Image via CrunchBase
Investment Tip No 5 :: Start Small
If you were to ask British billionaire, Richard Branson, where the future of entrepreneurship lies. He will probably place his bet on lean and efficient organizations. Branson reckons that it will pay more to be small but large in market share, revenues and profits. Success in your business endeavor may mean initially working from home, your garage, backyard, car boot or rented workspace in business centers. Microsoft started out in a garage while facebook was born in a college dorm room. Starting small may demand the entrepreneur to embrace digital technology and couple it with thorough employee training so as to cut on the wage bill. Purchases for business infrastructure such as computers should be adjudged at least with the midterm requirements in mind . An entrepreneur should also be aware of available accessible government initiatives such as tax-breaks in classes of machinery and technology.
Investment Tip No 4 :: Dream Big
Yes; Start small, but dream big. Here arises the critical concept of defining the vision , mission and a set of objectives of how your business is going to attain these strategic goals. This step entails much more than simply writing up a simple business plan. It is your organization’s philosophy, its Analects, its bible so to say. An entrepreneur should meticulously craft values that will define their business and product. All those involved in running the business should be well versed with the organizations purpose both in the immediate business environment and in the future. This is because this provides the foundation upon which brand development and management will occur.
Investment Tip No 3 :: Timing Is Important
An idea can be sound in every business sense, but the market may not just be right one for it yet. It is critical that the entrepreneur’s decision making is on point to enable them time their investment appropriately. Even in a downturn, the market is ripe with opportunities. For instance, in a struggling aviation industry, the time may just be ripe for the introduction of low cost minimal frills airline.
Investment Tip No 2 :: What ” You need some luck to succeed in business” means
It is said that fortune favors the brave. As you already know, the life of the brave hinge on some luck as every risk undertaken portends some likelihood of brutal demise. In entrepreneurship, brave refers to those entrepreneurs willing to take a risk time and again. Risk taking is all about being a predator. My use here of the word predator is deliberate in driving my point across as it conjures the appropriate colloquialisms, imagery and visuals.
Think of a lion hunting in the Masai Mara. A successful hunt requires the lion to take advantage of all that is at its disposal. Lions are one of the least successful hunters in the wild but they survive by taking advantage of situations gifted to it by nature such as the season driven migration of wildebeests from the Serengeti national park in Tanzania to the renown Masai Mara game reserve and back which leave some of the herd weak form fatigue. The fact that the wildebeests have to cross a swollen Mara river along the migration path augurs well for other predators like the giant crocodiles.
Likewise, a successful entrepreneur should be alert enough to spot a free piggy ride when one comes along, to know when their back has been scratched ( be it consciously or unwittingly done) and also know when to scratch back. Scratching back is important as it entails being a fair competitor as an entrepreneur. Besides, your enemy today may become your frenemy tomorrow. Borrowing from spiritual teachings to elaborate on this point; the concept of karma does have a part to play in entrepreneurship albeit not in a strict sense of the word but more in reference to the concept of making your own luck.
The increasing importance of corporate social responsibility programs in my world bears testament to this. Additionally, the observable trend of the world’s wealthy pledging their entire fortunes to acts of charity may just be more proof. I agree that there is much more to corporate social responsibility programs and the generous acts of philanthropy by some of the world’s richest men but for the purposes of this discussion, these acts can be summed up as attempts at making your own luck.
Investment Tip No 1 :: Perseverance
Obstacles are but opportunities to sharpen your business acumen. As you solve each challenge in business, you build on your resource knowledge as solving that problem may implore a change of tact, collaboration with others, sharpening of negotiation skills or embarking on a new money making venture. However steep the learning curve may be, every entrepreneur should be ready to pull their sleeves up and get those hands dirty. After all, entrepreneurship is all about visualizing and actualizing.
More Resources Helpful To Entrepreneurs