The rapid change in trend tends to place a lot of demands on entrepreneurs and the ways things are done. Lots of standard norms have suddenly turned obsolete and are no longer workable with recent trends. I mean, what was called the way is now considered odd and out of place. This, in turn, changes the ways entrepreneurs operate and their perspectives in all
There are must-possess genes every entrepreneur must possess today to not just meet up with today’s demand in the business world, but also scale up to hit targets and provide lasting solutions in the business atmosphere.
is a key competence that no entrepreneur should joke about. As common as it may sound, it holds a major share in entrepreneurship. Focus is the ability to maintain your gaze on a particular goal or purpose without entertaining any form of distraction. This ability to remain fixed on a given goal or agenda is the game behind many successfully built enterprises and systems. Here is the secret: setting focus on a given goal reinforces the brain to direct its energy in one direction and thereby maximizing the creative ability of the mind to achieve that
goal. Much more is achieved when there is a focus or goal than when there isn’t. As an entrepreneur, get your gaze fixed on specifics to actualize more. List out the things you need to achieve before getting started.
2. CREATIVE THINKING
Thinking has always been one of the jobs entrepreneurs engage in and it’s one of the competencies every entrepreneur must possess. It involves a shift from the usual thinking to a more dedicated level of thinking. Creative thinking, on the part of an entrepreneur, is the ability to pull out solutions from a seemingly impossible situation through different phases or sequential processes. It can also be seen as the ability to invent new and easier ways of getting tasks done or accomplished with an increase in efficiency and productivity.
To meet up with today’s standard as an entrepreneur, you must be able to find new ways of getting jobs done. This could be a modification of how things were done and an entirely new way of how things could be done.
To get creative, you can check on the recent problems people encounter daily in your field (area of specialization); check out what solutions have been provided, and find the missing link. From the missing link, You can then research lasting solutions that can be proffered to breach this missing link.
3. RISK MANAGEMENT
The risk managerial skill of an entrepreneur is as important as the entrepreneur himself. The ability to take calculated risks is what differentiates an entrepreneur. According to Ify Peace, the calculated risk is one whose pros and cons have been weighed and the outcome predicted with the sequential procedure on how to execute. An entrepreneur must be skilled in risk management, knowing which risk should be taken first and which should be kept pending.
Jeff Bezos, the big-time entrepreneur said, He makes good use of every opportunity that comes his way. Those opportunities include taking a bold step which could be a risk but should be
The ability to maintain a given course with the repeated cycle of reinforcements establishes authority in that field. In the journey of entrepreneurship, consistency is just\that one handbag that contains all the work kits that you will need to have a successful journey.
Most personalities known as Authorities in a given field have maintained one course over and over again. For your brand to make headway and gain brand awareness, consistency remains the key to open the lock.
Coca-cola as a brand has been consistent over the years and they are now an established authority. And even at that, they still hold on to the consistency of their brand.
5. RESOURCE MANAGEMENT
Resources have always been a scarce commodity. It’s the management of available resources that make it enough. If you wait till you get every single thing you need to accomplish a task, then you will waste a lot of time, which in itself is a scarce resource. An entrepreneur must not always have all the resources available at his disposal but should be able to utilize the available resources to gain profit while building-up to getmore resources. Big companies like Google never started BIG. They started as a small business and
utilized the available resources at their disposal to grow as big as they are now. So, an Entrepreneur should be competent in resource management.
There is usually a period called the “waiting period”. It is just like a farmer that is faced with the “planting season” and “harvest season”. Between the planting and harvest season is the“waiting period”. This also applies to an entrepreneur. According to Akpan, The director of Febstar Driving Academy, “on average, it takes a minimum of two years for an entrepreneur to be established.” You should be able to wait for that increase you have labored for. The waiting period is not a period of being idle but sometimes, it is a period to be consistent or even to put inmore work. The expectations may not come immediately but gradually. You must develop the capacity to wait to see your imagination that has been processed through work (applied principles) become a reality.
Most times, after developing all the competencies and integrity is lacking, then, in no distant time, everything will come crumbling. In my simple words, Integrity is the ability to consistently maintain a value system come what may. If your product is known for a particular standard, you should be able to maintain the same standard even when there is an increase in brand awareness. This is where most entrepreneurs miss it. You should at no point reduce your quality or standard, instead, you should consider adding more value to the system. This competence is what differentiates the different levels of entrepreneurs.