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Tuesday, 18 December 2018

WHAT IT TAKES TO RUN A SUCCESSFUL BUSINESS VENTURE


By Zoe Oluwabusayo

It always seem quite alluring to see entrepreneurs run their business ventures with so much enthusiasm and passion, impacting their communities, employing people and producing products and services that are innovative and dynamic. 


What people see them display are a combination of whom they are, the kind of materials they constantly expose themselves to, their motives for creating innovative items and their value system.

When you see an entrepreneur run his business venture with vigor, know that the individual has developed capacities, competences, integrity, principles, service oriented thinking and a heart of gratitude.

Those are the people who chose to be different and go against the status quo to become the best of whom they are. They constantly develop capabilities and enhance their skill sets to become better at what they do and stay fresh with new ideas and innovative technologies.

An individual, rigid in thinking will not run a successful business as rigidity does not work within the context of the dynamic entrepreneurial and social network that is prevalent in this modern era.

There is need for the combination of character and competence: one without the other is a route to business collapse. Character without competence will gain an entrepreneur friends but not sales and business associates and competence without character will suffocate the sales of the business products or/and services.

The ability to innovate and build products and services around clients’ needs is also very paramount to running any success business venture. Tastes and preferences change and as they changes, the products and services that must satisfy those needs must also change. Continuously interacting with the clients to know their needs is also one of the key elements to running a successful business.

Above all, forward thinking entrepreneurs plan for the future of their businesses. No one lives forever, so entrepreneurs who have built profitable ventures always scout for individual(s) who would lead the business to the next level and direction when the original owners are old, retired or move on to a higher calling.
Successful entrepreneurs always have a succession plan in place.

They look for credible individuals who are groomed, nurtured and given positions of responsibilities to fortify their capabilities. Their growth and development with the business is deliberately planned to make sure that the business that will be handed over to them will not collapse underneath their watch.

Succession planning is paramount to the building, endurance and sustenance of successful business ventures, from one generation to the next.

ZOE OLUWABUSAYO IS A PRINCIPAL PARTNER AT ZOE & PHIL CONSULTING

Pix: connect nigeria

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