How To Be A Great Entrepreneur

Motimagz
8 Min Read
Portrait of cheerful african american businesswoman discussing and smiling at the meeting with colleagues

By: Clever Mavaza

Entrepreneurship is a field that demands discipline and a lot of focus. There are keys that separate good entrepreneurs and great entrepreneurs. Most of them do business on a global scale, a few are not so good at it. They see the world as their playground while others prefer to dominate small territories.

Contrary to popular belief about risk, great entrepreneurs take calculated and intelligent risks. Risk can be defined as engaging in something you do not know. Risks are eliminated when most variables of the business equation are known. You cannot invest in a business model that you do not know or understand.

The most important key known and practiced by seasoned entrepreneurs is leverage. This is an accelerated result from the least amount of effort applied. If you recall the topic at high school on levers you will grasp the concept with ease and understand how it works. A crowbar is used to move a large stone anchored to a pivot which multiples a small effort applied to move the stone. The same goes with pulleys. Have you ever wondered why they use a pulley system on elevators?

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Always apply leverage to become a remarkable entrepreneur. Utilize other people’s time since it is a scarce commodity more than money. Money is as abundant as grains of sand but it follows attention and ideas. The main reason why people get employed is to trade their time in exchange for money. Utilizing other people’s time automatically buys you freedom, provided you reward them for investment in their skills. Imagine you have learned one profession for four years at university, how long will it take to learn three or four disciplines which are vital components to a business if each demands a period of four years?’Things that matter the most must never be sacrificed for things that matter the least. Do the math. That’s twelve to sixteen years.

Every time you see the manifestation of a successful business, it is a result of leveraging different skills which are combined to form one organization. Think of the human body. It has the circulatory system, the respiratory system, the nervous system, and the skeletal system. All these assist the body to function properly.

You will never live long enough to learn all things on your own. Oftentimes entrepreneurs utilize other people’s money to make their dreams come true. The difference between a businessman and an entrepreneur is the latter uses debt while a businessman may never grow because of insufficient capital to scale the business. Most great companies were financed by debt. That’s why Steve Jobs, Warren Buffet, and Bill gates became legendary entrepreneurs. They knew how to raise massive capital, a critical skill when you want to venture into a large-scale business.

Last but not least every entrepreneur had mentors who imparted fundamental knowledge and skills. Mentors are like elevators. They eliminate the strain of hard work and unnecessary mistakes.

The worst thing that can happen to anyone in business or those who want to start enterprises is to lack execution of ideas. Ideas are seeds. They need good ground and planting. They also have a short shelf life because no one has a monopoly over ideas. An idea that remains cocooned in the head is powerless. Knowledge is not power. Applied knowledge grants you access to potential power within ideas. Successful entrepreneurs have an action mentality. They don’t wait for things to happen but define markets and disrupt products and industries.

Facebook didn’t come from anywhere. Mark Zuckerberg had to take action. We now celebrate Elon Musk but behind his achievements were thousands of hours of hard work. Econet exists because Strive Masiiwa did not just see the vision but went on to execute. When you go to a jungle for hunting you pull the trigger when you notice an impala in front of you.No second chances. Procrastination is an assassinator of dreams. When you are busy thinking someone is already executing. Regrettably, opportunities come in their own time just like the wind. And most of us are too asleep to feel the breeze.

Great CEOs understand the cycle of change is a never-ending process.No one is insulated change whether in business or personal life. Jack Welch, General Electric retired CEO said if the rate of change outside the organization is faster than the rate of change inside, the end is near. A vibrant organization has to prepare for industrial shocks and unforeseeable future that may be caused by technological forces and other variables. There are things a company must stop doing no matter how good they seem because they have outlived usefulness. There are things a company must keep doing, one of them is change. Who would want to go back to the era when people wrote letters which took days to be delivered? Brick and mortar way of doing things has become obsolete.

Great leaders and entrepreneurs emerge when problems escalate. Complainers mourn Problem solvers celebrate. What is the difference? Opportunities are blanketed in change and problems. Albert Einstein said in the midst of adversity lies opportunity. Love problems and spend a great deal of time solving them than money will automatically knock at your door, plenty of it. We are never taught at a young age the rewards associated with solving problems. Regrettably, we are taught to solve complex equations at school and not life problems.

The person who made a cellphone got a reward for solving the communication problem. Henry Ford, Toyota Benz, and many other vehicle manufacturers solved the transport problem. Bill Gates and software developers solved problems faced by humanity. They chose to be part of the solution. What problems have you solved for other people to increase your value?

An important fact to note is that cutting-edge entrepreneurs do not chase a million problems. They focus on a few that have a massive impact. This is commonly known as ‘thinking big.’

After finishing college or varsity most of us stop learning or reading. But one must devour knowledge and keep improving. Have an open mind to learn, unlearn and relearn. Knowledge is ever-increasing exponentially and becoming obsolete every day. To be great read books, attend seminars or trade magazines in line with your trade. When you stop learning you stop learning.

Author

Clever Mavanza specializes in the following: #Disruptive thinker #Entrepreneurship #Educator #Transfomational speaker #Author

He can be contacted on whats app number

0773 005 534

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Motimagz Magazine is a wealth hub of business and personal development information, resources, real & practical advice, stories, and the beautiful face of Africa. We inspire and motivate Africans by sharing different success stories, knowledge, tips, interviews, and features across personal and business development.