I just wrapped up a guest session with a friend, Laura who lectures
at The Singapore Polytechnic, Year 1 Media Studies Cohort. It was an
awesome experience and my first time sharing with the students a little
more on what goes on behind closed doors of daily lives of
entrepreneurs. I have a saying: The more you Share, the more you
actually Learn. I hold by this thought.
Time didn’t quite permit the full length of my notes which I prepped
up earlier, one of the thoughts I wanted to get across was about
Starting, Owning and Managing your business and what I call the 4
essential ingredients to make it all happen. No it doesn’t take a PhD to
get the right mix but it does take a degree of honesty and willingness
to share what’s real and true from the perspective of an entrepreneur
and small business owner. Fear not to share so here it goes.
The K-T-I-P Formula:
1) K-Know Everything! No I’m not kidding, entrepreneurship gives
unlimited room and scope for self-starters to pick up new skills, learn
and understand all aspects of business operations from frontline
customer facing to back room value chain ops. Make it your job to know
everything that goes on inside your business/company and outside market
macro trends that will impact your business and your customers and
users’ lives. Essentially be prepared not to shy off from rolling up
your sleeves and learn, know. Remember being a business owner,
entrepreneur means the buck stops here and with you. If things go south
essentially fingers point your way and NOT others.
2)Tenacity- I hate to sound cliche but yeah tenacity cannot be
overemphasized. You need to champion your business concept and idea to
stakeholders, community, users and customers alike. Be prepared to sell,
be coherent doing so and be prepared to stick this put. You as the
business owner and entrepreneur should be the best reference point for
anyone who is interested to know more about your business idea. Tenacity
to puah for advocacy for your business idea and concept is not a task
you should delegate or be embaressed to “sell”. It takes tenacity to
hold on to your concept and to see it through from paper to fruition and
growth. You need a bit of stomach to take this all in.
3)Idea- Of course you need to rock it wit a solid idea it can
sometimes be crazy or just sheer impossible to othes who hear you. If
your idea can offer a genuine solution as a problem solver to the issues
or lifestyle challenges around you or even worldwide, pen that down,
develop it further and test out that idea with others and remember check
and see if there are any other bright sparks like yours who may already
have developed the concept. Businesses start with ideas and concepts
but how it grows and end off is all about the specifics and execution,
that is the tough 50% of the battle. But yes you need The idea to
kickstart it all.
4)Plan, Plan, Plan! !- Walking blindfolded into entrepreneurship and
throwing in your letter to Boss without a good plan-of-action could not
be more unwise. I am not saying you can’t, really there’s no stopping
anyone from doing so. I am one of those crazy ones who have a Plan A,
back-up Plan B, and yet another back-up plan for back-up plan! But good
business owners and entrepreneurs do plan and have a plan of action in
their heads as a mental dry run or tabled somewhere on their laptops. I
always feel it’s important to do both a mental dry run to anticipate
scenarios, challenges and situations prep up counter strategies and
tactics. And table these thoughts on paper. You will be amazed how
different your thoughts in your head actually “look” like once you have
them type out. That process will stimulate your line of action and
planning both for launch, growth and counter competition. Also don’t be a
loner, I know all entrepreneurs and business owners have to face the
wall-in-the-room pretty much most of their start-up journey but go talk
to your network of friends, associates and peers you will be surprise
how quickly they can help turn around a perspective you have and how
these can become part of your business plan.
I can probably carry on expanding the K-T-I-P points above based on
my real life experience as a busineas owner and entrepreneur for the
past 4 years but my next appointment awaits. So check back in on
Kezaar’s blog and I’m happy to talk more, you may even find
entrepreurial talks on Kezaar.com soon. (hint hint)
Kezaar-out
Debbie
(copyright 2012 Debbie Lee)
