You can’t seem to wrap your head around why you should be generous as an entrepreneur when you really need more funds for your business? Not to worry, you are about to read some thoughts that will help you see it differently.
Entrepreneurship can be very daunting and draining. But, should that translate to you being stingy? We do not think so. It’s not about spending your income lavishly, but being willing to give a piece of yourself. You can offer an invaluable gift of your time and expertise while extending your business network.
Still unconvinced on how it will all add up? Here are some reasons why being generous as an entrepreneur would not hurt:
1. The ‘give and take’ rule
Adam Grant, a management Professor at The Wharton School of the University of Pennsylvania, wrote a book titled ‘Give and Take: A Revolutionary Approach To Success’. In his book, he emphasized how givers are huge assets to the companies they work for or businesses they set up because they take the initiative to mentor and train new hires who in turn put all they’ve learnt to good use, working effectively for the company and boosting sales.
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2. It exposes your business
When you give or render some service, you open doors for ‘Word-of-Mouth’ advert for your business. Activities like partnering with an NGO, having giveaways, training and even rendering domestic services to cater for the needs of the people in that community, will go a long way in advertising your business and helping the community, while you are at it. In business, let your giving be meaningful and not done aimlessly.
3. It builds and strengthens relationships
Take, for example, you run a little restaurant and you fix up an out-door corner for people who aren’t buying meals to have a place to sit and chill; or you offer a bottle of free water when customers come to browse through your shoe shop. By extending a hand, you re-establish a connection and deepen the relationship. Your generosity creates goodwill and strengthens your network.
4. Your generosity is not all about money
Obviously, if you keep giving funds out, you’d have nothing left to run the business. Where money cannot take care of a need, render your service in another way. We’ve mentioned some already, like training, mentoring, service to the community and so on.
Taking out time to listen to your staff or customers, is also an act of generosity. Find ways of extending your generosity to people without going bankrupt.
It is important to note that there will be some who only know how to ‘take’ and give nothing in return; people who are there to take advantage of your kindness. Be mindful of such people. You either specifically ask the task you want from them or you match-make them with other service providers.
What do you think? Do you agree to being generous in business? Let’s have your thoughts on that.
Good morning! What kind of soft skills are needed today? I’m new to personal branding and i love the idea of adding value to myself.
I remember when we did a seminar in a community. I had to give free gifts worth 21,400naira. It increased my self-esteem, increased how people viewed me, and I was able to influence more people by that act of giving.
Thank you for this.