If there is a list of the hardest thing to do in life, becoming an entrepreneur would definitely be on the first page.
Becoming a successful entrepreneur is an exhilarating yet challenging journey, requiring a potent mix of passion, determination, and a profound understanding of fundamental principles. While there’s no one-size-fits-all formula for success, gleaning insights from those who have already walked the path can prove invaluable.
In this piece, we asked four entrepreneurs to share with us business principles they hold dearly, which have helped them in their journey as entrepreneurs.
Segun Awoniyi:
You know, for me, one of the most important things from the get-go has been focusing on profitability. As a fellow budding entrepreneur, I can’t stress enough the need to avoid pouring excessive time and resources into ventures that might not promise financial success. I always say, “Cry now to avoid future tears,” which basically means we should prioritize real financial gains over just looking good on the surface.
Before Finrik, I learnt the hard way through experiences with ventures that seemed cool but didn’t bring in the revenue I hoped for. So, now, I make sure to direct my efforts toward projects with clear profit prospects and let me tell you, that’s been the key to my success so far
Greg Uzo:
Loyalty and building relationships have been the guiding principles that have shaped my journey as an entrepreneur. I genuinely value authentic connections, both in my personal and professional life. The strong relationships I have cultivated and maintained are truly pivotal to my entrepreneurial success.
One particular instance that highlights the power of these connections was when we faced scarcity of one of our products in the market, making it expensive for us to buy as many units as we needed. However, thanks to my great relationships with suppliers, they kindly offered to sell on credit, allowing us to pay back after sales. It’s moments like these that reinforce the importance of fostering loyalty among customers, partners, and employees, as it creates a supportive network that propels our business forward and establishes a solid foundation for future growth.
Tega Akpotare:
My principle is simple, I firmly believe that greatness is a result of consistent effort and dedication. Perseverance and resilience have been my steadfast companions on this journey. I embrace challenges head-on, knowing that pushing forward daily, regardless of fatigue, is the key to realizing my goals.
Another thing I hold dearly is my unwavering conviction stems from the belief that my business’s services will positively impact countless lives in the future. This commitment and unwavering resolve are what drive me towards the path of success.
Asulewon Babalola:
Understanding the true value of social capital has truly transformed my journey as an entrepreneur. To me, social capital represents the amalgamation of information, expertise, trust, and overall value within relationships and social networks. I am deeply passionate about the idea that success in life directly emanates from the people we meet and the collaborative opportunities that arise from such connections.
So, as a business owner I am intentional about building quality relationships.
Omotola:
As a business owner one principle I hold dearly and has helped the success of my business is consistency plus networking.
I show up everyday,no matter the mood,I show up in people’s faces with my products and also I try my possible best to get new prospects(possible buyers) I don’t joke with my client’s interest, always putting them first.Another thing is, I don’t underestimate the power of God. I pray alot oh!
As business owners, this is to remind you about key principles such as profitability, loyalty, perseverance, and building meaningful relationships. It’s these principles that pave the path to making a real impact and achieving great things.
Cheers!