The keys to a successful entrepreneurial career in the 21st century is discovering your purpose, leading yourself, becoming the CEO of your life, having multiple streams of income, saving, investing, and controlling factors of production while operating in the primary, secondary or tertiary economy; understanding industry value chains, land, labour, finance, technology automation and leadership. Many companies today were started by entrepreneur (s) who made the entrepreneurship career choice and along inspirational enterprising career journeys built legacies.
“Entrepreneurship is a mind-set and an employment choice, enabled by the ability to consistently identify and co-ordinate scarce resources to develop opportunity” (Dr Beem Beeka)
Anita Roddick founder of the Body Shop suggests when trying to choose a business ask yourself these 3 questions:
1. What makes me mad?
2. What am I good at?
3. What separates me from the pack?
Steve Mariotti founder and former president of the global nonprofit Network for Teaching Entrepreneurship (NFTE) says to succeed:
1. Satisfy a consumer need
2. Buy low, sell high
3. Keep good records
Always think out of the box and put yourself in the customers shoes to solve their problem and provide solutions. Don’t get wrapped up in your product or service. Your focus is to sell what people want to buy. This means you need to present your product or service in such a way that consumers find irresistible.
ENTREPRENEURSHIP LEGACY & COMPETITIVE ADVANTAGE
“One capability every business is expected to have is the capability to make money. It requires a certain kind of discipline, a certain kind of mindset” (Steve Ballmer)
If you can leave an entrepreneurial legacy. Shannon L Alder says “Carve your name on hearts, not tombstones. A legacy is etched into the minds of others by the stories they share about you” and Jim Rohn advises “All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine.
Ladies, gentlemen and companies to gain competitive advantage, stay in business for years and leave a legacy, your brand, product or service has to meet any of these criteria:
1. Faster
2. Cheaper/less expensive
3. Simpler/easier
4. More efficient
5. Aesthetically prettier/beautiful (package, brand)
6. More secure (guarantees)
7. More features
8. More value
9. Better design
10. Better service/excellent customer service
11. Better advertising or endorsement
12. More available (geographical spread)
13. Consistently innovate
Gain high quality education, ability and skills today at the Dr Beeka Academy:
The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather determining the competitive advantage of any given company and, above all, the durability of that advantage (Warren Buffett)
Today knowledge is free. It’s like air, it’s like water… There’s no competitive advantage to knowing more than the person next to you. The world doesn’t care what you know. What the world cares about is what you can do with what you know (Tony Wagner)
Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission (Anne M. Mulcahy)
The most powerful natural species are those that adapt to environmental change without losing their fundamental identity which gives them their competitive advantage (Charles Darwin)
8. Beeka, B. H. and Rimmington, M. (2011) Entrepreneurship as a viable career option for African youths. Journal of Developmental Entrepreneurship.16 (1), 145- 164.
9. Beeka, B and Rimmington, M. (2011) Tourism entrepreneurship as a career choice for the young in Nigeria. Tourism Planning and Development. 8 (2) 215-223.
SHEFFIELD DOCTORAL CONFERENCE: WON BEST PAPER
10. Beeka, B. (2011) Entrepreneurship as a career choice: Opportunity recognition model from an emerging economy. In Lee, B and Palmer, N.J (Eds) Sheffield Doctoral Conference Proceedings, pp. 19-36. Sheffield: The University of Sheffield Management School Research Office.
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