Entrepreneurship Workshop

An Entrepreneur's Advice for Passionate Aspiring Entrepreneurs.( A dialogue between a Mentor and an aspiring Entrepreneur.)
Hi Barrie, Though I am well-settled in my job, I have been toying around with the idea of a start-up. I have a couple of great ideas. How should I proceed? What are the kind of mistakes I should avoid?

Barrie Atuona

First you have to be sure that your idea burns in you which describes your passion for it. Second, you have to be sure that your idea solves a huge human problem or need in order for you to start up successfully. Human problems supply the market need and innovative solution that entrepreneurs provide to build a company and wealth. Third, you have to ensure to research more on the idea and the solution it provides as well as the target customer or market population in terms of gender, geography, social status, etc. Fourth, you have to write out a business plan starting with the 1-page business plan to flesh out your idea clearly in terms of vision, mission or purpose, business core values, objectives, goals and profitability etc. Finally, you have to seek out people, mentors who have been in the business or have operated successful businesses to advise on their start-up experience so you can avoid fatal mistakes. However, the test of success in entrepreneurship is in failing and getting up again. Good luck

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The SWOT Analysis is a strategic tool for that is quite useful in developing business competitive strategies for start up and small business. Every start-up and small business entrepreneur must learn and understand the SWOT Analysis if he/she desires to grow their enterprise to create wealth. We will be treating the SWOT analysis and our designed SOViC analysis too for business success in subsequent posts.

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The Team Is A Winning Asset.
Great businesses are built and run with great teams and all successful entrepreneurs’ stake their bet on this fact. Great teams include your choice of employees and the strategic partners investors, suppliers, retailers, creditors, customers, as well as the professional groups or network that provides your business significant value leverages to start up and grow your enterprise.
Successful entrepreneurs build three sets of winning teams for their businesses: the management team or business staff; the investment or board team; and the strategic value team or the business value chain partners which includes the suppliers, retailers, customers, and business or professional network. Note that your investors or creditors are also your suppliers because they provide your business with the necessary financial and knowledge value leverage which powers your business, but some of them may not directly be involved in the operation of the business even if they saw great opportunities for success in your business plan and investment pitch. So, it is very important to consider them as suppliers of value and factor their expectation for your success and growth of your business.
The management team are chosen on the relevant skills and competencies that drives the success of your business operation. This requires that your business is properly scaled by hiring staff that complements your skill and has relevant skills provide the expertise in developing your products or services and growing your business profitably. The investment team are chosen on their expertise in critical business departments of your business and shared values, not just on their financing worth. The strategic business team provides the important leverage for your business growth in terms of trust, operational cost efficiency, and shared values.
The quality of an entrepreneur’s investment or board team as well as the management team are the deciding factors for credit consideration by the financial institutions. The management team must made up of skilled experts or qualified staff in critical areas of the business operations and must be given a sense of belonging in its operation if the business must succeed and grow. The remuneration and performance incentives must be market competitive. Thus, the next competitive criteria for success in start-up after the great idea for start-ups in the quest for success are the business teams. Every successful business has a complement of qualified managers and board with great skills and expertise to chart the growth of the enterprise.
The strategic business team provide your business with cost effective opportunities to buy, sell, and promote your business product or service solutions at profit. The customers are engaged on the quality of your products and services, the suppliers are engaged on trust and integrity, the retailers are engaged on sales benefits such as commission, while your business network promotes and provide referrals to your business but demands commitment and contribution to its activities.
These teams are like the different blades in a chain saw which functions to produce a smooth operation for your business. Highly successful entrepreneurs see these value providers as important stakeholders in their business that must be engaged, retained, nurtured, and managed with great effort because without the investment equity, bank credit, business support and leverage of strategic partners, the retail outlets, or management and staff contribution, or even customers patronage, the business may not grow and your business is as good as not existing without growth. Every business exists on the value of its capacity to meet customers’ needs but you don’t have a product or service without the contributions of the business team. These value providers for your business represents your business asset that must be effectively managed, retained, nurtured, and cultivated in order to grow your start-up into a multi-billion dollar earning enterprise. It is a fact of life as much as a truth about success that most big and successful enterprises that generates six and nine figure earning numbers didn’t attain that level of success on the strength of their founders alone.

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The GREAT Idea: The Entrepreneur’s Value Proposition

The great idea is the different solution to a huge consumer problem or urgent need that an entrepreneur identifies and develop to start a business and earn money. The great idea evolves from identifying a market opportunity to create value solution for a segment of the consumer market. All successful entrepreneurs create product or service solution for specific consumer segments in same market or different markets. The entrepreneur’s great idea is his/her innovative solution which is a sales clincher on which the mission proposition, the business values, the operating strategies and the business processes are planned and developed.

The great idea tells the whole story about your business and the values, culture, ethics, as well as the segment of the consumer market that you have plans to develop your product or service to start a business. The great idea is the reason the entrepreneur is in business. It is the entrepreneur’s innovative solution and the business competitive edge over the competitors. The great idea must be unique in its value solution and processing as well as delivery plans which are expressed in the business core values and management culture, its selling strategy as well as the objectives of the business. The great idea expresses the business mission or purpose, specifies the business operating structure, prescribe the business core values which encapsulates the metrics for the business culture and performance expectations of the management and staff.
The entrepreneur’s great idea represents more than just a product or service and includes a combination of product, value, ambience, and brand experience.
Thus, the great idea is the sum total of the business product or service brand identity which are projected on its People, Process, Product, Price, Promotion, Partnership, and Perception (7Ps) that represents the company brand strength. Thus, the entrepreneur’s great idea provides the metrics on which the company is measured by customers, creditors, investors, suppliers, retailers, as well its business networks.
The great idea is not just a profitable business idea but also capable of securing the buy-in of the investors and strategic business partners whose stake in the great idea would drive the quantum success for the entrepreneur.
The great idea is thus the first step to creating a multi-billion dollar business. Developing the great idea into a profitable business portfolio of product or service is the critical demand of entrepreneurship. Successful entrepreneurs realize this truth and devote time and effort to develop a great business plan to start-up the big idea and translate it into a business. There are intelligent processes of developing a start-up business. The approach may differ among individual entrepreneurs but the process are similar irrespective of the different business models. The basic steps or processes are represented as follows:
The 1st step is to Identify profitable business opportunity to design innovative consumer need solution.
Study and engage your target consumers to understand where they have the greatest need to solve or fill. The needs arise from problems faced by consumers which current competitors cannot provide satisfactorily to meet consumers’ expectations.
Design innovative solutions to the need or problem of the target consumers. The solution may be to upgrade the Quality, improve service delivery, make payment system simple, produce better packaging, improve the technology for production, improve selling system, etc

The unique or innovative solution as explained earlier is your business value proposition or your business purpose/mission. Thus, your business mission or purpose must describe in simple and clear sentence the business proposition. The business purpose or mission is made easier to define by answering the simple question, why you are in business or what solution do you bring to your target customers? the business purpose or value propositions of some of the world’s best known business brands.
The 2nd step is to Develop a Business plan for Starting up and growing your business covering the supplier, operation, management, marketing, sales, financing, customer values, etc. The business plan helps in organizing your thoughts and ideas into a coherent strategy and plans on how to organize your business, how to recruit your staff, the kinds of skills you need in compliment to your skill to manage your business, how to source for funding, how to produce, promote, and launch your products or services, how to compete in the market, how to sell, who to admit as your investment partners, which businesses to built partnership with to enable you sell as minimum cost to your budget, what values and ethics would define your business culture, and how to present your business image for customers perception, etc. .
The 3rd step is to Organize necessary assets to start-up - This is the stage you start with sourcing for funds where your detailed written business plan will be very useful. Most start-ups lose passion and motivation just because they don’t have a business plan or bothered to learn how to write one. With a business plan, the process of starting up is made easier and more intelligent. These processes can be further broken down in practical steps as follows:
A business may be started on different models in different industry sectors but if the purpose drives the objective, it must be organized by following these processes:

1. Identify an opportunity to solve a huge consumer problem and fill a need and design innovative solution to the identified problem or need.- This is your value proposition and business mission.

2. Write a coherent business mission or purpose for your identified opportunity.

3. Write a winning business plan using the bplans.com template

4. Organize your resources - money, equipment, team, supplies, etc.

5. Develop critical business relationships or partnerships - strategic partnership

6. Develop marketing and selling plans as well as structures,

7. Pre-launch test run and feedback reviews,
8. Take off of business

Innovation in start-up or small business development is driven on market intelligence obtained by studying target consumer problems or needs, and expectations. The most important assets of any start-up enterprise or small business is Innovation. Innovation starts by finding out the pain points of your target consumer pains and designing solutions that heals those pains. It involves a market or target consumer survey seeking to know by way of telephone, direct interview, or printed questionaire, what are consumers like or dislike, what can be done to improve your product or service and how can be be presented to appeal more to your consumers?? The second step is the design process where the reported opinions or ideas are worked on to produce or develop samples of the product or service. The third step is the filtering process where at least 3 samples of the new produce or service designs are the tested with the sampled market or consumer population to determine the most preferred product or service which represents your business innovation. Every successful start-up and small business are focused on constantly innovating to beat the competition. In truth, entrepreneurship is all about innovation which is expressed in the business proposition as well as market offer which provides the core values and competitive strategies for the business to grow and create wealth for its stakeholders.

One of the critical indices for success and rapid growth of start ups and small businesses is the quality of an entrepreneur's business investment partners: their skills and experiences is key to providing the necessary mentoring and insight that every entrepreneur needs to grow successfully. Your investment or credit partners as well as the suppliers, retailers, business association and customers are your strategic partnership team that would make a huge difference between your business growth or success and your stagnation and death of your business. You must plan for and choose your investment and other strategic partners with great care to produce a winning business that grows to create employment for others.

Entrepreneurship Workshop exists to help aspiring entrepreneurs and small business owners identify profitable market opportunities and translate the ideas into successful small business start ups. We also provide advices on how to grow the start ups into thriving enterprises that delivers quantum profit and jobs. We have designed a template of small business learning toolkits that helps the entrepreneur to design innovation in their business processes and offers. Our small business strategy toolkit guides the start up and small business owner through start up challenges to growth delivering continuous sales and profits. Reach out to us using the inbox messages, like our page and summarize your business challenges. We will provide customized solutions that will drive your business to success beyond your expectation.

The greatest challenge start ups and small businesses face is poor skills in developing the business proposition. One can easily tell which start up or small business has a good chance of success by looking at the business mission statement or statement of purpose. The mission statement or purpose must flow from the vision to achieve coherence. The mission or purpose actually prescribes the values that drive the start up or small business, tells the story about your business in very few words, as well as defines your innovation template and business structure. The business purpose represents your business brand on which your company culture and ethics are designed. A well written business purpose or mission gives a hint about your knowledge of your market and the whole strategy skills you have. This is the foundation for small business success and growth which we seek to teach young aspiring entrepreneurs to create enduring and competitive business that delivers continuous business profit and success.

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By September/October this year, 2017 my books on Entrepreneurship explaining in easy, practical language how to start and grow successful small enterprises with little or no personal investment capital to achieve riches and wealth will be published with the following titles: The Road to Riches and The Art of Entrepreneurship. The books will explain the foundations of successful entrepreneurship as well as the processes of starting and building great enterprises for the undergraduate students, jobless graduates, as well as small business owners plus professional executives in private and public sector employment. So, like this page and my CompStrat Small Business School page to be in the list of those who will get the books at 50% price discount. Both books will be published by AuthorHouse Publishing Company in Bloomington, U.S.A and sold on Amazon.com

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CompStrat Small Business School Knowledge Innovation Tools.

Entrepreneurship Workshop is not just a motivational platform for inspiring young start-up entrepreneurs and small business owners, it is a strategy development forum for designing competitive ideas from contributions of participants who desire to create exceptional start ups and successful small businesses. We have a toolkit of small business strategy development tools which explains in practical templates the intelligent processes for designing product or service innovation and building strategic partnership to drive sells at no cost to the entrepreneur. Our small business tools are designed on a new business knowledge and skills model that delivers exceptional sales at very minimal cost to the entrepreneur.

Failure is the stepping stone for success in entrepreneurship. No successful entrepreneur discovered the winning formula at first effort!

There are 3 reasons majority of the Nigerian graduates don't embrace entrepreneurship which explains the primary reason for the growing graduate unemployment. The 1st reason is the lack of capacity to visualize innovative market opportunities to create a business - the innovation challenge. The 2nd reason is poor business planning skills - the business skill challenge. The 3rd reason is poor knowledge/skills to design intelligent customer value proposition - the mission or purpose challenge. These reasons stem from the poor small business curriculum content of our tertiary education institutions. Our VC's may not know this truth for understandable reasons but the regulatory agencies should know. The federal government should be worried and the Federal Ministry of Education should be very concerned. A strategic policy solution is urgently needed.

What has happened to some of Nigeria's Restaurant and Foods business brands such as Mr. Biggs, Chicken Republic, Tantalizer, Happy Bite, etc.? We will look at the choice entrepreneurs face between building a business brand on customer values versus building a business on perception branding. Does customer values conflict with consumer perception? Your ideas and thoughts are welcome.

A business mission written from the understanding of the competitive advantage or the unique market proposition of your business represents your BUSINESS BRAND. It is that VALUE which STANDS YOUR BUSINESS APART.

To grow your small business successfully, you must invest in your competitive niche asset and innovate on it. Every business is founded on its unique value proposition or offer which defines its competitive advantage.

We invite aspiring entrepreneurs and small business owners who desire to develop competitive market innovation in their business to generate high sales to write us and present their business challenge in the following format. We charge just a token fee for administrative costs: 1. What product or service do you sell? 2. Who do you sell to - your target market? 3. What is your purpose for starting your business? 4. Where/How do you want to see your business in the next 5 years? 5. What is your competitive edge? 6. What is your source of supplies? 7. How do you sell your products or services?, ETC. For private entrepreneurship training and business plan writing, we charge professional fees that would not dig a whole in your pocket..

Highly Successfu businesses are often built from nothing...little or no capital outlay. Such businesses are built on strategic skills, knowledge, confidence, and very simple business models that build strategic relationships with their suppliers, retailers, creditors, investors, business associations, and customers. Our business skills teaching model enables the new start up to achieve success from nothing.

Entrepreneurship Workshop

SELLING - Selling is a skill that sets great entrepreneurs apart from the pack. To achieve effective selling, the entrepreneur must understand the needs or expectations of his customers, communicate the unique benefits of his products or services to address these needs/expectations and persuade the customer to buy from you. Selling is not achieved until the target customer buys from you.

Entrepreneur's Strategic Skill Set # 1: SELLING Selling skills involves understanding at all times your target market needs and problems and providing solutions in products or services to those needs. The entrepreneur's target market includes the Supplier (goods and financial), Retailer as well as Customer markets. The sales is the effort of selling which is achieved with patronage of the products/services.

THE ENTREPRENEUR'S STRATEGIC SKILL SET #1. Selling is the entrepreneur's #1 strategic skill among other competitive skills such as basic accounting, writing, marketing, and leading. Selling involves getting potential suppliers, creditor, retailer, and customers to buy into your business product or service unique value solution and make a profit for your effort. Selling is an art which drives business success.

Technical or Vocational skills alone would make you a competent business shop owner, but strategic "soft" skills such as selling, marketing, writing, basic accounting, and leadership skills will make you a successful entrepreneur. All great and successful entrepreneurs are great sales people. Each identified a unique value solution and turned it into a profitable business SELLING to a customer target.

A business strategy is an intelligent, innovative, and competitive plan designed to secure business advantage for the entrepreneur. A good business strategy for start-ups covers supplier, operation, staff, marketing, selling, investment, and growth plans. Brilliant enterpreneurship strategies are designed on business partnership architecture with the supplier, retailer, customers, investors, as well as creditors.

The VALUE in UNIQUE PROPOSITION to Business Success. The sole objective of entrepreneurship is to create a unique value in a business product or service. The unique value is the reason, purpose, and objective of your business. It is that "special solution" to fix consumers problem that you have created. The UNIQUE in your VALUE PROPOSITION is the substance of your brand which defines your INTEGRITY.

A CALL FOR BUSINESS PARTNERSHIP. If you are interested in partnership to deliver the NEXT BIG entrepreneurship innovation in business education, live in Abuja, and you meet the following criteria, (1) Have BSc or MSc/MBA DEGREE in Marketing, Accounting, Law, Finance, ICT, Mathematics, (2). Good Writing and Speaking Skills. (3) Passion for Teaching. CALL or TEXT 08162156122 stating Qualification.

Passion alone is not sufficient and neither is skill to build a successful business. Passion and skill plus ability to sell is critical for success in entrepreneurship. Your ability to sell your unique value proposition to your supplier, retailer, customer, investor, or creditor would definitely help you build a successful and profitable business even without putting down your own money.

The secrete to the success of business start ups are: 1. Have a unique value proposition and work on it with passion to create a brand. This is your business purpose and your brand strength. 2. Have some good operation, marketing, selling, and growth strategies. 3. Manage your costs and maintain good balance of accounts to grow your business. We will explain these processes one after the other starting next week.

All entrepreneurship success has a plan, just as failures have a template: doing samething which hasn't delivered success repeatedly.

Entrepreneurship WorkShop 101 - Business Strategy Development: THE NEW BUSINESS TEAM/PARTNERSHIP TEMPLATE. The Supplier, Retailer, Creditor/Investor, Customer, and Employee are the entrepreneur's strategic market as well as team to study and engage fully for an assured success of the business. They harbour different needs and offer various benefits which the entrepreneur needs to leverage to drive his success.