Lori Grainer once said, entrepreneurs are willing to work 80 hours a week to avoid working 40 hours a week. These far-sighted business words resonated well with the annual KeMU Entrepreneurship Expo 2016.
Literary stated, entrepreneurs work for the first 80 hours, and employ you to work for them as they rest, that’s how you get working for 40 hours for the rest of your time.
“An entrepreneur is that crazy person who is willing to work 100 hours so that he doesn’t work 40 hours for the rest of his time,” SK Fortunes, the main speaker at KeMU Expo advised.
How would you ensure that your business is a success at the beginning of the first three years? The answer is in your mindset.
SK Fortunes says that an entrepreneurial mindset needs to shift from that state of being in a defeat to the winning mentality.
“If you fail in entrepreneurship, try it (again),” he encourages adding that starting a business is fun but not easy.
The financial advisor with Fortune Gardens hints also on how you can measure the success of your business.
An income for the business should be very different from your salary as an entrepreneur, the business should be able to pay for itself and pay you as an individual, he says.
Perhaps this explains why you maybe burning the midnight oil but still making losses.
With this in your business mind, you should still be concerned of your daily expenses, here it means that the records should know the smallest coin in your expense.
“If you go with rough estimates in business, you may think that you are working very hard and making money,” he cautions.
If you coming off from employee career to entrepreneurship path, things could be tough and hard at the very beginning, but here are some of the ways to overcome the uneven situations.
Most of the employees overlook the supportive duties that they require to know. In the office, everything could be done as you swing in the chair, but things are different in entrepreneurship, SK Fortune says.
‘’You will have to pull up your sleeves and do almost everything in your new office to save more on the capital,’’ he says giving himself as an example that he had to manually clean his office to cut the cost of expenses.
To have a business is fun but not easy, he says.
“Entrepreneurs aren’t supposed to be exhausted but energetic,” Ochieng Ogolla, one of the panelists at the expo agrees.
Suppose you won a good stake in your profit returns? Let say for that case you were awarded with Ksh.10 million in a tender. What should be your next step on profit management?
While most business people will pull back the money into the same venture, it could be such a blind pass in future.
“This profit should be used to reopen another investments as a way of securing it,” SK Fortunes advises cautioning that putting all your profit in one basket could easily put your fingers in flames.
We have witnessed businesses with plans go in muddles, to avoid such a scenario, plan your business with at most a 10 year strategy.
“Having a strategic plan for 20 years sometimes could be cheating yourself because you could be faced out with new innovation,” he says.
If this nuggets are kept to the letter, SK Fortunes hopes that entrepreneurs in the market will have the ability to meet their business goals in the same breath with their bills.