By Olimatou Coker
Gambian entrepreneur and international business consultant, David Jeng, has emphasised the importance of early-stage ventures in supporting entrepreneurship and innovation.
According to Jeng, every early-stage company should have a prototype or service model that has been tested and a business plan to grow the business.
“It is important to develop a prototype or service model that has been tested to validate the business idea and create a business plan to grow the business, outlining goals, strategies, and financial projections.”
Jeng added: “it is essential to identify and mitigate risks associated with early-stage ventures, such as market uncertainty and cash flow challenges.”
He highlights the significance of entrepreneurial behaviour in driving business growth.
According to him, entrepreneurial behaviour can be influenced by the entrepreneur’s aspirations rather than a set of inflexible strategic goals.
“Having clear goals is essential for entrepreneurs to stay focused and motivated.”
Jeng advises setting long-term, mid-term, and short-term goals to plan days and weeks with unmatched focus.
“Entrepreneurs are often characterised by their willingness to take risks.”
He noted that risk-takers learn valuable lessons, including how to pick themselves back up when they stumble.
He advises new entrepreneurs and innovators to embrace failure as a learning opportunity, noting that there is no better teacher than failure, and that risk-takers learn valuable lessons that can help them succeed in business.
