GUIDE TO ENTREPRENEURIAL BLOSSOM (PART 2)

Sir,

Pitching
The set of activities intended to persuade customer or client to buy a product or service. The ability to network is a skill that every entrepreneur needs to acquire as potential clients may be present at social events, conferences, or even in a public restroom.

Unfortunately, vital as this skill is not all of us have it (myself included), and to be a successful entrepreneur one has be able to provoke conversations and network with people at every level. Being able to describe the business and its purpose as simply and as clearly as possible to potential clients and investors is central to getting the most out of networking opportunities. Business experts describe an elevator pitch is a summary of the business in less than 30-seconds to tell any stranger about the company with enthusiasm, clarity, and in a way that leaves a lasting impression. In developing this skill one needs to closely analyse the business model and to write down the most concise description for the range of goods or services offered. Lastly, be ready to explain the business to anyone at any time. It may sound stupid to look at yourself in the mirror and assume your image as a potential client, but that’s the best way to start.  
Investing

The process of purchasing something with the expectation of future profit, or more simply using money in the hope of making more money. In the business sense investing could be buying a piece of durable equipment that in the future will create more business success. In finance, the purchase of stocks, bonds, and property is an example of investing because these items accrue value and can later be sold at a higher price to make a profit.

I hope every one of us has once been told that, “good things come to those who wait for the best moments”. Unfortunately, that mind-set does not apply in entrepreneurship.  Waiting for financial investment is often one of the first reasons that entrepreneurial ventures fail, so it’s usually better for business owners to invest their own capital first, to create a parent-child bond with the business. It is worthwhile mentioning that, this is easier said than done considering the many challenges young entrepreneurs face. Saving money towards your future business usually requires a frugal mentality and the ability to stay within a budget, and  having a mentor early in your business endeavours proves handy in moments similar to these ones.

Family funding can also be a source of affordable capital as can a deposit from your first client. Through this business approach one can prove that he/she is able to manage finances and make profit with their own cash to investors and funders, which is exceedingly attractive and makes the next stage of the venture’s growth that much easier.  

Learning

  The acquisition of knowledge or skills through experience, study, or by being taught. The most accomplished entrepreneurs are those who never stop reading and learning. It is very unfortunate that, most of our native young entrepreneurs view learning as a waste of time and money. Because of this reason it is not surprising to see most of them failing in the business world. However, it is to some degree unfair to blame our young entrepreneurs for this mind-set, as the lack of role models as well as the politicisation of corruption has undermined the power education and knowledge.

Despite the various challenges faced by young entrepreneurs, it’s clear that they have a lot to offer the business world. Following these simple guidelines and being resilient to the barriers will put the young entrepreneur ahead of the curve in no time. Of course this will not only benefit those individual young entrepreneurs but the entire nation through the realisation of economic sustainability and stability in all spheres of government. 

SK

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