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Saturday, 18 August 2018

THE BUILDING BLOCKS OF ENTREPRENEURSHIP



BY OLUWABUSAYO MADARIOLA

There is more to entrepreneurship than selling a product or rendering a service, entrepreneurship is a system of component parts coming to build an enterprise. These blocks are a combination of personalities, processes, procedures, structures, skills and associations that must be put in place to achieve the end of a sustainable business venture.

At the start of a business venture, the entrepreneur is the first element whose state of mind and thinking will be refined into a certain and peculiar mindset, the frame of mind that spots opportunities that another person, who isn’t an entrepreneur may not recognize or spot. For a business venture to first gain firm footing, the burden of work is on the entrepreneur to be resilient, always looking for credible ways to make sure that the business venture takes off with a strong start.

Which means that the mind of the entrepreneur has to be consistently alert to spot opportunities for the process of entrepreneurship is about learning, unlearning and relearning skills, knowledge and processes. Another important building block of entrepreneurship is emotional intelligence. An entrepreneur must be someone who has a firm grip on her emotions for the entrepreneurial journey consists of different roller coaster of emotions which must be recognized and adequately managed.

As an entrepreneur, you must be able to track your emotions especially when the business is not progressing as envisaged and sales are not being generated. When the business plan is not going as strategized, the tendencies for the entrepreneur to experience uncertainty and confidence in her ability to make decision is heightened. When the buildup of this destructive emotion is not checked, it can lead to a defeatist mentality which will affect the success of the business venture for the quality of a business cannot grow beyond the quality of thinking of the person(s) managing the business. Hence, the self-aware of emotions management is paramount and needed.

Another important block of entrepreneurship is the skill of negotiation.  Every business venture is built and sustained on values adding and on maximum profit and profit is based on excellence of closing deals which marks up the profit margin of the business. The skill of negotiation is about knowing the quality of product/service being provided and the value it adds to those who make use of it. When a business owner who is self-aware enough to manage her emotions is on the negotiation table, she is leveled head and possesses the inner confidence and resilient to make sure the business discussion ends in a win-win situation for the client and the business as well. 

As the business owner, you must wear your brand where you go, which means that you must eat, drink and talk your brand everywhere you go. You must always represent your brand and your brand must always represent you. People who meet you must be able to determine your brand (business) when they meet you. For example, if you into skincare business, your clear and glowing skin becomes a walking advert for your business.

Know that there is a lot to entrepreneurship; humility and the willingness to learn, willingness to go the extra mile for your business venture are paramount to building a successful business. Entrepreneurship is more than selling; it’s a system for which you must be willing to build.


OLUWABUSAYO MADARIOLA, is a Principal Officer at ZOE&PHIL, email: thezoeconcept@gmail.com

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