We started out by looking at the story of Louis in my last post. Did you answer the questions?
So can we take a look at some of the problems with being an entrepreneur?
Problem One: Structural Problem
You will be faced with a lot of issues from the outset that are purely structural in nature. If you don’t understand what I mean by structural problems, I bet you already are facing such problems or you are about to face them and won’t know what is wrong. The ability to execute your technical competence very well doesn’t confer organizational skills on you. Organizational skills are what it takes to build an organization in a way that puts the odds in your favor. Let me put it like this: you need two kinds of companies not one; a holding company and a trading company. Most entrepreneurs are never told when they start out. The trading company trades with clients and customers to make the ongoing profits while the holding company owns the assets in the trading company. If you still don’t understand, ask a lawyer.
Problem Two: Financial Problem
By this, I do not mean insufficient capital; in fact I do not belong to the school of thought that money is always the first thing needed to start a business. By financial problem I mean accounting, bookkeeping and financial management tactics. Most people starting businesses do not realize how much they have to do per day. You have to learn how to keep your books, bank account(s) and make financial decisions strategically. This can erupt into business failure and bankruptcy if you violate the laws guiding organizational financial management. I’m not writing to teach you how to do that, but to show you the problems. Visit my blog for that.
Problem Three: Sales & Marketing Problem
This can be the most delicate problem of any enterprise as some are facing today. You cannot be an entrepreneur and report that you don’t like selling, you’re not good at marketing or that you’re shy to talk to people. Let me help you out: Go get a job! You are not an entrepreneur at heart; you don’t have the software pre-installed. I always jokingly tell people during conferences that the MD is the Chief Seller, Chief Marketer and Chief Public Spokesman for the company. Those are unabdicatable responsibilities of yours. Brian Sher, in his book What the Rich know and desperately want to keep Secret, advised “Never delegate your marketing and sales to anyone else”. Why? No one can sell what you produce or offer the way you can. Remember, bringing in cashflow is the most important area for any company. If you’re not making profit, you’re not in business. Bradley J. Sugars quipped, “You can cut costs to profit, but you can only sell your way to prosperity.”
Please find the last set if problems in my next post.
You are an Icon!
Adeleke David Adekunle
The world of work has witnessed over the years, a radical shift in the workplace that has birthed some amazing stories; stories that inspire one’s courage and desire for something larger than life. Among these stories is that of Olujimi Tewe, the Human Resource Consultant and Founder of Inspiro Consulting (you can read the story here: http://www.bellanaija.com/2011/03/28/career-leaps-faith-success-the-olujimi-tewe-story/)
That story validated a lot of things for me, in fact many people have made that much anticipated leap after encountering his story. But I want to call your attention to one rarely considered area of entrepreneurship; that is why I am writing this piece for you to get well informed. For a few years, I belonged to the school of thought that said “you can only be rich if you’re an entrepreneur”. How wrong I was, as I came to discover later that being in the seat of entrepreneurship doesn’t hand you the magical wand of prosperity.
First, let’s consider the experience of Louis, a creative artist. Louis grew up in a middle class family and learnt practical living as a boy. By the time he was six years old, he was already destroying his mother’s tablemats in the name of cutting cardboards. Soon, he started to do still life drawing and abstract arts which got the interest and attention of his father’s friends who came visiting. Some bought his artworks to encourage him to keep at it. By the time Louis gained admission into the higher institution, it was to study fine arts. Louis became so good at doing arts that he won several awards in school and was widely known across campus. On one occasion when they had a rag day, Louis was mistaken for a mad man. His interest in painting and pencil works got him to start an art studio, a business funded by his father who was proud to see his first son making waves with his talents and interest. Within three years, Louis had gained recognition from the National body and department of arts in leading institutions but his business did not take the same plunge. Three years after he set up the studio, it was no longer in existence. He had veered into different genres of art including stage drama, movies, lightening and set design. None seemed to present him with any fortune. Eventually, all the prospect and talent Louis had amounted to nothing. Now, with a wife and a set of twins, pressure keeps mounting for him to get a “proper” job. What exactly went wrong with Louis and when did it go wrong? What could he have done differently? What mistakes of his can you avoid? This craze for “being my own boss” topples those who wander into the jungle of entrepreneurship and frustrates them so much they lose a lot of money, time and credibility not because they lack talent or big dreams but because they have not learnt to handle the crucial problems with being an entrepreneur among other things.
You can learn more about the “other things” on my blog: http://www.mreffectiveness.wordpress.com. Now let us see the problems with being an entrepreneur. These are really problems that can easily become crisis in your hands if you are not an entrepreneur at heart and if you lack the relevant knowledge and skills required to effectively handle such problems.
Look out for Part 2.
You are an Icon!
Adeleke David Adekunle
Good day Friends.
I have some good news for you!!!
Just today, I was named among the June 2014 World’s top 100 Leadership Experts to Follow on Twitter by Evan Carmichael. This comes just the 2014 world cup kicks off in Brazil tonight (WAT +1GMT)
A quick x-ray of the list:
1. There are only 6 colored people on that list.
2. There are only two Nigerians on that list (Pst Taiwo Odukoya and Adeleke David)
3. The list was compiled by number of retweeted leadership insights over the course of the previous month.
This is the tweet I was mentioned in by @ECLeadership
“Congratulations @davidadeleke! You made our list of the June 2014 Top 100 Leadership Experts to Follow on Twitter – http://t.co/7vjb7X8S2M”
Follow the link to view the list. I am currently on number 84. This puts me on a global scale with top thinkers around the world.
Thank you for your retweets; they did a lot of work. God made it happen!!!
You are an Icon!
Good day friend.
First, let me appreciate you for following my blog all these years. You are fantastic!
I want to briefly share my latest insights on visibility and audibility with you and I believe it will make a remarkable impact on your thinking.
Nothing gets bought that is not first seen. Nothing is believed that is not first heard.
~Adeleke David Adekunle
Early in my career as a trainer and management consultant, I thought (unwisely) that I could reach my dreams by sheer intelligence and originality. I did not consider the intense impact of visibility and audibility. In these times when I’ve been appearing on radio and now going on TV in two days from now, I’ve enjoyed greater ease and speed. My credibility had soared more than all my combined efforts since 2012!
The lesson: Do all you can to be heard audible and to be seen vividly.
Join me on wapTV on Monday June 9 by 9.30am as i do justice to some critical business management issues. You can stream LIVE at http://www.thewaptv.net/tv.php
To your effectiveness,
Effectiveness is not a one-off achievement, it’s a daily battle. ~Adeleke David Adekunle (Mr. Effectiveness)
In our daily quest for personal greatness, it is vital to keep in mind that personal effectiveness can’t be accomplished once for all. It’s not a certificate you earn; neither is it an award you receive. It is real business; a daily battle.
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To your holistic effectiveness,
Tune in to Eko 89.75FM today at 1pm to listen LIVE. Please call in if you can.