Making of a modern entrepreneur

A week ago, I followed a conversation on The Afternoon show of Ghana’s leading free-to-air television station, TV3, on the subject “Making of a Modern Entrepreneur”. I was fascinated by the level of conversation and new trends in entrepreneurship as chronicled by the resource person, Ms. Charisa Naa Adjorkor Koney. The popular entrepreneur, influencer and former beauty pageant finalist who is pursuing a Bachelor of Law seem to hold her own on the subject.

Who is the modern entrepreneur? The term refers to is a tech-savvy, innovative and adaptable individual who leverages digital tools to build businesses, solve problems and create impact, often focusing on disruption, sustainability and ethical growth in a global, fast-changing market, distinct from traditional models by embracing lean methods and constant evolution.

More often than not, modern entrepreneurs are visionary, resilient and skilled in creative problem-solving, using technology for market research, operations and customer engagement to drive growth and societal value. They are driven to solve real-world problems for customers and society, seeking meaningful impact beyond just profit. In addition, modern entrepreneurs understand and operate within a connected global economy, leveraging international opportunities.

The making of a modern entrepreneur involves a blend of technological proficiency, a “growth” mindset and a focus on social impact, moving away from traditional, purely profit-driven models. A modern entrepreneur is characterised as a proactive, resilient and tech-savvy individual who identifies market gaps and leverages digital tools for rapid growth.

In the evolving world of business, there are key elements in the making of a modern entrepreneur; paramount among them is the modern entrepreneurial mindset. This focuses on continuous learning, taking ownership and creating value in any role, using skills like creativity, clear vision and independence to navigate change and achieve goals. Others are empathy and purpose, where modern entrepreneurs often focus on solving real-world problems and making a positive impact, rather than just chasing profit.

In addition, there is the essence of resilience and adaptability; they must be comfortable with uncertainty, willing to take calculated risks and able to pivot when necessary. This is coupled with growth mindset, a commitment to continuous self-improvement; and authenticity, staying true to personal values, which helps to build trust with consumers in a transparent digital age. Considering core skills and competencies, it becomes essential to use data-driven insights to make informed decisions and improve products.

Modern entrepreneurs focus on digital marketing and personal branding, building a strong online presence via social media, content marketing and personal branding. There is also the relevance of financial literacy, where the entrepreneur needs to have an understanding of cash flow, profit margins and budgeting.

How are modern entrepreneurs different from traditional entrepreneurs? In the area of funding, modern entrepreneurs are moving from traditional bank loans to crowdfunding and online, alternative funding sources. They prioritise speed to market, often utilising lean, fast-paced methodologies as well as favouring flat, flexible and remote-friendly organisational structures. Modern entrepreneurs have a wide reach, leveraging the Internet to target global, rather than just local, markets.

You definitely have to consider some steps in becoming a modern entrepreneur, starting with identifying a business idea; find a specific problem to solve, focusing on niche profitability and market demand. This is followed by conducting market research to validate the idea by understanding target audience needs and analysing competitors. There is a need to test with a minimum viable product (MVP) to get fast, real-world feedback; then create a business plan. Funds can be secured from existing networks and utilising other options like crowdfunding, angel investors, venture capital or bootstrapping.

Modern entrepreneurs are vital to an economy because they drive innovation, create jobs, increase competition, boost productivity and foster economic growth by introducing new products, services and technologies, making markets more efficient and improving living standards through increased access and affordability. They are key drivers of change, bringing dynamism to established industries and developing less-served regions, ultimately increasing national wealth and individual incomes.

>>> Chris is a seasoned Integrated Marketing Communications Professional and International Cooperation Specialist with a vast working experience across several sectors; Media and Broadcasting, Public Relations, Telecommunications, International Cooperation and Investor Relations. Over the last decade, he has successfully managed relationships with Diplomatic Missions, International Finance Institutions and Development Finance Institutions, played leading role in fundraising and assisted businesses to navigate the complexities of International Trade.  He can be reached at [email protected] / 233 20 854 1480.

 

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