Gabriel Eze had always wanted to be an entrepreneur but his forays into several ventures had not been successful. One day, he had a conversation with Abigail Edwards, an employee of Pace Enterprises, a major manufacturing company in the United …
Introduction The connected customer is at the center of buying decisions that drive product and brand patronage. The connectedness enabled through the mobility of communication devices and tools is creating market/ customer disruptions. The connected customer has a high interaction …
Introduction The first decision that most founders face is whether to start a firm on their own or whether to build an initial founding team. Studies show that 50 to 70 percent of all new firms are started by more …
The three primary reasons that people become entrepreneurs and start their own firms are to be their own boss, pursue their own ideas, and realize financial rewards. Be Their Own Boss The first of these reasons—being one’s own boss—is given …
A team is a group of people with complementary skills who are committed to a common purpose and approach for which they hold themselves mutually accountable. In assembling a good team, one needs to strike a balance between the crippling …
In the real business world, it is not smooth sailing which is why many businesses fail. There is the risk that a business, especially a new business, will fail which will make the entrepreneur suffer the loss of the capital …
Make a SWOT list The first step is to identify and list what you think are your business’s strengths. Examples could include strengths relating to employees, financial resources, your business location, cost advantages and competitiveness. At this stage of the …
Language Barriers When engaging in international business, it’s important to consider the languages spoken in the countries to which you’re looking to expand. Does your product messaging translate well into another language? Consider hiring an interpreter and consulting a native …
Life’s Too Short to be a “Me-Too” Entrepreneur Innovation is the heartbeat of successful entrepreneurship. A business’s growth potential is determined by the quantum leap in innovation that it represents. At the top of the value chain are pioneers, who …
Evaluating Environmental Factors The business environment refers to the set of political, economic, social, technological, environmental, and legal forces that can promote, nurture, constrain and kill businesses in a given territory and market. A PESTEL (political, economic, sociocultural, technological, environmental, …