Expert to Knowledge Entrepreneur

As someone on the lookout for more opportunities for advancement, you face a puzzlement that is preventing you from achieving your dreams. Your current career is not giving you the financial and social rewards you crave. As a knowledge professional, you invested much in becoming an expert, but something holds you back. You need to think like an entrepreneur.

?Virtual economy The pandemic has taught us a number of lessons. In pre-pandemic times clients wanted more face-to-face relationships. The professional service industry focuses on trust, personal relationships and expertise. But lately, clients want to keep their distance and are willing to take their chances on more online interventions. This greater acceptance of the virtual way has opened up more opportunities for experts who sell their intangible offerings. The advice-giver and advice-taker dynamic has opened a whole new ball game.

There is software that can be customized for each professional segment. If you are a teacher, you can subscribe to Teachable, or if you are a consultant, Practice Ignition can be helpful. Many of these tools are subscription-based, so if you are experimenting with starting your professional practice, the start-up costs are low. In addition, since these sellers know you can cancel anytime, they will offer many enhancements and support to grow your venture.

Learning curve Even though you are an expert or possess a large body of knowledge accumulated over the years, don’t kid yourself; there is still much to learn. Learning and unlearning are two key competencies that knowledge professionals should cherish. Before you launch, ask what gaps exist in your venture start-up plan.

Natalie Miles, a former HR executive at a large telecommunication firm, transitioned to a different profession. She studied portrait photography at the New York?Institute?of?Photography. Natalie was also professionally trained by?a?leading makeup school, Ephraim Hunte. This new skilling, a far cry from her human resource job, gave Natalie the knowledge to start a very different kind of professional practice. Later, we will learn how her venture created a blue ocean of new opportunities.

Product development Every aspiring entrepreneur needs something to sell. Your product (or service) has to be an innovative offering if you are considered an entrepreneur. Creating something unique that makes value for your clients requires much experimentation. While you don’t have to be a scientist, a clear view of testing and getting feedback from customers is needed.

Natalie does not own a photography shop or a makeup salon. She used her talents to mix photography and beauty expertise and folded all these into one.

“We?provide skincare treatments, hair styling, wardrobe consultation, makeup artistry and photography for?women?and men who are serious about their brand or keen on enhancing their?image in a tranquil hassle-free space,” says Miles.

Entrepreneurs and business professionals need classy images to boost their brands and upload to social media sites. How many times when you need a headshot, you have to brush your hair and hope for the best.

Kenny Attai, a former business development director of a large industrial equipment supplier, uses his marketing expertise to assist SMEs and family firms in improving their governance. His business model involves mining his vast regional experience in B2B marketing and using that to craft a growth plan through good governance.

“My consultancy services focus on structure, systems and people knowing their roles and responsibilities. At the executive or board level, we focus on governance (the decision-making process) and learning to review the right reports at the board to aid in decision making.”

Business development Even when you have validated that there is positive feedback from the market, the work is not done. While many entrepreneurs dread selling their services, this aspect is essential to refine your product further and generate sales. Kenny’s past career as a business development executive must have been beneficial in building his consultancy. ?

?The owner of Miles of Beauty also depends on word of mouth but says her product is compelling and showcases her work on LinkedIn, Facebook, Instagram and her website. This strategy has an added advantage for her professional client base—they get publicity with a press release accompanying each photo in Natalie’s network.

Delivery development Having a product and finding clients are two of the three essential components of successful entrepreneurial service practice. Delivering the intervention involves implementing the client’s proposal or suggestions you have promised. Often this implementation stage is froth with uncertainty. But an experienced professional has a vault of similar situations and knows how to overcome hurdles as they arise. Clients prefer professionals who can quickly solve unexpected problems and move the project forward.

?Whether you are retired as Kenny or accepted voluntary separation as Natalie, recognizing that you have expertise that you can monetize will open new doors. Many cast-offs from the corporate world have no regrets about business separation, in fact, they cherish the independence and the flexibility of knowledge entrepreneurship. You too can look to entrepreneurship as a new stage in your career path.

This article is a condensed version from my column "Entreprenomics" in the T&T Business Guardian.

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