This is summary of my presentation at the SIM ENTREPRENEURIAL FOUNDATION Stakeholders Forum held in Lagos, 30th June 2010.
THE ENTREPRENEUR'S PROFILE
FACT: In the U.S, a few decades ago, 90% of new entrepreneurs were either Engineers or people without university degrees, and this explains the rapid industrialisation of that economy. In Nigeria, 90% of start ups were either without university degrees or studied non technical subjects, leading to our trading economy.
Characteristics of Entrepreneurs:
- They fix problems rather than ponder over them.
- Academically, they score 'A's in subjects that are important to their careers and 'D's in others, showing a remarkable mindset that focuses on the majors, ignoring minors completely.
- They have naturally high energy levels, and are always thinking, or on the go.
- They like control over their destinies and are not often suitable employees in the traditional company.
- They are usually disciplined planners, communicate their vision well and also delegate well.
- They are extremely goal directed.
- They ignore opinions and criticisms that are not aligned with their vision.
- They have low tolerance for failure, in themselves or subordinates.
- They love challenges and dislike routine.
- They are driven, not by money in itself, but as a means to fulfill their vision.
The Entrepreneur's Team:
-FACT; 60% of your potential success depends on your founding management team. So, don't put your brother, wife, husband, if they are not qualified for the roles.
AXIOM 1: 1st rate men hire first rate men. 2nd rate men hire 3rd rate men. 3rd rate men hire 80% of your staff, and they will hire 4th rate men.
AXIOM 2: Engineers tend to hire engineers. Accountants tend to hire accountants, optimists tend to hire optimists, etc. Bring together people with complimentary, not duplicative talents, disciplines and personalities.
AXIOM 3: The Colonial British believed that "familiarity breeds contempt', and stressed that you cannot receive both respect and friendship from the same person at the same time. "stiff upper lip" was the order of the day. And they soon lost the Empire. make certain that you management team have mutual respect and likeness for each other. Don't build a management heirachy that opposes this.
AXIOM 4: When your business is small, you are the sole visionary and everyone else is subordinate. As your organisation grows, your management team should become your co-visionaries and leadership team.
In summary, not everyone is cut out to be an entrepreneur. It is a leadership function. Pareto has already surmised that 80& of people are quite happy to be led. However, 90% of the gross domestic product (GDP) is created by the informal sector, the small businesses and entrepreneurs. A nation becomes rich by the sum total of its rich, tax paying employers.
Government may make policies, but its entrepreneurs that create wealth.
MAN OF CONTRASTS... An Alpha Male In Pursuit Of Truth, and Fulfillment...
Between Dangote, Adenuga and Dantatas, they can pay the entire federal civil service salaries for a year. The annual turnover of Microsoft, IBM and Hewlett Packard will fund the annual budget of several European countries combined. The way out of poverty is not to rely on Government, but to develop skills to succeed in entrepreneurship.
ReplyDeleteI have always have passion for been an entrepreneur but each time i try, i failed. Though they said its not amount of time you fails that matters but what matters most was the actual time you were able to rose up again and do the necessarily things to achieve your dream. Yes, i have try and try to reconnect back to my earlier zeal but i found it compelling, God help you, if you are the only breadwinner of the family, you are in for a greater challenges. Thats exactly what am facing presently. What are the option open for me sir?
ReplyDeleteI could remembered in 2004, i registered a limited liability company with the soul aim of starting on my own. Then i have spent five years on my job and gotten enough experience to make me excel on the job. But inability to gather enough strength, finance and moral support kill that dream away. Fast forward to the present, am still in the same company accumulate more experience and now with more challenges from family members. I am not happy any more with my job, i want to quit but family commitment won't allow. So my thinking was, if i can get a good job that can pay well and be able to saves toward the project, i think i can revitalize it and make it worthwhile.
Sir, could could you suggest any others ways i can follow to achieve this dream.
Thanks
Tope