The greater percentage of entrepreneurs will fail in their first or second businesses. This is not abysmal because it is a learning process where they know what to do, how to do, when to do, where to go, and whom to meet and discuss the secrets of their businesses with. After failure, success is knocking at the door.
An entrepreneur who will be successful in his business is expected to have Fs. Rosabeth Kanter prescribed four (4) Fs but it has been expanded to nine (9). They are:
Founders: Every start-up company must have a founder who is determined to go all the way even when things are going wrong. They keep creating businesses and making sure that they excel.
Focused: They must focus on the niche market and specialize, but recently, great businesses innovate quickly in order to diversify.
Fast: Great entrepreneur makes decisions quickly and implements them immediately. There is no time to waste in meeting the needs of their customers.
Flexible: They keep an open mind to challenges and respond quickly to change.
Forever Innovating: Entrepreneurs are tireless innovators who get ideas, think through them, developed them, and build a formidable business.
Flat: Most of the new organizations have few layers of management in order to allow quick decision making in getting things done quickly.
Frugal: Entrepreneurs keep overhead low and productivity high. They do not spend anyhow. So, you may see them as being stingy.
Friendly: Entrepreneurial companies are friendly to their customers, suppliers and employees.
Fun: They love to catch fun with their team members after successful completion of a project. In order words, they celebrate their successes and get ready to achieve more.
Do you possess all the Fs?
Bygrave, W.D., Zacharakis, A. (2010).The Portable MBA in Entrepreneurship. John Wiley & Sons, Inc.New Jersey.
Adetokunbo Adekanla is the innovation consultant at Thinking House Consulting.