How To Develop Character and Competence For Business
Idea and Money are the commonest things that come to mind when starting a business. However, neither idea nor money is enough to keep any venture running or profitable. We have shared from Jim Ovia’s 12 Basic Business Ingredients For Success. Here, we will share on the character and competence you need to start your own business.
Individuals differ from each other. However, there are important characteristics you need if you hope to succeed and be profitable in running your business.
Passion : Personal representation of your business is vital. This is only possible when you love what you do – product or service. In fact, people buy you first before they buy your product or service. Passionate people influence customer conviction and generate more sales.
I met a man around Ilupeju recently. He referred to me for a link to an estate agent for a new office for his business. So he handed to me his flier. He is into food business. He started brandishing his foods such that he told me I can’t get his kind of food anywhere else. He told me they are very conscious of nutrition and that even diabetic people order for his food. I had to look at his flier and made an order of what he described as moimoi elemi meje (The bean cake with seven spirit). That is the cheapest food which costs N1,000. I had just ordered for food elsewhere but was moved to buy two from him. His passion won me.
Smartness: Being smart is to be able to think right on the spot or having good discretion to take advantage of opportunity for your business. It may also be described as having street sense. Smart entrepreneurs follow the trends; know how to identify the opportunity in a problem, and just how to be relational enough to take advantage of relationships for business growth.
Risk Taking: Rule no 1 for any business or entrepreneur is the importance of taking risk. The risk could be compromising your comfort, investing most part or all of your savings, suspending your immediate gain for a greater reward that you just believe will come. Most interestingly, it is a lonely journey, but the higher the risk, the higher the possibility of more reward. However, you shouldn’t be greedy, gullible or foolish to lose all in the name of taking risk. Smart entrepreneurs take strategic risk and minimise exposure to loss and waste.
Resilience: There are usually down times in business but the smart and passionate ones always find ways to keep standing in the business. Rejection and criticism should only push you to rethink and restrategise on ways to realise your goal(s). This comes with a positive mind-set.
Multi-Tasking: Depending on the nature and level of your business, start-ups always need to play multiple roles- the CEO, accountant, administrator, HR, sales person… You must be able to serve considerably well in all these before you get to the level of engaging more professional hands.
Setting up a business requires the ability of the founder to drive operations sustainably and profitably. While it may be true that you may not know everything, and that is why you need to employ more hands, no one must know and understand your business more than you. That person may not need your employment very soon. So, an entrepreneur must always work to increase his competence level in his business.
Experience: Experience is always leverage in business, be it personal or researched. If you have experience in a business, it will certainly make you at an advantage point over those who don’t have it. Reading up on others experience(s) in a business you have little idea of is also leverage. However, you will still pay the time to practice the experience before developing your own style.
Either personal or researched, experience always set a business on an advantage point at start-up.
Education: Competence can be developed through education which may be formal or informal. The nature of your business of interest will determine the kind of education you need. A school business will always require certification in education while accounting firm will requires certification by ICAN or ACCA. Cake business does not necessarily require such formal education. If you bake well, no one really cares where you learnt it from.
However, there is always a better way to do what you do. You should learn more about your interest with the best education you can get.
Have you heard about the saying- “talent is not enough”? Having the talent or skill to run your operations may not make the business succeed. Getting education like an MBA or entrepreneurship masterclass usually help those in business to succeed. Administration and organisation of a business which you get from courses and books help you run a sustainable business.
Age: Age may not be of concern in business. One can start business at any age. But for the sake of formality and legality, only adults (from 18 years old) can independently own and register a business. Under 18s are regarded as minors who need an adult to register a business and make a legal commitment to others.
Starting a business with great idea and money to run it is great. The character and competence of the founder of the business will determine the success or failure of the venture. You should work more to improve on your character and competence for a sustainable and profitable business experience.