ENTREPRENEURS’ FAQs (6)
This is one of the most profound pieces of entrepreneurial wisdom I have ever heard. It was shared by a respected man of God while encouraging entrepreneurs not to postpone good business practices simply because they lacked big capital.
His message was simple: “successful businesses do not become well managed after they become big. Rather, they become big because they were well managed from the very beginning.
Unfortunately, many aspiring entrepreneurs think differently.
They say, “When my business becomes bigger, I will employ a qualified accountant.” Others say, “I will develop proper systems when I have more staff, or I will begin serious marketing when I have more money.” Some even postpone customer service, inventory control and business planning until they believe they have become “big enough.”
That mindset is costly.
The habits that build a billion-naira enterprise are exactly the same habits that build a business earning its very first income. The only difference is the scale.
If your business records consist of a simple notebook today, keep them accurately. If you cannot afford accounting software, use a spreadsheet or even a ruled exercise book. What matters is not the sophistication of the system but the discipline behind it.
If you cannot employ a marketing manager, become your own marketing manager. If you cannot hire a customer service officer, personally ensure that every customer leaves satisfied. If you cannot afford expensive consultants, commit yourself to continuous learning through books, seminars and practical experience.
Good management is not determined by the size of your bank account. It is determined by the quality of your decisions.
One of the greatest examples is Bill Gates. In the early years of Microsoft, he did not manage the company’s finances carelessly simply because it was still a small business. He exercised remarkable financial discipline, monitored costs carefully and ensured that profits were wisely reinvested into growing the company. Microsoft did not become a global technology leader by accident; it became great because sound management practices were established long before the company became a household name.
The same principle applies to every entrepreneur.
A trader in a neighbourhood market can practise prudent financial management. A fashion designer working from a single sewing machine can keep proper customer records. A consultant operating from a home office can produce professional proposals and honour deadlines. Excellence does not wait for abundance; it begins with what is already in your hands.
In my years of consulting, I have discovered that businesses rarely fail because they started small. More often, they fail because they neglected the simple disciplines that sustain growth. Entrepreneurs who master these disciplines at a small scale are usually the ones who confidently manage larger enterprises when growth eventually comes.
So, do not wait to become a big entrepreneur before behaving like one.
Manage today’s small business with the discipline, integrity and professionalism you would apply if it were already a multinational company. If you cultivate the right management habits now, growth will simply be the natural reward for doing the right things consistently.
As we conclude this first series of “Entrepreneurs’ Frequently Asked Questions”, I encourage you to remember the common thread running through every edition: “Business success is not determined by the amount of capital you have but by the quality of the decisions you make with the resources already in your hands.”
Do you have a business question that has been on your mind? Send it via WhatsApp to the number in my byline below. Your question could be featured in a future edition of Entrepreneurs’ Frequently Asked Questions in MSME DIGEST, where together we will continue to explore practical solutions to everyday entrepreneurial challenges.
Kola Owolabi is a Fellow of the Institute of Management Co,nsultants of Nigeria. His company, David Solomon Consulting, a foremost business plan preparation consulting firm, operates out of Igbesa, near Crawford University, Ogun State. He can be reached at 08023203198 ( WhatsApp line)
