As an entrepreneur, you need to take advantage of different opportunities to increase your 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 on Ice Popsicles (good old times!).
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
In March 2020, Kenya announced it’s first coronavirus case. A few weeks before this, Mark, an entrepreneur who was into producing juice, noticed that coronavirus was becoming a global pandemic and that there was a high chance that the virus would make its way into the country. He quickly decided to change his business focus from producing juice to manufacturing sanitizers and he has since earned millions from this move.
In 2007, Joe Gebbia and Brian Chesky had just moved to San Francisco. 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. Let’s call him Mike. 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. So, 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 or the kind of problem you are trying to solve) and a kick-ass team that will bring your vision to life.
So there you have it. If you’ve been wondering what business to start or how to grow your business to the next level, use the points above to get started today.
What other inspirations can entrepreneurs take advantage of?