The Sunday Mail
Entrepreneurship Matters
Dr Kudzanai Vere
Survival in the entrepreneurship and business arena is premised on a number of factors most of which are taken lightly by many, but at their own peril.
It is good to be ambitious as long as you follow through with determination to become that which you aspire. Making assumptions in business is part of it, but there are certain dangerous ones that must be avoided at all costs as they are detrimental to the growth and survival of the business.
Though there are many other assumptions that can play against progressive efforts within organisations, the five explored in this article are topical.
- You’re the best in the market
In the business fraternity, the best judges on whether you are the best or not are the customers that you serve on a daily basis. Being the best in the market should be your aspiration that you seriously work towards fulfilling. Telling yourself that you are good at times has a laxity effect on the efforts towards being the best in the market as you would have assumed a wrong status altogether.
Your interaction with the market determines your position. You might spend 20 years telling yourself you’re the best without putting in the promotional effort towards being the best. Continue to work towards your mission. Give the market room to position your business as you strive for excellence.
- You’re the cheapest
The question whether you’re cheap or expensive depends on your strategy. We have some companies known for being expensive and yet they’re surviving and growing in the market. On the other hand, lowering the price makes you likeable in the market. We serve different markets and we must know what our market needs and do just that.
There are those who make an assumption that they are the cheapest in the market without any factual evidence to support their position and assertions. Having ordered your products from a cheaper supplier does not make you the cheapest in the market. Do not underestimate others for you will get the shock of your life one day. Make sure you have systems and mechanisms in place that inform you on how competitive you are and not rely on your own whims.
- Customers know your
existence in the market
If you pay rent for that building, put your stocks on the shelf and employ people to work for you, that does not mean customers automatically knows your shop exists. In my first personal development toolkit “Becoming a person of impact”: The six pack approach I spoke about emerging as the third pack. Opening a shop is one factor that lies within emerging, but you should not end there. You need to deliberately come up with a marketing strategy that connects your shop with your target customers.
Never assume that everyone knows you exist. How many times have you introduced yourself and your company to someone within your locality and they ask you what you are into (munomboita nezvei?). Your level of aggression in exposing your brand to the market coupled with quality products and services determines your performance in the same market.
- You know everything
Those who think know everything know nothing at all. The first principle of continuous improvement is accepting that you still have a lot to learn in life. There is a lot to learn in business. Business is a composite. The we know-it-all attitude freezes the learning spirit in organisations. Once you stop learning you automatically stop improving.
Organisational effectiveness comes from continuous improvement known in some circles as kaizen. The moment you stop learning, you start regressing and eventually become irrelevant in the market. It continues to be dynamic and so should your organisation.
- You are making profits
This is the worst assumption ever. You will end up spending your cost of sales in the name of profit. Once this starts happening, know that your business is now en-route to winding up. Do you know that we still have some small and medium enterprises who do not even know their monthly sales figures.
Record keeping in business is key for it informs you of where you are coming from and going as a business. It is good to have an appreciation of the principles of accounting and have a simple trading and profit or loss statement done at the end of each month.
Such statements help you make informed decisions as to what to do now and what to park for some time in the future.
Success in business calls for doing things right rather than doing the right thing. Try to avoid these dangerous assumptions for they are detrimental to your business operations.
Determined to engage, inspire and transform generations in the field of entrepreneurship and business.
The writer, Dr. Kudzanai Vere is the founder of Kudfort, Transformational Mindset Institute, Premium Business Network International and the Institute of Entrepreneurs Zimbabwe. He is an entrepreneur, author and transformational speaker in the areas of entrepreneurship and personal development. The transformational speaker have trained more than 5000 entrepreneurs globally in the areas of innovation, organisation development, practical business management and ideation. You can contact him on +263719592232 or email [email protected]
