What is Focus
Focus is very important and it is one of the key things that entrepreneurs need to be able to execute their business ideas. Ideas on their own are cheap, but the most important things are “how you execute the idea” and “your level of focus”. These two things will lead you to success as an entrepreneur.
What Is BYOI And What Is The Connection With Focus?
Research supports that as an entrepreneur in Africa, there are many things that could cause you to lose focus when you’re building a business in Africa. Entrepreneurs are faced with the challenge of having to secure their business with the right infrastructure, such as power to the office, Wi-Fi, etc., before even focusing on the core business tasks. The most important thing that an entrepreneur has to do is create an infrastructure bubble (by building their own infrastructure) so that they can focus on their work again.
Remaining focused when starting up
Case study example
Cynthia, an entrepreneur and founder of a fast-growing fintech company, has a customer that comes and asks if she also trades in bitcoin and would want to trade bitcoin on Cynthia’s fintech platform. Cynthia knows that with every trade that happens on the platform, she can get an additional commission from the business generated from customers trading in bitcoin, but she does fear that she would then lose focus.
Entrepreneurs who have successfully raised money from investors are expected to focus on what they do in business and deliver results irrespective of the challenges that come.
This depends on the stage at which the company is at. If your company is still in the early stages where we are trying to develop what they call a product market fit, it means that sometimes your intention may be to make money from whatever product you initially begin selling to your customers, but then in some situations you have to change your product to suit the market needs (because at the end of the day, you still have to make money; that’s the only reason for existence).
P.S: Focus doesn’t mean being stubborn; it is more like taking a look at what is important or not and making a decision.
Debo has unique perspectives having worked in Africa, Europe, North America and Asia.
Debo is a seasoned professional with over 20 years of business and work experience, in companies like FCMB (Investment Banking), KPMG (Tax Advisory & Consulting), Schlumberger (Downstream Oil & Gas), Conoco Philips (Upstream Oil & Gas).
West Africa’s eCommerce industry is now worth billions with companies like US~listed Jumia & Konga dominating the market.
Sign up to attend Debo’s Den Live Q&A Podcast here