What I wish I had known before I became an entrepreneur by Waceke Nduati-Omanga
I hope that my reflecting on what I know now about business that I did not know before, will help you even as you listen to all the entrepreneurship noise going on. Here goes:
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It is never about the money.
If you want to be an entrepreneur to make money you are in the wrong business. If you think money is what will help you get through the dark times or keep you going in the long run, then you are mistaken. It could take forever to get that money, so you need something more than money to keep you going. Entrepreneurs don’t respond so much to money as they respond to providing a solution.
2. You grow when you work yourself out of a job.
When you start you do play multiple roles – business development, administrator, debt collector, strategic thinker, sales, capital raising, etc. However, progressively you need to let go of these roles. It doesn’t mean you don’t do anything, but your ability to let go ensures you are building something that works without you and releases you to take your business to the next level, the next region, the next product, and so on. You wouldn’t be able to do these things if all your time is spent trying to play multiple roles and frustrating people working with you who know they have the ability to rise up to the challenge. Progressively put up structures and get the right people to work with you.
3. Your business will grow in tandem with the value of your network.
Networking doesn’t mean that you know the CEOs of big companies. That may be good for some businesses, but others do not need that kind of network. If you want to start growing tomatoes, knowing the CEO of Safaricom may not help you. However, knowing the person who sells or distributes seeds and fertilisers, has information on new technology, can help you access capital or market, etc., is what will help you. Networking is not about how many people you know but the quality of the relationships you have. If you go to an event, you are better off coming out of there with two solid contacts rather than 50 business cards that will never help you. Be focused with your networking.
4. Entrepreneurship is not just about you the founder.
It is not just about your personal growth, wealth and making a name for yourself. Entrepreneurship is also about lifting others and cultivating an environment where others can thrive and even explore their own entrepreneurial spirit. Entrepreneurship is not just about starting a business. In fact that doesn’t make you an entrepreneur. It’s an attitude that is necessary even in your employees. There are many entrepreneurs who have not necessarily started a business but are creating a huge impact in the organisations they work for. Companies die because the founder was the sole entrepreneur in the organisation. Create the environment where entrepreneurship can thrive. Let it be a culture you operate within.
5. Having an idea is OK.
However, between two people with ideas, the one who actually executes is in a better place. Having passion is great; it gives energy and impetus to the idea. Having a vision is fantastic. This gives passion direction. However, you must combine a variety of elements to succeed. The winning formula is: Idea +Execution+ Passion+ Vision.
Read: Tonnie Mello – The Good and the Bad of Being an Entrepreneur
6. An entrepreneur has a different relationship with money.
They can see millions of shillings in their accounts and still know that they cannot touch a cent of it. Entrepreneurs are not concerned with short-term gratification, they are concerned with achieving their vision; that is why they look at money differently. Business money is business money, not your money. The business account cannot be your personal account and vice versa.
7. You will feel bad.
Contrary to popular belief entrepreneurs are not always cheerful, confident, optimistic, focused, solution-driven, or assertive. Many times they are petrified, depressed, broke, confused, annoyed, etc. Every so often you might even give yourself a moment to feel bad. But after that and despite still feeling bad, entrepreneurs will still get up. They learn not to let their feelings dictate what they chose to do. Feel bad but do it anyway. Fail, but fail forward.
8. The best attitude to have is that of a child and a student.
Children always ask why, why, why? As an entrepreneur you cannot stop asking that same question. You cannot stop challenging the status quo – because opportunities are found in those questions. You need to know you don’t know it all and will never know it all. Go into situations, meetings, and conversations ready to learn. The less attached you are to your own way of thinking, the more you will see. The minute you think you are the best at what you do, you will become complacent.