These nuggets in my opinion represent what could change the face
of doing business in Africa for Young Entrepreneurs. Feel free to share and
adapt.
• Focus- Every Entrepreneur will at various stages of their
entrepreneurial growth hear that passion translates into a call to find a need
to solve or a need to be created and solved. Often, the passion we have remain
mere intentions/ideas and may not become successful businesses, because the
ideas we carry are not the success we seek, the businesses established are what
define success. For many Young Entrepreneurs, determining among this lot, a
clear concise vision and focus on that one true idea and its possibilities that
best represents who you are may make the difference for you. Having an array of
things you do or are good at is cool as some will tell you, what ticks is a
clear focus on one thing that works, that you are known for, that has a
definite bigger picture in industry terms could do the trick for you.
Be
Focused!
•
Value – The biggest challenge for many starting up is finding that unique value
proposition that clearly outlines the need the market yearns for. Importantly
it is continually understanding what Customers want and whether a company’s
product or service is commensurate with the needs of the market that isn’t
static. A company’s true moment of success is its ability to continue to offer
value to its client over their lifetime through winning new clients or
maximizing repeat purchases from existing clients.
Create
and Rethink Value!
•
Product Development – Will hype, photoshoots grow your Business? Personal
branding will only reinforce brand perception based on the product or service
your company offers to an existing or new market. Real growth is driven through
tangible and intangible products and for most part, your brand perception holds
real value when you can speak in real turn-over and contribution to taxes about
your Business than simply looking good, speaking well or posing for the camera
to be respected as an Entrepreneur. If your Product isn’t actively marketed
beyond the owner’s personality, you don’t exist as an Entrepreneur.
Create
and Improve Your Product or Service Offering!
•
Team Building: You cannot succeed on your own as a Young Entrepreneur, and in
today’s economy you won’t find the right talent anywhere, except you can mold
attitudes, train and inspire only to the extent that the employee hired is
willing to bear. Increased motivation may help increase productivity but hire
more for Loyalty and Attitude than for the skill potential employees claim they
possess.
Create
or Improve Team Culture!
•
Capacity: Without the relevant understanding of modern tools and demonstration
of knowledge in Administration, Performance Management, Team Building, Sales
and Customer Service among others you will become obscure and obsolete as an
Entrepreneur.
Build
Your Capacity!
•
Financial Performance: Financial Performance is tied to sales, financial
reporting and controls but importantly without key metrics to assess and grow
sales, you will not grow as a firm or Entrepreneur. Research on ways to measure
Client Growth, Sales, Tools to check finances, appropriate Budgeting and proper
Governance structures to increase your success rate as a Young Entrepreneur.
Implement more OKR’s than KPI’s.
Real
Growth Trumps PR!
•
Growth and Sales- Regardless of the PR you build around your company, without
tools to measure Performance you will never succeed if you don’t have the
numbers to back it up with a reasonable baseline to demonstrate real growth.
Without a proof of concept that shows real growth or potential, you risk
overestimating your potential.
Without
increased Sales, Your Passion is meaningless. Without measurable Impact, you
cannot define your level of Impact.
•
Business Partnerships: Your Business is only as good as the Partnership
agreements you draw up or enter into to help you run/manage your Business. Seek
Counsel, Invest in the Process, Build Trust above all, do what you said you
will do.
Your
Partner must reflect the future you want!
•
Hiring: Truth is you may never get the best of talent on your first hire.
Loyalty, Attitude, should be qualities you look out for in Staff beyond Skill.
2018
is a year of numbers, growth, turn-over, governance, product and brands and
certainly not about you my dear Young Entrepreneur. It’s no longer about You!
Build that business and let’s celebrate Your Business because you made it work,
not because You are the Business!
Profile
of Writer: John Armah is the CEO of the Orios Group. He is empowering young
Ghanaian Entrepreneurs with Training, Investment, Strategies and Policy
Advocacy to tackle some of Africa’s brightest problems in Health, Technology,
Agriculture Services and Art.
He
has over 8 years in Business Advisory, Strategy and Development Services. An
Award-winning Entrepreneur and Business Strategist with a passion for Startups
Development and Growth in Africa. He is currently the Board Chairman for Junior
Achievement (JA)Ghana, as part of JA Worldwide, Named as part of Forbes 30
Under 30 Most Promising Young Entrepreneurs in Africa (2016), 20 under 40 Most
Influential Business Leaders in Ghana by award-winning Business World Magazine
(2015). Voted 12th Most Influential Young Ghanaian (2016). Ranked as the 27th
Most Influential Ghanaian by ETV Ghana (2012).
Mobile
Phone: 0541 888 877 /0303 970 723.
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