Entrepreneurship is the ability to see opportunities where they don’t exist. It’s like creating something that never existed. Identifying problems, needs or gaps and finding solutions to the problems and closing the gaps.
The famous South African Entrepreneur and Public Speaker, Vusi Thembekwayo, in one of his interview mentioned that identifying these gaps entailed three things.
You’ve got to find “something people are willing to pay for”; “that they need and” and “they have the money to pay for it.”
It doesn’t matter what is it that you do in business, the minute you get these gaps checked, you’re certifiably in business. Vusi Thembekwayo went further to enumerate four (4) traits every potential successful entrepreneurs must possess:
1. Someone who has failed before
If you haven’t failed or try something before, then you wouldn’t understand what it means to succeed. Failure is a fear you must overcome to be in business. You must be ready to fail. If you’ve failed, its a prove that you’ve tried something and you know what is on the other side of not succeeding – that’s failure!
Someone once said:
“Success is failure turned inside out.”
2. Believe in yourself.
Somebody who believe in oneself even when there are ridiculous odds to suggest it’s not going to work is really in business to succeed.
According to Vusi, Entrepreneurship is certifiably crazy because:
You’ve gotta believe that you’ll make money at month-end which often you’ll not;
You’ve gotta believe you can compete with great company which often you can’t;
You’ve gotta believe you’ll can reach all your customer which often you won’t.
You gotta believe that you’ll do so cheaply, cost effectively and make still make profit which in the early days, you won’t do.
Venturing into business is risk but you’ve gotta take big risk in starting small but thinking big.
3. Be Passionate – Love what you do!
You must always learn to fuel your passion by doing what you love. Entrepreneurship is about taking a risk in future and getting a reward I’m return. Building a business should be for the long run (the future) and not for the present.
4. Be Best at What you do.
People should patronise you because you’re best at what you do and not out of pity. You can start small but never think small. Think big & never look for the easy way out. Seek to become the best in the business and compete with the big dogs (great companies). It’s a process and it takes time to build. Do the hard work! Be proactive, diligent and smart and you’ll surely scale through entrepreneurly.