue a cause – meet needs. Don’t dwell on your problems, always think positive about the challenges you face in business.
No enemies in business
He won the noble peace prize with his former ‘enemy’  and even raised his hand in public. Don’t consider any competitor as an enemy because you are all pursuing the same goal from different perspectives. Think cooperation, think partnership, think welfare of the consumers.
Madiba is no longer with us, but the values he left behind are a great asset for any entrepreneur to imbibe in building a successful business.
Rest in peace Madiba!

Wednesday, 4 December 2013

3 Most Successful Entrepreneurial Marketing Strategies that can Change your Business

Marketing strategies are becoming more aggressive, innovative, inexpensive, intuitive and proactive. Innovative marketing is redefining business as entrepreneurs adopt new strategies to product promotion. Innovative entrepreneurs create unique identity for their businesses and as well promote their products.

Entrepreneurial Marketing is marketing with an entrepreneurial spirit. It is a type of marketing strategy that is innovative, risky and proactive. It focuses on opportunities and can be performed with less resource.

Here are the 3 best known and most successful Entrepreneurial Marketing strategies
     Guerrilla Marketing
This is a ‘crazy’, low cost, high impact and a one-time (rarely repeated) marketing technique that springs surprises and that ‘wow effect’ about your business. E.g. The TV drama series ‘Vampire Diaries 2’ was promoted with ‘Blood-like liquid’ dispenser at strategic locations.
            Buzz Marketing
It is a form of word-of-mouth communication which uses internet, e-mail, or BBM to generate a buzz around your business or product. Get opinion leaders in social networks to help disseminate information about your business. Buzz marketing strives on credibility, else it will be counterproductive.
            Viral Marketing
This is about a customer spreading marketing messages or rumors about a product to create brand awareness. The best form is to create messages that appeal to individuals who can forward the message. 

No matter the form your marketing strategies take, a little creativity can get you ahead of others.