Becoming an-entrepreneur

1. WRITTEN BYEric Kinoti and Joe Muburi Over 60 bloggers and journalists CONTRIBUTIONS BY DESIGNED BY A F R I C A R E D E F I N I N G A b o o k y o u w i l l a c t u a l l y r e a d o n

3. ENTREPRENEUR BECOMING AN

4. My bet is that if you ask anyone on the street to describe the term “entrepreneur,” they will tell you that it is someone who starts a business. If you ask them to describe some characteristics of an entrepreneur, they will throw out terms like “visionary,” “leader,” and, possibly, “hero;” they will describe an entrepreneur as a risk taker, aggressive, inﬂuential, creative, opportunistic — someone with a big personality. This description is only partiallycorrect. Introduction visionary who is anentrepreneur ? entre preneur

5. Fixed Mind-set Growth mind-set Intelligence is Static Intelligence can be developed All of us are entrepreneurs. We are all born with the innate ability to survive; and survival involves innovative thinking. Think about your life. Think about the times you needed to make a decision - a choice – that involved doing something innovative (something you were not accustomed to doing) so that you could “move on” or adapt to a challenging situation. In ournormalcourseofdailyliving,wearefacedwithchoices. Granted, some of these choices are more signiﬁcant than others. And these are the choices that I am addressing; the choices that are out of the norm; the situations that afford us a real opportunity to change our lifestyle — our life — and adapt or destroy our normal way of approaching whatever life throws atus. When we choose to embark on a path not chartered, we are engaging in a “small act of entrepreneurship.” Being entrepreneurial is essentially about thinking and doing something that we have not done before, in order to achieve a desirable goal or outcome. It is about assessing a situation, designing alternatives, and choosing a new way — or perhaps a combination of ways — that we hope will lead us to something better; however we happen to deﬁne “better” at that moment. Hopefully, we make our choices in the context of maximizing our happiness without harming others – the ethics that underlie allofourchoices. Entrepreneurship is a Mindset

6. Developing an Entrepreneurial Mindset s you have now learnt, entrepreneurship Ais about perspective. Entrepreneurship is a "mindset." You might ask, how do I acquire an entrepreneurial mindset? You can acquire the mindset by cultivating traits common among entrepreneurial people. We will look at 6 traits that entrepreneurial people have in common. Perseverance: The ability to withstand repeated rejection and disappointment is an essential part of an entrepreneur's makeup. Successful entrepreneurs are able to draw lessons from rejection, as well as prevent it from damaging their self - esteem. Essentially, you must be able to deflect the rejection away from yourself and use it as a spur to fix flaws in yourbusiness ideas. Flexibility: Entrepreneurship is a tough space to play in. Unexpected challenges and problems appear constantly. You must be flexibleenough in your thinkingto rollwith the punches, solve problems as soon as they crop up,andrecoverquicklyfromsetbacks. High internal locus of control: Successful entrepreneurs have faith in their ability to determine their own success. They see that their own actions, decisions, and responses are what will make or break them – not what the outside world throws at them. This means that you need to take responsibility for doing the thingsthatneedtobedone. Flexibility High internal locus of control Learning and iteration Curiosity: A wide Optimism: Perseverance: You can acquire the mindset by cultivating traits common among entrepreneurialpeople

7. We are selling ourselves short if we do not deﬁne ourselves as entrepreneurs - if we choose to accept that “entrepreneurs” are the “other” people who take a chance, who think and act differently when challenges arise. I bet that throughout the course of the year, you make “entrepreneurial choices.” It may not be manifested as developing the latest app, the coolest new service,thenextgreatbusiness model. My bet is that your small act of entrepreneurship is manifested as the choice you make to alter your life; to go through the pain of detaching yourself from what you usually do and attempt a new course of action; the pain of choosing to be resilient in the face of adversity; the gut wisdom of taking a risk because you know that you just can't do “more of the same.” Maybe it is starting a company; maybe it is presenting a new idea to your boss; maybe it is choosing to pursue a degree; maybe it is physically moving to another location…the choices are endlessandwefacethemthroughoutourlives. When we think innovatively and act on that innovation, weareentrepreneurs. When we think innovatively and act on that innovation, we are entrepreneurs.

8. Learning and iteration: When a problem occurs, a successful entrepreneur sees it as a learning opportunity. The lessons an entrepreneur takes from any given situation are then used in successive iterations of the entrepreneur's ideas to developandrefinethem. Curiosity: A wide - ranging curiosity about how the world works and where things tie together is extremely common among successful entrepreneurs. Always keep your mind active – this will strengthen your ability to see things from differentanglesandthinklaterally. Optimism: Despite all the difficulties inherent in the entrepreneurial lifestyle, successful entrepreneurs maintain an optimistic view of life and the world. Being optimistic about a situation could mean the difference between seeing it as an unsolvable problem or an opportunity to be explored. ntrepreneurs are always told that they need to be Epassionate about their business. This is true, but the glamour of passion often masks another element that is essential to an entrepreneur's success: commitment.While passion may lead you to start your own business, it is your commitment that will keep you going and allow you to persevere through the difficulttimesahead. With this in mind, as a prospective entrepreneur, you need to be able and willing to reach out to those around you for emotional support and financial backing when youneedto. Entrepreneurs have a drive to succeed, and their high internal locus of control often makes it difficult for them to admit errors or that they need help. To nurture your thinking and support your ideas, you need to be sure that you have the space you need to work out solutionsonyourown. An environment that is accepting of failure is a huge support for most entrepreneurs. Being surrounded by people who understand that business failure is not shameful, but rather something to learn from and build on,willhelpyou topersevereandtryagain. Being given academic textbook lessons on how to run your business is unlikely to address your needs. Make sure that you surround yourself with people who are able to share your experiences. This will enable you to draw your own lessons and will be a far more effective way of finding the support you need as you develop yourentrepreneurialmindset.

9. About This Book Becoming an Entrepreneur is the ﬁrst infographic book of an ongoing series of books you will actually read. The average person can read these book in roughly one hour. The hope is that the big truths packed into these little books will make them different from the many other books that you would never pick up or would pick up only to quickly put down forever because they are simply too wordy and don't get to the point. Our approach to entrepreneurship starts with a mindset and spirit. Then it guides you in discovering the strategies, skills, and tools you must ﬁnd and use to turn ideas into opportunities and opportunities into successful business concepts. We offer practical information, tips, and checklists that can be used by anyone who aspires to start a business, work as an entrepreneur inside a large company, or just become more opportunistic by acquiring an entrepreneurial attitude. It doesn't matter whether you have ever owned a business or even have any business experience. You can use this book to think about the world of the entrepreneur and decide if it's rightforyou. This book is grounded in the real world. The book is based on experience of the authors in starting businesses from scratch and running them. Additional information has been collaborated from over 60 articles in respected journals authoredbyentrepreneurs.Thisisnotatheoreticalbook. Becoming an Entrepreneur is a guide to everything you've ever wanted to know about the entrepreneur and the entrepreneurial process. Don't know where to get started? We'llhelpyou.

10. Chapter 1 Getting Ready It is important from the onset to define what is entrepreneurial and distinguish it from small businesses. Nearly every new business starts small, so physical size alone doesn't separate entrepreneurs from businesspeople who simply want to support a lifestyle. The differences lie much deeper. People who start entrepreneurialventures are: Driven by opportunity: Entrepreneurs see opportunities where others don't. They strive to satisfy a need that is not being served, or create a new product or technology that changes the way things aredone. Focused on innovation. Entrepreneurs are creative and find ways to innovate in every aspect of their business, from the product or service, to marketing and distribution,tothebusiness model. Determined to create new value by shaking up the market place. Entrepreneurs change the economic environment of the market place they enter. They are likely to create entirely new jobs and add value to existing economies. Determined to grow. Entrepreneurs seek to grow their businesses and exploit opportunitytothefullest. By comparison, small businesses or what can be called "lifestyle businesses", generally trade to provide a job for their founders and an income for themselves and their families. These businesses tend to remain small and geographically bound - they serve a local community. Most small businesses have the potential to grow and innovate and become entrepreneurial ventures, but their founders don't want to do that. The shop keeper down the road, the guy running a cyber cafe, the pleasant lady with a fashion boutique, the consultant working for himself, the respected owner of the town finest restaurant are examples of people running small, lifestyle businesses.And although such businesses represent the vast majority of all businesses in Kenya, they are not the prime source of new jobs in the economy. Entrepreneurs generatethejobs. Decide what kind of business you want to start, because that decision will affect all others. If global domination is your goal, you'll set different goals and make different decisions than if you want to confineyouractivitytothecommunity. small businesses or what can be called "lifestyle businesses", generally trade to provide a job for their founders and an incomefor themselves andtheirfamilies. Entrepreneurial Ventures Vs Small Businesses

11. Myth #1: Entrepreneurs don't quit Whoever came up with this idea that quitting is bad, and that entrepreneurs don't quit? Quitting is what makes an entrepreneur an entrepreneur. First, most entrepreneurs have to quit their day job in order to become an entrepreneur. That's the crucial quittingpoint. Most entrepreneurs I know have also quit some entrepreneurial venture. If an entrepreneur starts a crappy business and knows it, then she's going to quit. Elon Musk co-founder of PayPal quit. Steve Jobs quit. These people are rockstar entrepreneurs, but they stepped in and out of jobs. This completely shatters the myth of the entrepreneur who never quits. Successful entrepreneurs need to quit sometimes. There's nothing wrong with quitting something stupid. Let go of it.True success is knowing what to quit and when to quit. Let's get rid of this stigma that “entrepreneurs never quit!” and m a y b e w e ' l l s e e s o m e entrepreneurs ﬁnally break free of their shackles, and start some companiesthatsucceed. Myth #2: Entrepreneurs know exactly what they want, and how togetit. Maybe some entrepreneurs have a laser-focused goal and a clear plan for getting there. But that's not normal. In fact many entrepreneurs have no clue how to achieve their entrepreneurial passions. Entrepreneurship is a process of trying, failing, trying again, and succeeding, trying again, and trying again. Many times, entrepreneurs just don't know what to do. They follow theirgut,butthat'shardlyaplan. Loading Myths About Entrepreneurs

12. Myth #3: Entrepreneurs are their own boss. Nobody is their own boss. Everyone has someone they report to. Let's dispense with the idea that someday you'll be an entrepreneur in complete charge of your entire existence. In many cases, your business becomes your new boss. It's ruthless, demanding, heartless, requiring 18-hour workdays, and zero holiday time. If you are running a consulting business, your clients are your boss. If your startup gets funded, your investors become your boss. Myth #4: Entrepreneurs have to be connected. Have you heard this saying? “It doesn't matter what you know; it matters who you know.” To succeed as an entrepreneur,donotbelievethat. There are countless examples of people who immigrated to foreign countries where they knew no one and built huge businesses. Let us illustrate this with the example of Mr Kammal Budhabatti, the founder and C.E.O of Craft Silicon, a software company based in Kenya. Kammal was born in India and came to Kenya after a friend informed of a data entry job in Nairobi. While working as a data entry clerk, Kammal learnt that a local bank was in desperate need of a clearing house software and Kammal decide to write the software on his spare time. When the employer discovered that he was using company resources for his endeavours, he was ﬁred and deported to India. He raised money and came back to Kenya for a second time. When he returned, things were worse. He had very little money on him, so he squatted with a friend in a dinky apartment, spending many sleepless nights perfecting his software. He ate only once a day as he struggled to save money. Kammal did not have connections but through persistence, he has built Craft Silicon to a company valued at over 50 million US dollars.Entrepreneurs who realize that connectedness is a myth are forced to r e l y u p o n t h e i r o w n g r i t a n d determination, not some star-studded safety net. That powers them forward to start companies, and successfully run thosecompanies. IAM THE BOSS Myths About Entrepreneurs Loading

13. Myth #5: Entrepreneurs are usually rich. Nope. Some entrepreneurs might become rich, but they certainly don't start that way. In fact some entrepreneurs have gone bankrupt several times before they made it big. If you are looking for a quick way to get rich, then entrepreneurship might not be the route you want to pursue. Entrepreneurship is not for the rich, and it might not evenresultinriches,either. Myth #6: Entrepreneurship requireshuge funding. Some people have this idea that in order to start a business, you have to have a pile of cash. In order to get the pile of cash, you have to wheel and deal with angel investors, venture capitalists, and investors who ride around in chauffeured range rovers. The reality? Most of an entrepreneur's “funding” is from his own back p o c k e t . A l o t o f t i m e s , entrepreneurs don't get funded. They bootstrap. They growth hack. They adopt creative and cost effective ways of marketing their trade. They negotiate with suppliers for a line of credit. They eat beans and chapatti at the local café (sometimes on credit). Some entrepreneurs will get lucky and funded, but it's deﬁnitely not a prerequisiteforthetrade. Loading Myths About Entrepreneurs

14. Myth #7: Entrepreneurship is fun! Ha ha ha. If we are laughing, it's our bitter laugh. There's a true/false dichotomy to this myth. Sure, entrepreneurship is fun. We love what we are doing, and just about every other entrepreneur does, too. But you need to know something: Entrepreneurship is really hard, almost unbearably so at times. The ups and downs of entrepreneurship parallel the ups and downs of ordinary life. There are the good times. And there are the bad times. The difference with entrepreneurship is that the bad times are a lot worse, and the good times are a lot better. But fun all thetime?No. Myth #8: Entrepreneurs always takehuge risks Entrepreneurs are risk-takers according to our conventional jacked-up ideas of safety. But maybe the entrepreneur's risk- taking is nothing more than a tilt toward the unconventional, a good idea, and dissatisfaction with the status quo. The entrepreneur's risks are not the reckless actions of a devil-may- care upstart. They are decisions that are calculated, data-driven, dream-backed, and pursued w i t h t e e t h - g r i n d i n g determination. Risk? Not hardly. Myths About Entrepreneurs

15. We believe that if someone aspires to entrepreneurship, he or she should immediatelystop believing these myths. By their very deﬁnition, entrepreneurs are mold-breakers and disruptors.To be a successful entrepreneur, maybe the ﬁrst step is to letgoofeverythingyou alwaysbelievedaboutentrepreneurship. What aresomecommonmyths that you'veheardabout entrepreneurship? Myths About Entrepreneurs

16. Physics 1. A Builder A drive to build highly scalable businesses very fast. That's because these individuals measure success through a very unique lens – infrastructure. It drives the decisions they make and the strategy they build and deploy. They aren't satisﬁed with a certain amount of personal income or goodwill toward man. They are Pied Piper-like individuals who are master recruiters of talent, investors and customers. Individuals with high Builder DNA tend to struggle most with personal relationships – and typically have a revolvingdooroftalentintheircompanies. 2.AnOpportunist Picture Sir Richard Branson and you have a pretty good idea of what Opportunist DNA is all about. Individuals wired with this DNA are highly optimistic master promoters. They enjoy marketing and selling. They are wired to sniff out well-timed money making opportunities, jump in at the right time, ride the wave of growth up and (hopefully) jump out at the peak. Opportunist DNA measures success based on the amount of money they make (or will make) when they aren't working. So they are drawn to business opportunities where leverage can be used to create residual and renewal income. This behavioral preset in entrepreneurs makes them impulsive decision makers – especially when it comes to money-making opportunities. A trait that can serve them very well or be the source of their demise. 3.ASpecialist This DNA activates in the experts of our world. No sooner does an individual go through years of schooling, apprenticeship or on-the-job training does this DNAactivates – driving the corresponding behaviors. Specialist DNA drives one to be very analytical, relatively risk averse and anti-selling. Specialists generate most of their new business from referrals and networking. They measure success based on their personal income. Their businesses tend to grow fairly well in the startup and early growth phase, but as soon as their personal income hits preset targets, their internal thermostat kicks in – andtheygointocustomerservicemode. Types of Entrepreneurship

17. 4.AnInnovator Picture Mark Zuckerberg in the movie The Social Network and you'll see Innovator DNA activating in the entrepreneur. Like most Innovators, he was doing something he loved, when a business opportunity popped up around him. The breakthrough discovery typically drives this entrepreneur in the “lab” of their business – where they want to invent, design and tinker. They would much rather be in the lab of their business than at the cash register or in the business office. They find operating a business draining. They measure success based on the impact their product or service is having on mankind. “It's not about the money” you'll hear them say. “I'd do this for free for the rest of my life if I could”. Individuals with high Innovator DNA control most of the great intellectual property of our time. Unfortunately, they hide in dungeons andfind ithardtoengagein“business”discussions. WHICHTYPEAREYOU? There is an interesting book called “Entrepreneurial DNA” by Joe Abraham, the founder of BOSI Global, an operating partner to venture-backed and owner- operated companies. The book is based on Joe's study of over 1,000 entrepreneurs. The research confirmed the discovery that all entrepreneurs are not all “wired” the same way. The book suggests that entrepreneurs fall into four distinct types of “entrepreneurial DNA's” that leverage unique strengths, weaknesses and tendencies that are typical in each specifictypeofentrepreneur. So what does this all mean? For centuries, the approach to entrepreneurship has been – what worked for one entrepreneur will work for every entrepreneur – because after all, entrepreneurs are all the same. This research has proven that entrepreneurs come in very different profiles. Some of us are Innovator-Builders. Others are Specialist-Opportunists. Knowing your DNA and the DNA of those surrounding you is mission critical to selecting the business, strategy andteambestsuitedforyou.

18. This chapter has given you a taste of what entrepreneurship is all about.Are you still interested? Good. It's time to introduce you to the skills you need to succeed. The one thing that we can't give you is the passion, that ﬁre in the belly, that certain something that keeps you going when all the odds appear to be against you. Entrepreneurs have it; so do great people in every profession. If you feel the passion, it's time for you to getstarted. It is important to consider a number of issues before launching a business. For instance, if you launch a business that doesn't complement your personal goals, it won't be a source of satisfaction to you, and chances are, you won't be as successful as you may be in an area that you care deeply about. Before starting a new business, ask yourself the questions that follow.They can help you know yourself better andpointtowardtherightmatch. DECIDING TO BECOME AN ENTREPRENEUR

19. Why do you want to start abusiness? How is startingabusiness goingto affect your personal life? How is startingabusiness goingto affect your personal life?

20. What amount of time are you willingto invest inyour business? What aspect of business make you really uncomfortable? How will your feelings about business affect the potential growth of your business?

21. Why do you want to start abusiness? How is startingabusiness goingto affect your personal life? How is startingabusiness goingto affect your personal life?

22. plan marketing ideas research leadership As an entrepreneur, you have the biggest impact on whether your business grows. You need to examine your attitudes about growth in general and all the ramiﬁcations of growing. For example, how do you feel about ownership issues like how much of the company you want to retain as your own? What about your ability to delegate control to other people? Do you plan to build a company that will endure over a long period or do you want to get in and out quickly? Recognizing your attitudesaboutbusiness helpsyousteeraroundhazards.

23. Chapter 2 Entrepreneurial Brain Your brain controls the way you think and the way you think controls what you do.What you do, largely gives you the results you see in the outside world (including your bank balance, your house, your car, the types of holidays you go on and the difference you make).So, if you want to consistently make things happen, it's vitally important that we take alookatthebrainandhow it'swired. The brain is incredibly complex, and an exciting piece of kit to learn about properly. If you happen to be a brain- scientist forgive me for oversimplifying things but what I am about to discuss is designed to be useful for entrepreneurs ratherthanaccuratetobrain-scientists. According to Daniel Priestley, the author of the Entrepreneur Revolution, there are three key parts of your “entrepreneur brain”: The Reptile: the survival part of your brain that has you see the world as a dangerous place where most people and most things can't be trusted. Its main purpose is to make sure that you can escapeandsurviveanydangerousorstressfulsituation. The Monkey: the functional worker part of your brain that has you see the world as a set of challenges and problems for you to play with and explore while you ride the emotional highs and lows thattheymakeyoufeel. The Empire Builder (or Humanitarian if you prefer): the empire builder/humanitarian part of your brain has you see the world as a deeply connected place that you can transform in a meaningfulway. The Reptile The Monkey The Empire Builder

24. The Reptile f you operate from the Iprimitive, survival part of your brain, you can expect to live like a reptile. Reptiles don't have many friends, they eat flies, they don't evolve and they feel the cold when the wintersoflifecomearound. Operating from the survival brain gives you more scarcity in the times we are living in. This part of the brain has no empathy for others, a skill that is vital in “value creation.” The reptile isn't able to reason effectively and it has no concept of time. It's not a logical or strategic part of the brain, it's programmed to seek out situations that seem good for immediate survival with as littleeffortaspossible. Unfortunately it's easily fooled in these modern times. It's the part of the brain that will gamble on slot machines for hours on end, trading small coins for the hope of many coins, but it will never compute the folly of this activity. It's the part of the brain that will hope for “passive income” and will sacrifice relationships and genuine opportunities in exchange for a shot at “having an endless stream of 'flies that land in your mouth' every day ontheirown.” The reptile believes the only resources that exist are those it can touch right now. If it can't see money, there's no money. If it can't see food, there's no food. The reptile will destroy everything around itself if it thinks it will bring an immediate benefit to its survival. If you have ever lashed out at someone close to you, if you have ever smashed something valuable or sent a venomous email that later cost you dearly, it was you “going reptile.” THE REPTILE BRAIN REPTILES DON'T HAVE MANY FRIENDS, THEY EAT FLIES, THEY DON'T EVOLVE AND THEY FEEL THE COLD WHEN THE WINTERS OF LIFE COME AROUND.

25. he monkey brain isn't Tmuch better than the reptile brain if you want to achieve success as an entrepreneur. If you operate from the purely functional part of your brain, you will live like a monkey. You will have friends and you will be able to perform repetitive tasks, but most of what you do will not be very meaningful in the long term. You will enjoy nit-picking, and you will stay amused with very simplethings. The monkey brain loves to experience peak emotions like anger, sadness, happiness, surprise, sexual arousal and excitement. You can keep the monkey brain occupied for years by just stimulating peak emotionsonadailybasis. The monkey believes the only resources that it can access are those it's been told it can access. If you tell the monkey it earns Kshs 20,000 a month, it believesthat'sallthereis. If you've ever gotten addicted to drama, caught up in m e a n i n g l e s s r e p e t i t i v e endeavors or become a real party animal – that was you “goingmonkey.” The Monkey THE MONKEY BRAIN

26. If you want to build an empire, you need to access your empire buildingbrain. If you operate from the empire builder part of your brain you will live like an emperor. You will develop a space that is truly your own, people will be honored to share conversations with you, you will solve big important problems and make a difference to many people. The empire builder part of your brain has great amounts of empathy, logic, reasoning and higher consciousness. These are all great skills for building an empire. You're empire builder brain has a capacity, quite literally, to love the world. It can connect with people and events over vast distances. It can calculate future events, it can draw unique insights from your own past or even the stories of others and naturally devise strategies. It's wise beyond the comprehension of the monkey or thereptile. While reptiles believe in resources they can touch and monkeys believe what they are told, the empire builder believes in the resources it can have inﬂuence over. An empire builder believes that their empire grows when they have greater inﬂuence over resources but they care not who technically“owns”theresource. If you have ever had moments of pure inspiration where you feel anything is possible, you want to start a movement and do something meaningful for humanity, you were having an “empirebuilder”moment. Here's the problem. The brain was built in such a way that the lower parts of the mind can shut down the higher parts. If the reptile brain is overstimulated it shorts-out the monkey and empire builder, and reptiletakesover. THE EMPIRE BUILDER

27. n a survival situation, you Idon't want to empathize with your attacker, nor do you want to make friends with it. You want to do what's needed to survive and nothing else. So the reptile is in charge when you feel your survival is immediatelythreatened. If the reptile part of the brain returns to calm again, the mammal brain takes over and gets on with its feeble monkey existence that revolves around repetitive tasks and ﬂuctuating emotions. The monkey brain is in charge when you do not feel l i k e y o u r s u r v i v a l i s immediately threatened but when you're stimulated by peakemotions. Provided the monkey brain stays stimulated, you cannot access the higher mind of the empire builder. The empire builder only comes out when you truly feel abundant, centered and complete in the moment. Accessing your inner empire builder isn't as hard as you might think. You need to do twothings: 1. Convince yourself that you don't need anything – you are whole and complete in this moment and you're survival is notthreatenedinanyway. 2. Avoid overstimulating yourself through emotional highs and lows (please note that I wouldn't class deep love or inspiration as a monkey brainemotion). Before you go further reading this book, make sure you aren't f e e d i n g t h e r e p t i l e o r stimulating the monkey too much. If you are, you'll spend all your time cleaning up the messes they make and there'll be none left for building your empire.

Becoming an-entrepreneur

Becoming an-entrepreneur

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