There are many things I have learnt on the job as an entrepreneur some i wish i knew before even taking the dive, some i am happy i learnt on the job; in a nutshell you can never be too prepared to be an entrepreneur as is with every life’s endeavor, you need to grasp what you can and do a skinny dive, just be prepared to learn on the job. Some of the things you have learnt or experienced are the same things that would serve as the help button when you are caught between a Rock and a Hard Place.
In my blog post for today I share 40 lessons from my life as an entrepreneur.
1. Its all on you
When I began this entire entrepreneurship journey I thought the world owed me success, I thought me entering the entrepreneurship space was license for me to make demands to life and wait for those demand to be fulfilled, I realized after a short while that nobody owes me nothing, I am responsible for my own choices and actions if it doesn’t work out its because I made the wrong decision, if you fail that’s all on you, not the government, not the ecosystem (one word entrepreneurs in Ghana have become accustomed to), not the consumers but you and you alone. You are responsible for the actions you take and it’s all on you.
2. Tv shows are fantasies in our part of the world
There are many things we watch on TV Shows like Silicon Valley, Power, Empire and the like and we go thinking we can replicate cultures and methods, let me be frank here: this ain’t New York, this ain’t London or Toronto this is Accra, somethings just don’t work here. You wearing a hoodie and a cap to a high profile meeting has cultural connotations and may pass off as disrespectful. Don’t watch those shows and go round feeling “high” about being an entrepreneur the environments are different, the understanding is different, the reception is different and of course the culture is different
3. When it comes to investors, do the choosing
At your start off points you are cash trapped, you need huge investment to move to the next level, you are crowded with ideas and stagnant for money and the situation makes you want to take any money from any investor that comes your way but No. Don’t allow just any investor into your business, some investors are good with investing in agriculture, or manufacturing, or fishing or at best fast moving consumer goods (FMCGs), there are the types that cannot put risks in Technology they like to see their money put to the physical not in someones head. Take time to check the investment portfolio, do background checks, verify their investment portfolios, if possible speak to other Entrepreneurs they invested in before taking the cash. You will have too many worries down the entrepreneurship road and an impatient investor is one burden you would not want to add to the many ahead.
4. Little makes big in the end.
You need to make do with the little things that are around you that would help your business, if renting a self compound for an office space is just cosmetic rather than a need then don’t. If the business can survive on a shoe string budget it can go farther, it is always good to bootstrap your idea than to splash money at it from the onset. bootstrapping allows you to tie up all loose ends and make the business grow organically rather than abnormally. A check on many successful businesses would reveal little beginnings and steady growth; UT Bank as we all know started as a “susu” collection point somewhere in Kantamanto and has grown over the last 10 years or so to become an award winning bank, I know many successful entrepreneurs who run their businesses without an office for a good period, they were holding meetings in cheap cafes. Don’t get me wrong i know other businesses that have also done the direct opposite and have succeeded, my point here is to cut you coat according to your size and not run your business to impress people Run it with a strategy.
5. when it comes to hiring, be too creative to stick to the books
Resumes are now mostly a piece of paper on which a job seeker has written all the good things about himself, to the extent you feel he is the right fit. Many people sugar-coat their Curriculum Vitae and practice common interview questions. As a startup don’t be too focused on hiring based on the books, get creative with your questioning and more practical in seeking your answers, take them out for lunch see what they order when they know you are paying and how it changes when they are paying themselves, have casual chats with them to see how real they get, i know this is most common on every CV “I work well under pressure” give them a task to be completed in 2 hours. Point is, go the extra mile go beyond asking them to describe a situation in which they led a team. Remember you will need to pay hence you should spend the time to find out who they truly are. check their Facebook, twitter and all other social media pages. Dig deeper and find the right fit for your kind of business.
6. Don’t be all about hype
Don’t go saying all the things you cannot do, people would test you in the shortest possible time and when you are found wanting you loose their trust forever. When you have an idea or a skill spend time building it up don’t be in a hurry to run to the media. As gossip-happy as our media in Ghana is, they give interview to any tom, dick and harry without verifying and trying their skill, its now a war of who broke the news first. Our media is gullible. Don’t fall victim, I have always said “time would prove all positive action”. Spend time and resources sharpening your skill, that time would come when everyone including the media would be searching for you. You remember the story of David in the bible, spending time as a shepherd and sharpening his sling shot and that skill saved his kingdom from Goliath.
7. Don’t wait for the government
Unfortunately this is where we find ourselves; in Ghana, Africa, Greater Accra. “dumsor” happens, internet is a tortoise, our judges are bribed, educational system is crap and government is asleep. Don’t wait for anything to be done about anything, try in your own small way to better the system while building up your idea. Waiting for the environment to get better before you start is and would never be a good idea.
8. The daily hustle for bread and butter will sway your focus
We know you mean well for technology, you are an entrepreneur, you have many ideas but trust me there comes a time when you would need to put those ideas down and do something for the money to feed and clothe, just don’t let the dream die. Those bread and butter moments are ones that give you stories and experiences take them in good faith.
9. When a client says they want the moon, do just that
As very smart people entrepreneur are they are tempted to think their clients are not as smart, that they don’t know what they actually want and this is most common with technology entrepreneurs. We like to use technology jargons (sometimes not intentionally tho) to confuse the client, when clients feel overburdened with jargons they loose interest and they lose trust. At your meetings with clients be sure to break things down to the simplest words. and when a client say hey i want you to build me a software that goes to the moon that is what the client wants, don’t go building them an app that can go to the sun, they mostly would have done their research and concluded on what they want, if you cannot provide that be honest and move on. Else you destroy the business for others in the ecosystem.
10. Don’t show up unprepared
I have heard a couple of startup entrepreneurs on radio and television quite on a number of occasions. and sometimes they sound unprepared or very less informed about the subject matter. When you are called for a radio or television interview you need to read around your subject matter if you are very well vexed in your subject matter it still doesn’t hurt to know the latest news, trends and product. Journalist can be frustrating sometimes (especially live shows) they would quiz you and pin you down and if you are not prepared you would come off as unprepared. Spend a little time on researching and getting more information. If you are not well prepared or the topic to be discussed is off your course, politely decline; better a good name than being famous for goofing.
11. Have an elevator pitch handy anytime
As a startup entrepreneur you shouldn’t exist without an elevator pitch you should be able to tell someone about your business in under 2 minutes to urge the person to want to hear more. An elevator pitch is basically a succinct and persuasive sales pitch. Take a lot of time to prepare an elevator pitch. You do not need to describe the business idea fully but you should be able to whip up the listeners interest to want to hear more. i am sure you have heard angel investors (wealthy people) have little time and an elevator pitch just allows you to utilize the 2 minutes you have with a potential investor.
12. Don’t cheapen partnerships
Most startup entrepreneurs are very quick to add on cofounders and partners, most times they share their idea to a few people and the first person to understand and tell them “o thats a great idea” is chosen as a cofounder or partner. don’t be too quick to add people as partners let them pay the price for being a partner let them walk the talk adding a partner to your business could make or unmake your business so you need to think through that decision. Many times i have received conversations about how a cofounder is not pulling his weight and not doing what he should be doing and clearly the one who hired him didn’t take much into consideration. Think before you give them a seat on your board.
To be continued
Author: Klenam Koku Uba Fiadzoe
Co-founder Yougora
He blogs at https://klenam.wordpress.com/
