25 Sep 5 Keys To Kickstarting Your Full Entrepreneurial Potential
Let’s get one thing clear: Entrepreneurship is hard work.
It is back-breaking, time-consuming, mentally exhausting hard work.
The next thing to get clear? Entrepreneurship is fulfilling work.
It is eye-popping, heart pumping, positive energy filled fulfilling work.
To put it plainly, entrepreneurship is worth it!
However, African businesses founded between and operated from 2010 to 2018 had a 54% chance of failing.
That’s lower than 67% for the US and India’s 90% for firms set up around the same time, and in general terms, according to review42.com, 90% of businesses fail.
This means that 10% of businesses succeed.
10% of businesses will go on to become the Dangote Groups, Tesla and Amazons of the world.
So, what makes the difference between the Jeff Bezos of the world and every other regular Joe looking to make their business work?
They do not bank on luck or fate. They use a healthy combination of strategies, principles, research, follow-through and commitments to turn a single idea into a multi-million-dollar company.
Mentor Africa Foundation has put together 5 key principles you need to put your startup on the map! Strap in.
5 Keys To Kickstarting Your Full Entrepreneurial Potential
1. Leave the Past Failures in the Past
Thinking you’ve failed too much to excel in a new business venture?
Then, maybe, you haven’t heard about a guy called Elon Musk.
Elon has gotten ousted as CEO of his own company, first PayPal product voted as one of the 10 worst business ideas, got ousted from PayPal, six rocket launch failures, had both Tesla and SpaceX at the brink of bankruptcy in 2008, and this is just to name a few of his failures.
Somehow, he is still the longest-tenured CEO of any automotive manufacturer globally, was ranked joint-first on the Forbes list of the Most Innovative Leaders of 2019.
And as of September 2, 2020, his net worth was estimated by Forbes to be US$93.3 billion, making him the 5th richest person in the world.
What can you learn from Elon? You cannot let your past failures define you.
The fact of the case remains that there are more failures than successes when it comes to entrepreneurship.
But instead of dwelling on your failure, focus on how and why you failed.
What could you have done differently?
How can you implement these new informations on your next launch?
Remember, if you launch a perfect product the first time around, you launched too late.
2. Talk less; Do more
The fear of failure is crippling. It puts you in a tight spot and will hold you ransom if you let it. You could find yourself talking about starting, talk about a nice location you would like to have your head office, of the new style you intend to bring into the industry, however, without action your dreams are only wishes.
Instead of dreaming up your big innovative idea, you can do this:
- Conduct market research
- Speak to your mentor
- Write a business plan
- Research funding sources
- Pick an appropriate business location
- Choose a business name
- Choose a business structure
- Register your business
3. Show Up Consistently
FedEx initially failed and was on the brink of bankruptcy when it was founded in 1971, but made its first profit in July 1975.
Today, the Memphis-based company enjoys a total revenue of more than $3 billion.
ESPN, founded by a father and son in 1978 which is currently the most dominating sports network was by the mid-1980s unable to turn a profit.
What is one thing these two very different companies have in common?
The founders continued to consistently show up and put in the work.
The single best thing you can do for your business is to show up consistently.
When you see an amazing business, a fantastic project, a seamless execution or even a super tasty meal, it didn’t just happen by magic. Someone decided to wake up every day to put in the work responsible for the beautiful finished product you now know and love.
Show up and show up consistently.
4. Build a Team with Vision and Purpose
No one has ever built something epic alone, however, your ability to choose the right team for your startup could be the deciding factor for the failure or success of your business.
Warren Buffet once wrote about spending years trying to convince his friend Charlie Munger to be a partner in his business because he knew Charles was the right man for the job.
The most successful startups are fueled by a group of passionate people who share the same goals and values, dedicated to consistently pushing the business forward.
Consider these tips when picking your startup team:
- Shared vision
- Company culture
- Communication skills
5. Grow Intentionally
Every single day is a fresh opportunity for you to grow as an entrepreneur. Dedicate time and resources to learn, develop yourself and grow.
From life experiences, business mistakes and other people’s experience.
Every situation is an opportunity for some informal education.Also, be dedicated to formal learning through webinars, seminars, lectures, courses and certifications.
Do not be afraid to take on new partners, collaborations or branching out.
Stay committed to learning and growing.
Never stop actively looking for new opportunities to make magic happen for your business.
Prioritise social media, give your brand a human face, sign up for mentoring, try out new strategies and most importantly, never quit on your dream without giving it everything you can.