Become a great entrepreneur, business mogul and achieve financial freedom- Part 1

Entrepreneurship is the blue print to financial freedom and creation of businesses that last centuries.

Although many across the world want to experience financial freedom however many graduates with intellectual capabilities, vocational skills and technical skills only chase after jobs in government sectors instead of creating one.

New graduates and old ones alike argue that they do not have the needed capital to start a business on their own.

If you are one of such persons, keep reading as we dig into how to emerge from “There is no capital mentality” to a life of financial freedom and fulfilment.

Entrepreneurs are the future of world business and poverty reduction across the globe and not politicians.

Do you want to become a great entrepreneur? If you are ready to explore your entrepreneurial skills and become a business owner and to build a business that will last several generations after you are gone.

The world needs entrepreneurs who can reinvent the wheel or create news models of business and ideas that can be converted into millions of dollars each year for at least the next 200 years.

America can boast of some of the world’s oldest businesses such as Caswell-Massey (1752), The Hartford Courant (1764) Baker’s Chocolate (1765) just a few to mention.

In Africa, Asia and Europe, there are businesses that have been established by ordinary people with great ideas, ambitions and resilience.

You, my reader, may just be the next big business owner in your country. To become a great entrepreneur you don’t have to look far, Bill Gates and the late Steve Jobs of Apple all started small and turned their dreams and hard work into giant world businesses.

The one who established zoom lion, Dr Joseph Siaw Agyepong is believed to have said, when he sees refuse heaped or scattered on the streets of Accra, he sees money, today, he has established one of the most successful waste management company in the whole of Africa. Zoomlion ltd is a subsidiary of one of the largest conglomerates in Ghana with over 32 subsidiaries.

Kwame despite, who did not have formal education owns many successful businesses from radio and television to manufacturing the industries he has expanded into are countless in Ghana.

You hear neat Fufu and Thisway chocolate drink and his name resonate as a sacksful business mogul.

This article is not aimed at giving you history lessons and facts you might already be aware of but to shape your mentality and approach to developing the entrepreneurial ambition into a real story worth telling 10, 20 30 and so much more years to come.

The reality is that no matter your level of education, available financial resources and location in the world, you can start a new profitable business from scratch.

This is possible if only you can identify the need in your neighbourhood that is not been met, the problems in your neighbourhood that have no solutions or create a new service or product and pull demand for it.

Take note there are millions across the world who have financial resources yet no business to run with it. There are others with amazing news ideas without the needed finances.

The latter is capable of starting a new business easily and not the former. To become a great entrepreneur and follow the footsteps of other business moguls, keep reading.

Take note that there is nothing like, I don’t have the money to start the business in the thinking of real entrepreneurs. They can always find the money one way or the other if they are success hungry.

Every entrepreneur or would be entrepreneur must identify a workable idea or opportunity before thinking of raising capital.

The question is, where do you get the ideas from? Let us look at these simple ways of successfully coming out with ideas and opportunities.

Real life testimonies of business moguls have revealed that entrepreneurs always start off with ideas which are developed steadily into businesses that stand the test of time and turbulences

Interests and hobbies as sources of great business ideas

One entrepreneurial truth is that one’s hobbies or area of interest are the easiest sources of business ideas. Any serious business minded individual can covert his or her hobbies into a business.

What are the things you enjoy doing most during your free time? Some love to teach, others love gardening, another person loves motivating others, someone is good at playing the piano or some other musical instrument.

Each of these and many others can be the starting point of a big business.

If you are good at playing the piano, have you thought of starting piano lessons for kids in your neighbourhood? In fact, you are seating on money by not taking advantage of your hobbies and interests.

Customer surveys can reveal great business opportunities

There are millions of customers who are not satisfied with their service providers across the world. In communities we live in, many need certain services that are nonexistent in your community unless they travel elsewhere. Some of these can only be detected with the help of a customer survey.

By carrying out a customer survey, you will be getting some authentic findings that will serve as the basis for developing a new solution or improving on an already exiting solution that meets the customer needs of today.

This research on customers may be formal or informal. For example, finding out from members of the community things they find difficult getting done for them or services they wish was available in the community can reveal some amazing gaps in service delivery, good or services needed.

You can then zero down on one that you have a comparative advantage and start turning this idea into a new business or business model.

Personal experience and talents can make you an entrepreneur overnight

There are people who have moved out of employment or jobs because they had certain bad experiences while on the job and decided to start a business the fills the gab that is unmet by their employers.

This is good but in some industries, there are laws that govern how long you must wait before you enter into a similar business or employment just like that of your employer.

A banker can decide to start a savings and loans business after retirement, a teacher can decide to start running an after school section that helps students do their homework whiles they wait for their parents to pick them up.

An expert in IT can decide to start basic computing lessons for school children after school, a good graphic designer can decide to start practical training in graphic designing for the youth in his or her community.

Your talents and experiences give you endless opportunities only if you can tap into them

To generate great business ideas based on your experiences and talents, you need to ask very important questions and provide sincere accurate responses. This self-examination session demands response to questions such as.

Self-examination Questions

As an individual, what am I really passionate about?

What are my talents or skills?

List all the talents and skills you have or you believe you possess.

Are there people who need services or goods provided by persons with these talents or skills?

What can I do, to improve on this talent or skill and become an expert?

There are countless ways to identify and capture new ideas that will put your entrepreneurship ambition on the right footing.

If you can use the vast information in this article, you can start achieving some level of success before we move into other areas of starting your own business.