In the midst of a leisurely scroll through my Instagram feed, I stumbled upon a post by the insightful Dr Mrs Ibukun Awosika. Today, I'm excited to share her invaluable insights on the three pivotal steps that pave the way for a successful venture: Ideation, Planning, and Execution.
Step 1: Ideation- Unleashing the Power of Ideas
The journey begins with Ideation, a phase where you unleash the floodgates of creativity and jot down every business idea that comes to mind. Dr. Awosika advocates for a comprehensive approach—write them all down! The subsequent step involves subjecting these ideas to the rigorous scrutiny of a SWOT Analysis.
Now, let's briefly explore SWOT Analysis
SWOT Analysis, a powerful tool, encompasses both internal and external factors. The internal factors (Strengths and Weaknesses) lie within our sphere of influence, while the external factors (Opportunities and Threats) fall outside our control, residing in our circle of concern.
Strengths (S) - Delving into the Source of Power: Evaluate the strengths of each idea, considering factors like the required capital. Understanding the financial backbone of your venture is crucial at this stage.
Weaknesses (W) - Navigating the Business Landscape: Identify weaknesses such as the potential lifespan of the business, distinguishing between short-term and long-term prospects. This knowledge is pivotal for strategic planning.
Opportunities (O) - Exploiting External Advantages: Explore external benefits like market opportunities. Recognizing and capitalizing on these external advantages can be a game-changer for your venture.
Threats (T) - Anticipating Challenges: Acknowledge potential threats—whether they be competitors, inflation, or governmental policies. Forewarned is forearmed, and this understanding prepares you to navigate challenges effectively.
After subjecting your business ideas to the SWOT Analysis, it's time to circle back to Ideation armed with a refined perspective.
Step 2: Planning - Blueprint for Success
With a clearer understanding of your business ideas, transition to the Planning stage. Here, you craft a detailed business plan, laying the groundwork for the journey ahead.
Step 3: Execution - Bringing Dreams to Life
The final and most crucial step is Execution. Armed with a well-thought-out plan, dive into turning your dreams into reality. Execute your plans with dedication and resilience.
In the entrepreneurial realm, success is not a happenstance; it's a result of meticulous Ideation, Strategic Planning, and unwavering Execution. I hope this version of Dr. Awosika's wisdom proves valuable on your entrepreneurial journey. Feel free to share your thoughts, and if you find this valuable, kindly pass it on.
Kind Regards,
Olamiji Akeredolu.