Thread by @c_shepherds

Dear friends, we trust you had a great day. On today's edition of #navigatewithidy, @IdyEnang started a new topic titled 'Acquiring Business Acumen Skills.' Follow the conversation in the thread below to join the conversation & share your thoughts
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Acumen is the ability to make good judgment & take good decisions. Notable synonyms of business acumen are business savvy & business sense.

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Business acumen is defined as keenness in understanding & dealing with business matters.

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Business acumen skills:

1. Ability to focus;
2. Affinity to solve problems;
3. Understand business modules
4. Learning the Financials: numbers speak in business

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Key Indicators of Business Acumen:

1. Ability to plan through strategic thinking
2. Understanding of all areas of operations of the business & how they are connected
3. Recognition of the financial elements of the business.

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In assessing your entrepreneurial profile, it is important you ask yourself this question:

Do I have what it takes to be an entrepreneur?

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Being an entrepreneur comes with a lot of emotions. Not everyone has what it takes to be an entrepreneur. Being an entrepreneur comes with some personality traits:

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1. I have a good intuitive sense and thrive with new ideas
2. I intend to rebel against authority (not the government) This implies I intent to be disruptive against the status quo
3. I communicate well with people

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4. I have a strong need to be successful financially & otherwise
5. I am not afraid to make mistakes & learn from them

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If you are an employee, before you quit your job to become an entrepreneur, you need to speak to people who are in business already who can give you the day to day life of an entrepreneur

#navigatewithidy #BusinessAcumen @IdyEnang @LagosTalks913

Every business has its own unique current. Ask these entrepreneurs ahead of you what it cost them to start their own business & how they got the funds

#navigatewithidy #BusinessAcumen @IdyEnang @LagosTalks913

Apart from being an ideas person, ask yourself what else you can be good at. Success in a new enterprise depends on a lot of dedication & consistent application of good business principles

#navigatewithidy #BusinessAcumen @IdyEnang @LagosTalks913

You must be good with money: Make money grow because it has legs. You must be good with money & people because there is no way you can get results without people.

#navigatewithidy #BusinessAcumen @IdyEnang @LagosTalks913

Your business cannot grow without people because people are treasures in earthen vessels. You must be a good promoter and you must be good to yourself

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How to make it Happen:

1. Check that you have the right idea(s): Know your strengths & weaknesses as well as that of your competitors.

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2. Develop a detailed business plan: This allows you to recognize problems in time to make corrections. Remember to include sections in every facet of your business plan

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3. You must learn to bankroll your ideas: Take your ideas & business plan to people (start with family & friends) to criticize. One of the strongest abilities of an entrepreneur is the ability to regroup

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Be willing to share a portion of the company with the right partners or you position your company to attract startup funds.

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4. Practice networking
5. Plan your marketing & PR: An integral part of your business plan is your marketing. Marketing research tells you the 'where' & 'what' of your business.

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6. Make sure you have the right financial & management support.

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Common errors most entrepreneurs make:

1. Setting up partnerships
2. People having inadequate people & planning
3. Relying heavily on 2-3 customers
4. Failing to admit mistakes
5. Underestimating the competition

#navigatewithidy #BusinessAcumen @IdyEnang @LagosTalks913

Thank you for being a part of today's program, join us on Thursday for another insightful episode as we continue on this trajectory. If you have question(s) please send an email to Mr. @IdyEnang via [e-mail]

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