The Enterpreneur Mindset.

The anatomy of an entrepreneur

The fastest way to succeed is entrepreneurship. When your boss stresses you, quit and start your own business. When you become an entrepreneur, you have all the time to yourself. No one tells you what to do as an entrepreneur. Entrepreneurship is the way to go!

These and many fallacies have perhaps been debunked by young entrepreneurs in Ghana. ‘Go to school, get good grades and get a good job’ was perhaps the first victim of entrepreneurship. For those who use the reason of having all the time for themselves, they can be likened to the tortoise that wanted freedom from its shell!

In a good attempt to create jobs and help solve the challenges of unemployment while contributing significantly to the economy, some critical young achievers’ purpose to shame practice of joining the long list of jobseekers – and rather be a delight for their colleagues and others by absorbing them into their entrepreneurial business.

The landscape of entrepreneurship has however proved unfriendly for many and, very importantly, a lot have learnt rudiments of the game in a rather rugged approach. In this publication, I get to share with you the unedited post of my good friend, Jeremiah Buabeng, a business leader who runs a group of companies including the plush Enije Restaurant located at Caprice in the heart of Accra.

In his rendition, he presents light to bring clarity on the doubts, dilemmas and fantasies that many have regarding our subject matter. I consider his revelations as essential building blocks for an entrepreneur. I find that his material conveys my exact thoughts and sentiments on the landscape of entrepreneurship – especially in our country, Ghana. Very importantly, reactions in the comment section of his post reveal more challenges business owners are facing – making what you are about to read just the tip of the iceberg. I promise you a sequel. Enjoy the read.

Entrepreneurship is dangerous

It can kill you – or, at best, give you mental health issues. It can make you depressed; or even worse, take you to prison. This is no exaggeration. An entrepreneur has to wear so many hats and fight so many battles at the same time that it can wear you out. Your job is hard, “but e no hard pass Entrepreneurship”.

An entrepreneur has to work on Sales

The job of getting customers to buy your product; that’s the hardest part of a business. For every 100 people you approach to sell to, only 10 or less will show interest. Eventually, only two may buy. Sometimes none. Then you have to start with your next 100. You can go about five rounds of such 100s and not even get 10 customers. You can go months without making substantial money, yet you are working with staff who will be paid; you are using airtime, data and fuel to attend several meetings, and designing and printing proposals.

While working on getting new customers, you also have to pay attention to the work being done for current customers

That’s the work of operations. They think they are the ones who do all the work. They have no idea how hard it is to get the client to give you the job. And very often they are the ones who mess up the job, get the client upset and make your business unable to get word-of-mouth referrals. They can make mistakes which cost you thousands of cedis.

And you probably took a loan to even finance the job. You also have to deal with tantrums from customers, some who expect you to answer to their calls/msg at night, at dawn and on weekends. You are with your wife at 10pm, then a customer is calling.

Then there’s your biggest problem – people

The employees whom you pay salaries to help you carry your burdens will themselves become a burden. It’s called Human Resource Management.

You have to deal with those who are underperforming

Those coming to work late or not coming at all, those with attitudes and behaviours that don’t align with your vision for the business, those who cannot be taught or corrected, hiring and training new people, firing old ones, persuading good people who want to leave to stay, dealing with betrayal of those who pretended to want to stay but were planning to leave, dealing with disappointment of those you trained from scratch who are now misbehaving, etc. Some will steal your clients, steal your monies, steal your supplies and steal your joy.

And then there’s administration, accounting and finance

That stretches from ensuring proper record-keeping of sales and expenses, invoicing, receipting, suppliers, inventory management and dealing with banks.

There is that big demon called loan repayment

You can raise hundreds of thousands of cedis to finance a business or project, yet it will turn out poorly and your lenders will be calling and threatening you.

Meanwhile, you owe landlord rent

Internal Revenue Authority (IRA) is chasing you. Social Security and National Insurance Trust (SSNIT) has sent you a letter that they are taking you to court. Municipal Assembly is chasing you to pay Business Operating Permit (BOP). Employees are angry about salary delay. You, one person, are fighting battles on multiple fronts. Such a dangerous undertaking. It can maim you for life!

How to achieve longevity in entrepreneurship

In the rapidly evolving landscape of today’s business world, young entrepreneurs face both unprecedented opportunities and formidable challenges. While the allure of swift success is tempting, the true mark of entrepreneurial prowess lies in the ability to create a sustainable and enduring business. Achieving business longevity is not merely about initial success but about cultivating resilience, adaptability, and a forward-thinking mindset.

For a start, an aspiring entrepreneur needs to thoroughly understand the business about to be ventured into. Having a deep awareness and comprehensive knowledge of the business one is about to start is crucial. Familiarity with one’s industry allows one to dominate, sustain, and build a lifelong business while establishing one as an authority. Entering any field without prior knowledge of how the market operates can lead to unforeseen challenges. Aspiring business owners must never underestimate the competitiveness of the market. You must conduct thorough research, identify your target audience, and understand your potential customers as foundational steps before launching your business.

Second, you must embrace continuous learning because continuous learning is a lifelong commitment to acquiring new knowledge and skills. It underscores the importance of regularly seeking growth, both personally and professionally. This approach includes formal education, self-study, professional development, and informal learning opportunities. For example, attending workshops, taking online courses, reading industry-related books, and pursuing new experiences can help you stay updated and enhance your skill set over time. Embracing adaptive learning means using technology to create personalised learning experiences and maintaining an enduring commitment to self-improvement.

As a young entrepreneur, systematic and meticulous documentation of all financial transactions is crucial. From the very beginning, you must track expenses, revenues, invoices, payments, and any other financial activities. This practice helps manage the cash flow of the business, prepare for taxes, and make informed financial decisions. Accurate financial documentation ensures you have a clear financial picture and allows you to leverage opportunities as they arise.

Embracing the possibility of failure as a natural part of learning and growth is crucial. Young entrepreneurs should view failure as a potential outcome rather than a definitive setback and not let the fear of it hinder their efforts. Courage is needed to take risks and try new things, even when there’s a chance of failure. This resilience allows you to face setbacks and continue moving forward. After experiencing failure, reflect on what went wrong and why, and then use those insights to improve and avoid repeating the same mistakes in the future.

There is also a need for creating a legacy beyond profit as a young entrepreneur must adopt a mindset focused on building a lasting impact beyond just making money. Strive for excellence in your products and services, continuously innovate to meet the evolving needs of customers and society, and invest in education, training, and research that benefit your industry and society as a whole. Aim to build a business that not only achieves financial success but also makes a meaningful and lasting difference in the world.

You also need to anticipate industry trends by predicting and preparing for future changes and developments within a specific industry. Staying informed about current market dynamics, consumer behaviours, technological advancements, and emerging patterns that could influence the industry’s direction is crucial. This will enable you to adapt your strategies and remain competitive.

Establishing a clear and organised framework is essential for defining how a business operates. This includes having an organisational hierarchy and strategic planning, establishing communication channels, defining roles, responsibilities, and reporting relationships within the company to ensure clarity and efficiency.

Above all, self-discipline must be the watchword of aspiring entrepreneurs. Staying true to yourself, avoiding self-deception, and knowing what to do at the right time without procrastination will help you progress quickly. Managing your time wisely and judiciously is crucial. Whether you have a mentor or not, be true to yourself or find someone to hold you accountable until you can stand on your own.

In conclusion, achieving business longevity as an entrepreneur requires a multifaceted approach. By integrating these principles into your entrepreneurial journey, you not only position your business for long-term success but also create a lasting impact on your industry and community.

Entrepreneur Advises Youths On Business Risks

The founder and CEO of Elboogie Boutique, Mrs Lilian Famadewa, has advised entrepreneurs to always take risks in order to expand their businesses.

In a chat with newsmen in Abuja at the weekend, Mrs Famadewa explained that Elboogie, which has four branches in the FCT and an online store, started as a niche she developed while in the university.

She listed resilience, hard work, focus and continuous learning as essential in building successful businesses.

She said, 'As the saying goes, 'A journey of a thousand miles starts with a step.' So, the first step is to start. However, you must develop a vision. A dream is a dream until it becomes a vision which is actionable.

'In doing this, you must carve a niche for yourself. Elboogie started as a niche that I developed as a university student. You must transform your vision into action. Continue to review your actions with focus on your vision. Never remain in your comfort zone; dare to explore.

'Many people do not want to take risks and they are waiting for that 'big capital'. Businesses do not often grow that way. Do not be afraid to start small, résilience, hard work, focus and continuous learning are essential in building successful businesses.

'For fashion business specifically, you need to be abreast with trends across the major fashion capitals. There are times I spend days walking through the stalls of different fashion stores abroad to study trending styles.'