It is very easy to say, “Be wise.” You probably might have heard that a couple of times, and maybe recently. The truth is, you need to be wise to be a successful entrepreneur. The Bible says, “Wisdom is the principal thing; in all your getting, get understanding.”
I will talk about wisdom in two ways. First, it is to know when to persist and when to quit. Second, it is to know how to make money from your business.
Truth is, it is not all fantastic ideas that are going to scale or bring you money. As an entrepreneur, you need to be wise enough to know where to drop an idea, a process or a model, and make either adjustments or a complete turnaround.
I’ve come across people with wonderful products and services, solving real problems, but do not know how to make money from their enterprise.
You can’t be a successful entrepreneur until you know exactly how to convert your skills, talent, and passion for money. Show me a successful entrepreneur and I will show you a wise entrepreneur.
It is not wise to continue to waste time, energy and money on something that is not going to work in the name of patience or persistence.
How to be a Wise Entrepreneur
Wisdom, they say, is an application of knowledge. In other words, the foundation of wisdom is knowledge. The more you know, the wiser you will become. It may be true that it is not all know people that are wise, but you cannot be wise without acquiring a form of knowledge. We may know and not be wise, but you can’t be wise without knowing.
So how do you acquire knowledge? It’s simply by learning. I will strongly recommend that you learn from those ahead of you, entrepreneurs that you think have already become successful. Learn as much as you can from them; request for mentorship. If you can afford it, pay for their services and read a lot of good books.
It is almost impossible to be a successful entrepreneur if you are not a successful reader.
Caution: Learn how to separate principles from methods.
One of the major mistakes young entrepreneurs make in trying to learn from the successful ones is that they copy everything and replicate it hook line, and sinker from the successful entrepreneurs. That’s a very dangerous approach to learning. Your location, business ideas, and even customer segmentation may be different.
Instead of copying the methods, just focus on understanding the principles and customize them to meet your situation at that time. I can’t overemphasize the place of attending conferences, networking and taking an online course. They help in making you.
There are also many other things you can do to be a wise entrepreneur. Let’s talk if you want to learn.
Meanwhile, don’t miss the next part, of the series, as we bring it to a conclusion.
Join us in the next part of the series, as we look at another thing that makes a successful entrepreneur.
Thank you for Journey with me, thus far on what I called the #Sencrapatwise model of becoming a successful entrepreneur.
I will be discussing on the Business Model Innovation and how a company is using it to disrupt multiple sectors at once in Nigeria.
If you will live to follow the series send me a message on Whatsapp.
In case you miss the previous part of the series