Thewiseentrepreneur.co.ug is passionate about entrepreneurship, developing capacity in people and organizations, and transforming people through paradigm shifts, win-win mindset, and knowledge sharing.
"I am going to be an Entrepreneur" is the happy thought that is going through most people's mind. The compelling reason may differ such as financial freedom and passion amongst other things. In the same way there are many reasons for a business, especially a start-up, to tank. I would like to list few of the practical difficulties or reason why budding or even an established entrepreneur fail.
"I am going to be an Entrepreneur" is the happy thought that is going through most people's mind. The compelling reason may differ such as financial freedom and passion amongst other things. In the same way there are many reasons for a business, especially a start-up, to tank. I would like to list few of the practical difficulties or reason why budding or even an established entrepreneur fail.
There's a reason that 80% of business go out of business within 2 years of launching. More often than not, it has very little to do with the marketing channels that they are using or their approach to strategy and planning. The culprit in situations like this is the mindset(s) that the entrepreneurs are using to try to build their businesses. In this presentation you are about to learn a combination of marketing and general business mindsets that will maximise your chances of being around and profitable long after two years are launching your home business.
Today's business market is an extremely competitive place. More businesses enter the
fray all the time: for the past ten years, more than 750,000 new startups spring into
existence across North America. Unfortunately, over 60 percent of new businesses fail
in the first four years.
Why do they fail? According to a study performed by the U.S. Department of
Commerce, there are three main reasons startup businesses fold:
Consistent, logical and articulated business plan is a key to obtain start-up funding.
A thorough, articulate, and well-researched business plan lays the foundation for obtaining the funding that you need. Writing a great business plan is an exact exercise and in experienced hands, it can be instrumental in achieving your goals. Conversely, a poorly written business plan can significantly decrease your chances of getting funding. Careless mistakes form consistent patterns that can be easily spotted-by yourself or a hired consultant, or, much worse, by a loan officer or potential investor.
White Forest Consulting recommends the strategy of following a rigorous, structured framework for writing a business plan. Frameworks are proven tools, favoured by consultants for one simple reason: they are a brutally effective way to organize and manipulate large amounts of qualitative data.
A framework is simply a structure that organizes your thoughts and analysis in a logical manner. You start with an objective and develop the issues in a non-committed manner, until you have a complete issue tree that completely and concisely solves the objective that you laid out.
A framework allows you to manage large, complex issues by breaking them into logical components. By skillfully laying out the issues, you can manage large amount of data without confusion or repetition.
Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean
Startup methodology. He is an
entrepreneur in residence at Harvard Business School and a frequent speaker at business events. In his talk on “The Lean Start-up” at google he explained how most of the new start-up fails and the methodology that should be followed for a new start-up to be successful. Here I explained his talk at google in my words.
This is my personal opinion on why startups fail. Some of the points mentioned here could be unique to India as this is based on my personal experiences, of friends and family and those of people who came to me for guidance.
How to engage with customers in B2B marketsprofpalekar
For B2B businesses there only a few customers and the order size potential of each is high - therefore the way in which B2B companies engage with the customers is very different from what happens in B2C businesses. In B2B businesses it is possible to have both in-depth and frequent interaction with the customers but in B2C business it is just not possible to even see the customers through the multiple layers of distribution let alone interact with them! ,
There's a reason that 80% of business go out of business within 2 years of launching. More often than not, it has very little to do with the marketing channels that they are using or their approach to strategy and planning. The culprit in situations like this is the mindset(s) that the entrepreneurs are using to try to build their businesses. In this presentation you are about to learn a combination of marketing and general business mindsets that will maximise your chances of being around and profitable long after two years are launching your home business.
Today's business market is an extremely competitive place. More businesses enter the
fray all the time: for the past ten years, more than 750,000 new startups spring into
existence across North America. Unfortunately, over 60 percent of new businesses fail
in the first four years.
Why do they fail? According to a study performed by the U.S. Department of
Commerce, there are three main reasons startup businesses fold:
Consistent, logical and articulated business plan is a key to obtain start-up funding.
A thorough, articulate, and well-researched business plan lays the foundation for obtaining the funding that you need. Writing a great business plan is an exact exercise and in experienced hands, it can be instrumental in achieving your goals. Conversely, a poorly written business plan can significantly decrease your chances of getting funding. Careless mistakes form consistent patterns that can be easily spotted-by yourself or a hired consultant, or, much worse, by a loan officer or potential investor.
White Forest Consulting recommends the strategy of following a rigorous, structured framework for writing a business plan. Frameworks are proven tools, favoured by consultants for one simple reason: they are a brutally effective way to organize and manipulate large amounts of qualitative data.
A framework is simply a structure that organizes your thoughts and analysis in a logical manner. You start with an objective and develop the issues in a non-committed manner, until you have a complete issue tree that completely and concisely solves the objective that you laid out.
A framework allows you to manage large, complex issues by breaking them into logical components. By skillfully laying out the issues, you can manage large amount of data without confusion or repetition.
Eric Ries is the author of the popular blog Startup Lessons Learned and the creator of the Lean
Startup methodology. He is an
entrepreneur in residence at Harvard Business School and a frequent speaker at business events. In his talk on “The Lean Start-up” at google he explained how most of the new start-up fails and the methodology that should be followed for a new start-up to be successful. Here I explained his talk at google in my words.
This is my personal opinion on why startups fail. Some of the points mentioned here could be unique to India as this is based on my personal experiences, of friends and family and those of people who came to me for guidance.
How to engage with customers in B2B marketsprofpalekar
For B2B businesses there only a few customers and the order size potential of each is high - therefore the way in which B2B companies engage with the customers is very different from what happens in B2C businesses. In B2B businesses it is possible to have both in-depth and frequent interaction with the customers but in B2C business it is just not possible to even see the customers through the multiple layers of distribution let alone interact with them! ,
5 important skills that successful entrepreneurs shareSameerShaik43
The truth is that many people dream of making it big as an entrepreneur. However, it is only a few who tend to succeed in their ventures. The fact is that different people adopt different approaches and strategies to reach their set objectives. The qualities of a successful entrepreneur differ from one person to the other.
https://www.tycoonstory.com/entrepreneur/5-important-skills-that-successful-entrepreneurs-share/
5 Rules for an Entrepreneur - Practical Tips to starting rightRuth Rey Clark
As an entrepreneur, you need to be able to quickly identify the risks and opportunities in any new business venture. If you’re thinking about starting your venture, there are some rules that all entrepreneurs should follow as part of their business plan. These will guide them through the ups and downs of this challenging new role. Here are the five rules for an entrepreneur that you should know to succeed as an entrepreneur.
Startup Guide - Everything You Need To Know To Start & GrowAamir Qutub
Since the turn of the century, small startup ideas—Uber, Twitter, Instagram, Airbnb, to name a few—have been scaled into technology giants. Could you imagine a day without scrolling social media? Or jumping in an Uber to the airport? Startups have disrupted industries by focusing on cutting-edge technology, the sharing economy, and social media. Startups also have the potential to influence and transform industries of the future. So, leap into the start-up world with fresh ideas and a desire to change the world.
Learn more from the video on my Youtube Page:
https://www.youtube.com/watch?v=EmVlN3xei4w&t=80s
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
1. 7 WAYS TO TRANSFORM YOUR BUSINESS IDEA
TO A SUCCESSFUL BUSINESS OPPORTUNITY
Welcome back – and let’s get going right on!
Our article of today focusses on the critical issues that you need to transform a business idea into a
business opportunity, and eventually to a successful enterprise.
Start-up statistics show that up to 90% of businesses fail, with the top reason for failure being no market
need and this accounts for 42%. This is closely followed by cash or financing challenges at 29%.
2. Startup failure statistics
Now, these statistics are honestly worrying. Don’t you agree with me? We can only imagine the financial
and other related impacts of these failures. Not nice!
The question we should ask then is: why are entrepreneurs failing to get right the market need agenda?
How and why do they spring up with products for which there is no market need?
This hinges on the initials from idea generation, idea screening and validation.
It also involves a sense check regarding the ability of the venture to get good traction and start
generating significant cash flows after a reasonable time, and also generate profit.
In this blog I intend to start with the subject of idea incubation and validation together with money-
making sense.
Later I will proceed to consider a few other important considerations you need to translate your
business idea into an opportunity and eventually a blossoming enterprise.
I mean, you should decide to go for it and commit when you really have a good and viable business idea.
Once you start you should not look back.
The opportunity should be good enough to avoid your venture becoming another part of the 90%
statistic above. Ok?
1. Idea incubation and validation. Based on the above findings that lack of market need accounts for
42% of start-up failures, any wise entrepreneur would not take lightly the business idea incubation and
validation task.
The incubation time simply enables you to go the extra mile to think through your business idea
severally, including the products or services and the market.
If done properly it enables you to avoid ending up with a product or service for which there is no market
need.
You can only waste this incubation and validation time at your own peril, Got it?
Every wise entrepreneur will deeply refine and shape his or her ideas and confirm the strategic fit for
the venture. This involves market research (basically fact finding) and making use of the feedback.
Your value propositions should sync with your target market.
Catherine Cote of Harvard Business School provides for us a useful guide in this respect.
Don’t get scared away by the term ‘market research’ – since you can do this through simple approaches.
If you discussed this with a professor of business it could get more complex due to terminologies he/she
will use.
Don’t get me wrong. Professors are nice people – but sometimes the academic world gets things too
complicated.
3. Candidly, my dear entrepreneur, you need to get down to fundamentals of customer needs, market
segment and size including market share, customer validation, testing your products or services etc. to
get this right.
There is no short-cut.
When you test your business idea vs competitors and the market, this will help you to assess whether
you have enough market or not. Don’t make a product that only your grandfather or close relatives will
buy! Please, don’t.
Start-up Nation also has some good guides about rating your ideas and making forecasts of revenues
and expenditures at this validation stage.
You also have to take into account other related feasibility considerations including technological,
sustainability etc.
If you must pivot, please proceed and do so reasonably quickly to avoid becoming another failure
statistic.
I think we should proceed to the next point now. The good thing is that you have access to limitless
resources on the internet to study more on this. Ok?
2. Cash flow and the money-making sense check. Successfully translating your business idea into a
business opportunity also involves doing some serious preliminary work on the aspect of cash flow and
money-making sense.
Consistent cash flow and profitability comes from revenue generation, and this revenue comes from
folks that you have impressed enough with value creation and delivery.
Even if you have tons of cash to start your business with (which is even very unlikely), you need to
ensure good revenue streams within a reasonable time period. This reasonable time period depends on
the nature of business but usually one to three years, unless otherwise.
You have to assess your potential profitability, and your business model is critical here. The business
model guides your enterprises on how to create and deliver value to customers.
Now, this is where the money-making qualities or sense kicks in! Money speaks the language that
everybody understands. Someone said business is the art of extracting money from other people’s
pockets without violence, and without them complaining.
Of course, there are guys who get very good value and still pay while complaining. A friend recently told
me he has a client who must quarrel every time he’s paying money out. Interesting!
People are created and wired differently.
Anyway – and candidly – if your enterprise does not create or add value or solve a problem, in an
affordable and nice way to people, then you need to have a rethink.
I’m being honest here! Why? Because if you don’t get paying customers early and sufficiently you will
run out of cash and max your debt and close shop.
4. This means you could be another statistic forming the 29% of ventures that fail due to cash flow
challenges.
Cashflow is very important to business and you cannot successfully take advantage of a business
opportunity without it. You cannot properly manage and grow a business without proper cash flow.
If you can achieve value and attract ten customers to buy then probably you can attract one hundred
and you could breakeven and scale the business.
Make no mistake.
3. Business planning. The third vital thing that you need to translate your business idea into a
successful business opportunity is business planning.
Business Planning
You could quickly read my article entitled Top 9 Reasons Why a Business Plan Can Guide Your Business
to Success.
Your business plan should incorporate all vital elements of your enterprise, including products and
services, market and competitor analysis including sales and marketing approach.
5. It should also include aspects of organization and management, finance and control, risk management,
operations and logistics, investments, human capital etc.
Just a reminder! Your marketing and business development plan and strategy is critical to getting the
enterprise to generate revenues fast enough. It is also critical to your survival as mentioned above.
The plan should also include your operations strategy including design and development elements as
may be applicable.
Don’t forget the financial elements please – for goodness sake. Your business plan can open funding and
investment avenues for you. In fact, great business plans usually easily attract funding.
To repeat what I mentioned above, the second major reason for business failure is cash flow problem,
so your financial plan is a must-do component of your business plan.
Never go to potential financiers and investors with some dumb or lazy approach to how you plan to run
your business.
Financiers are keen to know that you understand your business and clearly know the way forward for
the short, medium and long term.
I cannot overemphasize the fact that a business plan is important for every enterprise.
By the way, there are some arguments against documenting comprehensive business plans for start-ups.
The reasons given include high level of uncertainty and the fact that the only reliable test is a real one.
The everchanging business environment and the need to constantly adapt etc. are also mentioned.
Martin Zwilling, a veteran start-up mentor, documents some of these arguments. Richard Harrock, a
contributor to Forbes magazine also states that start-ups should not waste time doing detailed business
plans – rather – should prepare pitch decks for investors.
Nevertheless, research evidence still puts strong points for a business plan.
It’s your choice. It’s really up to you. Don’t you think so?
4. The human capital element. Placing importance on human capital is also key to successfully
transforming your business idea into a thriving business opportunity.
Homo sapiens can make you succeed or fail. Get this right – for your own sake. Don’t come back yapping
about this after you have burnt your fingers.
As you can see from the statistics we showed at the beginning, the wrong team accounts for up to 23%
of start-up failures. This is not a number to ignore.
I’m talking about the leadership and teams you have in your enterprise. You need to wisely and smartly
assemble the right leadership and team to succeed.
Take a look at one of my earlier articles about the importance of human capital. In fact, the quality of an
enterprise can never exceed the quality of minds therein.
6. Quoting General Colin Powell; “Organization doesn’t really accomplish anything. Plans don’t accomplish
anything, either. Theories of management don’t much matter. Endeavors succeed or fail because of the
people involved. Only by attracting the best people will you accomplish great deeds.”
Powell further says; “Look for intelligence and judgement and most critically, a capacity to anticipate, to
see around corners. Also look for loyalty, integrity, a high energy drive, a balanced ego and the drive to
get things done.”
Indeed human capital affects organizational success, and your budding enterprise is no different.
Isn’t this fantabulous and great? Come on! Smell the coffee.
5. Action (execution dynamics) and building momentum. Now, not everything on paper will be reality.
Situations change, timing may be incorrect, assumptions change, something exactly like yours might
already be existing and doing well or failing dramatically.
What am I saying? Simply learn to connect the dots and adapt through execution. This is one reason why
elaborate business plans could be useless sometimes.
The execution culture is very useful in transforming business ideas into reality, ensuring efficiency and
effectiveness of operations (which are critical for enterprise success) and progressing onto profitability,
growth and enterprise sustainability.
Execution further helps guarantee the success of a start-up.
Please try and overcome perpetual planning and analysis (what some folks refer to as analysis paralysis).
Get into action and move! Ok?
Start positioning your business and branding including your long-term strategic growth through actions.
Build capacity for growth, and before you can say Jack Robinson you will find your business idea
becoming a viable and profitable business opportunity.
6. Mentorship network and support. Another powerful approach to assist you move from the business
idea level into a viable opportunity is the value of mentorship, coaching and support.
You need a support base to succeed, beyond your work colleagues and staffs. Identify good and useful
advisors and consultants (not just anybody who claims to be an expert).
Mentorship and coaching (sense of direction)
Keep an open mind and reach out when necessary. Appreciate the fact that continuous learning is vital
for your entrepreneurial success.
Justin Kulla, a Forbes Councils Member also argues that lifelong learning is a cornerstone for
entrepreneurial success.
Build positive relationships with those that matter. These could include industry experts and networks,
business consultants, tax experts, accountants, relevant government agencies etc.
7. When you need to select experts, my tips on choice of experts could be handy.
7. Work on yourself. Finally, you need to work on yourself to be able to successfully move from the
business idea stage into a successful and sustainable venture – built to last.
You don’t need to blame me or anybody! If you screw up things because your personality cannot
support business growth and success, you are the one who will cry. Not so?
I’m referring to your passion, courage, motivation, the need to stay positive, self believe and being
visionary, inspiration and creativity.
These also include timely decision making and prioritization of issues, accommodation of a certain level
of risk yet with wisdom and patience, etc. etc.
Certain personality traits are critical for your success in business. These are sometimes referred to
as essential characteristics of entrepreneurs.
Additionally, this also requires you getting more organized individually and businesswise. Making your
business formal and legal is included here.
Never let success start getting into your head, even if you start making great moves in your enterprise.
I think let’s leave it here for today.
In conclusion, transforming your selected or ideal business idea to a viable business opportunity and
later a successful venture is no walk in the park.
It requires effort and focus, with cornerstones such as idea validation, money-making sense check and
business planning. Others include the human capital element, execution culture, business support
network and self-management (of the entrepreneur) and organization.
Ok. Great!
If you like this blog, kindly give us your feedback in the comments section below, and also share it with
as many people as you like.
Till then – take care!
The Wise Entrepreneur
NB. Images Courtesy of:
Leon on Unsplash
Jamie Templeton on Unsplash
Source : https://www.thewiseentrepreneur.co.ug