S003: Starting Small – with Dr Henrietta Onwuegbuzie
In this episode, Dr. Henrietta Onwuegbuzie, a leading faculty at the Lagos Business School, explains with real life examples, the concept of starting small. In addition to that, this episode covers some of the potential landmines of starting big. It also describes how you can conquer big markets despite your small size.
In this episode, you will learn
- about the concept of starting small,
- the dangers of starting big,
- how to conquer big market despite your small size, and
- why your big motivation for starting small should be…
One major challenge that faces entrepreneurs who set out to launch is learning how starting small. In fact, many believe that it is impossible to succeed this way. Therefore, if things do not go according to their business plans, they give up. Other times, the concept of fine-tuning this “great” idea and then setting out to look for investors consumes them. At the end of the day, they create a plan that is out of out with reality.
It is true that some have succeeded using the “fine-tune my idea and seek investor” way. However, this is only a small fraction of those who tried. Many other successful entrepreneurs started small: small with what they had and what they could readily get.
The best approach for Entrepreneurs
Starting small is no longer necessitated by lack of funding. Instead, the need to be cost effective drives this approach. Our guest today, Dr. Henrietta Onwuegbuzie is no stranger to the concept of starting small in Nigeria. She leads sessions in entrepreneurship on the MBA and Executive programmes at Lagos Business School, Lagos, Nigeria. In addition, she has extensive consulting experience with SMEs in Nigeria. She shares many reasons why entrepreneurs should start small.
Finally, if you have ever wondered how to attack big competitors despite you small size, this episode answers that question. Dr. Henrietta Onwuegbuzie opens up on a strategy that she has seen work many times. Listen to her now.
Dr. Henrientta Onwuegbuzie leads entrepreneurship sessions on the MBA and Executive programmes at Lagos Business School, Nigeria. She is also currently the Academic Director for the Owner-Manager Programme and Project Director for the Impact Investing policy initiative at the Lagos Business School.