“Entrepreneurship has traditionally been defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a start up company , offering a product, process or service for sale or hire. The people who create these businesses are called entrepreneurs. It has been defined as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. While definitions of entrepreneurship typically focus on the launching and running of businesses, due to the high risk involved in launching a start-up, a significant proportion of businesses have to close, due to “lack of funding, bad business decisions, an economic crisis – or a combination of all of these or due to lack of market demand. In the 2000s, the definition of “entrepreneurship” expanded to explain how and why some individuals (or teams) identify opportunities, evaluate them as viable and then decide to exploit them, whereas others do not and, in turn, how entrepreneurs use these opportunities to develop new products or services, launch new firms or even new industries and create wealth. Recent advances stress the fundamentally uncertain nature of the entrepreneurial process, because although opportunities exist their existence cannot be discovered or identified prior to their actualization into profits. What appears as a real opportunity ex ante might actually be a non-opportunity or one that cannot be actualized by entrepreneurs lacking the necessary business skills, financial or social capital.”… ( credit to Wikipedia)
One thing i want to add here is the part of the entrepreneur and ICT. Entrepreneurs are recognized as important drivers of economic and social progress, and rapidly growing entrepreneurial enterprises are viewed as important sources of innovation, employment and growth. That innovation today is definitely tied to technology.
As entrepreneurs and business owners we must continue bridge the gaps and reduce the challenges within our business environment with technology available to us today. I really like the way Fate Foundation put it on their blog : ” From the fish seller downtown at the market putting calls through to her suppliers, notifying them of her depleting stock; to the shoe-maker at the corner of a street calling customers to inform them of their ready-to-pick-up shoes; to the dressmaker who uses messaging apps and social media platforms to display and sell her products; and the working professional who orders lunch from online food delivery companies, technology with the added benefit of the internet and various information & communication technology tools is gradually becoming an integral part of the Nigerian business environment and our lives.”
The increase in mobile phone access and the introduction of smartphones have also increased access to the internet on the go. Just a few years ago, you had to visit an internet cafe to gain access to the internet. Today, it is not uncommon to see people standing on the street or sitting in a waiting room buried in their phones either responding to emails, visiting social networking sites or getting official work done from their different communication gadgets.” …(credit to Fate Foundation :How ICT Is Influencing the Rise of Entrepreneurship in Nigeria)
I just couldn’t think of a better way to put better. So i will leave it there and thus continue to point us entrepreneurs to the dangling-right-before-our-noses low hanging fruits, like your phone! Yes that your Smart phone! That’s a mobile advertising tool and not for selfies and chats alone. It is very important that we understand the need to use what we have to market our brand. Funds for marketing as a small and medium enterprise is hard to come by now especially in this recession. Have you tried to get a loan, grant or other investment support , it can be likened to one going to meet a native doctor when his demand will be an eagle’s egg, the teeth of an ant and the tooth of a life lion. Not until now that Lagos State Government through its LSETF is giving out loans at single digits to entrepreneurs. The first ! And i hope other states will do same. Nigeria Association of Small and Medium Scale Enterprises NASME Lagos is also helping entrepreneurs who are members like me to process the LSETF grants. So contact NASME here +234 813 833 3998. Remember to say you got this information from Scimitar Global Services Limited( SGSL). We are a member of the Faculty.
So we need to look inwards and see some other tools and services within reach like our GSM phones and Internet data, laptops, tablets, social media (Facebook, Twitter, Instagram and LinkedIn) to market our businesses.
We need to reduce our Social media activities around the government, President Buhari this and that, EFCC this and That. corruption here, recovered loot there and channel more efforts to pushing our brands with these tools. I am not saying they are not important or worthy causes but i think the time spent on that may be better spent on pushing your products and services like the big brands out there. They are on social media too pushing even with all the money they have.
We also need to understand the importance of Four “P”s of marketing as it applies to small and medium Enterprises and the activities around the “P”s required to push a brand. As an Entrepreneur and Business Owner you MUST understand the four P’s of Marketing and it has nothing to do with running around begging the customers with your product in hand! You have to create the right Product , Promote it at the right Price through the right channels(Place).
These are the 4 P’s of Marketing. We finished the session with a charge. See the screen shot.
As a Microsoft Partner in MSME and Mid market business, Scimitar Global Services Limited (SGSL) can help your MSME Business with modern business tools to support your plans and strategies at low cost relative to your business.
We are offering consulting services to Ignite your business with our Smart Business Solutions. So register below for our Smart MSME Business round table coming up in July. Let us strategize with you on how you to leverage Smart Business tools to automate and market your business for more customers and more revenue. We are offering you some promos for the first 20 sign-ups for our sessions this month and the next with:
- Discounted Business class email
- Discounted Website design and hosting
- Free consultancy
- Discount on Digital marketing
- Discount on CAC registration if your business is not registered.
We will show you activities to help push your brand. So do contact us today for a chat on how to empower you or your employees to market your business, leveraging budget friendly technologies available to you. For the promo please click here
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