Monday, 4 January 2010

The successful entrepreneurs

(Biz tool Kits)
THIS is the last of the financial literacy series we started early this year. I hope you have benefitted one or two things from the entire series. Since this column is for SMEs and business owners or self-employed people, I have decided to conclude by looking at the traits of very successful entrepreneurs.

Who is an entrepreneur?

An entrepreneur is a person who utilises the opportunity of instability, turbulence and lack to produce something new or modify an existing opportunity for profit motive. S/he is also someone who pursues opportunities without regard to the resources s/he currently controls. An entrepreneur sees a gap or a need in his or her immediate environment and brings resources together to create a product or service to meet such a need in anticipation of a social or economic reward.
11 traits of very successful entrepreneurs
Successful entrepreneurs manifest a few or all of these characteristics:
Ignorance: Entrepreneurs are ignorant that they can fail. They are ignorant that the economy lacks the supporting framework and infrastructure to undergird their business vision. They are ignorant that PHCN might not give them light to run their businesses. They are ignorant that they might not have enough business when they start eventually to sell their products and/or services. Like Governor Fashola, they are incurable optimists that they can succeed. So they are ignorant of failure.
Courage: Some had quit their jobs, mopped up their life savings and started their businesses on shoestrings with faith that things would work out well in the end. Rather than increase the unemployment statistics, through their courageous efforts, entrepreneurs create jobs and give a future to others. They are bold, courageous and optimistic, and are willing to take controlled risks.
They exhibit great self-confidence and assertiveness: They stick to their dreams until it becomes a reality. They give everything it takes to make sure it works. They spend weeks, months and years building their business model and work hard enough to see to its realisation.
A capacity for hardwork, discipline, diligence, and perfectionism: Entrepreneurs are hardworkers. Story had it that Bill Gates and Paul Allen worked for three days without seeing the sun to meet a deadline for a software product they were to deliver to IBM.
Successful entrepreneurs are also given to perfectionism.
Ambition, persistence, determination, and commitment to a goal: Entrepreneurs are committed to the achievement of their goals. They set milestones for their business and try to meet these milestones.
Leadership ability, decisiveness, efficiency and ability to delegate authority: Successful entrepreneurs possess tremendous leadership ability. They possess vision and foresight. They live the future in their hearts. They spot opportunities before they become evident to the masses. They inspire confidence in their followers and workers.
Team spirit and concern for others: Real entrepreneurs build their businesses around a system, not themselves. They raise a team of inspired people that believe in their vision and that are willing to make the needed sacrifices for the vision.
An ability to solve problems: resourcefulness, inventiveness and organisational aptitude: Successful entrepreneurs are known to solve Boldproblems. They identify a need/problem and come up with solutions for it.
Flexibility and adaptability: Successful entrepreneurs are not rigid about their business pursuits. They are flexible with their plans and strategies, allowing for changes here and there when the need arises.
Honesty, integrity and a commitment to high standards of quality: Successful entrepreneurs are women and men of integrity. They are committed to best standards and product/service quality. They work towards making their words their bond.
Street smarts, intelligence, and a good judgment: Successful entrepreneurs know their business in and out. At a point in the life of Microsoft, Bill Gates resigned from being the CEO to focus on the software architecture of the business, which is the core of their business operations. Those who have marketing skills keep a presence in the market and liaise with their customers from time to time.
While we need more entrepreneurs in Nigeria, I know very much that not everybody may be cut out to be an entrepreneur. But whatever your calling is, you will surely have something to learn from the traits of successful entrepreneurs. I wish you all the best.

Olotu is the CEO/Lead Consultant, DEAIM Innovative Resources Ltd.,

HAPPY New Year, happy new decade. We are entering into the second decade in the millennium. To see many more years in sound health, Mayo Clinic tells us 10 symptoms we must never put aside if and when they occur. The symptoms which seem so insignificant might be pointers to immediate medical attention. Voici:
1. Unexplained weight loss: If your weight drops by about seven kiloos within some months without some effort on your part, it might be that some disorders are interfering with your body’s absorption of nutrients. The malabsorption disorders could arise as a result of liver disease,cancer, hyperthyroidism or depression.
2. Persistent or high fever: Fever occurs when the body is battling a germ invasion. During this period, the temp rises to about 38.9 but when it increases to about 40 or persists more than three days, dont self-medicate, see a doctor. Itcould be a sign of urinary tract infection, tuberculosis or worst still, cancer.
3. Shortness of breath: This one should be attended to without delay. Aside the usual onethat occurs when one is exercising or having a stuffy nose, difficult breathing highlight pneumonia, pulmonary embolism, bronchitis amd other respiratory diseases.
4. Changes in bowel habits: Anything between three times a day to three times week is normal. But having diarrhoea for about a week, bloody or black stools, constipation that lasts for close to three weeks or unexplained urge for bowel movement are signs of microbial infections, bowel disease or colon cancer.
5. Delirium: Apart from psychiatric conditions, low blood sugar, anaemia or even medications taken can spark it off. Other symptoms include: sudden confused thinking, disorientation, sudden loss of concentration or memory and behavioural changes such as aggression at a whim.
6. Sudden severe headache:
When it seems like thunder claps in your head suddenly, or the headcahe is accompanied by fever, rash or seizure, seek prompt medical attention. A new pattern of headache could signal aneurysm, brain tumour or arteritis.
7. Sudden weakness, loss of vision or speech:
This applies to you and the people in your immediate environment. When there is unexplained dizziness, numbness on one side of the body, sudden loss of speech or blurred vision, minutes count. They point to an impending stroke or ministroke.
8. Feeling full after eating little: Heartburn, Irritable Bowel Syndrome (IBS), gastric outlet obstruction, oesopheageal cancer and stomach problems could trigger early satiety. It could be accompanied by nausea, bloating, fever or weight change.
9. Hot or swollen joints: Inflamed joints may signal arthritis, gout or joint infection. It requires emergency care.
10. Flashes of light: The sudden sensation of seeing flashing lights may signal retinal detachment. Immediate medical attention will be required to prevent loss of vision.


  1. very interesting post about the traits of successful entrepreneurs! Famous entrepreneurs like Ray Kroc, Steve Jobs or Yuri Mintskovsky also possess those characteristics mentioned above. You surely need these qualities in order to become successful in your business.

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