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Making a progression in a recession: What entrepreneurs should know

By Lanre Olusola
20 July 2017   |   4:01 am
Anyone who claims to be a start-up, an entrepreneur (or about delving into entrepreneurship), or a business minded person, should seriously heed to the following for a business boom in recession.

Anyone who claims to be a start-up, an entrepreneur (or about delving into entrepreneurship), or a business minded person, should seriously heed to the following for a business boom in recession.

Successful entrepreneurs believe that there is an opportunity in any situation they find themselves in. Whether in a good or bad condition, serious minded entrepreneurs are always on their feet to ensure they strive in any situation that surrounds them. There are some certain things beyond our control, and as such, the need for improvising, adaptability, creativity, flexibility and dynamism, ingenuity are the important skills and qualities entrepreneurs should possess.

Although, Nigeria’s Finance Minister, Kemi Adeosun, claims that Nigeria is out of recession, it is yet to be felt by Nigerians. Nevertheless, recession is one of the best times for business growth; it is a blessing in disguise. Sadly, people usually lose focus, get less motivated and unwillingly to take any risk when the economy is in recession. Entrepreneurs need to be very eager to take advantage of this situation; recession should be seen as a rare opportunity to create more wealth.

Anyone who claims to be a start-up, an entrepreneur (or about delving into entrepreneurship), or a business minded person, should seriously heed to the following for a business boom in recession.

Have genuine interest
For you to excel in business, you must have genuine interest in business. You should not go into business because those around you are getting involved in it. Not everyone has the ability to walk the path of business, some people’s path are career related! Be a business enthusiast.

Stop dreaming and start working
“A lot of people stay working on a dream forever; it doesn’t transition from dream to reality,” – The Catalyst. Do not dream forever, get up now and act on that idea you got. The more you dream the more it will become impossible to spring into action.

Be knowledgeable
Make enquires; do researches, read widely, understand the fundamental principles of your business, know and understand your target market.

Passion keeps you going
Be very passionate about business, you need to develop a considerable amount of time, thinking, talking, analysing and generating ideas for business. Be dedicated and committed, put in a 100 per cent effort every single time and single day.

Seek, explore, prospect
Always seek for business opportunities. You need to be nosy for business, see every encounter as an opportunity. Make good use of every opportunity to explore and prospect for business.

Vision and focus is paramount:
Always have a clear vision and focus on the kind of business you want to delve into, and stick to it! Lack of focus leads to consistent failure and lack of growth.

Be a risk taker
Be daring, bold and courageous. Be willing to take that risk; risk taking is very necessary for business growth. “If you are not a risk taker, you should get the hell out of business,” Ray kroc.

Keep up with trends
Operate your business that aligns with the lifestyle and trends of the century. You cannot run a business in the 21st century like the way it was done in the 19th century. Focus your idea to which ever environment you are operating from. Always have the lifestyle of the people you want to serve at the back of your mind. Every environment has different concepts of value.

Money should not be a priority, solving a problem should
Don’t go into business looking for money rather your focus should be solving a problem, providing services and catering for the needs of your target market. “People don’t buy products, people don’t buys services, people buy solutions,” The Catalyst

Never underrate the power of hard work and discipline
Hard work and discipline can never be over emphasised; hard work and discipline and major keys to success. “Without hard work and discipline, it is difficult to be a top professional,” Jahangir Khan.

Say ‘no’ to excuses
Stop giving excuses on why you should not go ahead with your desires. If you continue to create excuses, then get ready to always dine with stagnation and failure. “Excuses are the nails used to build a house of failure,” Don Wilder

Don’t be afraid to fail
All successful people have a story of failure. As a matter of fact, failure is part of success. Be ready to make mistakes, be ready to lose money; but with consistency, perseverance, dedication, passion, focus, you will eventually become successful.

“No matter who you are or what you are doing, there will be days when you will be down, whether it is emotionally, whether it is financially; there will be days when you don’t just feeling like doing anything but successful people don’t let those things get them down, they try again after they have made failed attempt(s),” Gbolahan Fagbure (Founder, supermart.ng)

Creativity is an interesting road to success
You need to involve creativity in your business. You do not need to follow the conventional way to start your business; get creative!

Funds should not be an excuse
Many entrepreneurs are quick to come up with the excuse of lack of capital. You do not need a huge capital to start up a business. A lot of successful entrepreneurs we have today, started with little or no capital. “Think big, start small, but grow very fast,” The Catalyst.

Be selective of whom you get advice from
Very few people can give impartial and dispassionate advice to people. Before you seek advice elsewhere, critic that advice within yourself first and do your own researches. “If someone gives good advice on one topic doesn’t mean they are the Holy Grail for every single topic,” Gbolahan Fagbure (Founder, supermart.ng).

Be very careful and selective on who gives you advice and do not be too quick to implement advice you get from people.

Never underestimate the G-factor
Believe in your Maker. God is the author of all solutions. When you start doing something, always ask God to ordain your step. He makes things easier for use and this is beyond the human comprehension. Be prayerful and ask Him to guide and take control of your every step.

For Business and Career Coaching, or to purchase our Entrepreneurship/Business series packs, do not hesitate to call 08077077000 or send an email to info@olcang.com.

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