IS IT TIME TO BE AN ENTREPRENEUR?
Economy is falling worldwide. The world is clearly in recession and transition. It is expected to
last for few more years. A country called Iceland collapsed few months ago because the prime
minister and the entire cabinet ministers resigned. Every day in the news we hear companies
slashing projections, jobs and budgets. To date, there are almost nearly 20 million jobs shaved
worldwide and nearly 80 million people will get affected (assuming one job to feed 4
household) and we know these figures aren’t slowing down. But, is there any opportunity
besides doom and gloom?
Stimulus packages launched everywhere (including McDonald’s) to boost the economy. Other
than stimulus packages, the government also adopted tax cut, groceries price cut, buy own-
produced campaign and many more. Yes, these measures can impact the economy as a whole,
but it will probably take 1-2 years to get these packages and effect into the system. What about
yourself? What can you do so you can save your own job and family? Heard of entrepreneur?
But is it time to be an entrepreneur?
Who is an entrepreneur?
Entrepreneur shifts low economic activity and convert it into higher yield activity. They view
change as healthy and is a norm. True entrepreneur is always on the hunt for change, and he
respond to it and later exploits it to his objective. But what about capital and other resources?
And… what others will say about me behind my back should I decide to be an entrepreneur?
One of the common challenges for being an entrepreneur is well said by Claude Hopkins, “Every
great move I have made in life has been ridiculed and opposed by my friends. The greatest
winnings I have made, in happiness, money or content, have been accomplished amid almost
universal scorn. But I have reason in this way: The average man is not successful. We meet few
who attain their goal, few who really happy or content. Then why should we let the majority
rule in matters affecting our lives?”.
There are many ways how you can be an entrepreneur. You don’t have to quit your current job
just to be called “entrepreneur”. Neither should you set up a competing company to siphon
jobs from your existing organization. The good news is you can practice “entrepreneur’s mental
model” for a start. So, how to “think like an entrepreneur”? Here’s how.
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1. Entrepreneur shifts low economic activity and turn it into higher yield
Look in your current job and evaluate which activity that can be converted from low
yield to higher yield. It can be about speedier delivery, better quality, lower complaint
and many more.
2. Entrepreneur creates value
Value creation is very important. Focus on what the customer wants and needs. The
customer can be internal and external people. When your customer is happier, you will
be happier too!
3. Entrepreneur sees change as healthy and a norm
Let say your company is embarking on some new initiatives, you should find out what is
it all about and find ways to support them. Be less difficult and make more contribution
on how to make things better.
4. Entrepreneur is greedy for new things
Hunt for new skills and knowledge within the company. Make friends with people from
other department and try to understand their work contribution. Subsequently you will
understand how the entire company is organized. Good for you!
5. Entrepreneur comes out with solutions
There are plenty of ideas and problems around us, but not many get executed and
successful. Simply because we always wait someone else will do it for us. From now on,
take charge and do something about it.
There are still many more, but you should try these five first. Practice it long enough and we
assure you great results!! And we conclude “it is time to be an entrepreneur”.
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Say you are already an entrepreneur / businessman and you are finding ways how to sustain
your business during this tough time. Some of the following tips just might save your day and
1. Focus on your core strengths too many things to do require too many resources. So,
let’s build depth and increase your chances by hammering your core strengths.
2. Cut back investment on new ideas new ideas are good, but spend extra time before
executing and before it blow up your investment. Start small and practice consistency.
3. Negotiate rent with your land lord You need extra support from your landlord, go
and talk to them. You might save few dollars, better than nothing! Especially if you are
about to rent a new place! Try your luck!
4. Get rid of underperform staffs You have been holding back to “sack” your
underperformers, now its time to shave them off. Underperformer costs more to
maintain because they also can make your customer turning away from you.
5. Motivate your good staffs People is asset to your company, especially good people.
Make sure you make them feel safe and happy to work. Give pep on the back for good
job and recognize their contribution.
A company does not need to be small and new to be an entrepreneur.” -
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Please circulate this “Entreprenovator Newsletter” to your friends, contacts and team. Paste it
on your bulletin board if you please. We hope this article serves as a reminder for all of us.
Someone once said, “To be good is to change, to be perfect is to change often.”
Feedback and Suggestions:
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