To Create Wealth Marry the Mindset of an Entrepreneur to a Network Marketing Business Opportunity

No professional entrepreneur with a thorough understanding of Network Marketing will deny its viability as a wealth creational asset that makes available the ability to persevere in the profession of entrepreneurship. Network Marketing and the Direct Selling industry as a whole continues to grow through good economic times as well as bad. It has survived a roller coaster ride of poor press and bad word of mouth criticism that still lingers in the memories of some to this day, yet through the entire tenure of the business models conception it has prospered and enriched the lives of all whom are able to bring to it an entrepreneurial mindset to succeed in business.

The vast majority of businesses, conventional and those offered through a Network Marketing home business opportunity will fail within their first few years. The cause of most conventional business failures is due to the inability of the entrepreneur to continually raise the necessary capital to keep the business afloat until it is able to operate solely and continuously from its accounts receivables while maintaining a security cash reserve. The most common cause of failure among those operating a Network Marketing home business is that the newly independent business owner is either not an entrepreneur, or has failed to adapt the mental mindset of an entrepreneur.

The low cost of operating a Network Marketing home business and the fact that it can be started and operated part time makes it an attractive option to the employed and unemployed that see a visionary path to financial freedom, and gets excited about it. When it does not quickly transpire, they quit, and continue along the path of their familiarity, and believed security of being among the employed working for someone else. An entrepreneur sees a market demand, an opportunity to create a business to address it, and moves forward with a vision so clear that others are willing to follow.

Entrepreneurs are not born with a special gene. They acquire a philosophical way of thinking that those that are not do not have. However among the few things that is freely among our control in life, our way of thinking is one of them. This mental adjustment is within your powers, and adapting it to its fullest is within your capability. The cost effectiveness of starting, owning and operating an independent Network Marketing home business monetarily affords you the time. It further exposes you to others that will help you through the maze until you exit at the door of the financial prosperity that only an entrepreneurial path can bring you too.

An entrepreneurial mindset is a positive attitude. It may seem difficult to develop, and even harder to sustain when most of the attitudes around you are conditioned to its opposite. If you want to be among those who obtain long term success in Network Marketing (it will not happen quickly), you must acquire it and sustain it even during periods of your worst doubts. Wealth is not a privilege, it is a right! You have the ability to achieve financial abundance through Network Marketing, time, effort and the help of others (no one strives to financial abundance on their own, we all need the help from others), but wanting it is not enough; you have to want it bad.

The Mindset of an Entrepreneur

A country such as Nigeria is ranked among the poor countries according to the Human Poverty Index though we have a large oil production base. Since the wealth is not trickling down to the common man, we have to put measures in place to ensure that other sources of wealth are attained. In addition to this, up to 60% of those who have graduated from institutions of higher education do not get formal employment hence the need for alternative sources of income. There are currently very few institutions that have made it their mission to spread the gospel of entrepreneurship to the populace as a sustainable method of poverty eradication. Our Institutions should be able to educate the populace on issues concerning entrepreneurship.

Entrepreneurship vs. Self Employment

Our citizens should learn the difference between self employment and entrepreneurship. The two seem to be one and the same thing to many Nigerian entrepreneurs however, they have a distinct difference. An entrepreneur is a business proprietor who carries out business with ease and maintains growth while getting satisfaction of all the business activities. The entrepreneurial mindset is that of a strategist and a visionary. On the other hand a self employed business person is one who simply seeks to tap a financial niche without much regard for objective planning. This type of business person may not necessarily enjoy what they do. While an entrepreneur is focused on growth and expansion, a self employed business owner may be content with the current income levels, thus seeing no need for new strategies. Many Nigerians are self employed but their current state of living does not reflect much prosperity and it is until entrepreneurship is instituted that things can change. Given that the unemployment rate is about 6% according to statistics, it is vital for Nigeria to consider Entrepreneurship as a solution for creating jobs for the unemployed.

Innovative Entrepreneurship

The lay person needs to know that being an entrepreneur requires a considerable amount of sales and marketing skills. This may put some people off because they do not consider themselves as business people. However, there is no business that can progress without an aggressive sales strategy. We should also know that entrepreneurship is dynamic and plenty of thought has to be invested in coming up with new innovations to enhance business. It is evident that consumers’ needs change every so often therefore new strategies need to be put in place and old methods reviewed for out entrepreneurship sector to be successful and effectiveness.

Creating the Mindset

Nigerian entrepreneurs should be good strategists not afraid to make calculated risks after making a careful assessment of situations. The moment an entrepreneurial mindset has been instilled, any type of business whether big or small is able to achieve significant growth. Entrepreneurs in most cases have prosperous personal lives as well because they are able to align their business vision with their life objectives. This combination will ensure that all aspects are catered for because it is of no use to have a flourishing enterprise at the expense of a fulfilling personal life. Entrepreneurship can aptly be described as a business lifestyle in contrast to regular business self employment which is merely an activity. The achievement of an entrepreneurial mindset is able to turn around any business towards greater heights.

Role of the Populace

We need to adapt a focused mind and emotional state as entrepreneurs. Self examination is important in helping us to figure out our strengths and weaknesses. To be successful in business, there are several questions that all Nigerian Entrepreneurs should think about in order to make any project successful.

o Am I a self starter? In business it is not possible for things to just happen. As a business owner, you have the responsibility for initiating all the business practices that will stimulate sales. The vision of the owner is the driving force for any business enterprise.

o Do I think positive? Any time a person becomes a business owner, you have an optimistic outlook on your activities which will reflect on the progress made. Any employees or fellow entrepreneurs will notice this optimism and are likely to feed off this energy.

o Do you have discipline? Compared to formal employment that has fixed hours and limited motivation, an entrepreneurship is an on ongoing commitment that requires dedication beyond the standard working hours and there needs to be lots of attention to detail to ensure business is maintained. Our entrepreneurs require the will to resist any distraction and temptations that could keep them from achieving their objectives.

o What are your objectives? The expected goals and target need to be set in advance and our entrepreneurs should always have them in mind when conducting business

Following Suit

Africa is able to learn a lot from the developed nations concerning entrepreneurship activities and their impact on the lives of citizens. The European Union (EU) for instance has put plenty of emphasis on the promotion of small and medium sized enterprises which has resulted in the creation of over 75 million jobs. In fact, many of these jobs in the EU are being done by Africans who have fled their countries to earn a better living elsewhere. With the right economic mechanisms in place, these migrants would not need to go to far flung countries to seek a decent living.

Governments’ role

Currently, most sub Saharan countries use less than 2% of their gross domestic product (GDP) on infrastructure that will help scale up trade. This is considered very little and in order for trade practices to greatly boost the economy of Nigeria, approximately 10 % of our GDP should go into building of investment capacity. Only when this happens can there be a shift in our people’s mind frame leading to a more productive and self sufficient nation.

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