CONTENT FOR AFRICAN STARTERS (Series 2)
WHY YOU SHOULD NOT LEAVE YOUR DAY JOB AND START A NEW BUSINESS. Series 2/9
If you go to any school, sit in the back of Finance 101 and listen the First lesson, you will hear the professor asking her students this question: What is the trick to successful investing? The answer is pretty clear: Diversification. When you are building an investment portfolio, a simple way to minimize risk on your investment is to properly diversify so that one failed investment don’t materially impact your wealth.
Ironically, most of us do exactly the opposite with our careers. If you think of your career as an investment and of course it is, then your portfolio and by extension your life is heavily exposed to just one position: your job. So you need a plan B. But it shouldn’t be absolutely to abandon your job. Bear in mind that this is long term strategy, not get-rich-quick Scheme.
THE SECRET IS NOT THE IDEA, IT’S THE EXECUTION
Ideas are worthless! Something that has always hold me back from starting is the fear of competition. You know, “someone who is better with more money, network, authority or support will steal my idea”. This went for some years till I met a mentor who told me that ideas are cheap and plentiful. The original idea pitch is usually non-essential to your business success. The real question is how well you execute it!
This reminds Tony Hsieh, the CEO of Zappos who believes that they are the best in what they do and it cannot imitate. I believe this is true because you cannot emulate superior customer service if you do not care about your customers.
I like Chefs, and I enjoy watching them sharing their recipes on TV. They also put their recipes in cookbooks. As a starter, you should share everything you know. This may seems antagonist to most of people in the business world. Most of the time, we treat what we do and known as secret or a competitive advantage. Maybe few are really secret. But most aren’t. And those that are not should stop acting like those that are.
Don’t hesitate to share!
A recipe is much easier to copy than a business; yet, this doesn’t scare chefs from sharing. Why would he go on TV or write a book where everyone can buy and replicate them? Because he knows those recipes are not enough to beat him at his own game and put him out of business.
Emulate Chefs!
Stop thinking that your competitors will overrun you if they learn how you operate. Share your knowledge and even have return for that.
EKOMARKET HUB TEAM
