Inspirations you can take advantage of to start or grow a business
In a previous blog where we talked about Navigating the 4 great challenges of Entrepreneurship, we mentioned how entrepreneurs should take advantage of some situations to increase their chances of success.
Today we shall look at 4 inspirations that you can take advantage of, to either start or grow your business.
1. Demographic changes
Growing up I had a friend called Faridah. Faridah was born to be an entrepreneur. When we were in primary school, she would come up with fun and innovative ways for us to make money and blow it all up on Ice Popsicles.
When we were in form 3, Faridah noticed that there was a growing Muslim population in our neighborhood, which was not the case as we were growing up. She decided to take advantage of this and so she started a small shop near the town Mosque and hired her Muslim friend to apply henna to people. The business was an instant success.
Sometimes, there are demographic changes that happen around us, and as a smart entrepreneur, you need to take advantage of them. Is there a growing female population in your area? How can you take advantage of that? Are people earning more than they used to? How can you take advantage of that?
Look for the demographic changes around you, and let them be an inspiration to either start or grow your business
2. Current affairs
You may be reading this in 2019, or in the future (how is the future btw?) but in 2019, Kenyans witnessed one of the biggest moments in History. Eliud Kipchoge broke the marathon record and proved to us that no human is limited.
Before and after the race, Safaricom (a telecommunication firm in Kenya) took advantage of this and it was a success. They made a logo and a hashtag in his honor, which blew up especially after he broke the record. What do you figure was the impact on Safaricom’s brand awareness? It must have been amazing right?
In 2007, Joe Gebbia and Brian Chesky had just moved to San Fransico. Without employment, they were having trouble paying their rent and were looking for a way to earn some extra cash. They noticed that all hotel rooms in the city were booked, as there was a design conference that attracted a lot of visitors. The pair came up with an idea of renting out three airbeds on their living-room floor and cooking their guests breakfast. The next day they created a website, airbedandbreakfast.com, or what you may know today as Airbnb, a company currently valued at around $38 billion
Are there current affairs around you that you can take advantage of?
3. Personal networks
Take the example of a person who starts a peanut butter business. This person, let’s call him Mike, has connections with people who supply peanuts. Mike also has connections with a few distributors in the market. Assuming that Mike takes advantage of these networks, does he have a higher chance of success compared to someone with no personal networks? The answer is yes
So as you start your business, look for personal networks that you can leverage to overcome obstacles that you may face along the way.
4. Having a killer team
You have this amazing and promising business idea that will probably make you a lot of money. However, you can’t start and grow a company on your own. You need an amazing team to help you bring your vision to life. Therefore, once your business is up and running, spend a big chunk of your time getting the right people to get your business to the next level.
You’ll also need mentors to guide you along the way. In an interview conducted a few years back, Bill Gates, the founder of Microsoft, credited part of his success to Warren Buffet, his mentor. In the interview, he thanked Warren Buffet for teaching him how to deal with tough situations and how to think long term.
Just like Bill Gates and other top entrepreneurs in the world, you’ll need to find a mentor (especially one who knows a lot about the industry you are in) and a kick-ass team that will bring your vision to life.
As we have mentioned before in previous blogs, entrepreneurs have a 10% chance of success. The odds will, therefore, be stacked against you but if you take advantage of these 4 situations, you’ll already have a high chance of success
Kindly share any other inspiration in the comment below, that we may not have mentioned.