Since the age of 10 years old, I knew I wanted to own my business though having no one around me who owned their business, I knew I had a long way to go to understand the mechanics of launching, building and sustaining a business that can be institutionalized and of legacy. So I leaped!
Before I had even reached puberty, I was merchandising products in a local corner store and by the age of fifteen I was already working serving cappuccinos and croissant while manning the cash register at a coffee shop that was at a time one of the first franchises in North America. All throughout, I attended private schools and had to maintain a good average in order to pass year after year. My teachers and peers understood my reality and witnessed my assertiveness to succeed through hard work so I had a community of students of Excellence tutoring me and teachers extending their office hours to ensure I had the academic support needed for me to graduate. From then on, from one job to another, I had the opportunity to acquire management skills, marketing expertise and government affairs knowledge. With an extensive professional work experience, volunteering engagements and successful academic achievements, I developed interpersonal skills and refined my emotional IQ.
Fast forward to my launch as an entrepreneur. It was triggered by a few marking points in my life which was catapulted by one last shake-up that I experienced during one overseas assignment. That marking moment was when I was armed robbed. Thereafter, I was not traumatized nor was I living in fear, I just knew that my time was now. Upon my return home, I started to do everything that was in me- that is my entrepreneurial journey being molded into what will eventually be the right formula for success – hitting the right target as an entrepreneur is like a roller coaster ride. I eventually started my own cross-cultural business as it reflects my thesis and my 10 years of professional and development work in addition to the 5 years in the workforce at various capacities.
In between there are many stories of joy as equally as there are of deception and betrayal. Which brings me to this blog topic “ the three factors an entrepreneur should value”. In no order of importance yet recognizing that without time nothing is possible and every nano second of a healthy life is the most precious resource vital to our existence, these three factors will determine the leadership failure to scale the business or will showcase an empowering brand. So in the context of business, time is an essential factor along with these two factors that I believe are vital to an entrepreneur and business owner.
Finance
Money, money and more money. At the end of the day, revenue is what drives a business and will allow it to grow. Yes, all entrepreneurs need to be passionate about what they are doing; yes the founders have to be mission driven and yes every business owner must solve a problem to enhance the lives of constituents, however it is important that an entrepreneur is financially literate and understands the language of money. Aside from computer languages, the language of money is another tool for business success. Here is the caveat; business is solely about money ( anyone who tells you its not, they are lying to you- because any entrepreneur should know, in this day and age, a competitor is watching and acting to take over). Even though it is about providing solutions for what individuals or group are willing to pay for not just one time but consistently, they also have to be your cheerleaders to spread the word about how amazing your product or business solution has been. Marketing drives traffic and traffic is likely to generate sales. Anyone who adventures in business must have their ledgers on their bed stand while a good daily review of the P&L keeps crisis away. So when they say, investors invest in the entrepreneur, it is clearer to me because ultimately an investor understands the sacrifices and the hurdles one has to go through to actualize the vision that keeps one awake at night. Amassing capital and allocating it appropriately means an investor is able to evaluate the resilience, conviction and determination of an entrepreneur better than many who have inherited without sweat equity.
Human management
Human factor is one factor that many seem to omit from their analysis- and I have seen it time and time again even when it comes to public policy. The USA was known for its human management – especially as it relates to its customer service among other things, it had set global standards that has been followed by many countries- developed and developing alike. Customer service is no longer what it was in 1980-90’s, companies are now corporations that have abolished unions and any associations that stands for employee rights and so many other elements that ensures the national well-being of people. What is interesting is that there is lots of R&D that goes into launching products and corporations invest to ensure accuracy in predictable consumption. Therefore, corporations have completely mastered the science of programming the human mind rather than managing the human factor. Which brings me to my other point, corporations establish a standard that entrepreneurs are thrilled to create solutions for particular problems, build a community around the solution and expand it. A recent phenomena that has been utilized by every member of a company as the driver of growth is the HR becoming not only a recruiter but also a brand ambassador to propel the corporate culture for brand expansion beyond just the products. So for business owners, especially small businesses, the first hire(s) or staff members determine your business pivot. Every interaction, in real time or virtual, is sacred as it determines a negative or positive outcome. It is telling that in the business context, human management requires balance – when you are small and nimble – the team must have synergy from the start, each member has to be excited about the business and has to constantly demonstrate measurable results to scale the business. My point here is that human management, from leadership to customers and staff/team members, is important for growth. Moreover it requires defining as well as setting boundaries with each team member as it will establish a flow allowing efficiency and reliability yet ensuring capital-driven engagement because as an entrepreneur, you must recognize that human management consumes time and finances- that is why the cost-per-hire is high and the customer acquisition is complex with never-ending algorithms at our fingertips.
Time
Time is relative as calendars from one culture to another differ; time zones change based on latitude and longitude and in many regions, time continues to be the measurement for all that is life. Time is the basis for the above-mentioned two factors – time provides the ability to shift behavior and to enhance human experiences which can include finances. Hence time is the most precious commodity as we have determined individuals have 24 hours in one day and the onus is on oneself to allocate our time cautiously by doing our due diligence and SWOT. As an entrepreneur, work is your life and probably that is why they say ” make sure your work is what you love/ passionate about”. Time in business is eminent given that loss is priceless as time is exercised by the energy injected into undertaking assigned responsibilities and it is only with time we learn to meticulously manage our time. Lastly, time is the only continuum that measures our growth as equally as our failures and that is why the pattern amongst successful people is how well they manage their time. As I have read numerous biographies of successful business leaders such as Elon Musk and Oprah to Jeff Bezos as well as Mark Cuban, time is the key to success. Each has articulated how tediously they manage their time to the point of accounting for every nano second of the day. A though-out and fulfilling daily life schedule is what it means to have a perfectly managed life time. As time is our measurement of our existence, time is also the determinant of our business life cycle. Time is what demonstrates our ability to succeed in any venture.
As I have been an entrepreneur for the last 10 years, I have learnt that these three factors – Finance, Humans and Time- are vital to every entrepreneur, startup and small business owners as I believe every entrepreneur should focus on a concoction for the envisioned formula. Notwithstanding that culture plays a distinct role in these three factors, the results are overall the same : when time is misused, finances and human management suffers; when finances are misallocated, growth and human management declines; and finally, when human management is filled with naysayers and deplorables, then finances and time is drained. All with exerting results and finding the right ingredients to establish a brand is what makes the entrepreneurial journey a thrilling, purposeful and fulfilling one.
Thanks for reading my blog. Let me know your thoughts!
Rae
