Wish to move from employment to entrepreneurship.Read this

1. From employee to
entrepreneur
By
Angela Ihunweze
www.angelaitambo.com.ng
080 33 28 04 53
Visit www.angelaitambo.com

2. Outline
 Who is an entrepreneur?
 How is different from owning a small business?
 What is an entrepreneurial venture?
 As an employee which should you choose?
 What to do before venturing into entrepreneurship?
 Identifying entrepreneurial opportunities?
 How to choose an entrepreneurial venture?
 What you need to do to start well in this career?
 How to prevent failure in entrepreneurship?
 Final words of wisdom
 It is time for questions

3. Who is an entrepreneur
An entrepreneur is an individual with the following
characteristics:-
 Who spots an opportunity in the marketplace
 Assembles the required resources to take advantage of this
opportunity, most times his or her own funds is used as start up
capital
 This opportunities may not be new to the market place, however
what makes it different is that these individuals turns these
ordinary opportunities into something extraordinary!
 They are visionary and very observant and current about what
goes on in the society to see where they can get their next big hit
 They are very patient and self motivated and are driven by the
passion to give life to their business and see it succeed.
 They take careful calculated risks and this means they don’t just
throw money on any idea that comes their way it must have a
substantial market need.

4. How is different from owing a small business?
Most small businesses are set up as lifestyle businesses to provide
immediate income for their families and a job for the owner
manager, therefore the following are found:-
 There isn’t ingenuity in the choice of business idea, that is why there
are a lot of copy cats, because Mr. x is making money then it means
I can to
 This results to over saturation of a particular business and invariably
some fail, because of the law of demand and supply
 There is no desire to expand, although most entrepreneurial
ventures start small with limited funds and grow from that seed
 Owners don’t see any need to embark on any form of training or
empowerment to improve on their business skills, and this leads to
bad and unethical business practices.
 As a result of the fact that most of these businesses are created out
of trends and momentary business opportunities any slight shaking
in the market place can affect them adversely

5. What is an entrepreneurial venture?
There are mostly improvements on things
we are used to e.g ABC bus
They are niches; initially it serves a few
customers as a result of the law
inertia, but eventually grows e.g
There spark innovation e.g Dudu Oshun
These businesses create all types of jobs
e.g Omatek Computers

6. As an employee which should you choose?
The incumbent employee has the following to traits:-
 His or her commitments to his present place of
employment and thereby is limited by time
 As a result of his or her commitments to paid
employment already his or her lifestyle and that of his or
her family is tied to it
 In-experience of managing an entrepreneurial venture.
Given the above limitations , it is our belief that any
individual that falls within this genre and is contemplating
entrepreneurship has the following at the back of his or
mind

7. As an employee which should you choose?Part2
 The Uncertainty of events in Nigeria especially
as it concerns job security
 The high cost of living that makes ones salary
inadequate for daily upkeep
 The desired lifestyle during retirement
If that is the case, it is our advise that such an
individual should invest in a small
business, which already has been ascertained to
generate immediate revenue with little business
and managerial skills required E.g a corner shop
dealing in products that are the trend of the
moment which wouldn’t affect his or her job

8. As an employee which you should choose Part 3
The second type of employee falls under the following genre;
 Tired of paid employment
 Preparing for uncertainity
 About to retire or down sized or right sized
 Already retired and still has active life to use and
idleness is not an option
 Desirous of creating an empire that will not only
create wealth but will be socially responsible to
alleviate poverty in the community as well as
create jobs

9. As an employee which should you choose Part 4
Such an individual should consider creating an
entrepreneurial venture that will encompass all these
ambition, however caution;-
 Should understand that such ambition must start small
so as to ensure proper structures are laid
 It will require extreme prudence and caution in the
choice of business opportunity
 It will require patience as well as a financial plan in place
to cater for his or her physiological needs e.g
food, shelter e.t.c
 Running such a venture requires constant up date of
business techniques so as to be equipped for the
challenges that comes with such a venture

10. What to do before venturing into entrepreneurship?
 Have a financial plan which will enable you set aside a sum to
cater for your upkeep during the period of inertia
 Create a nest egg, which is a portfolio of investments which can
generate income while you focus on this venture, e.g invest in
mutual funds, government bonds, fixed deposits, shares, if you
can afford it real estate. This will ensure you don’t become
desperate to recoup your investments and truncate the business
immediately
 Consider your personal goals, which includes motive for starting
the business, your physical conditions, your level of business
literacy. This will enable you choose the right business that suits
your personality, and enable you seek for the right help in terms
of business skills

11. Identifying entrepreneurial opportunities
Entails the ability to recognize and estimate value
circumstances in the following areas:-
 Political/legal e.g. Elections, Litigations
 Social/cultural e.g. Arts and crafts, tourism
 Economical e.g. Financial services, banks
 Demographics e.g. population growth which leads
(Housing, Social services, gender rights)
 Natural e.g. environmental hazards, meteorically
 Technological e.g. Information technology
Which is conducive to turn into an entrepreneurial venture

12. Identifying entrepreneurial opportunities part 2
In recognizing such opportunities the following should be
understood:-
 Successful opportunities are disguised in form of
challenges, unmet needs of a group of individuals
 These opportunities often are found from the following
places;-
1. Prior experiences got from the work place
2. Bad experiences got from a similar business
3. Through hobby/personal interest
4. Environmental scanning
An idea isn’t the same as an opportunity, for a
business of any nature to succeed it must have
substantial market need.

13. How to choose an entrepreneurial venture?
From your arrays of opportunities, you should by now
know that you can not invest in all , there must be a
choice. To arrive at that the following must be done:
 A personal assessment, to ascertain the most suitable
business that will suit your person. Since it is a life time
project it will require you do something you will be
passionate about even when the chips are down
 A feasibility analysis must be done to ascertain how
feasible it will be to execute such a project in the given
environment.

14. How to choose an entrepreneurial venture? Part 2
The business concept; what is the business?, who will be the
potential customers? What value is been added to this concept that
will differentiate it from the rest? How will it be delivered?
 Industry analysis; Is the industry where this concept belongs to
ready for such a concept? Same with the various stakeholders that
are meant to serve this industry ready or equipped to support this
business concept?
 Market/customer, is the customer aware that he or she is in need of
this business concept? Is the market ready for such a business
concept (including the structures on ground)? Can it be cultivated
and there possibility for growth?
 Management team required. What form of management is required?
and do you have the requisite skills needed and can you attract the
ones you don’t have?

15. How to choose an entrepreneurial venture? Part 3
 Product/service development, what is required to make
this business concept extraordinary?, Is it possible to
acquire what is needed to accomplish these feats?
These includes the raw materials
 To achieve all these will require funding to accomplish all
the above. How much can kick start the venture on a
small level? After careful analysis can it recoup its
investments especially in the future as a result of
growth?
 Risks and unspoken culture that exists, in every
business especially in Nigeria there are unspoken
cultures that exists and also consume money which can
make or mar a new venture, this must be taken into
consideration, when assessing the proposed
opportunities that comes your way

16. How to choose an entrepreneurial venture? Part 4
In a nutshell the entrepreneurial venture you should invest in must:-
 Not be forced on you in any form
 Suit your personality and long term vision for your life
 Be passionate about it; in order to wait through the period of inertia
 Have a market demand even though small but has prospects for growth
 Generate sales and as well profits at least after the period of inertia
 Be morally, legally, environmentally compliant
 Pass the quick test:-
1. Am I really interested in this opportunity?
2. Is anyone interested in this opportunity e.g. employees, investors?
3. Will people pay for what I’m offering, ones they aware of its value?
4. Can it be nurtured?
5. Is the environment e.g. politically, legal, industry ready for such an
opportunity ?

17. What you need to do to start well in this career?
 Knowledge about the industry you are about entering. This can be got from trade
associations, depending on the business concept you about to create. You will also
be acquainted with the permits required, experiences from others which should not
scare you rather enable you plan well.
 Undergo training in business management which is absolutely important, fortunately
we have organizations that do just that e.g ANGELA ITAMBO COMPANY
www.angelaitambo.com.ng
 Be acquainted with the technical issues of your business, it is by doing so, you can
now research and create business offerings that will be needed by your target
customers e.g Microsoft Bill gates
 Have a reliable and competent business advisory professional on whom you can
retain till you take off well, he or she is meant to assist you with the following:-
1. The various legal forms of organization and the most suitable for your kind of
business, this must be one of the first things that should be done
2. Liaise with other professionals in accounting, legal e.t.c to ensure you lay the right
structures in your business
3. Assist you build a business plan that will be suitable for the kind of business you
intend to establish
4. Provide you with counsel and keep you informed about any happenings that may
affect your business

18. How to prevent failure in entrepreneurship?
1. Be ready for the unexpected
2. Be girdled with information, which means keep your nose to the
ground
3. Financial indiscipline is the easiest ways to ruin your career, that is
why we suggest creating a nest egg and inculcating strict accounting
practices, to check mate excesses
4. Be ready to seek help at all times
5. Time management is paramount in avoiding failure, that why it is
ideal to either have a mentor or a business advisory professional on
retainer ship
6. There is no substitute in the following;
 Professionalism
 Planning
 Diligence
 Networking
 Reverence for your maker Almighty God

19. Final words of wisdom
 No matter how bad you think your situation is, be rest assured that
someone wishes he or she was in your shoes
 Checking out isn’t the problem, drop that pride and go down to the
trenches and get your hands dirty, if you are willing to do it in
another man’s land why not here. Nigeria is your home.
 You are an original and not a cheap copy, therefore be aware that
you were created for an assignment as an entrepreneur, it is up to
you to find what that is, this is what differentiates an ordinary small
business man or woman from an entrepreneur
 You need divine wisdom to pull through and this only comes from
the Lord. It is the Lord that makes rich and adds no sorrow
 Quit worrying and relax, worrying will only make matters worse.
 See entrepreneurship as a career you want to excel in and you will
be at the pinnacle of it all.

20. It is time for questions
List three most pressing questions that bug your mind and
send via e-mail:angelaitambo74@yahoo.com
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Thank you and God bless you Amen