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The Employee Cum Entrepreneur

The Employee Cum Entrepreneur

Autonomy is only a piece of the pie. A lot of of us crave the whole banquet. Some aspiration of working a organization of their personal, some others aspiration of having retail retailers, and some other people want to examine their craving for artwork and craft.

Sometimes we want to ditch the employee tag and occasionally we only want a side hustle. Both way, or no matter what the area, there are some fundamental points that ought to never get for granted. These small bits of knowledge make the change between accomplishment and failure in your entrepreneurial adventure no matter how superb you are as an personnel.

The first dilemma usually is: ‘Should I dare to do this in the initially position?’ If you did not have a career several persons would motivate you to give it a check out, but the tune variations when you are utilized. A enterprise venture could conveniently be found as a waste of dollars when there are school costs to pay out. So what is the wise factor to do in particular in this financial climate?

Koku Konu is an architect who builds high rise properties throughout West Africa: banking institutions, and skyscrapers. Then his father handed on leaving his accounting agency at the rear of. Konu opted to choose that up as properly. This meant restructuring and developing Island Nominees Ltd and for an architect that intended quite a little bit of studying from the scratch.

This made him the fantastic man or woman to inquire: Should you really hassle?

Konu’s response is: “If any one has a need to go after self-employment invariably that want doesn’t go away until you test it. So if any one feels like going into self -work, irrespective of what is heading on with the economic climate, go in advance. But of training course that is just the beginning you will also entry your pitfalls, estimate your exposure and your likelihood of accomplishment, but it’s your entrepreneurial spirit the spirit that is in these persons that will make the big difference and they are the ones that would fight versus the odds. They are the kinds men and women search up to the types who appear up with one thing.”

Seeking at the amount of failed firms about us can be extremely discouraging for an individual imagining of taking the plunge. Konu suggests: “Stats are a strange thing, I do not know wherever these kinds occur from but if you tell me that some folks are unsuccessful, I might say indeed. And sure failure does discourage persons. But once more the lure of accomplishment is usually there. Failure can not be discounted, it does set people today off. But the correct business owners do have a knack to conquer seemingly difficult huddles. That is the hallmark of an entrepreneur.” Then he provides: “We all know entrepreneurs are unsuccessful but it is really the ones that do well that we are likely to seem to. So if you have the entrepreneurial push and want to go into self work, irrespective of the economic climate you discover your self in, you must go ahead and acquire your threats.”

Now we all know that remaining an employee calls for you to utilize by yourself to your very own obligations, but becoming an entrepreneur is a distinctive kettle of fish. The concerns of management and management come to the fore. Leadership fundamentally indicates climbing up the tallest Iroko tree with your binoculars and guiding the troop: having the bird’s eye view and making certain you are all in the suitable jungle going through the appropriate horizon. Leadership is far more about the eyesight and the all round ambitions. Administration on the other hand brings it down to the working day to day arranging and actions. Konu, speaking from his possess knowledge says: “In my job as the very first son of my father, I ‘administer’ the firm. It can be a tiny title but a extensive role simply because it begins from the moment eye of the procedures and techniques you place in location (administration) to the even bigger image and how you build the enterprise (management) and how you get to the goal audience, and so forth.

So you begin from little matters like: ‘Do we have adequate pens?’ to the even bigger photograph like: ‘Where are we in the plan of points?’ that’s what I do primarily. I you should not have any component in the technological dispensation or any engagements, nothing like that, but I do programme, I do strategy, I do apply, I strategise, and I am in contact with the top stage of our purchasers on administrative foundation.”

If you have listened to a couple administration specialists then you ought to have listened to at the very least just one of them chat about the attitude of a businessman vis a vis the way of thinking of a ‘professional’/staff.
Konu suggests this “It is down to stereotypes. When you are an staff, your aim is executing your obligations and the financial general performance of the firm is at greatest a secondary worry. But when you start off your company and you are a business enterprise the economic functionality of the enterprise is your major worry.”

Now, Konu was generating it all seem far too uncomplicated sitting down at the meeting table of open up office with an effortless smile. We experienced to request about his private hurdles.

“Well, I was not significantly geared up to offer with the challenges of management and management. I failed to have any official coaching for it. I didn’t do an MBA, I hadn’t examined business enterprise formally, I had never ever taken any small business courses, but I experienced often experienced an acute interest on how items do the job. I suppose that has to do with my architectural background. As an architect you are taught to design and style items. The way you structure something establishes how it is heading to function. The principles of structure implement not only to goods, properties, hairstyles, and fashion, they use to processes how to achieve a approach. You have to design and style a system to make absolutely sure that you get the stop outcome. My challenge was not becoming formally ready simply because of my qualifications, but I was served along.”

Going by that is it safe to deduce that the way a banker would operate a boutique would be unique from the way an auto mechanic would operate it? We would permit you attract your possess conclusions on that but in dealing with the challenge of restructuring and constructing Island Nominees Ltd, Konu did say: “For the reason that of my history in layout, I saw it as a ‘design’ problem and not seriously a ‘management or leadership’ difficulty.

Out of every single 5 business owners you satisfy 3 would announce to you that their most significant problem is the country’s infrastructure or absence of it. Clara Okoro, CEO of Brandworld and Publisher of Ice magazine did not bat an eyelid when she declared that her biggest obstacle was “NEPA”. Bringing this up with Konu, he certainly took it all in his stride. But it was the way these infrastructural ‘failings’ affected workers welfare and productiveness that was additional prominent on his mind. “The major infrastructure trouble that affects corporations is sparse energy and then the streets and targeted visitors. It affects the social wellbeing of your workers if they get harassed each individual day coming in. If they are unable to get to operate quickly because there are worries just about every working day it could be complicated for them.”

Talking of workforce, how do you create the best crew? Donald Trump says he normally hires people he already understands like persons on the other side of a offer who experienced impressed him. In a latest interview Femi Aderibigbe (aka Kwame) CEO of Nigezie and a decide in the ‘Project Fame’ fact and talent hunt Tv exhibit, pointed out the “state of mind” of the people you have to operate with is the greatest obstacle for him as an entrepreneur.

Konu for his own element experienced this to say: “Having the ideal staff is an ongoing matter. I cope with the challenge all the time. You could have the suitable individuals in 2010 but your requires, developments, and programme might improve by 2012 so you will need to have to change your workforce. The way I cope with it the way I would assistance anybody to cope with it is to craft the occupation description 1st and then obtain the persons that in good shape into the position description and not the other way round. Some folks produce a posture since they know this person has some talent: ‘Oh! Let’s use him for that.’

That is not the way to construction your organization. You need to have your structure in area 1st. Do you need to have a finance director, or do you have to have a bookkeeper? These are two different competencies. So have your structure in area. Know accurately what it is you will need?

Have an plan of your work description, and then find people today to fill that placement. Try out not to do it the other way spherical like all people does since usually the individual has ability ‘A’, which you are picking up on but will not have the commensurate techniques. That is what I would say for employees range.”

Imagine it or not ‘number’ is a weighty component. It can make the variance involving accomplishment and failure. Konu agrees with this: “Also I would say no matter how you begin, commence little. You never want to develop a company with around a million employees right away. If you check all the thriving firms out, you would uncover that they all began little. Each company starts with an idea, and persons finding collectively. When it grows to more than 10million personnel right away, it didn’t start that way. These are the most essential factors. Define your task descriptions and start off little.”

In each individual populated metropolis the people get to expend hrs in visitors. We function prolonged hours and we get home late. Time administration is now a significant difficulty with us, so how can we oversee a budding small business ‘on the side’?

Perfectly listed here are Konu’s ideas: “Time administration difficulties? Of system I facial area it. I confront it all the time. Now for persons who have a occupation and are starting up a enterprise on the facet and are facing time management difficulties, I would inform you how I offer with my time management issues.

I use Outlook (MS Word Outlook).I occur in and I timetable all the work I have to do when I am desk sure in the office environment. Then I get on with it. Outlook aids me purchase my day. It is the fashionable day filer-fax. I also have a really innovative system of recording my time use. I log in the selection of hrs I expend on each process and I ascribe charges to them. At the close of the month I see how a lot time I have expended and how much it has expense me. And if the customer is not worthy of it and I have invested too much time, then I have a red warn: I am paying as well substantially time on this, and it is not having to pay.

That applies to everyone in the firm. We collate that on a yearly basis and make a report which reveals the wasted time and the financial outcome of that wasted time. Also there is idle time. Coming to the business and carrying out very little is idle time. The simple fact that you are right here does not necessarily mean that you are successful. I have a refined program which I created over time. But I don’t assume starter to get started off like that but I do expect you to order your working day. I usually instruct my staff members that the initially issue you do in the early morning following you have communicated with your maker, if that is your wish, is to attract up your to-do listing. You cannot beat it. You can do it manually scribble it down or you can do it electronically.

If you are an staff and on the lookout to start a thing on the facet, you do have the benefit of social media, and online and cellular phones. Twelve a long time ago you experienced to go everywhere and count on land strains.”

And for the world’s ‘oldest problem’: The challenge of dollars management. Biodun Caston Dada is the CEO of Maverick and publisher of Acada journal a publication credited as getting one of the longest working smooth-sells as effectively as the widest distributed just one – also reaching the most specific age team: 14yrs-30yrs. He has experienced very a bit of funds administration working experience and he has introduced that his check out phrase is “Minimize your coat in accordance to your cloth, not your sizing.”

Konu claims: “What we advise individuals who are setting up their have enterprise is: Don’t spend a penny right until you know how significantly you are going to devote at the stop of the day. It would not price you a kobo if you took a working day to believe about it. It is quite critical. Business people naturally do not follow that instruction for the reason that the spirit of entrepreneurship alone will take you to the level in which you will not hear to assistance. Refusing to hear to information has led individuals to accomplish feats that they had been as soon as instructed were being not possible. They defied the odds. Now you have to have that doggedness in you as an entrepreneur. But the critical is to know which information not to pay attention to. Choosing which advice to acquire and which advice to discard could be pretty complicated but it could guide to your achievement.

But there are some essential things all people would tell you. One particular of which is that monetary administration is critical: You have to merely report what you devote and what you get paid. That is the most basic way. You you should not have to have any extravagant accounting program. You set up on your laptop each day what you shell out and what you gain log in your earnings and costs. It would give you an strategy of how functional your undertaking is.

If you invested N400, 000 and only received N50, 000, which suggests you have a shortfall of N350, 000 and you know it. Your thoughts is now keyed into that reality. You don’t have to do anything at all extravagant like hard cash flows or price range forecast or gain & decline. It is a straightforward report of what I shell out and what I get in. At the conclusion of the month, I glance at my textbooks and say: I never have ample revenue. That instils monetary self-control from the get started.”

Truth of the matter be advised that is less difficult reported than carried out. This is Lagos: we are often purchasing gasoline. Our ‘miscellaneous expenses’ are higher than the fixed expenses. In reality the ‘fixed’ bills stopped currently being mounted a lengthy time in the past. Aside from, beginning a business enterprise is like placing sail in the open up sea. Konu agrees possessing been there himself and admits this: “Business owners by their pretty nature are adventurous and so it is a fantastic strategy to get an individual far more pedantic to take care of your accounts. In significant organisations they are termed the account division accountants but for a compact small business you would have to uncover somebody to do it for you. You really should have someone to ginger you up, and need for all your receipts possibly a close friend, an associate or an assistant. You would have to instil financial management from the extremely commencing. History what you shell out and what you get paid.”

Steady mastering is supplying excellent emphasis when we are on the work. Must that very same emphasis arrive to engage in when we are on the PP (personal exercise) beat? Konu suggests yes: “When you are beginning up, the 1st point is the original testing and analysis of the strategy. Know your subject ahead of you get into it. But you have to continue. You are unable to say you know it all and even if you did know it all in 2010, by 2012 things have altered. It is the identical motive health professionals get re-certified. It is without question very critical.”

So the actuality that you did a 3-thirty day period class in catering even though you awaited your JAMB outcome 25 decades in the past does not indicate you are ready to start out a PP on tiny chops. A further a few 7 days brush-up program this month would not harm and it would not absolve you of the require to do a 3-day program right before the Christmas hurry.

A different query occurs when we acquire a look at the level of competition mainly men and women who are already executing the items we are imagining of undertaking. Is it staying overly shrewd to snoop out the levels of competition? We say ‘no’. You are not able to know as well considerably about the other gamers. You study from their accolades as perfectly as their mistakes. You learn about their strengths and challenges and their ideas for the in close proximity to and distant upcoming. The additional you know, the greater equipped you are to make informed selections. Having said that, we do not recommend that you send a spy to steal their personal files if you consider that, you are on your very own.

Konu for his very own portion has this to say: “Why would you purchase a automobile with no tests it? The extra facts you have about the marketplace and its players, the far better your determination building would be. You ought to take cognisance of the competition. I generally notify folks 1 issue ‘respect but not fear’. Regard the folks that were there just before you, but do not fear them.”

In summary let’s get a little ‘dreamy’. We asked Konu that if needs had been horses what is the a single point (other than ‘NEPA’) that if the govt made offered would aid budding business people and he stated: “Data.”

You would possibly have your personal respond to to that problem, but Konu explains more stating: “If studies have been accessible, it would assistance in the determination generating. Every single time, a particular person has a company proposal he or she would have to conduct his or her possess study. I feel the era of figures would support entrepreneurs a great deal. The search for figures is generally defeatist. People typically do not have the assets to perform their individual data. It is the govt that would conduct surveys on how substantially electricity or fuel the region consumes in a working day. That informs my choice on irrespective of whether I want to open up a petrol station or a supermarket. Data is what I have identified to be a big challenge from my own experience.”