Do you ever dream of becoming a boss or wanting to be your own boss?
While it is not easy getting to the top, becoming one is not an impossible feat if you have the persistence.
At some point, the investment bug bites so hard that entrepreneurship becomes one of your reasons to have sleepless nights. This is of course unless you were born with a silver spoon in your mouth.
To many, becoming an entrepreneur means not just the opportunity to try out your skills but also one to get things done the way you know best.
While there are many challenges to establishing oneself as their own boss, a tough-skinned approach will do the trick.
Resolution Insurance Kenya MD Alice Mwai says that owning a successful company or business would be a great source of joy and pride.
The idea that you have tirelessly worked to build the company from the ground up, however, needs caution as dreaming and implementing are two totally different things.
She says there are several things to do before successfully settling down to start a business.
For the dos, Mwai says it is important to identify your core business.
She says that this is key for any entrepreneur. “It enables you to work towards something and pinpoint the fundamentals of your business. If you miss getting your niche, then you may end up disappointed in the business you plan on starting.”
Setting clear goals and objectives gives you an outline of what you want to achieve. It helps create strategies that help you achieve your goals and targets.
“By so doing, you are able to tell if you are on course, hitting your milestones or if there is a need to strategise again,” she adds.
Carrying out research helps an entrepreneur identify the market gaps. They are also able to find new ways of conducting business and enable their business to stay afloat.
“It allows you to be able to cope with the ever-changing industry trends,” she says.
Mwai cautions that research is not only important in the initial stages of planning, but it has to be continuous for it plays an important role in the entire entrepreneurship journey.
Creating a business culture will define how one works, how their business operates and the rules and regulations of the business.
“Integrating employees into this culture enables them to work best and champion your business. Good work culture will further increase employee loyalty,” she notes.
With the many risks to businesses, Mwai advises an entrepreneur to insure their business. This is advised by analysing risks to a business and then protecting it against any such risks.
She says, “There have been cases of disasters completely destroying businesses with no ability to recover. Entrepreneurs should utilise insurance to ensure business continuity in whatever field they are in.”
Mwai says that the last bit in the entrepreneurship journey is actually getting started.
She says that is the hardest hurdle but once you start rolling, the challenges that come along the way can be addressed as you move towards your goal.