as a disruptive thinker and innovator
TRANSCRIPT
THE
ENTREPRENEUR AS A
DISRUPTIVE THINKER
AND INNOVATOR
Nwali Tochukwu Friday
SECRETS BEHIND THE SUCCESS OR FAILURE
OF SOME BUSINESSES
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Secrets behind the Success or Failure of Some Businesses
Copyright © 2019 by Tochukwu Nwali
ISBN 978-978-
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means or otherwise without the prior permission of the author.
Published/Printed by: CreEx Publishers, No. 3 Mercy Day Close, L. C. H. E., Oke-Afa, Isolo - Lagos. Tel. +234(0)8033032663, 08092894106e-mail: [email protected]
Cover Design by: G. Osa Ewere
All Enquiries to:All Enquiries to: TD TRAVEL & LOGISTICS. Email: [email protected]: www.flytdtravel.comHead Office: 1ST Floor, Suite 16, God's Glory Plaza, Lagos, Nigeria. Tel: Tel: +234-8056-227-336USA: 970 Springfield Ave. Irvington, 2nd Floor, Opp Bus Terminal New Jersey NJ 07111. Tel: +1732-925-8630
Printed in Nigeria
ii
DEDICATION
To GOD, the Creator of ALL things, and to my best
friend, sister, elegant and charming wife, Mrs.
Nwali Paschaline Chibuzor.
iii
iv
ACKNOWLEDGEMENTS
My profound apprecia�on goes to a number of people
and ins�tu�ons for their unalloyed support and
professional guidance that I drew from to make this first
work a reality.
First, I would like to appreciate Dr. Mike A. Ohiorenoya, the Senior Pastor of Covenanters Vintage Church, Lagos, Nigeria, who hosted the Entrepreneurship Training Programme that re-awakened my long-�me dream of pu�ng down my life experiences in book form. I would also like to acknowledge the encouragement of Pastor G. Osa Ewere, who guided and inspired me to do this first business and entrepreneurship work. I am most grateful to Dr. Emmanuel Johnson who was the guest speaker at the aforemen�oned Entrepreneur-ship Programme on "How to Start a Business and How Start-ups can Overcome Challenges".I must also not forget to express my profound gra�tude to my business mentors, Mr. Steve Miller and Mr. David Olsen. Both of them are volunteer business and entrepreneurship mentors and coach from SCORE
v
ASSOCIATION of America. Their wealth of knowledge and experiences was very useful in my first step of taking our company, TD TRAVEL AND LOGISTICS across Atlan�c Ocean into the State of New Jersey NJ, USA. I am grateful to the many corporate execu�ve and management staff who shared their knowledge and �me with me, among whom are: Richard Charles Nicholas Branson, the founder of Virgin Group, Mark Zuckerberg, CEO Facebook, Michael Kdarkwa, Asanka Restaurant, USA, ALIKO DANGOTE,, founder ALIKO DANGOTE GROUP, chairman AY HOTELS, Yesufu Abubukare Omen, Globacom giant owner, Mike Adenuga, Gustave Kayalo, PFS Investment Inc, USA, Ms. Zakkiya Williams, TD Travel and Logis�cs Corpora�on, USA Trade partner, MD Venus, Geun Ho, COPACI company, CEO Khalil Fawaz M., Allart Dewinter, Vipli�, Md Kola Olawunmi, Aflred Peterson Cop, Mrs Rhima Pa�ent, Pat Elo, Chief Philips,founder Peacock Travels, chairman, Food Rabih, Bank of America, AnumKhan, PNC Bank,Franco Mejia, Max Mader, University of Zurich, Switzerland among others.
vi
CONTENTS
Dedica�on iii Acknowledgement v
INTRODUCTION 9
Chapter One
Build a Business that is Anchored on Rela�onship 17
Chapter TwoThe Entrepreneur as a Disrup�ve Generator of Crea�ve Ideas 27
Chapter ThreeThe Connec�on between Small Businesses and Entrepreneurship 34
Chapter FourLearn to Think like an Entrepreneur 38
Chapter FiveAfrican Historical Tradi�onal Entrepreneurship Methodology 44
vii
Chapter SixBarriers to the Growth of Entrepreneurship in Nigeria 53
Chapter SevenCharacteris�cs and A�ributes of Entrepreneurs 58
Chapter EightMyths and Reali�es of an Entrepreneur 62
Chapter NineWhy Entrepreneurs Fail 65
Chapter TenEntrepreneurship as an Evolving Ideology...The Silicon Valley Model: Africa in Perspec�ve 72
Chapter ElevenCommon Entrepreneurial Behaviour 79
Chapter TwelveSecrets of Business Success: Excellent Customer Service - bedrock of Business 82
Chapter ThirteenWhat Inspires You? 97
viii
he voice is rather faint but I can hear it loud and Tclear. Yes, deep inside my sub-conscious mind I
have tried to figure out the spiritual and physical
implica�on of that voice for the benefit of my
immediate community and humanity. That very faint
inner voice and the unspoken word is idea yet to find
expression. An idea has the power and capability to
change the status quo of my immediate community and
invariably, the world at large. That is the spirit and view
of an 'entrepreneur' who is yearning to disrupt an
exis�ng old order and create a new order.
Someone may ask, are you dreaming? Do you dream
about star�ng your own business? You're not alone.
Millions of Nigerians and people from other parts of the
world share the same dream. Yet not everyone has the
9
INTRODUCTION
tenacity to get dirty. But if you wouldn't mind reading
this book, you have taken the right steps of turning your
dream into reality.
You can't become a doer without first having been a
dreamer. Dreams are the stuff entrepreneurs are made
of. Think about Bill Gates, Richard Branson, Oprah
Winfrey, Walt Disney, Aliko Dangote and Mike Adenuga,
both of Nigeria. What do they have in common? They all
started with nothing but a dream, and built Business
Empires. “If you can dream it, you can do it”-Walt Disney
I recall vividly as a young and very ambi�ous
undergraduate student at the Lagos State University,
Lagos, Nigeria, where I was pursuing my first Bachelor's
degree in English and Literature, how one day I
stumbled on a paper publica�on on professional
avia�on programs. This caught my a�en�on. I
immediately visited the college and got enrolled in one
of her programs: Air Transporta�on. I ran my degree
program and my professional course simultaneously,
even though I was at risk of not having enough money
to finance both programs to comple�on This situa�on .
notwithstanding, I refused to give up. I held on un�l
10
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
help came from the Almighty GOD through fellow
human beings. But what happened was that I was
determined and focused, not minding what may come
my way. And it paid off as I ended up finishing the two
programs and built my avia�on professional career
from travel agent to airline opera�ons. And today, my
lovely wife, Mrs. Nwali Pachaline Chibuzor and I have
created and built our own businesses in travel, logis�cs,
shipping, auto spare parts and laundry services in
Nigeria, USA and Canada. And we have been crea�ng
jobs and expanding our businesses.
There was a great opportunity presented to me by the
American Volunteer Associa�on, created by the
government of that great na�on with sole aim of
mentoring Small Business owners, Start-ups and
Entrepreneurs. That associa�on is called SCORE
Associa�on. I was privileged to have been invited for a
business coaching by two re�red veterans in business
and entrepreneurship who have experiences in
different enterprises. Mentors Voluntary Associa�on
called SCORE Associa�on for a free Training and
Mentorship Program as small business owners in the
United States.
11
INTRODUCTION
It was such a great privilege to sit in an execu�ve room
of PNC Bank located in East Brunswick, New Jersey, with
two Veterans, Mr. Steve Miller and Mr. David Olsen.
Both are volunteer mentors and re�red entrepreneurs
who coached me on the 'dos and don'ts' of opera�ng as
a small business owner.
As a local guy born in a rural community called Imogo-
Igbudu in Ikwo Local Government Area of Ebonyi State,
Nigeria, I had just accomplished the small feat of
incorpora�ng and se�ng up our branch office in East
Coast, Irvington, New Jersey, USA. By comparison, my
experience in running businesses in my na�ve country
Nigeria, is, to say the least, horrible. The business
climate is very harsh, government policies coupled with
so many duplica�ons make the economic environment
quite unstable. But the good news about doing business
in Nigeria is that there is quick and be�er return on
investment, and the profit margins are higher
compared to other countries. This is due to the large
popula�on which makes the market huge. So as an
entrepreneur or an investor, this is where some of the
characteris�cs and a�ributes of an entrepreneur is
tested.
12
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Please take a look at some of the postula�ons of the
inventors of the French word 'Entrepreneur' and situate
it within our own local context and environment.
However, it is very important to accord due respect to
the pioneers of the domain, Can�llon, Say and
Schumpeter. The contribu�on of economists such as
Knight, Hayek, Penrose, Kirzner and Casson. Thus, two
separate categories of entrepreneurs are emerging
now: (a) applica�on based and (b) the theore�cal -
based field of entrepreneurs.
Hereunder is the great French Economist that first
coined the word “Entrepreneur”.
(I) Jean-Bap�ste Say, a French economist who first
coined the word entrepreneur in about 1800, said:
“The entrepreneur shi�s economic resources out
of an area of lower produc�vity into an area of
higher produc�vity and greater yield.” Entrepre-
neurship is the special collec�on of skills possessed
by an entrepreneur. They include a propensity to
take risks over and above the normal, and a desire
to create wealth. Entrepreneurs are people who
find ways round business difficul�es; they
13
INTRODUCTION
persevere with a business plan at �mes when
others run for the shelter of full-�me employment
elsewhere.
(ii) Schumpeter: Being an entrepreneur himself,
Schumpeter viewed an entrepreneur as an
innovator and a change agent. So he is more or
less focused on the modern entrepreneurship
a�ributes.
It will interest you to note that so many other
authors and research fellows have different views
of the entrepreneur.
(iii) Author's Defini�on: An entrepreneur is someone
with extraordinary quality, mind-set, drive and
desire to break limita�ons, in order to establish a
new way of doing things.
The system and structure need to be broken down, re-
modeled and re-structured to be able to have an all-
inclusive economic structure that captures all
economic indices and social structural layers of a
complex na�on that we are.
14
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
In this book, my job is to simplify those complex
business secrets so you can have the opportunity to
learn the ni�y-gri�y and apply them to unlock your
poten�al, whether as a small business or enterprise
owner, entrepreneur or any form of business you are
engaged in: be it produc�on, manufacturing, service
delivery, retail or wholesale, marke�ng, employee,
customer service agent, or you play in the hospitality
industry, fashion and design, or you work as a front desk
officer, cabin crew or automobile engineer.
There will be �mes when you will have to make very
disrup�ve decisions, and at some other �mes, weird
and very absurd. But you have to follow your natural
ins�nct, inner voice and convic�on. What you need is
complete focus and faith in what you do, and this will
somehow connect to your new venture.
Steve jobs, the late CEO of APPLE and one of the
greatest entrepreneurs and technology inventors of
our �me once said in a speech delivered to gradua�ng
students of Stanford University in USA on June 12,
2005, �tled Why You Should Stay Hungry and Foolish,
“Some�mes life hits you in the head with a brick. Don't
15
INTRODUCTION
lose faith in GOD”. “Again Steve Jobs said; “You can't
connect the dots by looking forward; you can only
connect them by looking backwards. You have to trust
that the dots will somehow connect in your future. You
have to trust in something - your guts, des�ny, life,
karma, whatever”.
By all means, you must keep focused and find the
connec�on to the achievement of your desired goals,
which will stand the test of �me.
16
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
BUILD A BUSINESS THAT IS ANCHORED ON RELATIONSHIP
ela�onship is the bedrock of every small Rbusiness owner, trader, enterprise and
entrepreneur. In the 1970s, when leaders of
businesses saw that it was ideal and indeed advisable to
become 'customer empha�c' rather than 'product
empha�c', this needful percep�veness led to the birth
of Customer Rela�onship Management (CRM). The
famous writer and management consultant Peter
Drucker wrote; 'The true business of every company is
to make and keep customers'. In the past, every
transac�on was on paper and dependent on goodwill,
which created a hindrance in retaining customers.
People used to work hard to entertain customers by
presen�ng new products with astonishing services.
They were ready to work over�me to gain more and
more customers in order to increase business. This too
CHAPTER
1
17
resulted in customer sa�sfac�on and loyalty up to an
extent, but on the long run, there was no proper
bonding between the two en��es to carry on with
future transac�ons smoothly. That is s�ll very much
the case in today's business transac�ons and other
economic ac�vi�es.
In the past, business was quite easy as it was merely a
one-on-one transac�on without any specific process.
However, with the passage of �me and due to the
coming in of complexi�es in communica�on, this mode
of business found itself in troubled waters. The
emergence of new strategies and technologies in the
global marketplace and a high degree of compe��on in
business necessitated a change in approach to
'proac�ve' rather than 'reac�ve'.
Customer Rela�onship Management was formerly
based on three major principles:
. Shielding exis�ng customers,
. Growing new customers and
. Enhancing asset value of all customers.
18
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Now, a new system has finally emerged consis�ng of
company-full informa�on that is depicted sophis�cally
with the aim of increasing business profit and
ameliora�ng customer sa�sfac�on and loyalty, while at
the same �me reducing business cost and investment.
It is important to note that lack of Excellent Customer
Service delivery or inability to retain loyal customers
contributed majorly to the failure of some companies
and enterprises with big dreams and visions, including
manufacturing companies and service delivery
organiza�ons. Therefore, the importance of customer
rela�onship to small and big businesses cannot be over-
emphasized.
It will also interest you to know that organiza�ons
expend a lot of resources yearly to ensure that their
front-line staff are trained and re-trained on Excellent
Customer Rela�onship. However, what you find is that
a�er the trainings, no proper tracking mechanism is put
in place by the management to ensure total compliance
with the updated knowledge by the workers while
a�ending to customers.
19
BUILD A BUSINESS THAT IS ANCHORED ON RELATIONSHIP
Moreover, this tendency does not apply only to a
par�cular sector or geographical loca�on. It is a global
trend and we must begin to place a lot of emphasis on
the need to change this culture of 'if he/she likes, let
him buy, if not, let him go elsewhere'. It is destruc�ve
and will gradually destroy any business.
Personally, I had a private sector-oriented background. I
spent a good part of my working life in serving people;
rising from the posi�on of a front desk officer to
management level in the avia�on industry, par�cularly
in the area of airport opera�ons.
Here, one is always scru�nized, monitored and
mentored. In fact, you are o�en put on the spot, with
intense pressure from the travelling public who require
one form of service or another. So, you are under
pressure most of the �me a�ending to the travel needs
of customers or passengers as the case may be. It
therefore becomes impera�ve that you adopt the best
form of approach in resolving the issue(s) presented by
the customer in front of you, while taking into
cognizance the fact that you have limited amount of
20
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
�me to carry out every opera�on at the airport. It is
your ability to manage such crises situa�ons as delayed
flight, flight cancella�on, technical hitches or natural
disasters that reveals your ability to handle human
beings with their complexi�es. Do not forget that every
customer wants to leave with a pleasant memory of
his/her encounter with you or your staff. But when you
are passionate and have developed the ability to
respond appropriately to a customer's needs at
whatever �me, and addressed his/her challenges, that
customer becomes a loyal and a life-�me customer that
will spread the good news of your good customer
services.
In my own case, I try to absorb the pressure, which
makes me different from my colleagues, who on their
part, avoid such trouble moments. Do you know what
really gives me joy and a sense of fulfillment? It is when I
succeed in resolving those issues brought before me. I
go home happy when my customers are happy. But
when I am unable to put smiles on their faces, I always
have that feeling of emp�ness gnawing at my heart: a
feeling of non-accomplishment.
21
BUILD A BUSINESS THAT IS ANCHORED ON RELATIONSHIP
This is the mode of opera�on of an entrepreneur.
He/she goes a�er the problem and never gives up un�l
he/she finds a solu�on to the problem in ques�on. And
when solu�ons are found to the myriad of problems
confron�ng the immediate environment or the larger
society, the gold mining begins. Such is the spirit of an
entrepreneur. He is resilient; he never gives up, very
dogged and presses on against all odds. When he hits
the rock, he cracks the rock and unlocks the hidden
treasure embedded in it. This is a Biblical principle that
entrepreneurs should cul�vate in order to overcome
obstacles that show up when they step out to embark
on a new venture as an entrepreneur.
Something you need to know is that you can never
determine your worth by working for others. The only
way to do this is when you establish your own business
and run it. You will be amazed that your value and your
worth are ines�mable. It is by running your own
business that you will be able to measure your success
or failure in life. This is a wonderful experience, and I
had the rare privilege of learning through prac�cal
customer service. I am very grateful to God for exposing
me to this aspect of life and for giving me the
22
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
opportunity to serve in that capacity. You must
understand that human beings are very complex
creatures. And you must endeavour to listen and
understand each and every one you come across in
your line of business or work, before you are able to
offer any help whatsoever.
As customer service agents, we have one common
purpose and passion that binds us together, which is
how best to give our poten�al and esteemed customers
the best services that will sustain their loyalty for life.
However, if you move around shops, banks, airports,
restaurants, hotels etc., you will be shocked at the poor
quality of Customer Service that has been put in place
by the owners of those ventures. From the recep�on,
you are greeted with the dull and una�rac�ve long
faces and sour mood of the front desk staff.
Truth be told, if we want to have an establishment that
cherishes and sees her customers as the ones who pay
our salaries, and that without them, the company will
fold up, then we must do a complete overhaul of the
exis�ng systems and adopt interna�onal best prac�ces
23
BUILD A BUSINESS THAT IS ANCHORED ON RELATIONSHIP
when it comes to Customer Service Rela�onship. This is
the key that will grow your small business to become a
household name both locally and interna�onally.
Therefore, the need to retain exis�ng customers by
ensuring repeated foo�all, while at the same �me
seeking for new ones, cannot be over-emphasized.
We live in an era of globaliza�on. What this means is
that the world is becoming like a community with
people of diverse colours, religious beliefs, cultural
backgrounds, civilized and un-civilized, but are
connected and inter-connected through technological
pla�orms.
One common buzz phrase we hear nowadays is how the
world is ge�ng smaller and becoming more like a global
village. This is one concept you find expressed a great
deal in the social media world, as a way to get us to think
about the way we communicate with each other. The
problem is that this theory may not hold much water as
some would like to have you think.
According to Jacob Goldenberg and Moshe Levy, the
opposite might in fact be closer to the truth. They came
24
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
to this conclusion a�er studying the messaging habit of
some 100,000 Facebook users by zip code and
suggested that the volume of e-mail traffic, as a
func�on of geographical distance, follows an inverse
power law.
Their conclusion was that, contrary to reducing the
importance of geographical loca�on, all our different
forms of electronic communica�on might have in fact
increased it. This, according to them, is probably
because people exchange more communica�ons with
people with whom they have personal interac�ons.
If this is true, why have we gone so wrong in thinking
that the world is ge�ng smaller? One source of
confusion, argue Goldenberg and Levy, is the famous
six-degrees-of-separa�on experiments originally
performed by Stanley Milgram with le�ers, and later by
Steve Strogatz and Duncan Wa�s using e-mail. These
seem to indicate that a “small world” effect is at work in
social networks.
But Goldenberg and Levy point out that most of
25
BUILD A BUSINESS THAT IS ANCHORED ON RELATIONSHIP
Milgram's le�ers were lost; only a dozen or so reached
their des�na�ons. And in the case of Strogatz and
Wa�s's experiment, only 384 out of 24,163 e-mail
chains were completed. This suggests that there may
be more barriers to communica�on than we thought.
What I am not sure of is whether or not the changing of
our concept of the world becoming a global village
should be based solely on such a small sampling of
people on a social media pla�orm as Facebook.
26
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
THE ENTREPRENEUR AS A DISRUPTIVE GENERATOR OF CREATIVE IDEAS
The Economist Joseph Schumpeter (1883–1950) stated
that the role of the entrepreneur in the economy is
"crea�ve destruc�on”– launching innova�ons that
simultaneously destroy old industries while ushering in
new industries and approaches. For Schumpeter, the
changes and "dynamic disequilibrium brought on by
the innova�ng entrepreneur ... [are] the 'norm' of a
healthy economy.”
What does it mean to be Entrepreneurial? It is not just
about star�ng a business, or spinning out a company
from research. It is a mind-set, a dream that keeps the
dreamer awake in mid nights. That intui�on ques�ons
and thinks on how to unravel the myth surrounding a
business idea. How do I disrupt an exis�ng monopoly
en�ty? How do I simplify and change obsolete
established order?
CHAPTER
2
27
Entrepreneurs just think and do things differently. You
can be entrepreneurial even if you are working for
someone else, with the buzzword "entrepreneurial"
highligh�ng the desire of employers to have adaptable,
flexible employees who can think for themselves.
Being entrepreneurial can mean knowing your industry
inside out, and being able to exploit that knowledge to
create new opportuni�es. Being entrepreneurial can
mean sharing ideas freely, and celebra�ng so-called
failures as learning and growing experiences. Being
entrepreneurial can mean simply thinking outside of
the box and expec�ng the unexpected. The Garage
Group has a great list of other ways one can be
entrepreneurial.
Entrepreneurial thinking can manifest itself in many
ways, whether it is the hard core serial entrepreneur
who has developed a range of business ideas, or the
social entrepreneur using technology to empower
women in India, or ar�sts using their work to raise
awareness of soc ia l in jus�ce or inequal i ty.
Entrepreneurial thinking enables people to be flexible,
adaptable, and see opportuni�es.
28
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
The University of Nebraska has a great post called
“Learn to Think like an Entrepreneur”, which gives some
great examples of how students and researchers can
use entrepreneurial thinking in their research:
1. Think ahead and forecast - Where do you want to be
in 5-20 years? Entrepreneurs are good at thinking in
the present, but also try to have a vision of the future.
2. Working across disciplines - Think about the broader
picture and the impact of your research. Entrepreneurs
see opportuni�es in not-so-obvious places, and are
o�en able to find a way to exploit them.
3. Development of transferrable skills - Think about
the skills you have and how they can be applied to
different situa�ons. Entrepreneurs o�en must have a
range of transferrable skills, being the developer,
marketer, salesman and accountant for their idea.
4. Networking people - Growing a network is important
for both entrepreneurs and students or researchers.
Mee�ng people from other walks of life allows you to
have a broader perspec�ve and allows you to connect
with others who may be able to help you or be helped
by you in the future.
5. Mentorship - Mentors will help an entrepreneur or
29
THE ENTREPRENEUR AS A DISRUPTIVE GENERATOR OF CREATIVE IDEAS
student to visualize a goal or pathway, giving advice and
guiding the mentee on a path that is beneficial.
6 . Absolute Control of your own Des�ny -
Entrepreneurs are generally agile and adaptable,
working around issues and finding new ways where
necessary. Researchers and students need to have the
same flexibility, working towards a goal, but being able
to adapt to changing circumstances.
So, being entrepreneurial doesn't mean you have to
start a business. It simply means being innova�ve,
crea�ve, resourceful and adaptable. This will help in
any aspect of a career path, whether you want to work
for yourself or someone else, in industry or academia.
Nigeria is the most populous na�on in the whole of
black Africa. This popula�on presents itself as a huge
m a r ke t fo r a ny e nt re p re n e u r i n a ny fi e l d ,
Manufacturing, Service Delivery, Entertainment,
Telecommunica�ons, IT, Agricultural produc�on, Oil &
Gas etc.
Now, we cannot discuss or write a book on business or
entrepreneurship in Nigeria or Africa without talking
about the indomitable and richest black entrepreneur
30
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
of our �me, according the Forbes, Aliko Dangote: the
President /CEO of Dangote Group. Aliko Dangote is
changing the narra�ve of bad and corrupt myths
created by our poli�cal class, which says that un�l you
hold a poli�cal office, you cannot be a wealthy or
successful person. He has created wealth from
industries set up across the African Con�nent and
beyond. Dangote is blazing the trail and se�ng an
example for genera�ons of millionaires who are being
inspired by his ingenuity and prowess in the area of
cement, sugar, salt, pasta, beverages and real estate,
with new projects underway in the oil and gas,
telecommunica�ons, fer�lizer plants and steel sectors
of the economy. He has that intui�ve and disrup�ve
ins�nct that can change the world business established
order. Here is a man with a large heart, but the spirit and
quali�es of an entrepreneur, which he possesses in
abundance, make him restless and cause him sleepless
nights longing for more like the fabled “Oliver Twist”.
Oh for sure, he lost profit many �mes, yes, he is a risk
taker, he makes great sacrifices... But that is the spirit of
a farmer who plants and waits pa�ently for the �me of
harvest. That is the spirit. He is sure harvest will surely
come one day and that the sower will reap 100 folds.
31
THE ENTREPRENEUR AS A DISRUPTIVE GENERATOR OF CREATIVE IDEAS
Here is something he said when a team of business
execu�ves from Lagos Business School (LBS) visited him
in his office in Lagos, Nigeria in 2017. According to him:
“The na�on's growing popula�on should have been a
blessing if the youth energy was harnessed to drive
growth; but regre�ed that poverty increases with the
popula�on. The more poverty you have in a society
without educa�on, the more criminals you breed…”
Moreover, he said: “It is surprising that poverty grows in
this country as popula�on grows, especially in the
North where you have low income families bearing
scores of children they cannot cater for”.
Now, let us consider the Chairman of Globacom,
Michael Adeniyi Agbolade Ishola Adenuga Jr. He is a
Nigerian business tycoon, and the second richest
person in Nigeria. His company Globacom, is Nigeria's
second largest telecom operator which also has a
presence in Ghana and Benin Republic. Mike Adenuga
also owns stakes in Equitorial Trust Bank and the oil
explora�on firm, Conoil, just to men�on a few. Here is
another great disruptor in our �me and age, and clearly
32
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
a typical example of an entrepreneur. He is a risk taker
and is bold in his decisions.
We can see why ‘Richard Can�llion’(1680–1734)
considered the entrepreneur to be a risk taker who
de l iberate ly a l locates resources to exp lo i t
opportuni�es in order to maximize the financial return.
Can�llon emphasized the wil l ingness of the
entrepreneur to assume risk and to deal with
uncertainty. Thus, he draws a�en�on to the func�on of
the entrepreneur, and dis�nguishes clearly between
the func�on of the entrepreneur and the owner who
provides the money. Alfred Marshall viewed the
entrepreneur as a mul�-tasking capitalist. He observed
that in the equilibrium of a completely compe��ve
market, there was no spot for "entrepreneurs" as
economic ac�vity creators.
33
THE ENTREPRENEUR AS A DISRUPTIVE GENERATOR OF CREATIVE IDEAS
THE CONNECTION BETWEEN SMALL BUSINESSES AND ENTREPRENEURSHIP
ow, take a look at the industrial revolu�on and Nfind a link between the past and the present.
Although we have a flawed founda�on as a
na�on, this is not an acceptable excuse to be le� behind
the rest of the world in terms of innova�ons and
technological development. The hard truth we have
refused to accept is that the world is evolving, so we
should not be sta�c in our policies and governance. We
need to redefine who we are, what we would like to be
in the next 10, 20, 30, 40, 50 years, clearly ar�culated in
our economic master plans. And all government
policies and plans of ac�ons must be based on that
policy document. Such policy document will help the
private sector, local and interna�onal investors,
entrepreneurs and business owners to put plan curves
around our already exis�ng na�onal economic policies.
CHAPTER
3
34
But taking on the giant requires that you to express your
ideas in mental or spiritual form. You have to wake up
and choose what drives you and work on your head
office, which is your conscious mind. Therefore, for
proper and deeper understanding of the points that are
to be derived, there is need to differen�ate between
entrepreneurship and small business owners.
The term "entrepreneur" is o�en conflated with the
term “small business” or used interchangeably with
this term. While most entrepreneurial ventures start
out as a small business, not all small businesses are
entrepreneurial in the strict sense of the word. Many
small businesses are sole proprietor opera�ons
consis�ng solely of the owner, or they have a small
number of employees, and many of these small
businesses offer an exis�ng product, process or service,
and they do not aim at growth. In contrast,
entrepreneurial ventures offer an innova�ve product,
process or service, and the entrepreneur typically aims
to scale up the company by adding employees, seeking
interna�onal sales, and so on, a process which is
financed by venture capital and angel investments.
Successful entrepreneurs have the ability to lead a
35
THE CONNECTION BETWEEN SMALL BUSINESSES AND ENTREPRENEURSHIP
business in a posi�ve direc�on through proper
planning, adapt to changing environments and with a
clear understanding of their own strengths and
weaknesses.
To the entrepreneurial novice, being an entrepreneur
or a small business owner is interchangeable. However,
they are not the same. Sure, they are both self-
employed and need to make money (regardless of how
they spend it). But the difference is in the following
factors:
· Entrepreneurs are eager to change the status
quo. They are looking to change things, develop
things, and create more energy. Small business
owners are o�en happy with how things are;
content to carry on without thinking outside the
box.
· Entrepreneurs are disrup�ve thinkers; they
invent things and are o�en technically minded.
Small business owners, on the other hand are
more likely to do something others are doing,
such as opening a shop.
· Entrepreneurs are o�en looking for the next big
thing, ready to move on once their company is
36
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
THE CONNECTION BETWEEN SMALL BUSINESSES AND ENTREPRENEURSHIP
good enough. Small business owners are o�en
more sen�mental, and see their business as part
of the community and part of the family.
· Entrepreneurs will do things more o�en than
not because of passion or opportunity rather
than strictly profit or a means of making a living.
· Entrepreneurs want to change the world. Small
business owners want to make a living, and
o�en serve their local community first and
foremost.
37
LEARN TO THINK LIKE AN ENTREPRENEUR
f someone were to ask you to describe an Ientrepreneur, you would probably think of
someone in a suit, making high-stake deals, or a
tech guru in Computer Village in Ikeja, Lagos, Nigeria,
developing the latest app and ge�ng it out on the
street. Or maybe you stayed closer to home and
thought about students of the University of Nigeria,
Nsukka, Nigeria, who founded the wildly successful
solar power panel start-up...
You probably didn't think of a scien�st in a lab coat,
someone wri�ng a grant proposal, or a lecturer working
with undergraduates. That's because we tend to think
of academics as solitary thinkers who are tucked away
at the bench or in the library, working long hours on a
small part of a problem. This imaginary academic
CHAPTER
4
38
discovers informa�on that other people apply to
solving real-world problems.
You may think that you have to choose to be one or the
other, when you can take some of the posi�ve
characteris�cs of the entrepreneur and apply them to
being a graduate student. Successful entrepreneurs
find a market niche, they are agile in how they present
themselves, they are resourceful when approaching
new problems, and are innova�ve in solving problems
that others couldn't iden�fy. An entrepreneurial mind-
set will help you as you embark on your career
—whether you want to work in a non-profit, in industry,
or in academia.
Think Ahead. While an entrepreneur is good at taking
ac�on in response to immediate issues, he's also great
at thinking in terms of long-term pay-off. Entrepreneurs
look to grow their careers and widen their influence
over �me. As a graduate student, think about what
you'd like to be doing in ten or twenty years. Iden�fy the
problem you want to solve, and posi�on yourself to
study and find a solu�on for those problems.
39
LEARN TO THINK LIKE AN ENTREPRENEUR
Work across Disciplines. In graduate school, you've
learned to iden�fy problems and study them closely.
Think about the big picture too. Seeing the big picture
and how your work fits into it takes a special skill. This
type of thinking is increasingly in demand in the
academia and beyond. For example, the Na�onal
Science Founda�on asks grant applicants to consider
the broader impact of their research. They want
scien�sts to make interdisciplinary connec�ons with
their work that will benefit society. Similarly, the
Na�onal Endowment for the Humani�es asks scholars
to propose projects that “are of value to humani�es
scholars, general audiences, or both.” The knowledge
you create has the poten�al to influence how other
fields conduct research. Your research may have a
variety of applica�ons. No ma�er your discipline, an
entrepreneurial approach to your work will help you
discover how your research makes a difference, or how
your research offers new insights into old problems.
Develop transferable Skills. The skills you develop as a
graduate student can help you succeed in your future
career, whatever you choose to do with your degree.
We call these skills transferable skills, because a skill
40
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
developed in one area has a number of applica�ons, or
can be applied in other areas.
Iden�fy the skills you possess and think about their
applica�ons. For example, if you're good at managing a
research project, you have project management skills.
These project management skills are valuable in
industry and other non-academic undertakings. Next,
figure out abili�es you want to develop for your future
career. Be resourceful about how you develop those
skills now as a graduate student.
Make Connec�ons. Take advantage of the opportunity
to meet people from across the University community
and beyond. You never know when you'll make
connec�ons between your own work and someone
else's or learn about different ways your skills can be
applied to a variety of jobs.
There are a few ways to make connec�ons and meet
new people. If you're interested in poli�cs, working on a
campaign for a couple of hours a month will introduce
41
LEARN TO THINK LIKE AN ENTREPRENEUR
you to others who share your passion. You will also have
the opportunity to develop new skills.
An informa�onal interview is another great way to
make connec�ons with people who have careers you're
interested in. Ask mentors if they know anyone in your
target field, or see if there are alumni who you could
interview. You can ask interviewees how they got into
their fields of endeavour and what they recommend for
you and others just star�ng in their careers. Not only
will you have the wisdom of your interviewee to draw
on, but you will also have a new contact in the field.
Find Mentors: Good mentors both during and a�er
graduate school can help you think about your career in
new ways. Career paths are rarely straight, and it's
important to remember that one experience builds on
another. A mentor can ‘help you see where you are and
where you’re headed. And when you need the
perspec�ve of someone who's “been there, or has
done that,” a mentor can recommend other
possibili�es you might not have considered.
42
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Be an Agent. By thinking ahead, developing
competencies, making connec�ons with people
outside of your field, and taking charge of your career
now in graduate school, you're determining your
course, not the other way around. Entrepreneurs adapt
to their circumstances and they're agile when it comes
to finding solu�ons—whether to a problem that their
project takes on, or finding the next step for their
careers.
43
LEARN TO THINK LIKE AN ENTREPRENEUR
AFRICAN HISTORICAL TRADITIONAL ENTREPRENEURSHIP METHODOLOGY
lease read below and take a cri�cal look at the Psimilari�es and dissimilari�es between ethnic
entrepreneurship in Nigeria, Africa, the USA
and the rest of the world, in order for us to actually find
out what our limita�ons are and proffer solu�ons to
those limita�ons as wri�en by “Nnamdi EBO, August,
25, 2013 Ethnic Entrepreneurship in Nigeria & USA -
Historical Perspec�ve”.
Tradi�on is an inherited pa�ern of thought or ac�on. It
refers to a specific prac�ce of long standing. It is also an
established custom or tradi�on – a custom that for a
long �me has been an important feature of some
cultural group, tribe, ethnic group, society, na�on etc.
Tradi�onal means: when a prac�ce consists of a
method or procedure which is derived from tradi�on.
CHAPTER
5
44
This brings us to tradi�onal business idea, (idea being
the content of cogni�on) and thought process which
flows from customary ideas steeped in the previous way
or method of doing something; doing business in the
tradi�onal way.
Before the advent of the white man in the mangrove
forests and woodlands of Southern Nigeria and the
savanna of Northern Nigeria, the indigenous African
peoples had been engaged in business – the African
way. We had the trans-Saharan trade between the
various empires that do�ed the areas known as West
and North Africa.
th th th th The Songhai (15 -16 century); Kanem-Bornu (9 -19
th th century); Mali (13 -14 century); Ghana (circa 700-
th th1240) and the Benin empire (16 -18 century) – all
traded with and amongst themselves, genera�ng
revenue/income and maintaining their dominions and
spheres of influence. They all had their own
entrepreneurial ideas and mind-set; were crea�ve, had
sources of capital and business plans – which they
guarded jealously. These concepts were rooted and
45
AFRICAN HISTORICAL TRADITIONAL ENTREPRENEURSHIP METHODOLOGY
steeped in their own ways of doing business. Africa had
entrepreneurs during those periods.
The Mali Empire was strategically located near the gold
mines and the agriculturally rich interior floodplain of
the Niger River. Gao, a town in Eastern Mali – lies on the
River Niger on the southern edge of the Sahara and is
the capital of the Gao Region. Gao is one of the oldest
trading centres in West Africa and today trades
primarily in bu�er, hides, wool, and livestock. It was
served by the trans-Saharan road connec�ons and is
the terminus for commercial river traffic from Mop�
and Koulikoro in the South-West. Previously known as th
Kawkaw, Gao was founded as a fishing village in the 7
century AD, and became the capital of the Songhai th
Empire in the 11 century. The town grew under
Songhai rule, but its importance as a trading centre was
reduced when it was annexed by the rulers of the Mali
Empire in 1325, and then further diminished by
Moroccan control in 1591.
Timbuktu is a city in Central Mali on the Southern edge
of the Sahara, just north of the great bend of the River
46
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Niger. It is connected with the Niger by canals and is
served by the small river port of Kabara. The city is a
regional trade centre for salt and other basic commodi�es.
Its manufactured goods included co�on tex�les, leather
goods, and po�ery. Timbuktu was formerly a great
commercial entrepôt and an interna�onal centre. It was an
important terminus of trans-Saharan caravans and a
distribu�on point for trade along the upper Niger. All
these trades were conducted by the early entrepreneurs
who employed tradi�onal business ideas to innovate and
manufacture goods.
Later, Timbuktu was conquered by the powerful
Songhai Empire. In 1468, the city reached its zenith as a
commercial centre. It had a popula�on of about 40,000 th
in the early 16 century. Merchants (i.e. entrepreneurs)
from North African ci�es traded salt and cloth for gold
and for black African slaves (a sad reminder) in the
markets of Timbuktu. The Songhai, a fishing and trading
people who originated in the Dendi region of north-
western Nigeria gradually extended their domina�on th
upstream in the 8 century AD and by 800 had
established themselves at Gao, which soon became a
flourishing market town.
47
AFRICAN HISTORICAL TRADITIONAL ENTREPRENEURSHIP METHODOLOGY
Nigeria was tradi�onally an agricultural country,
providing the bulk of its own food needs and expor�ng a
variety of agricultural goods, notably palm oil,
cacao/cocoa, rubber, and groundnuts (peanuts). At this
�me, the place called Nigeria had entrepreneurs who
had the entrepreneurial mind-set prevalent at the �me.
They seized opportuni�es and were innova�ve and
developed business plans using ideas which they
sourced from travelers (i.e. scourers), i�nerant
tradesmen and consumers of agricultural and
manufactured products who benefited from ac�vi�es
like animal husbandry (ranching), poultry farming,
mixed farming, strip cropping, truck farming,
arboriculture, local manufacturing etc. They also looked
to exis�ng goods and distribu�on channels - how they
were operated and they generated their own ideas on
how best to harness exis�ng resources in order to
produce and distribute with be�er yielding methods,
using tradi�onal marke�ng, merchandising, marke�ng
mix etc.
New business ideas and innova�on were generated to
improve storage facili�es, preserva�on of perishables
(i.e. tomatoes, vegetables, etc.) and milking of goats
48
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
and cows for distribu�on and sales. These tradi�onal
business ideas were used in managing the enterprises,
and were maintained for more than a hundred years.
Some entrepreneurs excelled (including the rulers) –
i.e. kings or Emirs, Obas, Obis, Obongs etc. – who were
at the forefront of entrepreneurship. These rulers were
astute entrepreneurs and their exper�se and long
experience in tradi�onal business methods enabled
them to effect important nego�a�ons and transac�ons
with the white colonialists (Europeans), when
eventually they showed up unannounced and uninvited
to Nigeria as we now know it.
The peoples of Hausa, Ibo, Yoruba, Benin etc. all had th th
their own entrepreneurs (13 -19 century), who were
exposed to entrepreneurship opportuni�es outside
t h e i r n a� ve a re a s . T h e H a u s a s h a d a st u te
entrepreneurs who managed workers with skills in
tanning, dyeing, weaving, and metal works which were
highly developed. The Hausas have long been famous
for wide-ranging i�nerant trading, and wealthy
merchants shared the highest social posi�ons with the
poli�cally powerful and the highly educated. In Hausa
land, entrepreneurial success in Islam is not merely
49
AFRICAN HISTORICAL TRADITIONAL ENTREPRENEURSHIP METHODOLOGY
measured by the end result but also by the way and
means of achieving them.
Business ac�vity is part of ibadah or “good deed”.
Entrepreneurship was and is always an integral part of
the Islamic religion. Islamic entrepreneurship is treated
fully in theories and concepts of entrepreneurship
under the nature of entrepreneurship.
Since ancient �mes, the Ibos have traded cra� goods
and agricultural products. Tradi�onally, the Igbo have
excelled at metal work, weaving, and woodcarving. The
finished products were traded on as business ventures
a n d e n t e r p r i s e s w i t h a l l t h e t ra p p i n g s o f
entrepreneurship – African entrepreneurship. The Ibos
also specialized in buying and selling goods and have
perfected their entrepreneurial exper�se in inventory
control, management and distribu�on – which up �ll
today, has remained their prevalent way of
entrepreneurship.
The Yorubas are predominantly town dwellers who
prac�ced small-scale, domes�c agriculture and are well
50
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
known as traders and cra�s people. Since the 13th
century, Yoruba ar�sts have been producing
masterpieces of woodcarving and bronze cas�ng. Like
the Ibos, the finished products were traded on as
business ventures and enterprises. The Portuguese, the
first Europeans to traverse the coast of western Africa,
were a�racted to Benin City in 1486. The Oba
established trading contacts with the Portuguese and
ini�ally sold them some war cap�ves, which the
Portuguese sold as slaves (another sad reminder) to the
Akan of Asante (present day Ghana) in exchange for
gold. Later, Benin's trade with Europeans in the 16th
and 17th centuries was in palm oil, ivory, pepper, and
tex�les. Dutch traders who came to Benin City in the
17th century spoke about the astute entrepreneurs
they met in Benin kingdom.
th stWith the advent of modern entrepreneurship (20 -21
century), these people have now adapted – to the
extent that some of the entrepreneurs have dabbled
into import-export, shipping, warehousing, freigh�ng,
food processing, financial services, banking, packaging,
canning, outsourcing, haulage, logis�cs, assembling,
manufacturing and interna�onal entrepreneurship –
51
AFRICAN HISTORICAL TRADITIONAL ENTREPRENEURSHIP METHODOLOGY
with one of them, Alhaji Aliko Dangote displacing Oprah
Winfrey (a U.S. syndicated TV host) to become the
richest billionaire of African descent (richest black man)
in the world, with Mike Adenuga trailing behind – both
Nigerians.
52
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
BARRIERS TO THE GROWTH OF ENTREPRENEURSHIPIN NIGERIA
t is difficult to believe that centuries a�er, we are yet Ito realize the mental dysfunc�on created by the
con�nued heat generated by environmental
pollu�on from the power genera�ng sets, the
manufacturing plants from industrial companies
situated at different residen�al areas, lack of
environmental planning, small business owners whose
source of power is their small size power generator,
popularly known in Nigeria as “I be�er pass my
neighbour”. This disorder goes on in the cosmopolitan
city of Lagos and other rising ci�es in Nigeria.
We live in an environment saturated with all kinds of
abnormal human degrada�on. You go to bed in the heat
and wake up the next morning soaked with sweat due
to the hot environment. This state of despair and
CHAPTER
6
53
disillusionment is the daily experience of average
Nigerian ci�zens.
But do our leaders, past or present have similar ugly
experiences that average ci�zens go through while
struggling for survival? Absolutely NO!
We go out in search of our daily bread with disillusion-
ment wearing on our faces and return home a�er the
struggle for survival only to meet the charged
atmosphere again. This is frustra�ng and many who
cannot handle the depressing situa�on end up
commi�ng suicide. Thank GOD for the Sanctuary of
GOD that is common in every street where believers
can go and seek divine providence. This is the picture of
the life style of the typical average Nigerian.
The situa�on is far worse in our villages where there is
absolutely nothing to write home about. I grew up in
one of such villages where there are no basic social
ameni�es like electricity, hospitals, pipe borne water,
schools, etc. People trek long distances and for hours to
a�end elementary school in another community
because there are no func�onal elementary schools in
54
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
their immediate communi�es, especially in the riverine
areas where people have to travel on water by wooden
boats.
The disorderliness in our socie�es discourage the
thought of venturing into entrepreneurial ac�vi�es.
These factors led many and s�ll leading many among
our vibrant youth to join the band wagon “poli�cs”
which is the fastest and easiest way to become rich and
influen�al in Nigeria. Some become inac�ve and idle,
while others give in to drunkenness, drugs and
criminality. What we see in our socie�es today are “day
dreamers and wishful thinkers“. 'If wishes were horses,
beggars would ride', as the saying goes. In fact,
produc�vity, crea�vity, innova�on, talent and
entrepreneurial spirit have been relegated to the
background while parochialism is being promoted and
rewarded.
No, we cannot con�nue like this! We've got to take the
bull by the horn. So, let us roll our sleeves and go to
work, get our hands dirty as we confront the fears, the
giants, powers, pessimism and failures.
55
BARRIERS TO THE GROWTH OF ENTREPRENEURSHIP IN NIGERIA
But how do you re-awaken the lion and resilience spirit
in a man that has been trauma�zed, afflicted and
disillusioned by those who ought to lead them out of
darkness into light? We have destroyed our society by
our poverty mentality of acquiring products from the
western world instead of crea�ng and inven�ng and re-
inven�ng our own world as Africans. The Europeans
import raw materials from Africa, then develop and
create products that we gladly import into different
countries in Africa. The task before us is to look beyond
the bleak and dark clouds, and awaken the sleeping
lion, the entrepreneurship spirit, disrup�ve and
innova�ve ideas that can rule the world if awaken from
the slumber to face the giants as David did to Goliath.
But are we ready to pay price for that to be achieved?
A book wri�en by Kim Woo Chong, Chairman of the
Daewoo Corpora�on: “Every Street is paved with
Gold” comes to mind. He saw the possibility and
opportunity of making money everywhere. Daewoo
Corpora�on is involved in so many diverse areas of
business, from manufacturing of electronics, cars, and
refrigerators to ship building construc�on. Great
entrepreneurs take the bull by the horns and invest in a
56
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
long term produc�ve venture and wait like a farmer for
maturity before they start to reap the fruits of their
investment.
Many �mes, when you ask Chinese and Indians who are
doing business in Nigeria, especially Lagos about how
they are coping in Nigeria business environment, their
answer is always that there business opportuni�es
everywhere in Nigeria. One told me to go to Oshodi,
Lagos, and take a look at the mammoth crowd. That is
business. If you can think about the need of the market
and provide it, you are already wealthy by solving those
problems.
57
BARRIERS TO THE GROWTH OF ENTREPRENEURSHIP IN NIGERIA
CHARACTERISTICS AND ATTRIBUTES OF ENTREPRENEURS
Louis Jacques Filion, HEC, University of Montreal
Business School define entrepreneurs by their
behaviour, which he termed behaviourist. He
concluded by outlining the following characteris�cs
and a�ributes of entrepreneurs:
· Innovators
· Leaders �· Moderate risk-takers
· Independent
· Creators
· Energe�c
· Tenacious
· Original
· Op�mis�c
· Result-oriented
· Flexible
CHAPTER
7
58
· Resourceful
· Need for achievement
· Self-awareness
· Self-confidence
· Long-term involvement
· Tolerance of ambiguity and uncertainty
· Ini�a�ve
· Learning
· Use of resources
· Sensi�vity to others
· Aggressive
· Tendency to trust people
· Money as a measure of performance
However, the above men�oned characteris�cs and
a�ributes should not be confused with some 'poli�cal
entrepreneurs' who emerge as a result of flawed and
skewed poli�cal system that allocate over-bloated
contracts to their cronies for economic gain. These in
turn suddenly become super rich without any trace of
wealth crea�on and innova�ve ac�vi�es that resulted
in that wealth. This is a common reality in the disorderly
economic system in most African countries.
59
CHARACTERISTICS AND ATTRIBUTES OF ENTREPRENEURS
The African environmental planning and structure are
cra�ed to fail, or put more subtly, are designed in such a
way as to favour a few poli�cal opportunists. The
system is ro�en and the opportunists called African
leaders are feeding fat on the disorganized and
disoriented society of the black race, especially our
dear country, Nigeria.
Da�ng back to the �me of the medieval guilds in Germany,
a cra�sperson required special permission to operate as an
entrepreneur. This was the small proof of competence
(Kleiner Befähigungsnachweis), which restricted training
of appren�ces to cra�speople who held a Meister
cer�ficate. This ins�tu�on was introduced in 1908 a�er a
period of so-called freedom of trade (Gewerbefreiheit,
introduced in 1871) in the German Reich. However, proof
of competence was not required to start a business. In
1935 and in 1953, greater proof of competence was
re introduced (Großer Befähigungsnachweis
Kuhlenbeck), which required cra�speople to obtain a
Meister appren�ce-training cer�ficate before being
permi�ed to set up a new business.
Entrepreneur is a loanword from French. First used in
60
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
1723, today the term entrepreneur implies quali�es of
leadership, ini�a�ve and innova�on in new venture
design. Economist Robert Reich has called team-building,
leadership, and management ability essen�al quali�es
for the entrepreneur. Historically, the study of
entrepreneurship dates back to the work, in the late 17th
and early 18th centuries, of Richard Can�llon and Adam
Smith, which was founda�onal to classical economics.
Entrepreneurship is the process by which an individual
(or team) iden�fies a business opportunity and acquires
and deploys the necessary resources required for its
exploita�on. The exploita�on of entrepreneurial
opportuni�es may include ac�ons such as developing a
business plan, hiring the human resources, acquiring
financial and material resources, providing leadership,
and being responsible for the venture's success or failure.
"Entrepreneurial spirit is characterized by innova�on
and risk-taking." While entrepreneurship is o�en
associated with new, small, for-profit start-ups.
Entrepreneurial behaviour can be seen in small,
medium and large-sized firms, new and established
firms and in for-profit and not-for-profit organiza�ons.
61
CHARACTERISTICS AND ATTRIBUTES OF ENTREPRENEURS
MYTHS AND REALITIES OF AN ENTREPRENEUR
here is a myth which states that as an Tentrepreneur, you don't need to work for long
hours due to the fact that you have absolute
control of your �me. In reality however, on average,
entrepreneurs work longer hours than employees do,
but will likely enjoy it more because they're building
something of their own.
Secondly, there is a myth that says product/service is
unique and so there is no compe��on. That is also a
wrong no�on. The reality is that there is always
compe��on. It may be in a different form or manner. But
it exists and you need to recognize it and deal with it.
Thirdly, there is a myth that implies that business
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62
owners can deduct everything, so they won't pay taxes.
No. Entrepreneurs do have deduc�ons from business
expenses from gross income, but they s�ll have to pay
taxes on their net income.
Fourthly, there is a myth that says as business owner,
you won't have a boss. But the reality is that you indeed
do have a boss. In fact you have many bosses to contend
with: your clients, customers, etc.
Fi�h, there is also another impression that business
owners get to do what they want to. The reality,
however, is that you will some�mes do what you enjoy
but a large percentage of �me will be spent on tasks you
find difficult and boring.
Sixth, money has been and remains the ancient
mythical commodity that has kept so many poten�al
business owners, start-ups and entrepreneurs from
daring to a�empt to put their business ideas to the test.
While it is true that you some�mes need to spend
money to make money, the amount of money you need
to spend is where things get murkier.
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MYTHS AND REALITIES OF AN ENTREPRENEUR
The highway of new ventures is li�ered with the
remnants of businesses that started with tons of seed
money but ran out with li�le to show for it. A good
example of this is the tale of the Air Nigeria and All
States Trust Bank etc. They started with a huge amount
of hype, with millions of Naira sank into the companies.
Just couple of years later, the companies had used up
most of the money and forced to close shop.
Contrast that with Instagram, which started with just
two employees, a drama�cally smaller amount of
money, and went on to be acquired by Facebook for one
billion dollars. What is more important than how much
money you start with is how you manage what you
have. As marke�ng specialist, Guy Kawasaki said, If you
look at the truly great start-ups that have come out of
Silicon Valley, they've been hyper frugal. Cisco, Google
in the early days, Yahoo! in the early days, Microso�,
the list goes on and on…
Doing more with less and being careful to take on
investors when it makes sense allows you to grow and
mature at a more sustainable rate.
64
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
WHY ENTREPRENEURS FAIL
ccording to the Bureau of Labour Sta�s�cs, Aa�er two years of business, the majority of the
start-ups succeed; a�er five years, about half
fail and half succeed. What is the cause of the failure of
those half start-ups that make them end up closing
shops?
1. Lack of proper planning and hard work: A good
idea is a great start, but it takes hard work,
research, planning and successful implemen-
ta�on strategies to turn your idea into a
business.
2. Flawed Characteris�c traits needed to make a
successful business: Some people have good
business ideas but not all of them have the
minimum requirements needed to build their
businesses from the scratch to a sustainable
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65
level. Although some of the factors needed to
build successful businesses are inborn, others
can be learned, and s�ll others are external and
harder to control. The more of these factors you
have on your side, the greater your chances of
success. Some of these factors are Educa�onal
or work experience in your chosen industry,
strong work ethics, effec�ve �me management
skills, ability to mul�task, willingness to ask for
help and advice, persistent, decisive and
suppor�ve family, etc.
3. No wri�en down Business Plan Basics: Have
you ever asked yourself why you need a business
plan? Some entrepreneurs think a business plan
is only used to get financing. In reality, there are
many more uses for a business plan. A well-
wri�en business plan captures the following
objec�ves: gives you an objec�ve view of your
business idea so you can enhance its strengths
and shore up its weaknesses. Communicates
your ideas to the rest of the team, becomes the
founda�on for future planning as your business
grows.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
4. Inability to Define a Market need: A good
business idea fills a need that exists in the
market. You may have come up with your
business idea because you, your friends or your
family saw a need for a product or service you
couldn't find. Maybe the product or service
exists, but you think you can do it be�er. But
when you fail to map out the market, iden�fy
problem and put up superior strategy on how to
resolve the problem, the end will be disaster!
5. Inability to Assess and Examine Your Personal
Background: If you are not honest enough to do
a proper self-evalua�on and self-assessment,
you are crea�ng room for failure. If you don't
have a firm business idea in mind, assessing your
life and work experience can help you come up
with one. If you have a business idea, review
your past experiences to see how well they
support your concept.
6. Do I have the passion to sell this idea to others?
You need to be able to convince customers,
investors and poten�al partners that your
business idea is worthwhile.
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WHY ENTREPRENEURS FAIL
7. Lack of Knowledge of the Key Players:
Entrepreneurs o�en fail because they are unable
to separate friends from foes. They cannot
iden�fy Emo�onal Intelligence Quo�ent (EIQ)
from fluff or bluff. They cannot find a good part-
�me accountant and they have no idea on how
to assess the skills and experience of a legal
counsel. They also fail because they cannot
recognize smart loyal co-founders and employees
or how to op�mize their contribu�ons. They fail
because they cannot separate dumb angel
investors from disciplined ones. There's a lot to
know, and many entrepreneurs just don't know
enough about the players.
8. Inability to find enough (of the Right Kind of)
Funding: Entrepreneurs o�en fail because they
cannot raise the right kind of funding at the right
�me at the right valua�on. They use too much of
their own money and way too much money from
friends and family – which becomes a distrac�on
every �me a friend or family member asks about
how the company – and their investment – is
doing. Entrepreneurs fail because they do not
68
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
know how to value their company or phase
investments along �melines designed to
op�mize valua�ons. They fail to appreciate how
much money it takes to meet milestones,
neither do they know how to respect their
i n v e s t o r s w h o d e s e r v e p r o f e s s i o n a l
communica�ons on a regular basis – especially if
they plan to keep asking them for money.
9. Horrible So� Skills: Entrepreneurs o�en fail
because they're not housebroken, because they
speak their minds no ma�er how inappropriate
or inopportune the situa�on may be. Some
entrepreneurs are famously outspoken and
controversial – we know who they are – but they
generally became that way a�er their first hit
start-up. If an entrepreneur cannot listen, is
insecure, short-tempered and intolerant of
opposing opinions, he or she will fail. The worst
entrepreneurs are the ones who cannot accept
responsibility for anyone and spend their days
and nights looking for someone – anyone – to
blame for their mistakes.
10. Bad Partners: Entrepreneurs o�en fail because
they hang out with the wrong people. “Wrong”
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WHY ENTREPRENEURS FAIL
here is a broad term. It includes colleagues who
agree with everything the entrepreneur says,
“good guys” that others endorse but are
unfamiliar to the entrepreneur, channel
partners who use the entrepreneur to channel
their own sales, legal counsel that rack up
unnecessary fees and gurus that know just about
everything about anything. Good entrepreneurs
have a purpose-filter through which they pass
their �me: is this partner really worth my �me?
Entrepreneurs who fail do not have this filter.
11. Ineffec�ve Sales: Entrepreneurs o�en fail
because they cannot sell to the right clients at
the right �me for the right price. Start-up sales
are obviously fundamentally different from the
sales that established companies enjoy on an
almost automa�c pace. Good entrepreneurs
understand all forms and flavours of lighthouse
sales processes, logo hun�ng, how to buy the
right early customers. Entrepreneurs who fail
shortchange sales in favour of compe�ng
ac�vi�es, especially Research & Development.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
12. Market Invisibility: Entrepreneurs o�en fail
because their companies are invisible to the
world because they cannot bear to spend money
on marke�ng and PR. This is a huge mistake that
some entrepreneurs make when the money gets
�ght. Polishing products and services un�l they
shine brightly in the sunshine is a waste of
money. Smart entrepreneurs get the word out
early and o�en via all available media, especially
digital media: if they cannot find you, they
cannot buy you. By Steve Andriole.
Therefore, as an entrepreneur, you need to
constantly evaluate your business strategies and
create a feedback mechanism from your
customers who purchase your products or
services.
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WHY ENTREPRENEURS FAIL
ENTREPRENEURSHIP AS AN EVOLVING IDEOLOGY – THE SILICON VALLEY MODEL:
AFRICA IN PERSPECTIVE
he evolu�onal movement was borne out of the Tdesire of one man to change the status quo. He
wanted to create a world driven by superior
ideas that will be technology-driven. That man was
Frederick Terman who wanted an industrial park from
Palo Alto in San Jose Valley. This later metamorphosed
into a technology park for the en�re world. The term
ethnic entrepreneurship refers to self-employed,
business owners who belong to racial or ethnic minority
groups in the United States and Europe. A long tradi�on
of academic research explores the experiences and
strategies of ethnic entrepreneurs as they strive to
integrate economically into mainstream US or
European society. Classic cases include Jewish
merchants and trades people in large U.S. ci�es in the
19th and early 20th centuries as well as Chinese and
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72
Japanese small business owners, who owned
restaurants, farms, shops, etc., on the West Coast.
In the 2010s, ethnic entrepreneurship had been studied
in the case of Cuban business owners in Miami, Indian
motel owners of the U. S. and Chinese business owners
in chinatowns across the United States. While
entrepreneurship offers these groups many
opportuni�es for economic advancement and self-
employment, business ownership in the United States
remain unevenly distributed along racial/ethnic lines.
Despi te numerous success stor ies of As ian
entrepreneurs, a recent sta�s�cal analysis of U.S.
census data shows that whites are more likely than
Asians, African-Americans, and La�nos to be self-
employed in high pres�ge, lucra�ve industries.
Africa Entrepreneurs Require Mind-set Shi� Among
Small Business Owners…
In order to have an all-encompassing entrepreneurship
deep penetra�on, there is a need for radical
transforma�on that will require a mindset shi�
amongst Africa's small business owners. African
73
ENTREPRENEURSHIP AS AN EVOLVING IDEOLOGY...AFRICA IN PERSPECTIVE
countries have Silicon movements and entrepreneurs
Hubs. In South Africa - Silicon Cape, Kenya - iHub-
centered Silicon Savannah movement, ‘Ethiopia’s
burgeoning tex�le industry’, Nigeria's ubiquitous
Nollywood film industry; there are also visible signs of
the growing profile of African entrepreneurs. It is
interes�ng and entrepreneurial ac�vi�es are on the raise
in the African con�nent. There are new incubators and
private ini�a�ves like Genera�on Entreprise and
InChallenge which are training promising young
entrepreneurs. Nigerian billionaire Tony Elumelu
declares that “value crea�on through entrepreneurship
is Africa's unique path forward — dis�nct from
emerging markets like China with its state-run
enterprises, or Korea with its 'Chaebol' conglomerates,
or India with its large family-run businesses“.
However, I would at this point iden�fy and state the
obvious and put it in proper perspec�ve that majority of
Africa's entrepreneurs – old and new – run micro-
enterprises which ‘don’t grow beyond the informal
sector into produc�ve formal firms’. These firms are a
social safety net to keep people alive, but rarely ever an
engine of sustained growth or employment.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Sparking an entrepreneur-led boom in Africa will
require a mind-set transforma�on of these “small
dreamers”. It will need, first, a be�er understanding of
their mo�va�ons. Many African entrepreneurs
embrace business as an escape from desperate
circumstances. Far away from the roman�c Silicon
Valley ideals of changing the world, these entrepreneurs
simply want to survive and avoid going back to the
poverty they came from. What may seem like a lack in
ambi�on is in fact rooted in a pervasive fear of failure.
A�er all, failure for a Silicon Valley technologist might
mean a few months temping while securing a new job;
failure for an Ethiopian small business owner could
mean a hungry family with no suppor�ng government
safety net.
It will also require a be�er understanding of how this
loss aversion mind-set influences a firm's prospects.
Many “small dreamers” are highly reluctant to delegate
responsibili�es or even partner with other firms,
preferring instead to keep a close watch over all the
details themselves. They will o�en point to staff
unreliability and share anecdotes of unscrupulous
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ENTREPRENEURSHIP AS AN EVOLVING IDEOLOGY...AFRICA IN PERSPECTIVE
behaviour from previous business partners. In many
cases, they don't even trust family members to help
manage their businesses. Instead of inves�ng for
expansion, they prefer to treat their enterprises as
small cash cows and retain full control. The problem of
course is that the status quo o�en cannot last. Many of
these firms fall vic�m to economic travails, and go out
of business in due course. More tragically, they fail to
fulfill their poten�al in contribu�ng to sustainable
macroeconomic and employment growth.
The proponents of Africa's booming entrepre-
neurialism – governments, incubators and investors
should pay more a�en�on to the “small dreamer”
phenomenon. They must focus on:
· Crea�ng be�er safety nets. Programs should be
launched that enable failed entrepreneurs to get
back onto the ladder, by providing access to
finance and business support. Voca�onal
training schemes can ease the path into salaried
jobs, and mentorship/advisory roles may also
allow failed entrepreneurs to earn a living while
ge�ng back on their feet. Ul�mately, the best
safety net in an entrepreneurial ecosystem is
76
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
o�en a breakout success that plays a 'mother
ship' role, like Google in Silicon Valley. Such firms
provide a pla�orm for entrepreneurs to launch
new ventures, but can also employ them in
related fields if their businesses fail.
· Educa�ng Entrepreneurs to think bigger. Many
African entrepreneurs could benefit from free
online educa�on on how to formalize and grow
their businesses. It is also important to promote
a societal image that celebrates entrepreneurs
who have become breakout successes. This
should be done in an informa�ve way that
teaches young entrepreneurs what decisions
they will likely face as they seek to expand, and
not in a manner that merely glorifies celebri�es.
· Building Employer-Employee Trust. New
mechanisms are required to promote trust
between entrepreneurs and their poten�al
partners and employees. Policy ini�a�ves
focusing on IP protec�on and improved legal
enforcement will go a long way towards
achieving this, but o�en there are also so�er
cultural considera�ons. Programs and small
business associa�ons that increase informa�on
77
ENTREPRENEURSHIP AS AN EVOLVING IDEOLOGY...AFRICA IN PERSPECTIVE
flow between entrepreneurs in a sensi�ve
manner may help assuage their fears of being
cheated.
By addressing the “small dreamer” phenomenon,
Africa's entrepreneurial revolu�on stands a be�er
chance at harnessing the poten�al of the youth and
crea�ng a demographic dividend in the coming decade.
By Bryan Mezue.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
COMMON ENTREPRENEURIAL BEHAVIOURS
he entrepreneur is commonly seen as an Tinnovator — a designer of new ideas and
business Venture. Management skills and
strong team building abili�es are o�en perceived as
essen�al leadership a�ributes for successful
entrepreneurs. Poli�cal economist Robert Reich
considers leadership, management ability, and team-
building to be essen�al quali�es of an entrepreneur.
Uncertainty, Percep�on and Risk-taking
Theorists Frank Knight and Peter Drucker defined
entrepreneurship in terms of risk-taking. The
entrepreneur is willing to put his or her career and
financial security on the line and take risks in the name
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of an idea, spending �me as well as capital on an
uncertain venture. However, entrepreneurs o�en do
not believe that they have taken an enormous amount
of risks because they do not perceive the level of
uncertainty to be as high as other people do. Knight
classified three types of uncertainty:
Ÿ Risk, which is measurable sta�s�cally (such as the
probability of drawing a red colour ball from a jar
containing 5 red balls and 5 white balls).
Ÿ Ambiguity, which is hard to measure sta�s�cally
(such as the probability of drawing a red ball from a
jar containing 5 red balls but an unknown number of
white balls).
Ÿ True Uncertainty Knigh�anor uncertainty, which is
impossible to es�mate or predict sta�s�cally (such
as the probability of drawing a red ball from a jar
whose contents are en�rely unknown)…
Malala Yousafazi, a Nobel Prize winner, peace ac�vist,
named one of Forbes 30 and a social entrepreneur.
Entrepreneurship is o�en associated with true
uncertainty, par�cularly when it involves the crea�on
of a novel good or service, for a market that did not
previously exist, rather than when a venture creates an
80
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
incremental improvement to an exis�ng product or
service. A 2014 study at ETH Zürich found that
compared with typical managers, entrepreneurs
showed higher decision-making efficiency, and a
stronger ac�va�on in regions of front polar cortex (FPC)
previously associated with explora�ve choice
Strategies
Strategies that entrepreneurs may use include:
Innova�on
· of new products, services or processes
· Con�nuous process improvement (CPI)
· Explora�on
· Use of technology
· Use of business intelligence
· Using a frugal approach
· Development of future products and services
· Op�mized talent management
81
COMMON ENTREPRENEURIAL BEHAVIOUR
SECRET OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE
- BED ROCK OF BUSINESS
Author's Defini�on: Customer Service is the passionate
appeal and approach or manner adopted by an
organiza�on or individual to constantly relate to their
poten�al or loyal customers in order to exceed their
customer's expecta�ons'. It is the best form of
rendering service(s) or offering products to the general
public with a sa�sfactory note. Neglect it at your own
peril! Therefore, no ma�er how great your new
discovered idea, you need human beings who are the
ul�mate deciders of your precious idea that will leads to
a successful business venture. We are living in a
dynamic world and you need to catch up with the pace
and trends of this present century.
Provide customers with amazing service…
Many companies fail to reach their poten�al because
they're so focused on the sale that they forget to
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provide “ .” a phenomenal customer service experience
Customer service isn't just about handling complaints.
It also involves loyalty programs, incen�ves for referrals
and other customer-focused ac�vi�es.
It's been said that “Sales without service is like pu�ng
money into a pocket with a hole in it,” and I
wholeheartedly agree. If you aren't inves�ng in this key
area of growth, it's �me to allocate more resources to
this cri�cal need. You may find it helpful to spend a day
working with your customer service team to see where
issues arise, or you can poll employees working in this
department on the biggest challenges they encounter.
However you approach the issue, take ac�on on your
findings. Don't just say you need to provide be�er
service. Just do it. Follow through, and be sure you're
measuring the impact of your ac�ons. If you don't see a
measurable improvement in the key performance
indicators you've associated with your service metrics,
keep itera�ng your process un�l you come across the
winning combina�on.
83
SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
No ma�er who you are or what you're trying to do as an
entrepreneur, you can find success by emula�ng the
techniques entrepreneurs before you have used and
personalizing them for your own business. Are you
ready to take ac�on?
Prac�cal Methods to Sustain Excellent Customer
Service
1. Build Business to retain Customer Loyalty
Richard Branson wrote, that in his many years of
business experience, he has found that “unhappy
customers who have a problem handled quickly and
effec�vely end up being more loyal than if they never
had a problem at all”.
Building your business to retain customer loyalty is the
bread and bu�er of your business. For instance, I recall
as owner of Travel Management Company ( ), also TMC
known as , we make use of TD TRAVEL & LOGISTCS
many adver�sing mediums, but the efficacy of building
a formidable and sustainable excellent customer
rela�onship made our company - TD TRAVEL &
LOGISTICS, enjoys a reasonable percentage share of
84
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
the travel market locally and globally. For over 15 years
of doing the business of Travel Management™, we can
say authorita�vely that when you give your customers
unequalled service and you are always there to solve
their problems whenever they arise, they will market
your products or services to others. But ignore their
complaints at your own peril; your business will head
for rocks.
2. is the best tool and most effec�ve form Referral
of marke�ng. It has proved to be the best way you can
be networked to poten�al customers who will be loyal
to your business.
When you show concern about what ma�ers to your
customer, that is Business to Customer Loyalty, and you
can bet on it, you've just acquired a customer for life.
3. Create Las�ng
First Impression. Image
of service with a smile
that lasts longer… It is
an established fact that
first impression lasts
85
SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
longer in our memory. For example, if a poten�al
customer comes to your shop, office or warehouse for
the very first �me and was given a warm welcome by
the customer agent or recep�onist, that excellent
recep�on s�cks to his/her mind. And if careful a�en�on
is given to his/her need and met in a nice and friendly
manner, he/she will come back again and again.
You must get to personally know your customers and
recognize their individual needs. Above all, make
certain that what you are offering really is something
that your customer can value. That is the key to good
customer service - the shiny kind of customer service
that exceeds your customers' expecta�ons and
outshines your compe�tors'. And most important, your
ability to recognize people and call their names a�er
your first mee�ng impacts posi�vely on their memory.
Consumers o�en must encounter an experience to not
only be a sa�sfied customer but a loyal customer.
Customer service is a part of that experience. Please
read the below illustra�on and pay a�en�on to
prac�cal experience of a market place interac�on.4. Create an Effec�ve Complaint Channel:
86
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Excellent customer service is vital to businesses today.
It's a component that is o�en missing, unfortunately.
How do you provide great customer service? Always
make your customer a priority. Greet them in a friendly
manner, whether that is via telephone, email or in
person. Let them know you are there to help and that
you will take care of them, not only before the sale but
a�er as well. A�er all, in a thriving business customers
are not op�onal. It's a requirement for businesses to
survive.
Customer service is one of the most important aspects
of any transac�on. It begins the moment customers
walk in through your door and con�nues un�l their last
interac�on, some�mes well a�er a sale has been
completed. From a warm gree�ng to resolving a
challenge, service plays a vital role in affec�ng how
clients and customers view a company or brand.
A bad experience with a representa�ve can ruin a
customer's percep�on of the company, regardless of
the quality of their product. On the other hand, if
customers have challenges with their products and the
resolu�on goes above and beyond the expected, those
customers may walk away with a more favorable view
87
SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
than if they had simply bought their products without
any incident. Every part of a transac�on is affected by
customer service. Customers take note of everything,
from the way employees' stand, to the way they handle
money. An employee, who slouches, avoids eye
contact and slaps change on the counter will make a
las�ng nega�ve impression compared to one who
stays a�en�ve, makes an effort to be personable and
friendly, and takes the �me to treat customers like
guests rather than the other end of a transac�on. The
quality of customer service can easily sway a customer
to become a loyal part of repeat business or to provide
a terrible review on mul�ple social media outlets.
Customer service doesn't apply only to the point-of-
sale employees. Companies with the most successful
customer service prac�ces ensure that execu�ves and
entry-level employees alike know the importance of
trea�ng every customer with personalized, individual
a�en�on. Of course, not every company can use the
same tricks to impress customers. No ma�er the
industry, all employees can tailor their customer service
to their clients and make a las�ng impression. An auto
mechanic could take his or her service to the next level
88
THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
by taking extra care in cleaning a customer's vehicle as
well as providing a personal touch when interac�ng
with the customer directly. A salesperson in a hardware
store could share pointers learned from personal
experience while assis�ng a customer with a purchase,
and in the end, might recommend resources for further
informa�on rather than simply comple�ng a sale.
5. Develop Customer Survey Mechanism: Acumen
Research Group surveyed more than 1,000 Canadian
retail, banking and Telco customers to determine what
made them behave loyally and what made them leave
long-term rela�onships; 43 percent of respondents
abandoned a provider to which they declared
themselves loyal because of a nega�ve experience with
a staff, and 30 percent of respondents reported that
having the feeling they are not treated as valued
customers by the staff has been the main reason for
taking their business elsewhere.
6. Be Courageous and a Risk Taker: None of the
entrepreneurs I've studied have become successful
solely of their own. They've all built a team of loyal,
crea�ve, and skilled people.
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SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
Fellow entrepreneurs, you have to take bold and risky
steps. One of the world renowned genius entrepreneur
par excellence, Richard Charles Nicholas Branson
wrote in his autobiography of the decision to start an
airline: "My interest in life comes from se�ng myself
huge, apparently unachievable challenges and trying
to rise above them ... from the perspec�ve of wan�ng
to live life to the full, I felt that I had to a�empt it.”
Branson's first successful entry into the airline industry
was during a trip to Puerto Rico. His flight was
cancelled, so he decided to charter his own plane the
rest of the way and offer a ride to the rest of the
stranded passengers for a small fee in order to cover the
cost.
In 1993, took what many saw as being one of Branson
his riskiest business exploits by entering into the railway
business. Virgin Trains won the franchises for the
former Intercity West and Cross-Country sectors of
Bri�sh Rail.
Virgin acquired European short-haul airline, Euro -
Belgian Airlines in 1996 and renamed it Virgin Express.
In 2006, the airline was merged with SN Brussels
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Airlines forming Brussels Airlines. It also started a
na�onal airline based in Nigeria, called Virgin Nigeria.
Another airline, Virgin America, began flying out of San
Francisco Interna�onal Airport in August 2007.
The Creator of the Universe, created everything out of
nothing. I urge you to take a cri�cal look at your
environment. Please pause and think about it for a
moment. What is the most essen�al commodity that
human beings cannot do without? Do your market
survey and come up with something that breaks the
established protocols of the world of business. Write
your own business plan with a superior customer
appeal than the established ones.
Transforma�on involves itera�on, innova�on and
disrup�on. To get to the top and stay there,
organiza�ons must do the same things be�er, do new
things that unlock new value, and embrace new things
that make the old things obsolete.
Excellent customer experiences do not happen
overnight. Most don't happen in just two years. But
they do happen, and far more than 1% will start
reaching the top. Change is required, however, in
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SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
perspec�ve, processes, culture, collabora�on,
empathy, employee experiences and innova�on. It
takes the en�re organiza�on working together for the
customer, the brand and fellow employees. And that is
why it's s�ll so lonely at the top.
7. The Customer is the most Vital Asset: Customer
service is an integral part of our job and should not be
seen as an external extension of it. A company's most
vital asset is its customers. Without them, we would not
and could not be in business. When you sa�sfy your
customers, they not only help you grow by con�nuing
to do business with you, but they will also recommend
you to friends and associates.
The prac�ce of customer service should be as present
on the showroom floor as it is in any other sales
func�ons and per�nent in the overall company
environment.
Know who the boss is. You are in business to service the
needs of customers, and you can only do that if you
know what it is your customers want. When you truly
listen to your customers, they let you know what they
want and how you can provide them good service.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Never forget that the customer pays your salary and
makes your job possible.
8. Be a Good Listener: Take the �me to iden�fy
customer needs by asking ques�ons and concentra�ng
on what the customer is actually saying. Pay a�en�on
to their words, their tone of voice, body language, and
most importantly, how they feel. Beware of making
assump�ons - thinking you intui�vely know what the
customer wants. Do you know what three things are
most important to your customer? Effec�ve listening
and undivided a�en�on are par�cularly important on
the showroom floor where there is a great danger of
preoccupa�on - looking around to see who else you
could be selling to.
9. Iden�fy and An�cipate Needs: Customers don't buy
products or services. They buy good feelings and
solu�ons to problems. Most customer needs are
emo�onal rather than logical. The more you know your
customers, the be�er you become at an�cipa�ng their
needs. Communicate regularly so that you are aware of
problems or upcoming needs.
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SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
10. Make Customers Feel important and appreciated:
Treat them as individuals. Always use their names and
find ways to compliment them, but be sincere. People
value sincerity. It creates good feeling and trust. Think
about ways to generate good feelings about doing
business with you. Customers are very sensi�ve and
know whether or not you really care about them.
Thank them every �me you get a chance to do so.
11 Body Language Is Key. : On the showroom floor
be sure that your body language conveys sincerity. Your
words and ac�ons must be congruent. 12 Understanding Is Crucial. : Help customers
understand your systems. Your organiza�on may have
the world's best systems for ge�ng things done, but if
customers don't understand them, they can get
confused, impa�ent and angry. Take �me to explain
how your systems work and how they simplify
transac�ons. Be careful that your systems don't reduce
the human element of your organiza�on.
13 Appreciate the Power of "Yes. ”: Always look for
ways to help your customers. When they have a request
(as long as it is reasonable) tell them that you can do it.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Figure out how a�erward. Look for ways to make doing
business with you easy. Always do what you say you are
going to do.
14. Know How to Apologize: When something goes
wrong, apologize. It's easy and customers like it. The
customer may not always be right, but the customer
must always win. Deal with problems immediately and
let customers know what you have done. Make it
simple for customers to complain. Value their
complaints. As much as we dislike it, it gives us an
opportunity to improve. Even if customers are having a
bad day, go out of your way to make them feel
comfortable.
15. Give More Than Expected Since the future of :
all companies lies in keeping customers happy, think of
ways to elevate you above the compe��on. Considerthe following:
What can you give customers that they cannot get
elsewhere? What can you do to follow-up and thank
people even when they don't buy? What can you give
customers that are totally unexpected?
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SECRETS OF BUSINESS SUCCESS: EXCELLENT CUSTOMER SERVICE...
16. Treat Employees Well: Employees are your
internal customers and need a regular dose of
apprecia�on. Thank them and find ways to let them
know how important they are. Treat your employees
with respect and chances are they will have a higher
regard for customers. Apprecia�on stems from the top.
Trea�ng customers and employees well is equally
important.
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
WHAT INSPIRES YOU?
Can you imagine yourself in this situa�on, what's going
to be your reac�on? “They don come with their
religious proclivity”!
The jetliner had begun to taxi towards the runway.
Idahosa's new Mercedes was reported to have sped
towards the tarmac and screeched to a halt in front of
the plane. Benson Idahosa came out and waved at the
pilot, and subsequently got audience with him and the
passengers on board.
“Excuse me friends, I have two of God's special servants
in my car. They must go to Lagos today on this plane.
Two of you will get off now so God's servants can board.
God bless you,” Idahosa was quoted to have said.
One man was said to have tapped his assistant and both
gave up their seats for TL and Daisy Osborn.
CHAPTER
13
97
Idahosa reportedly stopped the first man in the aisle of
the plane. He asked him:
'Young man, what is your name and what do you do?'
“My name is Aliko Dangote and this is my assistant.
I am a trader, a businessman,” the young man was
quoted to have told Idahosa. “The world will get up for you. My God will bless you!
God will take you and your business beyond Africa and
bless you beyond measure,” Idahosa said to Dangote,
and walked out of the plane “waving, with tears in his
eyes”.
Start to develop these traits below and check back
a�er one year and the success story of your life will be
heard the world over.
1. Cul�vate the art of Listening More Than Speaking: In
a 2014 interview with Forbes Magazine, Richard
Branson named listening as one of his three most
important leadership principles. He says, “Listening
enables us to learn from each other, from the
marketplace, and from the mistake that must be made
in order to get anywhere that is original and disrup�ve.”
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
2. Be ready to Embrace ailure: F While you will never be
a success if you are totally reckless, you do need to take
risks along the way, and accept that there will be
failures, as well as successes. Nearly every successful
entrepreneur has encountered failure in varying
degrees in the course of their life's journey.
Even though is no longer with us, he Steve Jobs
certainly le� behind a legacy at Apple. However, many
people have forgo�en that at one point the Apple
board, who disagreed with his decisions, ousted him as
CEO. It was only a�er he spent �me developing NeXT
and Pixar, that he made a triumphant return to Apple.
Steve Jobs did not lose heart when he was dumped
from the successful company that he built. It merely
gave him the impetus to embrace that failure and move
further forward. 3. They're extremely curious.
Naveen Jain, Founder and CEO
of Inome, sums up the essence
of this trait in his post, The Most
Precious Resource on the Planet:
Big Dreamers. He states, “You
should always remind yourself
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WHAT INSPIRES YOU?
that the day before something is a breakthrough, it's
just a crazy idea.”
Thomas Edison would never have come up with his
inven�ons, including the phonograph, the mo�on
picture camera, and the long-las�ng, prac�cal electric
light bulb, if he had not been curious. Curiosity is a
fundamental trait of successful people. Entrepreneurs
do not make it through life by being indifferent towards
things happening around them. They are always
looking for the next way to make something be�er.
4. They Admit What They Don't Know
A common misconcep�on about successfu l
entrepreneurs is that they're o�en arrogant and
believe they know everything. You're likely to find that
most genuinely successful, self-made entrepreneurs
are not anywhere near arrogant. It is the vocal minority
that gets a l l the a�en�on. Most successful
entrepreneurs are the first to admit that they do not
know it all. The more they learn, the more they discover
what they don't know. To truly succeed, you have to
learn from your experiences in life. You need to keep an
open mind and be prepared to handle cri�cisms the
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
right way, as evidenced on Crea�ve Live.To quote Richard Branson again, “Learning and
leadership go together. Too much credit goes to me for
what we have achieved at Virgin, but the successes
happen from working and learning with some of the
world's most inspiring and inspired people.” Business
managers and owners find that they have enormous
demands on their �me. There is a real danger that you
can burn out if you a�empt to micromanage your
business.
Truly successful entrepreneurs can see a mul�tude of
opportuni�es for their businesses to take. More
importantly, they can also see that it would not be
beneficial (or possible) for them to pursue every
opportunity that comes their way. They need to be
selec�ve and concentrate their focus on only those
ideas with the greatest poten�al.
Steve Jobs was a master at saying 'no'. When he
returned to Apple in 1997, the company had a range of
350 products. Jobs reduced this number to 10 products
in a two-year period. He was able to give Apple a real
focus, a process they con�nue to this day. Feature creep
within technology companies is another example of
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WHAT INSPIRES YOU?
people not knowing when to say no. How many people
actually use all of the components on a Swiss Army
Knife? Most people use the knife to cut with, but unless
they are stuck in a hairy situa�on, they are unlikely to
use the specialist tool in other scenarios.
5. They Know the Importance of BalanceTruly successful entrepreneurs know that there is much
more to life than just running
their business. They spend
qual ity �me with their
family. They take breaks and
vaca�ons.
In some cases, this is an example of their learning from
their past mistakes. You hear about entrepreneurs
working horrendous hours, and many that do, end up
experiencing eventual health problems.
Warren Buffe� was asked in a mee�ng with MBA
students in 2012 for some of the reasons for his
success. Two of the reasons he cited were picking the
right spouse, and staying in Nebraska rather than
moving to New York City (with a quieter, less stressful
lifestyle).
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THE ENTREPRENEUR AS A DISRUPTIVE THINKER AND INNOVATOR
Sheryl Sandberg, the COO of Facebook, has an
innova�ve view on this. “There's no such thing as work-
life balance. There's work, and there's life, and there's
no balance,” she said in a Maker’s video interview. She
recognizes the difficul�es women, in par�cular, have
juggling family responsibili�es with a high power job.
6. They Know How to Build a Good Team: Team
Work…
If you intend to be a successful entrepreneur, you will
very quickly discover that you cannot do everything by
yourself. It is a physical
impossibility, and you
would certainly burn
out. Also, any human
being, no ma�er how
intelligent, educated
and experienced they
are, is unlikely to have the full skill set needed to run a
successful company by them. That is also why I'm a
huge advocate of valida�ng your business ideas before
diving too deeply into spending your precious
resources on them. None of the entrepreneurs I've
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WHAT INSPIRES YOU?
studied have become successful solely of their own
accord. They've all built a team of loyal, crea�ve, and
skilled people. To be a successful leader, you need to
know how to delegate. You need to be able to allow
others to become involved and make decisions in their
areas of responsibility.