Young Startups have been tasked to focus on building a reputable brand and creating value in business rather than making money a priority.
With the mindset of making money being major focus for up and coming entrepreneurs, speakers at the CFA's Startups Hangout March Edition are of the opinion that creating value and building a brand remain critical factors for a sustainable business.
Addressing entrepreneurs at the event, Nkemdilim Begho, CEO, Future Resources Software Limited stressed that the creation of value in a business, as well focusing on how to build the brand should be the primary objective for startups.
Begho said money should never be the primary objective when starting a business, as this would not provide the ingredients to building not sustainable in the long run, hence value and brand can do.
"Whenever, I ask up and coming entrepreneurs why they want to venture into business, if they tell me money, I tell them it doesn't work that way. I always tell them to focus on value and building a brand, which has helped me at the moment.
When I started my own business it was never easy, I didnt pay myself salary for over five years, let alone of hiring any employee. Inspite of all the challenges, I kept on going", she added.
However, the Future Resources Limited boss charged the startups to be strategic with pricing whenever a client shows interest in their services.
Begho explained that most times clients or customers do not know exactly what they want and the inability to explain in detail, speak their language, communicate pricing and method of delivery becomes an issue.
"Some client dont even want to pay for your services, some will underprize your service. However, you need to be strategic and charge exactly what will work for you. If you charge less than the real cost, you will never grow your business.
"On the other hand, you need to understand what value your are offering to the client and be able to explain in simple terms the "what, when and how" before implementing a clients project.
When you communicate at the initial stage, it becomes easy to avert hurdles in the process of implementation", she said.
Continuing: She charged all the entrepreneurs to always develop skills at every point in their career and make it a responsibility to grow day after day.
"The only way I get impressed with my employees is when they grow on their job, develop skills and learn fast from me. This way, I get impressed with their performance and that is what all entrepreneurs should be doing", she concluded.
In his words, Atul Kshetry, a successful business mentor who has led IDM Services Plc through a fast track diversification process said focus and patience could go long in way in the entrepreneurial journey.
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| (M): Nkemdilim Begho, CEO, Future Resources Software Limited, (R) Atul Kshetry |
Addressing entrepreneurs at the event, Nkemdilim Begho, CEO, Future Resources Software Limited stressed that the creation of value in a business, as well focusing on how to build the brand should be the primary objective for startups.
Begho said money should never be the primary objective when starting a business, as this would not provide the ingredients to building not sustainable in the long run, hence value and brand can do.
"Whenever, I ask up and coming entrepreneurs why they want to venture into business, if they tell me money, I tell them it doesn't work that way. I always tell them to focus on value and building a brand, which has helped me at the moment.
When I started my own business it was never easy, I didnt pay myself salary for over five years, let alone of hiring any employee. Inspite of all the challenges, I kept on going", she added.
However, the Future Resources Limited boss charged the startups to be strategic with pricing whenever a client shows interest in their services.
Begho explained that most times clients or customers do not know exactly what they want and the inability to explain in detail, speak their language, communicate pricing and method of delivery becomes an issue.
"Some client dont even want to pay for your services, some will underprize your service. However, you need to be strategic and charge exactly what will work for you. If you charge less than the real cost, you will never grow your business.
"On the other hand, you need to understand what value your are offering to the client and be able to explain in simple terms the "what, when and how" before implementing a clients project.
When you communicate at the initial stage, it becomes easy to avert hurdles in the process of implementation", she said.
Continuing: She charged all the entrepreneurs to always develop skills at every point in their career and make it a responsibility to grow day after day.
"The only way I get impressed with my employees is when they grow on their job, develop skills and learn fast from me. This way, I get impressed with their performance and that is what all entrepreneurs should be doing", she concluded.
In his words, Atul Kshetry, a successful business mentor who has led IDM Services Plc through a fast track diversification process said focus and patience could go long in way in the entrepreneurial journey.
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