While reading Paddy Adenuga story, there is a tendency to get carried away In the prowess of his strategies and awesomeness of his writing style that you trivialize and neglect the lessons it teaches.
So I decided to summarize lessons from his story here.
If you have not read the full article you will do yourself a wealth of Good by doing so HERE
First of all
He knew when to leave
While working for his dad he gathered a wealth of experience and most importantly initial startup funds for his business venture.
Timing is key, for budding entrepreneurs and intrapreneurs that are currently working, knowing when to leave and how to leave is important.
Do not burn the bridge you will need it later.
He had a Big vision
He knew clearly and audaciously what his vision was. That was why he won over many partners and advisory board members when he pitched it to them.
As an entrepreneur be totally convinced, passionate and audacious about your Start-ups especially when pitching it to investors you stand a greater chance of funding and partnership.
He Started Small
He turned one of his room in London to an office and opened a small branch in Lagos.
As an entrepreneur don’t want till all you need is available, start with what you have for what you have is plenty in John Obidi voice.
He had a competent Team
Most of the people that he worked with were competent, experienced and excellent in different fields.
As budding entrepreneurs, you may not have the funds and credibility to attract Top talents.
But you can spot potential talents whom you can nurture, train and grow together with. Knowing that your business only grows on the strength and competence of your employees.
He followed due processes
From registering his company to meeting the necessary government parastatals he played by the book.
As entrepreneurs do the needful start by registering your business as a legal entity and opening a corporate Account.
There is credibility when you give your clients your corporate account details for payment.
He understood Branding and online presence.
When he was done with the Company registration and getting a competent team. He paid attention to branding, from logo, website and company profile.
Entrepreneurs do not neglect the importance of giving your startup a face through branding and of course the credibility online presence gives your startup.
He had a mentor
He understood the role of a mentor and was accountable to him.
Most business and startups have failed because they trivialized the importance of Mentors on their entrepreneurial journey.
Why make mistakes others have made before, why not learn off them and have the competitive advantage.
When you have a Mentor you not only have access to his resources but their networks also.
Dear startups become accountable to a Mentor.
He was conscious of his appearance.
He understood that you are addressed the way you are dressed. so he put in conscious effort in making the first impression with his appearance.
Dear Entrepreneurs, take note of your appearance, you might be competent and reliable but most people won’t know at first instance so you are judged at first glance through your appearance.
You can’t be bidding for a contract worth couple of millions and you dress like a pauper during the negotiation they won’t trust you with their money.
He mastered the art of Negotiation and networking.
He was articulate in negotiations and understood networking to it fullest. Entrepreneurs master the art of negotiating it will save you a lot of funds.
I recommend you read
“You can Negotiate Anything”
He understood collaboration
He understood that Together Everybody Achieves More so the considered Teaming up other competitors. Entrepreneurs forget competition and consider collaboration it is a new competition.
Open up where Necessary
If he had opened up to his friend he would have known the mystery Bidder and that cost him the bid.
Start-ups I know you protecting your ideas and it’s process, however, discern when wisdom demands you open up, you might be talking to the final piece of your success equation.
Trust your instincts
Not doing that cost him the contract.
My dear entrepreneurs sometimes it necessary you pay attention to your instincts in business.
In my own case, I call him the Holy Spirit he can save you a lot of untold stress and pain in the future.
He did not remove God from the equation.
God still rules in affairs of men I believe that. It’s wisdom to add him to your equation from the onset.
Commit your ways into the hands of God and your thoughts would be established. Prov 16.3
I hope I have put to your remembrance the strategic lessons Paddy Adenuga taught us with his story.
What other lessons did you learn from it?
I Love you deeply
Jesus Loves you more