It is common knowledge that being an entrepreneur is no easy task. It takes a host of skills which are centered on dedication, resilience and self-discipline as entrepreneurs are constantly faced with various obstacles which can slow down business operations.
Being an entrepreneur is not always glamorous as people would think.
For entrepreneurs to succeed they must exhibit the skills and behaviours listed below;
Customers’ needs:The most viable approach to identifying customer needs is research. The first step of customer research is identifying your customers. Your market research should include the use of surveys/questionnaires, customer feedback forms and social media to discover how your customers react to your products and services (whether positively or negatively). This also comes in very handy when you benchmark your services against the competition and discover areas for improvement to ensure you always provide an excellent experience for customers.
Service focused:The main essence of doing business is to make a profit on turnover. Perhaps, building a brand that is focused on great customer service would be an added advantage because this could in turn lead to a boost in profits through referrals and word of mouth by customers. An entrepreneur must always satisfy his/her customers going above and beyond to have all their needs met.
Solution oriented:Becoming solution-oriented requires a shift in mindset, and the way an entrepreneur tackles business challenges in general. Once an entrepreneur starts seeing things from a solution-oriented mindset, they would maximise every opportunity, instead of worrying about what could possibly go wrong next.
Know the market:Before an entrepreneur embarks on a business venture, he/she should understand the business terrain/environment of the industry. This will ensure that the appropriate level of investment is channeled towards a proposed venture or if it should be scrapped altogether.
Risk taking:The ability to achieve goals is affected by the risk-taking strategies used in making key business decisions. An entrepreneur must become a calculated risk taker who analyzes and assesses every opportunity before taking a risk, and then avoiding as much risk as possible.
Oyebode is Executive Secretary, Lagos State Employment Trust Fund (LSETF), he was previously the Head of SME Banking at Stanbic IBTC Bank.