President and CEO of Inspirational Global Network, Dr Segun Oshinaga has given insight into how entrepreneurs can maximise their potential despite the global economic downturn.He gave the insight while delivering a paper at a two-day workshop for MBA students of the University of Portharcourt Business School in Portharcourt, Rivers State.Oshinaga who spoke on the topic: Building Entrepreneurship Capacity: Turning Ideas to Products said an entrepreneur is a creator or marketer of value.
Idea to product
He explained that the value chain stretches from having an idea, developing the idea into a product, and also ensuring that the product finds a place in the marketplace until it is patronised.
While stressing that every man is a born industry, he urged the MBA students “to cultivate the capacity to create value, build a team, brand it, and develop winning strategies”
Giving further insight, Oshinaga said every value starts from the place of an idea. “You need to nurture your idea and breath on it. It does not matter what people say about the idea as long as it comes from within you, begin to nurture it. It is like a nursery bed that has to be watered. The more you nurture your idea, the more it becomes a reality.”
He said however that the entrepreneur must not be rigid and set in his mind. “You got to open up to new ideas, innovations, and suggestions. Cultivate a mindset that is open to new possibilities. Surround yourself with diverse perspectives, experiences, and knowledge sources to stimulate idea generation”
Engage in activities
Beyond nurturing a new idea, he said “the entrepreneur must engage in activities such as reading, brainstorming, and exploring new fields. These activities will nurture your creativity”
He told the budding entrepreneurs to identify how they can use their gifts to create value for others in the marketplace. “It is not enough to be gifted. You must ensure that your gift can be exchanged for fair compensation. That is why you must Continuously refine and adapt your approach to ensure the long-term sustainability and profitability of your passion-driven endeavours”
While noting that there is a global economic downturn, he stated that a man who creates value will always be in demand. “By harnessing the power of ideas, using education as a tool for self-discovery, trading your gifts in the marketplace, and turning your passions into profitable ventures, you can create significant value and achieve success in your personal and professional life. This approach empowers you to leverage your unique strengths, interests, and abilities to make a meaningful impact and achieve financial independence”