Nobody can convince you that the entrepreneurial path will be without hurdles. “ROAD BLOCKS” will seek to waste your time, “NARROW BEND AHEAD” will cost you to slow down, “ZEBRA CROSSING” will allow others to have their way, and “SPEED LIMIT” will define how fast you will travel and grow.
Every year, over 300 people in Nigeria launch their own businesses. The majority of them began as small companies such as bakeries, beauty salons, restaurants, laundry services, vehicle washes, and supply stores. Approximately 10% of persons who start their own businesses are successful. Some are so successful that they expand into enormous corporations.
WORK SHEET
1. DO YOU HAVE ORGANIZATIONAL SKILLS? …………………….
Fill in the blanks with the proper answer that corresponds to who you believe you are. One of the fundamental requirements for self-employment is a well-rounded mind. Knowing what needs to be done and determining who will do it and when will be a routine element of running a business.
2. CAN YOU MAKE REASONABLE DECISIONS?……………..
Self-employment necessitates and demands the ability to think clearly, make sound decisions, and stick to them. However, once a decision is made, you must be willing to adjust and revise it if necessary and in accordance with current circumstances or reality.
3. DO YOU HAVE INITIATIVE? ………..
The ability to take the first step in any endeavour is referred to as initiative. A successful leader must have initiative and the capacity to operate alone. The truth is that if you want to work for yourself or be an entrepreneur, you must be a leader. To be an effective leader, you must have ambition, drive, initiative, imagination, and courage.
4. CAN YOU DELEGATE AUTHORITIES AND DUTIES? ……………
Most entrepreneurs fail because they lack this quality; they try to handle everything themselves and become fatigued and frustrated, unable to continue. Delegation allows you (the employer) to take on additional work on your own, relieves you of petty everyday jobs that can be done by someone else, and boosts employee morale by giving them a sense of sharing responsibilities.
5. ARE YOU READY TO WORK LONG AND HARD HOURS? ………………
Entrepreneurs labour long and hard hours until their business is well established. There are no shortcuts to success; you will not only work long days, but you will also take work home at night. These may go for months or years, but if you have the appropriate mindset, you won’t mind because the business will eventually become a part of your entire life.
6. DO YOU ACKNOWLEDGE RESPONSIBILITIES? ……………….
As an entrepreneur, you are responsible for making decisions and cannot place blame for failures on others. Because your decision will either make or mar your business, you must think carefully before making a decision while also ensuring that your decision will promote, protect, and enhance the growth of your company.
7. DO YOU HAVE PHYSICAL ENERGY AND GOOD HEALTH? …………………..
Young entrepreneurs typically work long hours with little respite, and vacation is frequently unattainable. Physical stamina to resist school pressure and working conditions is a prerequisite for self-employment.
8. DO YOU GET ON WELL WITH OTHERS? …………………
Self-employment entails getting along with a variety of individuals, including customers, employees, salespeople, and bankers. An entrepreneur must exhibit cordial interest in those with whom he associates and be willing to tolerate and accommodate other people’s ideas and thoughts.
9. DO YOU INTEND TO GET THE KNOWLEDGE AND EXPERIENCE REQUIRED TO START YOUR OWN BUSINESS? ……………………………
An entrepreneur must always prepare ahead for his chosen vocation. Self-employment takes as much, if not more, planning than any other profession. The training you receive will have a significant impact on your ability to succeed in your own firm as well as your commitment to continue adding to your knowledge bank.
10. DO YOU KNOW WHERE YOU CAN GET MONEY TO START AND MANAGE YOUR BUSINESS? ………………….
This is a serious issue, particularly for young entrepreneurs, because one of the major causes of new business failure is insufficient capital to keep the business running until it begins to create profit. The majority of people finance their businesses by borrowing money from friends and family, banks, private lenders, loan companies, and, in rare situations, the government.
11. DO YOU HAVE SELF CONFIDENCE? ………………………
Self-employment necessitates not just confidence in oneself, but also instilling confidence in others. Confidence in your abilities, skills, and experience are required for success as an entrepreneur, and it is especially vital for self development. You must believe in yourself, what you do, and the services you provide in order for others to believe in your competence and knowledge.
12. DO YOU HAVE THE STRENGTH TO OVERCOME DISAPPOINTMENT? ………………..
Anyone who starts their own business will confront discouragement at some point; there will be poor breaks as well as good ones. All you have to do is accept whatever problems come your way, try to solve them, and keep going. When issues appear to be overwhelming, a good entrepreneur will demonstrate resourcefulness.
13. CAN YOU HANDLE MONEY WELL? ………………..
Hmmmm! If you are young and have little experience handling money, this may be a challenging issue to answer; yet, you must consider this capacity when considering self-employment as a job. Many entrepreneurs make the mistake of consuming all of their profits in the belief that they have arrived; others even consume a portion of their principal in the hope of experiencing a ‘Magical transformation’ in their organisation.
14. DO YOU HAVE THE ABILITY TO PROFIT FROM YOUR MISTAKES? …………………
It must be understood that everybody who starts their own firm is destined to make blunders. Any successful businessman should be able to learn from his failures. He is not discouraged if one of his decisions turns out to be poor, but he must vow not to repeat the same mistakes. He goes about his responsibilities steadily, learning a lot as a student from the school of experience.
“The golden rule for every business man is this- put yourself in your customer’s place” – Orison Swett Marden
