According to the Cashflow Quadrant, a concept developed by Robert Kiyosaki, an American economist and financial adviser to President Donald Trump, it highlights the four ways in which an individual earns income. This quadrant stipulates that there are employees, self-employed workers, businessmen and investors. It draws a clear distinction between the first two quadrants, who earn active income by exchanging their time for money, and those in the other two quadrants, who earn passive income because they are part of the group of entrepreneurs and investors who have set up a system that allows them to earn income without their presence being necessary.
Entrepreneurship is a broad concept that encompasses the processes by which a person, or a group of people, creates, develops and manages a business or project with the aim of generating value and wealth. It is not limited solely to the creation of a business, but also includes innovation, risk-taking, resilience and the ability to seize opportunities. In order to seize opportunities, you have to be in the right place at the right time, just as Dr Raoul Ruben insists in his various conferences. And as a follow-up to his second world tour, he held a gigantic training session in Lomé, Togo, focusing exclusively on the issue of entrepreneurship. But entrepreneurship doesn't just depend on a simple desire to set up a business or launch an activity. It's a concept that demands a lot of requirements and, above all, meticulous preparation. In the course of his presentation, he highlighted the skills and attitude that an individual aspiring to become a successful entrepreneur should possess. These requirements are set out below.
1- The entrepreneurial spirit
Entrepreneurship often begins with a particular state of mind, marked by a desire for independence, the desire to create value and the ability to take the initiative. Entrepreneurs are generally motivated individuals with a clear vision and a passion for bringing about change, whether in their community, their sector of activity or even on a global scale. The entrepreneurial spirit often starts with an observation of society, observing human habits, spotting problems and deciding to find a solution. It is this solution that becomes the entrepreneur's value proposition, which he exchanges for payment. Let's take the case of someone who has just arrived in a neighbourhood, and strangely enough, for almost two weeks, people have been coming to ask if there's a restaurant in the area. This gave him the idea that enquiries are indicators of a problem, and every entrepreneur at heart knows that a problem is a business opportunity. On this basis, he set up a restaurant in the area, and later turned it into a franchise, i.e. duplicating the model in other districts and even in other towns.
2- Innovation and creativity
Entrepreneurs stand out for their ability to innovate. This can take the form of creating new products or services, improving existing processes, or identifying new ways of meeting consumer needs. Innovation is often a differentiating factor that enables a company to stand out from the competition. Innovation or creativity is the survival instinct of every entrepreneur, because it is what enables them to re-oxygenate their business by delivering greater value. Without innovation, entrepreneurs would be pathetic wrecks, sinking into routine and monotony. Innovation brings a new vision of the business world, creates a new desire to excel and, above all, brings the satisfaction of significant progress. This helps to consolidate the entrepreneurial pride of everyone involved and gives them the feeling of being useful to something. Look at the internet and the many advantages it offers, look at social networks and the added value they provide. What would we not say for their creators? So that's the magic of innovation and creativity.
3- Risk-taking
A central element of entrepreneurship is risk-taking. Entrepreneurs often invest time, financial resources and sometimes their reputation in projects that are no guarantee of success. This calculated risk-taking is an integral part of the entrepreneurial process and requires a certain tolerance of uncertainty and failure. Risks have become commonplace in every personal development discourse, as indicators of success and entrepreneurial progress. It's said that if we don't take risks, we can't reach a certain level of achievement, which is why risk-taking is such a key concept in entrepreneurship. Risks push us to step out of our comfort zone, to face the unknown, but above all to embrace adventure as an unparalleled opportunity for growth. They push us to broaden our horizons, to see difference as a springboard to success. We are what we choose to be, and successful entrepreneurs understand that risk is the surest way to embrace adversity and therefore success.
4- Value creation and social impact
Entrepreneurship is about creating value, not just for personal gain, but also for society. Many entrepreneurs take a responsible approach and try to solve social, environmental or economic problems through their initiatives. Social enterprises are a good example, as they combine a social mission with a sustainable business model. This is the example of the multinationals that are working to provide the population with appropriate products for well-being, health and maintenance. The products are used for the care and well-being of consumers, and in return these multinationals, which have a social responsibility, are relieved of a large part of their responsibilities. Other organisations often contribute enormous financial resources to support projects linked to natural disasters, pandemics or scourges such as global warming. All in all, it is always more profitable when the entrepreneur works with a vision of satisfying consumers, but also preserving the environment.
5. Resilience and perseverance
Entrepreneurs often face many challenges, including competition, market volatility and lack of resources. Resilience is therefore an essential quality for any entrepreneur, enabling them to overcome obstacles, learn from their mistakes and persevere in the pursuit of their goals. One of the advantages of perseverance and resilience is that entrepreneurs already know about difficulties, troubled times or even bankruptcy. And so they are better able to deal with them, unlike those who had no idea of the surprise that would befall their entrepreneurial journey.
Resilience is an essential key to growth and success, enabling us to see challenges and difficulties as opportunities to surpass ourselves and achieve greatness. If we ask any of the people we consider to be models of success today, they will tell us straight out that their entrepreneurial success was forged in the flames of adversity, missteps, upheavals and even bankruptcy. With a little hindsight, we realise that perseverance or resilience is not a given, but an aptitude that develops in the face of challenges.
Entrepreneurship is therefore much more than an economic activity; it is a catalyst for transformation and innovation. Entrepreneurs' ability to solve problems and adapt to change makes them essential players in the modern global economy. But if you want to be an entrepreneur in the 21st century, you need to take certain factors into account, and this was the focus of the presentation by Dr Raoul Ruben, who, in his introductory training session, laid the foundations for his presentation over the coming days. It was a good idea not to leave the audience thirsty, so this first draft had to be offered in order to make them more receptive to what they would be served in the days to come. It was on an upbeat note that the Chairman concluded this first day by inviting the magnificent people of Togo to be punctual for the following day, which in principle is the big day.
