The government can do so much and I commend the effort of Honorable Richard Maru in driving the SME agenda forward. But real change and success is internal. Wealth is created in the mind before it is manifested outside. Success in business and investment is a matter of mind and heart and not just paperwork and more and more funding which off course is the easiest way to kill the creative financial genius of the entrepreneurs.
The fancy policies and complex politics would be wasted, if the aspiring entrepreneurs are not taught the basic Principles of wealth creation. Often times, one gets blinded by status and academic qualifications and easily misses the basic facts of business and wealth creation.
Entrepreneurship simply starts with finding a solution to a problem and solving it by means of serving as many people as one can within the constraints of available resources. Entrepreneurship is the art of finding profitable solutions to problems. Every successful entrepreneur or business person has been able to identify a problem and come up with a solution to it before someone else did.
Here are the five rules for success for the aspiring entrepreneurs.
1. Find a Need and Fill It
Human needs and wants are unlimited. Therefore, the opportunities for entrepreneurship and financial success are unlimited as well. The only constraint on the business opportunities available to you are the limits you place on your own imagination.
2. Find a Problem and Solve It
Wherever there is a widespread and unsolved customer problem, there is an opportunity for you to start and build a successful business.
Once upon a time, before photocopies, the only way to type multiple copies of a letter was with carbon paper places between sheets of stationary. But a single mistake would require the typist to go through and erase the mistakes on every single copy. This was enormously clumsy and time consuming.
Then a secretary working for small company in Minneapolis began mixing flour with nail varnish in order to white out the mistake she was making in her typing. Soon, people in other offices began asking for it. The demand became so great that she quit her job and began working full-time manufacturing what she called “Liquid Paper.” A few years later, the Gillette Corporation came along and bought her out for $47 (PGK117.5)
3. Unlimited Opportunities
There are problems everywhere. Your job is to find one of these problems and solve it better than it has been solved in the past. Find a problem that everyone has and see if you can’t come up with a solution for it. Find a way to supply a product or service better, cheaper, faster, or easier. Use your imagination.
4. Focus on the Customer
The key to success in business is to focus on the customer. Become obsessed with your customer. Become fixated on your customer’s wants, needs, and desires. Think of your customer all the time. Think of what your customer is willing to pay for. Think about your customer’s problems. See yourself as if you were working for your customer. Steven Jobs of Apple never did a market research. He only asked one question and that is “If I was the customer for an apple product, how will I wish to be treated?
5. Bootstrap Your Way to Success
Once you have come up with a problem or idea, resolve to invest your time, talent, and energy instead of your money to get started. Most great personal fortunes in the world were started with an idea and with the sale of personal services.
Most great fortunes were started by people with no money, resources, or backing. They were started by individuals who came up with an idea and who then put their whole heart into producing a product or service that someone else would buy.
Ancient script has the oldest wealth creation principle that stood test of time. It says “Service to many leads to greatness”. It’s in the bible. Read it.
Look for business opportunities everywhere, develop, an entrepreneurial mind-set, and continually be open and curious about the needs not satisfied and problems not solved.
One idea is all you need to make your first million.