Entrepreneurship – 9 Tips Every Entrepreneur Must Know.

Entrepreneurship is risk taking, but it is fulfilling, lucrative and pays big. Yet at the same time it can dampen your spirit, make you feel dull and broken hearted. Learning from online platforms on how some entrepreneurs faired in the year 2014, I felt that there is need to write some tips which can come in handy for those who want to be successful entrepreneurs.

Below are nine useful tips collected from successful entrepreneurs:

Be a risk taker

It is common for every person to be worried about being perfect, entrepreneurs included. They hold back fearing failure. My advice is to just start with your ideas, get the tools, skills, resources and the required structure and expand your business or start a new one. You will never know until you start. Engage yourself fully in your project, however, be flexible. Things may not go the way you have pictured in your mind.

If you want to know how safe it is to make such a move, the answer is ‘ it is not safe’, and that is why you are required to be a risk taker. Understand your self well and take a calculated risk. And one more thing, don’t think too much about what people say, just hit the ground and carry on. Waiting for the perfect time will tie you down.

Be passionate

You should know that being an entrepreneur is involving. A business venture will take your time. As you pump in your resources, you will have good days and bad days, but most importantly, your business venture is your life. Love everything about it.

At the back of your mind, you should know that things don’t normally work out the way you want them to. In fact about 90% of new business ventures fail within the first one or two years. The love for what you are doing is the only thing that will see you through and keep you going. It is this same love and passion that will take you to the next level.

Know what you are worth.

Being an entrepreneur in any field is as much about understanding your worth as it is about understanding the product that you will be presenting at the table.

The entrepreneur first has to understand who they are within the context of an industry and secondly they need to be fully aware of, and understand their product, strengths and weaknesses.

Knowing your net worth involves knowing and fully utilising the social capital that you have amongst your pools and peers, partners and other stakeholders in your industry and related fields. You need to translate your name into something tangible. Brand yourself and your business to stand out. And finally, build yourself in a specialised area, create a niche for your business. Be different from your peers and your competitors.

Invest in information.

Things is an information era where information is now the most valuable asset. Entrepreneurs need to seek information in terms of time and resources. Get your valuable information and timing right, and you have the edge that will see you create a bright path for your business future.

Quality

Quality of service and products matters when it comes to Entrepreneurship. Customers and clients make their choices based on the quality of product compared to other products in the market. Entrepreneurs should know that superior quality products, then you are strengthening your position. It doesn’t matter how strong the other players are, you will break into that market if you have quality products.

Be a leader

The first thing an entrepreneur should have is confidence and belief in himself. With this confidence come focus, determination and vision. Those people working for you, or under you need a leader, and it’s your ability as a leader that can make or break things up. For example you can’t lead them if you do not know which direction the company should take. Have a vision as an individual and a vision for your company and you will begin to see the larger picture and begin to take futuristic risks and strategic moves.

Be patient with those working under you so that you can understand one another, and they will believe in you. Once that is accomplished, it is then your duty as a leader to show them best practices that will see you grow together as a company and individuals.

Be productive

Imagine what you could accomplish in your business and your personal life if you are 5 times as productive. Take a minute and seriously think about the life long dreams and goals you have had for you and your family and how quickly you can accomplish them if you were just two times as productive.

Productivity is powerful in most areas of life. Generally the most you can hope to improve things is may be 10%, or 15%., but productivity is one of those rare areas where you can multiply 100% or more.

Get influencers

Why do brands, or for that matter, entrepreneurs need influencers?
Consumers trust recommendations from a third party more often than a brand itself. When you align with an influencer not only do they bring their audience, but they also bring their audience’s network as well. Because almost all businesses today are done online, and because of the loyalty of the influencer’s audience, an influencer has the ability to drive traffic to your site and increase your exposure.

The customer is king

This is a very well known saying. Any inspiring entrepreneur should first make a breakthrough realisation that the customer is everything. Only the customer injects money into the business. Everyone else, the owner of the business, the employees, the suppliers withdraw money. This realisation is crucial, if the entrepreneur does understand this, nothing else will matter.
On the other hand, the employees can only make customers happy if they themselves are happy. Unhappy people cannot serve anyone well. The entrepreneur must build a team of engaged, committed people. This cannot be done if they are regarded as ‘resources” to be abused. The ability to give purpose to others sets great entrepreneurs apart.

It is also important to realise that customers don’t just consume a product or a service. They consume an experience. Everything matters, from the tone on the telephone, to the smile at the door, the speed of the email response, to the follow up after the sale. The little things matter as much as the big ones. Great customer experience is not one off; it is everything done with every customer every time.

Entrepreneurs need to know these things deeply, and make sure every employee know them. Set high standards and keep it high. The long term success hinges on having customers who get a unique experience from your business.

Creating Your Personal Brand

Anglo-Arabian breed brand
Anglo-Arabian breed brand (Photo credit: Wikipedia)

Branding yourself

Branding is not just for corporations. It can also apply to an individual item or person. Branding yourself makes sure you are noticed, and visibility is the goal. It will come out as a showcase of your talent to the world.

Social media is powering the world in ways many have never imagined. Using tools like Twitter, Facebook or Google +, it is easy to develop an interprenuer of yourself.

Your personal brand is how you use your appearance, expertise and the Internet (or social network) to create a unique impression. The moment you start thinking about how you can stand out from the others you are branding yourself. The real life connections we can build by networking with others hold some potential.

Since careers work differ entry nowadays, it matters a lot. No one belongs to an organisation for life anymore. Most importantly you are not defined by your job title or description
Instead your career is seen as a series of projects that show your skill and challenges. Market these well and you will never be out of work. You will be sure of getting paid for something you are passionate about.

So developing personal brand has given chance to creative and otherwise titleless individual. It means understanding who you are, what you want to achieve in life and creating a niche for yourself.

Your personal brand includes your clothing, you style,the way you handle things and that makes you different from the rest. What your key values are, what energises you and what you are passionate about.

One most important point is that you must be authentic. This is a must because all strong brands are based in what is real and genuine. If you pretend you will be found out.

Visibility is the goal of personal branding. If your brand is working you will be famous and be eaten recognised and noticed.

One tip is that search engine does not find you from your name. So you have to develop your CV, your contact information, and your about page.

Make sure the picture you present has no rude gesture. Posting to Twitter, Facebook, LinkedIn or your blog or website will allow people to develop a stronger connection with you and help you create a ranking in search engine. Visibility of your brand is very important.

Think of your brand as a gateway to your business or a new job.

Safaricom Excels – Will the Company Go the Google way?

Business
Business (Photo credits: www.roadtrafficsigns.com)

Safaricom excellence, what next?

Safaricom is a leading company in this region in the business of mobile operating system –  internet on mobile and affordable broadband internet – has the widest 3G network in Kenya.

Being the most innovative company in this region, it is best known for pioneering the largest mobile money transfer in the world.

Another first for the company is the Mshwari innovation – the revolutionary banking product for Mpesa customers.

Safaricom executives understand the change brought to us by internet. That is why they are successful and powerful – running this company, which many will agree as being the finest in the region.

That is why in my opinion, a smart response to all this change is to ask – what will Safaricom do next? Will it move the Google way?

I am of the opinion that Safaricom have overshot the decrees ” it is best to do one thing really well before moving to another – this is typically mimicking what Google does.

Finally I believe that Safaricom should be our model for thinking in new ways because it is so singularly successful. Examine how Safaricom think is affecting our lives and the future generation – how the lives of the rural population have been transformed – those who could not access banking service can, now.

Examine the new power structure to our economy and society that Safaricom has caused.

Few words on Google

Google has been dubbed the fastest growing company in the world, (Times of London. One of the most successful ubiquitous and increasingly strange company on the planet.

Google is in the search business (being the leading search engine in the world) – in the online advertising business. But it is also in the mobile operating system business, the web browser business, the free email business, the online map business and many more.

Will Safaricom go the Google way in the future?

What do you think?

 

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My life as a retiree – Retirement Planning

retirement
retirement (Photo credit: 401(K) 2013)

Life after leaving your employment

“Ten years from now I will have retired from work, and hope to collect my huge retirement benefit. I then hope to move to my ranch and live like a monarch.”

Ten years later, when I actually retired from my employment – after grueling thirty five years of work, I was astonished that I could not fulfill my wonderful dream. What went wrong ?  I asked  my self.

I then realized that I did not plan adequately for my retirement!

The mistakes I made are very common with may people who earn their living through employment. The mistakes are as follows:

1. The first mistake I made was to think that I was still too young to think  of  retirement.

2.  The second mistake was to keep pushing forward the date to start saving.

3.  The third mistake is that when I eventually started saving, I kept on withdrawing money from the account from time to time for personal use.

These three reasons almost destroyed my life after retirement had it not been for the fact my engineering education and the experience I obtained while working allowed me to do some kind of consultant work to earn living.

An I fully agree that it should not work out that way.

Therefore when it comes to retirement planning, those still working should know that  starting is the hardest part – the motivation to begin, how much to save and the best way to do so.

Don’t think of yourself as being too young to consider retirement. Start saving for your retirement as soon as you start your working life.

Don’t  forget self discipline.

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