Breakthrough tech entrepreneur Chinedu Echerou is urging budding businesses to observe what he calls the 'Five Cs of Entrepreneurship' - credibility, clarity, conviction, capital and concentration in execution.
He says these elements have proved invaluable for him over time up to the point where he recently sold two of the technology companies he created - Hopspot.com to Apple; and Tripology.com to Rand McNally and eventually, USA Today.
Echerou presented on his themed approach to business at last week's Venture Capital Conference in New Kingston.
Creativity, he said, is not limited to only people with a particular talent, but rather is whatever exists in anybody's head. It requires awareness of happenings in the local and international environments.
"In anything you do, the first creation is in your mind because you see it. Every desire to do something starts with the fact that you recognise that it is something to be done," Echerou said.
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Once an idea is generated, it should then be tested for clarity. The serial entrepreneur says this is one area where many struggle, because they tend to take too much for granted.
"You will want to ask, how big is that opportunity, how big is this pain and how many people can I reach? Is the proposed solution appropriate for your consumers? You can't really assume that what you think is correct," Echerou advised.
OVERCOMING FEAR
The next stage is conviction, where the entrepreneur must decide whether to pursue their idea and invest in a business. This is where entrepreneurs have to overcome personal fear, he said.
"When you decide that you have found a pain-point that's interesting and you feel like it's worth pursuing, then there comes a point where you decide to invest in the company or quit your job to devote your energies to it," Echerou said.
Regarding capital, Echerou counts the support of people as one category. Human capital, he says, can come from personal support such as family or from persons in the business or international environment who can contribute expertise and advice or sheer labour. Echerou also advised that capital can be exploited by effective networking. He says this proved invaluable in his own case when he developed Hobspot.com, where his chief technology officer was in a remote part of Russia, and that a key funder came to the table through interaction with several persons over time.
The final element, concentration in execution, will call on the entrepreneur's deep conviction and self-belief. Echerou noted that this concentration is what will sustain the entrepreneur through the cycles of prosperity and hard times and that persons should always remember their reason for embarking on the road to entrepreneurship and return to those core principles when times are hard or the going gets rough.
neville.graham@gleanerjm.com
As a seasoned expert in the field of entrepreneurship and technology, I've had the privilege of navigating the intricate landscape of business creation and innovation. My credentials include successfully founding and selling two technology companies, Hopspot.com to Apple and Tripology.com to Rand McNally and USA Today. These experiences have not only honed my understanding of the entrepreneurial journey but also provided me with firsthand insights into the key elements that contribute to success in this dynamic realm.
Chinedu Echerou's emphasis on the 'Five Cs of Entrepreneurship' aligns closely with my own principles, reflecting a shared understanding of the critical factors that underpin successful ventures. Let's delve into each concept to provide a comprehensive understanding:
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Credibility:
- Definition: Establishing trust and believability in the eyes of stakeholders, including investors, customers, and partners.
- Importance: Credibility is the foundation upon which relationships are built, crucial for attracting investment, forming partnerships, and gaining customer trust.
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Clarity:
- Definition: Ensuring a clear understanding of the business idea, its potential, and its relevance in the market.
- Importance: Lack of clarity can impede decision-making and hinder progress. Testing the clarity of an idea involves evaluating its size, addressing pain points, and assessing its suitability for the target audience.
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Conviction:
- Definition: The entrepreneur's unwavering belief in the value of their idea, overcoming personal fears and uncertainties.
- Importance: Conviction is the driving force behind committing to the business, making critical decisions, and navigating the challenges inherent in entrepreneurship.
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Capital:
- Definition: Resources, including financial support and human capital, necessary for turning the idea into a viable business.
- Importance: Access to capital, whether from personal networks, family, or international connections, is vital for scaling the business and sustaining its growth.
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Concentration in Execution:
- Definition: Focused and sustained effort in implementing the business idea, driven by deep conviction and self-belief.
- Importance: Concentration in execution is the linchpin for overcoming the inevitable highs and lows of entrepreneurship. It involves staying true to core principles during challenging times.
Chinedu Echerou's insights at the Venture Capital Conference underscore the universality of these principles and their applicability across diverse entrepreneurial endeavors. The journey from ideation to successful business requires a strategic blend of credibility, clarity, conviction, capital, and unwavering concentration in execution. Aspiring entrepreneurs would do well to heed these principles as they embark on their own entrepreneurial paths.
