Previously, we discussed about starting a business. Today, we explore the qualities of an entrepreneur.
Once you have a business idea, you need to set a Vision. Instead of asking: “where do I want to be?” like everyone else;
Ask: what is my biggest problem NOW? Is it lack of money or lack of customers or declining business? Then decide on how you will fix the problem either through low costs or differentiation – depending on your business environment. Decide on possibilities available under each option. Then explore the conditions which would have to be true for you to succeed with your chosen possibility. You will be a winner.
Asking these questions ensures that your business is unique. The solution to your problem will become your motivating factor. It will be your vision or winning aspiration!
Take an example of a trader dealing in selling low cost furniture downtown. Their problem: where do I get Ugx. 10,000,000 startup capital. To solve this problem, you need to explore workable options – (a) borrow from the bank; (b) request for contributions from family and friends; (c) identify a person in office and interest them in my idea so that they may join me as a business partner and give me the money or first look for potential customers; (d) identify other furniture sellers and try to link the two for a small commission, until it is enough to do it on my own. Then analyze the best option considering your circumstances. You may find the last option – d – go between demand and supply as the less risky and most feasible.