Entrepreneurship development has always excited me. I’ve always wanted to build, buy, and own multiple businesses. Having a multiple source of income is something I had longed for. And at this age, I can proudly beat my hand on my chest that I’ve built something for myself, family, and people in need.
I’ve so much soiled my hands in my humanitarian and philanthropist work and have raised an amazing team called the Roli Mabo Foundation. But my scheme surpasses that. It would interest you to know of my many accomplishments, like the Beats by Dara school and Bliss Day & Med Spa. I’m also knee-deep into other businesses like Real Estate, Direct Sales, and Wellness. Plus, I have a handful of residual income courses I put out there.
With all those accomplished over the years, I can say I have gotten a good level of experience when it comes to entrepreneurship development. And in this article, I’ll be sharing my blueprint to help you successfully start your own entrepreneurial journey.
Excited? Let’s get started.
Blueprint for Successful Entrepreneurship Development
Ready to learn entrepreneurship development? Here are the steps you need to take:
1. Mission and Vision
Your mission and vision are the first thing you want to tackle. They form the foundation of your business and help you align your goals. To simply put it, the mission of your business is the purpose of its existence. This purpose or reason of existence explains what the business offers, who its serves, and how it offers its services. In other words, it answers the, ‘What do we do and why do we do it?’ question.
For example, the mission of a tech company could be “To develop cutting-edge software that enhances productivity and connectivity for businesses and individuals.”
On the other hand, vision is your business’ longterm goal or aspiration. This is a statement of what your business is aspiring, aiming, or wishing to be in the future. Vision statements are usually inspiring and motivating while providing a cleaar direction for the business. It answers the, ‘Where do we want to go?’ question.
For example, a tech company’s vision statement could be “To create innovative solutions that improve the quality of life for people around the world.”
To further simplify it, Mission is the journey (it shows how the business will get there) while Vision is the destination (where the business wants to go). Keep in mind that Mission and Vision statements are not only applicable to businesses or companies. They can also be applied to you as a person.
2. Innovative Thinking
You can’t take out innovative thinking from successful entrepreneurship development. You need to think outside the box to become a successful entrepreneur. That is something that will set you apart from the competition. Believe me, there are already a lot of people who are thinking about starting the same business as you or are already in the industry before you. And that’s more reason you should come up with new ideas to stand out from the crowd.
I knew this firsthand when I was just beginning to set up Beats by Dara. There are already a lot of online schools for kids but I had to find a way to stand out. I partnered with my co-founder and we integrated music education, A.I courses, coding, and personalized learning. That way, we were able to stadn out from the range of other online schools.
Learn how to appreciate all ideas. There isn’t a ‘bad idea.’ Consider every idea, no matter how unconventional it might be. Who knows, it might just be what would skyrocket your business.
Don’t forget to adapt to changes. I remember when Beats by Dara was struggling with having a stable online class and we needed to also preserve the sound integrity of the piano. We had to switch things up: changed learning platforms, educate instructors, use and better. But that’s for Beats by Dara. For you, it might be jumping on the new tech trend like using AI powered software tools.
3. Strategic Planning
Strategic planning is important to help you have a clear roadmap of where your business is headed. Both your long-term and short-term strategies should be in line with your mission and vision of your business. Consider competitors, market trends, and potential challenges when drafting out your plans.
Speaking of potential challenges, you have to recognize the importance of risk management. Set up a plan that would counter the risks/challenges that may affect the progress of your business. Conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to identify internal and external factors that could affect your business is something you should also consider.
4. Building a Strong Team
It’s okay to start by yourself at first, after all, most businesses started that way. Perhaps, you could find someone who believes in your mission and vision and would like to work on it with you for free. If not, if your business grows beyond your capacity, you’ll need to start building a strong team. This will likely require you to hire talent.
Some entrepreneurs will likely pay hiring firms or managers to help them with the recruitment process. But if you’re not that guy, here’s a few tip for you to keep in mind when hiring talent:
- Clearly define the roles and responsibilities of the position you’re looking to fill.
- Write a job description that accurately reflects the role and its requirements
- Use a variety of methods to reach potential candidates
- Review resumes carefully to identify candidates who meet your criteria.
- Prepare a set of questions in advance to ask all candidates during the interview process.
- Look for candidates who share your company’s values and will thrive in your work environment.
- Consider candidates’ soft skills, such as teamwork, communication, adaptability, and leadership.
While the Roli Mabo Foundation is not a business but an NGO, I was keen to build a strong team that is comfortable working in the Niger Delta creeks. This means that they would follow me through thick and thin, across the river into remote areas to help people who are in need. I made sure to communicate the organization’s mission and vision, and they were cool with it.
5. Leveraging Technology
In this age, if you don’t take advantage of technology you’ll be cut off from most aspect of the business world. There are tons of businesses leveraging technology right now and they’re making tons of revenue from it. All of my businesses leverage technology one way or another. It could be in creating brand awareness or getting clients or streamlining operations.
Don’t be afraid in investing in cutting-edge tech. Invest in any good software or gadget that would help boost productivity and aligns with the business goals. For instance, I take advantage of social media, do digital marketing, buy fast internet services, invest in good management software, etc. and I see all these coming back to help my business grow.
You don’t need to be tech-savvy to do all these. All you need is good research and, of course, money.
Conclusion
And that’s the basics for successful entrepreneurship development! In the long run, you’ll have to deal with other aspects of being an entrepreneur. These aspects include understanding your customer needs, having an effective financial management skill, and building valuable connections. These skills will also help you in your entrepreneurship development journey.
Don’t forget continuous learning. Remember, you are in an ever-changing world and a competitive market. No time to slack. Giving back to the community can also be added to the list as it strengthens your relationship and boost your reputation with the community.
Have a question, contribution, or story to share? Let’s hear it in the comments below.