An entrepreneur is a dreamer. Other characteristics are risk taking, decisiveness, Can Do attitude, determination to succeed despite serial failures, dedication, devotion, detail orientation and readiness to earn money.
Which of these do you have?
Critical factors to consider in the entrepreneurship process
- Personal factors
Entrepreneurs have endowed personality, male or female, from ages as young as three (3) to as old as eighty (80). What determines the capacity to develop your idea during this period depends on many factors. An entrepreneur may or may not have any academic achievement in any field. Most entrepreneurs across the globe have proven that academics within the four (4) walls of the classroom have nothing to do with entrepreneurship. A typical example is the great Bill Gate who dropped out of school to build an empire. Another factor is their risk-taking filled with resilience and determination to succeed. This is inspired by their ability to recognize opportunities and develop an idea that can generate money from it. Most times, they have personal values which others may not support or agree with but this is the breath to their success.
They are never devoid of experience ranging from isolation to neglect to wild imaginations to deceit to hatred to shame to divorce to family separation and many more. The trouble waters in which an entrepreneur have to swim may be too overwhelming such that if care is not taking they may be consumed. This explains the reason for the difficulty in threading on that path.
2. Environmental factors
Naturally, the DNA of some people is incorporated in entrepreneurship. They cannot be productive working for any other person. This has been seen severally in corporations where unproductive person was laid off, only to start his business that spirals up within few years. As a person, there is a need to determine here we fit in an organization-Is it marketing? Is it administration? Is it operation? Is it strategy? Etc ; and if you do not fit in, get out. Cultural fit is critical in determining your DNA code.
Family may be a critical factor whether you will be an entrepreneur or not even though many have started businesses without history of family business. There is likelihood that if your parents have a family business, you are likely to manage them in the long run without actually being an entrepreneur.
Friends and Neighbors can influence an entrepreneur to start his or her business. Many businesses were started by two friends who were able to work together and achieve success. Caution must be exercised here when setting up the business to determine the business type and structure.
Education comes again. Attending a business school can change your orientation and inspire you to be an entrepreneur. Most businesses were actually developed by business owners while they were in the business school.
Location is critical to business establishment and being an entrepreneur. The presence of Silicon Valley in the USA creates an aura where almost everyone thinks of starting his or her business. The time has come for us in Nigeria to come up with something like that in order to stimulate people to start their own businesses.
- Sociological factors
Most businesses started following a lead or referral. Usually, this is done within a circle you belong to through a network connection. Quite a number of people have gotten a referral to carry out activity within the club they belong only to realize that they can actually start their business in that line.
No business can function when you have a dysfunctional team. A great team gets stimulated when the tune is low for better performance. This is very critical especially when you desire to deliver good result. Most times, conflict can arise within the team to strengthen it. This should be used to stimulate every team member for a better performance rather than destroying the team.
Parents and family are very important in business set up. There could be encouragement from parents who are entrepreneurs while, educated parents, as described by Robert Kiyosaki in his book “Rich Dad, Poor Dad” may vehemently go against the decision of their children taking the entrepreneurial path especially if they have tried in the past and failed.
Marriage is critical in entrepreneurial process. Most partners may find it difficult to resolve their decisions in setting up business if one of the parties believes in living a conservative life of going to work between 9am and 5pm. This is the main reason while most entrepreneurs are divorcee for the reason to pursue their dreams. This is very important and good if the party can reach a compromise despite their differences by finding a way to place the family above their diverse opinions regarding entrepreneurship if they really love their children.
Role models come as mentor. Entrepreneurs should look for mentors who can guide them through the process as early as they make the decision. History has it that most entrepreneurs dived into the ocean of creating their own businesses without any guide using “trial and error” method. Besides, most successful entrepreneurs do not have time to mentor people because of their busy schedule and belief that what works for them may not work for you. Hence, you need to sort yourself out and find the way.
Advisers can also help entrepreneurs in the process of setting up and running their businesses but care must be exercised to determine and know whom you receive advice from. Many are set to direct entrepreneur on the wrong path especially if they are not successful entrepreneurs. The choice is yours to select whom to listen to on your journey.
Adetokunbo Adekanla is the innovation consultant at Thinking House Consulting