In a recent interview with Espact, Rwandan social entrepreneur Henri Nyakarundi, highlighted six factors he considered important for entrepreneurial success.
From his depth of experience of being an entrepreneur for over two decades, and also a social entrepreneur whose invention is one of the greatest technology of black origin, these six keys were what he considered as the hallmark of his excellence and entrepreneurial success.
These six keys are discussed below
Get Started: He identified action as the first key to the success of any entrepreneur. He revealed that for anyone to succeed in business, there is need for one to spur into action, to take steps. Getting started is an important factor as nothing can be achieved from mere talking, wishing and contemplating, and until one can break words, ideas and imaginations into concrete steps in action, success cannot be achieved.
Network: The network of an individual is their net worth. By this, he emphasized the necessity of people and relationship to the success of entrepreneurship. For any innovation to thrive and for any business to boom, it must regard the human relationship as a great treasure and it can only succeed in this when it places human being as the primacy of business activities. Meanwhile, a growing network of contacts, quality customer service delivery, Corporate Social Responsibilities are few of the strategic ways whereby entrepreneur can advance her human relations inter phase.
Acquire Knowledge: without vision, the people perish, without knowledge, entrepreneurs fail. Entrepreneurs need to continuously seek knowledge and information. To remain in vogue, they need to be acquiring knowledge on emerging developments in their sectors, seek information on consumers’ tastes and demands of the markets, they also need to know about their competitors, and also about possible expansions as a means of succeeding in the industry. Knowledge is key to successful entrepreneurs because of the need to make managerial decisions that will ensure their continuous relevance. No entrepreneur can succeed without good information about the product, the market, the consumers, the environments and their competitors.
Strategise: He revealed further that to become a successful entrepreneur, it is important for one to make concrete decisions based on the knowledge and information at one’s disposal, meanwhile information alone cannot ensure entrepreneurial success when we have not used it to put great strategies in place. Hence, information is power, strategy is the purposeful use of power.
Execute: Information and strategies need to be put into execution. Without applying strategies to the day-to-day activities of business, it cannot help to effect any change talk less of it being a success factor for entrepreneurs. then, execution is core to business success as it denotes the manifestation of strategies on business operation, and without it, entrepreneurial failure is inevitable.
Never quit: More than most things in life, setting up a business successful and sustaining it’s continuous success are not straightjacket affairs, life likewise entrepreneurship presents us the turbulent moments, several hills and up hills, challenging moments when nothing seems to be working, and then no successful entrepreneur has been able to wave this great epoch in their greatness stories, and no unsuccessful entrepreneur has been able to scale through his moment and that was the point that majorly distinguished successful entrepreneurs from unsuccessful ones.Hence, he advised further that for anyone to be successful as an entrepreneur, giving up will not exist in his or her lexicon.
The CEO of Ared Company emphasised on these six keys as the necessary recipe for success in business and he sought to motivate young and prospective entrepreneurs to spur into actions, invest in human relations, seek information, strategize and execute without giving up at the challenging time.