What does it take to become a professional entrepreneur? You must preserve the ability to step back, look at the work objectively and then be willing to adapt, develop and compromise and not become emotional with one idea.
Twitter started as a podcast app. Nokia was originally a paper factory. If Jeff Bezos had stuck to his guns Amazon would still only sell books. However, the ability to pivot and not become emotionally attached to one idea is the mark of a professional entrepreneur, says Heather Lowe, head of SME development at FNB.
They say it just creates an emotional attachment to your creation. “If you are an artist, you will love the paintings you create. If you are an architect, you will be proud of the new designs you create. And if you are a businessman, isn’t it strange that you don’t have a soft spot for the business in which you invest a lot of time and his thoughts?
It’s only natural, but not always beneficial, Lowe said. “Artists know this. There is a common advice given by experienced writers: “Kill your lover”. In other words, don’t be afraid to sacrifice a favorite character, scene or line of dialogue if it benefits the whole story. Architects know that design is always work. which continues to evolve along with changing specs, briefs and client expectations.
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Separation between amateurs and professionals
“In some ways this marks the divide between amateurs and professionals in any field. Amateurs prioritize an emotional connection with their creations, while professionals prioritize results.
The same is true among entrepreneurs. Lowe says that as your business grows, your relationship with it will inevitably change. “The business itself will be something you never expected. There are too many internal and external variables at play for it to happen, such as competition, access to resources, external surprises, new ideas, new opportunities and risks.
They show that if you want to be a successful entrepreneur, you have to accept that this is part of your journey.
Lowe warns that if you stick to your original vision for your business, you run the risk of making bad decisions that could jeopardize the company’s future. It’s important to always remember that a business is bigger than one idea and you have to be willing to let go of things that don’t work anymore.
“This can be difficult, especially for certain types of entrepreneurs, type A, commanding, strong. These entrepreneurs struggle to delegate and give up control, which can help in the initial stages, but becomes a liability when the business needs to scale.
Being strong can prevent you from seeing opportunities that you don’t want. “We saw this in the pandemic, where the white swan event caused great damage to businesses that were unwilling or unable to pivot. Those who pivoted not only survived, but laid the foundation for increased post-lockdown growth.
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Examples of professional entrepreneurs
Lowe cites as an example, Sandton-based Zinacare which offered an easily accessible and convenient test for sexually transmitted infections before the pandemic. Zinacare quickly moved to the Covid test in April 2020 and allowed them to hire more staff, generate exposure and grow the brand and create new partnerships.
Philip Mngadi, the founder of Zinacare, said that by pivoting during Covid-19, his company gained exposure to the country’s largest laboratory and access to a market that corresponded directly to the core business of home health tests, while the income generated funded post-Covid products. tests and launches that allow for the expansion of health tests through home health test kits.
Zinacare recently partnered with BioLytical Laboratories, a Canadian-based developer of medical diagnostic tests that collaborates with global agencies such as UNICEF and US state health departments. BioLyticals’ medical devices will enable Zinacare to offer simple, reliable and accurate rapid tests that are more affordable than current DNA-based laboratory tests, making important health tests more accessible.
The company is one of 30 African HealthTech start-ups recently selected for the i3 Health Innovation Program supported by the World Health Organization and the Bill and Melinda Gates Foundation.
“I’m not suggesting that you don’t like your job, but you need to be driven, energized and involved. You won’t maintain the level of activity you need if you don’t believe in what you’re doing. Your emotional attachment cannot destroy the future of the project .
Lowe says personal adaptation is about trying and changing your broader goals. “Instead of working hard to build a certain idea into a great business, work to develop yourself into a great entrepreneur. This means you focus on iterative improvement and pragmatic execution, as well as building a great business that will eventually outlive you.
They say that once you’ve established yourself and the pressure is off, you’ll have a better chance of turning that passion project around and doing it on your terms. “Maybe it’s a social enterprise, maybe it’s the moon. If you have freedom and support, look for it: the world needs uncompromising idealists. But you have to earn a place to be uncompromising and you do that by building a successful business, not a perfect one.