LBy Chuks Ogbekile
It is a known fact in the business world that of business that starts off, only about 5% remains after 10 years of kick-off. What happens to the 95%?
While the ones that never survived couldn’t for some reason as numerous as their number, there are some indispensable factors that enhance the survival of entrepreneurial ideas. These factors center around the marketability of the “why” of the business. It is necessary to state here that the measure of viability or degree of viability of an idea rests heavily on the willingness of the target market to continuously place effective demand on its offerings.
As we throw light briefly on some of these ingredients, being conscious of this Entrepreneurial Success Model as revealed by Chris Guillebeau in his book: The $100 Startup.
Passion (or Skill ) + Usefulness = Success.
PASSION: In the words of Ralph Waldo Emmerson: “Passion, though a bad regulator, is a powerful spring”.
No single individual can solve the problems in the world. As you set out to the Entrepreneurial life, what area do you want to impact humanity that uniquely attracts your attention? An endeavor that even when others see the pains in it, you tend to see it differently and are ready to weather the storm. That aspect of life that you see the mountains in it as a mere anthill. This is the ingredient that enables you to persevere while others fold up. You can even go ahead doing it irrespective of how minimal the reward is. Passion enables you to go the extra mile in the face of minimal motivation.
Suffice to say here too that not all passions are marketable. That is why am not always too comfortable with the popular saying: “follow your passion”. Not all passions are marketable. I can imagine if my was passion lies in swimming. The marketability cannot be compared to that of a Fashion Designer or that of a KnowledgeShare Entrepreneur. Ensure you front your marketable passion for entrepreneurial success. Hence, it behooves every Entrepreneur to honestly answer this question: ” Do I have reasonable number of people willing to pay for my passion?”.
SKILL: Most Entrepreneurs with unique marketable skills tend to soar higher than the ones without one. Skills grants access to the top in every ramification of life. While some Entrepreneurs are looking for business opportunities, some skillful ones are suffocating with referrals as a result of their quality service. Unique mastery of your field of endeavor makes you a master of your industry. To be skillless as an Entrepreneur is to be dormant. As applicable to passion, Entrepreneurs must also satisfy their conscience that their skills are marketable within their business environment, and attractive to their target market.
MARKETING: One would have thought that having a strong passion, good idea, a good product that has the capacity to solve the target market problem can guarantee success in the market. While these are necessary steps towards exchanging your offerings or values for revenue, they are not sufficient for sure and utmost continuous profitable results. It becomes a healthy strategy when you develop the “why” of your offering to suit the ego of your prospects, solve their problems or shield them from their perceived challenges. In Marketing, you must address the need of the target market in communicating to them how your offering meets their needs, in such a way as to win their trust by patronizing you, continuous patronage and eventually turning them to your advocates. This guarantees continuous flow of income.
Entrepreneur, Entrepreneurial LifeCoach & Public Speaker.