In the same way that mastering email and social media became non-negotiable for businesses in the 2000s, prompt engineering is becoming the must-have skill of the AI era for every entrepreneur. But here’s the catch: the output you get is only as good as the instructions you give. That’s what this article will explore.

What is prompt engineering?

Prompt engineering is the art and science of crafting the right instructions (or prompts) to get the best results from generative AI. The right inputs steer AI systems to produce useful and reliable outputs.

It translates business intent and structured instructions, turning AI into a repeatable, low-cost “team member” for marketing, research, or any creative thing you want to do.

However, you need to be clear, precise, and sometimes strategic about how you ask questions for the right outputs. For example, if you want ChatGPT to generate a marketing plan for a new fintech product, simply typing “write a marketing plan” will give generic results.

But if you write: “Create a 6-month digital marketing plan for a Lagos-based fintech startup targeting university students with a mobile payment solution.

Include social media, influencer marketing, and campus activation strategies, with estimated costs in naira”, the AI delivers insights tailored to that context. The difference is like night and day.

Why does prompt engineering matter?

First is cost efficiency. According to a 2024 McKinsey report, companies that adopted generative AI in their workflows cut content creation costs by up to 40%.

For African startups that often operate with lean budgets, mastering prompt engineering means you can save money on tasks you’d otherwise outsource, like branding, copywriting, and the like.

Next is speed to market. In a fast-moving tech ecosystem, speed can make or break you. Prompt engineering allows founders to generate pitch decks, test marketing messages, or draft partnership proposals within hours instead of weeks. Imagine an agritech founder preparing for an investor meeting. With the right prompts, (s)he can generate sector-specific data summaries, visual charts, and a compelling narrative almost instantly.

Prompt engineering provides a level playing field. With it, a solo-entrepreneur can produce work that looks like it came from a full-fledged team.

In this way, AI becomes a democratizer of opportunities and a strategic partner. It is useful for drafting sales proposals or campaigns with structured sections tailored to customers in a specific region, or for conducting quick A/B variants in minutes.

Right prompting is the game changer

Generic or unclear instructions often lead to irrelevant, inaccurate, or surface-level responses.

Similarly, bad prompting equals bad results. Worse still, business decisions based on poor AI output can be costly. For instance, asking Claude for “business ideas in Africa” without narrowing to industry, market size, or regulatory realities will only yield generic and unusable suggestions.

You can punch above your weight by mastering prompt engineering, and narrowing the capability gap with bigger competitors. Founders who can quickly draft and refine compelling thoughts and ideas with the right prompts gain a competitive edge.

Understanding the right prompting will multiply your business opportunities. If you are a fashion entrepreneur, you can use MidJourney or DALL·E, guided by the right prompts, to create professional-looking product catalogues without hiring expensive photographers.

Remember, you are giving tasks to a super-intelligent device that can do more than basic tasks while you iterate based on the results you seek.

Clear prompts reduce AI hallucinations. It could be as simple as writing an ad copy: “Write 3 headline/body pairs for product A, for audience B, in language X, under character limit Y, each with a different value proposition.”

Start developing your prompting skills

Prompt engineering is not just a “techie skill” but a leverage business skill. It is a skill that you can acquire, and you should do that urgently.

It is a skill that empowers you in crafting and optimizing the input given to generative AI models to guide them toward producing accurate, relevant, and desired outputs. A better input equals a better output.

Begin to practice by experimenting with various AI models to understand how phrasing impacts responses.

Learn by doing, iteratively refining your prompts and analyzing the outputs, and where to improve. It’s a way to amplify creativity, cut costs, and compete globally with limited resources.

Don’t expect perfection on the first try, as you can improve with time. Once you learn how to communicate with AI, you can start creating extraordinary results.

The future of entrepreneurship will not just belong to those who adopt AI but to those who know how to interact with it. Don’t just walk alone; train your team to skill up.

The teams that master prompt engineering skills win more business without bloating headcount.

When you communicate your intention well, you will get the right machine execution. Mastering prompt engineering could be your competitive edge.

The post Why Every Entrepreneur Needs Prompt Engineering Skills appeared first on Tech | Business | Economy.

There are many reasons why many wants to become an entrepreneur and why you should consider taking that giant step and creating your own world but before we talk about how to develop an entrepreneur mindset, let’s look at the difference between an intrapreneur and an entrepreneur.

An Intrapreneur

An intrapreneur is an employee of an organization creating values for the company he or she is working with.

An intrapreneur is someone who has passion for entrepreneurship but is using the passion and the knowledge to serve another man and by doing so, he or she is creating values in the company and he is been rewarded accordingly.

You are promoting innovative products development the same way an entrepreneur would.

Intrapreneur usually have the resources and capabilities of the firm at their disposal.

Entrepreneur and Intrapreneur vary in their level of focus. Whereas an entrepreneur envisions a company from start to finish, an intrapreneur has a much broader vision for an established company.

Since the intrapreneur works on solving bigger issues within the organization, he typically has more directly applicable skills for given tasks and takes more risks within the context of his job.

Just as an entrepreneur starts a company as a means of providing goods or services, intrapreneurs seeks policies, technologies and applications that will help increase a company’s productivity. As an intrapreneur builds the aptitude for recognizing and solving important problems, he also builds skills required to start his own business.

Similar to how entrepreneurs’ experiments, an intrapreneur possesses the freedom and anatomy for professional growth.

An intrapreneur has the independence to analyze and understand trends necessary for planning the company’s future. Intrapreneurs synthesize their findings and determine methods for staying ahead of their competitors.

Intrapreneurs become company’s executive leaders over time. They move the business forward and rise to the top as they understand the business from all levels.

A company should recognize and promote successful intrapreneurs so the business can succeed and grow. When intrapreneurs work at solving problem, they foster the growth of other talented intrapreneurs and integrate processes for the greater good of the entire company.

An Entrepreneur

An entrepreneur is someone who starts a new business or organization, taking some personal risks to do so. He may quit a secured job to devote time to starting the business, use personal savings as capital or convince investors to finance the business.

Successful entrepreneurs need the strong characteristics of trust, confidence, competence, courage, self-discipline along with right personality traits. An entrepreneur needs a successful business trait like we already highlighted above.

You can call an entrepreneur an individual who, rather than working as an employee, runs a small business and assumes all the risks and rewards of a given business venture, idea or goods/services offered for sale. An entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

Entrepreneurs play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to the market and to make right decisions that lead to profitability.

The reward for taking the risk is the potential economic profits the entrepreneur could earn. Entrepreneurs commonly face many obstacles when building a business.

Some common obstacles that many entrepreneurs face are overcoming bureaucracy, hiring talent and acquiring finance.

Entrepreneurship is a critical driver of innovation and economic growth. Therefore, fostering entrepreneurship is an important part of the economic growth strategies of many local and national governments around the world.

To this end, governments commonly assist in the development of entrepreneurial ecosystems, which may include entrepreneurs, venture capitalists, and government sponsored programs to assist entrepreneurs.

Given the risks that comes with a new venture, the acquisition of financing is particularly challenging and many entrepreneurs overcome these obstacles by bootstrapping.

Bootstrapping means to finance a business using methods such as owner funding, providing sweat equity to reduce labour costs, minimizing inventory and factoring receivables.

While some entrepreneurs are lone actors struggling to get small businesses off the ground on a shoestring, others work with additional founders, armed with greater access to capital and other resources.

In these situations, businesses may acquire financing from venture capitalists, angel investor hedge funds, crowdsourcing or through bank loans.

Key Factors to Consider as an Entrepreneur

What motivates people to start business?

To you, it may be passion, while to someone else it could be something else. The economy could be the reason why someone wants to start a new business, it could be that you want to become your own boss, it may as well be that you want to be free from the 8 to 5 work style, other factors includes autonomy, opportunity, being responsible to the society, necessity, accidental, and many others. So the question is, what is the motivating factor behind your starting a business?

What type of business should you go into?

Before going into any business, you must do your market research, have a basic knowledge of the industry you are going into.

There are three things you need to run a successful business.

Capability: You must possess the ability or power to get things done, you must be willing and determined.

Strategy: You must have a business plan. A business plan of action that is designed to achieve a long term or overall aim.

Capital: When we talk about capital, it does not only refer to financial capital, although this is a key factor, but you also need relationship capital, knowledge and human based capital.

How do you raise capital for business?

• Personal savings
• Loans
• Investors
• Financial institutions
  Family and Friends

In addition, you should also become a service provider.

What must you do before starting your business?

• Register your business name/company
• Get a bank account
• Be determined to succeed
• Keep records
• Have a business plan and feasibility report
• Have a business model that works

While running your business;

• Have financial discipline
• Keep your earning in your business
• Have a staying power
• Pay and account for your taxes
• Keep your books accurately
• Build a brand around your business
• Market your business (both online and offline)
• Have a transition process in place

Do trend analysis for your business regularly

–             Understand the business operation

–             Manage people well

–             Build trust

–             Build people

–             Keep re-engineering your business. We elaborated more on this under business model in chapter one.

–             Expand your business when you need to

In conclusion, an entrepreneur must be sensitive to opportunities. Most people are not ready for a long race, for you to succeed in business, you must have a staying power.

The post Developing Entrepreneur Mindset appeared first on Tech | Business | Economy.

“Indeed, PalmPay dey pay (Sic: PalmPay is beneficial),” Victor Ogunna said when asked about the benefit he’s gained since becoming a PalmPay Agent. “I joined in 2019 when the company started operation, and since then, I have not looked at or considered another POS brand except PalmPay.”

PalmPay Talks Customer Safety First at 2023 Nigeria Fintech Week

Running an agency banking business in Anambra State, Victor says he was happy he chose to become a PalmPay agent. Referencing the increasing unemployment rate in Nigeria, he says he has had no need to look for a job and yet has been able to meet his financial obligations.

He says working as a PalmPay agent has allowed him to contribute to his community by helping to bridge the financial inclusion gap that was once noticeable among the residents.

“Since there are no banks in the community where I stay, and the closest one is several kilometres away, as a PalmPay agent, I help other residents to perform transfers and other transactions, such as bill payments and airtime top-ups,” Victor said.

PalmPay is a leading Africa-focused fintech platform committed to driving financial inclusion and economic empowerment across the continent. PalmPay POS agents can capitalise on this incredible opportunity by performing financial services for their communities.

As a POS agent for the fastest-growing fintech company in Nigeria, with over 1.1 million businesses comprising 500,000 agents and 600,000 merchants across the country, Victor says he has succeeded over the years in “Providing for my family without begging anyone for help.”

In Bariga, Lagos State, Damilola Taiwo, another PalmPay agent, when asked about her experience as an agency banker, had positive commendations for the fintech company.

“PalmPay has been very good to me,” Damilola said, adding, “Compared to other POS brands, PalmPay is very good in that their POS terminal is durable and their network is very fast and reliable. PalmPay has the lowest fees in terms of withdrawal charges.”

Victor also echoed the benefits, saying, “PalmPay POS is the best because they gave me the best benefits compared to other companies. Their network is swift, and transactions are seamless. There is also the high bonus and commission as well as instant payout.”

Why become a PalmPay agent?

Urging other Nigerians who are unemployed or in need of other sources of income and looking to venture into the agency banking business to consider PalmPay, Victor said his reason for recommending the fintech brand was due to its suite of offerings.

“PalmPay has the best offering for any POS agent. Aside from earning a commission on each transaction, PalmPay POS agents have the rare opportunity to contribute to bridging the financial inclusion and literacy gap within the communities in which they operate.

“Not only that, in the entire fintech industry, PalmPay has one of the best POS networks, ensuring seamless connectivity and setting itself apart as the superior choice for agents in terms of providing high-quality, efficient, and secure service,” Victor added.

Continuing, Victor said; “When it comes to charges, unlike other POS terminal providers, PalmPay charges you based on the number of daily transactions you execute, ensuring transparency and fairness. Let me try and break it down for anyone to understand.

“For withdrawals between N1 to N20,000, a fee of 0.5% is charged based on the total transaction amount. A flat rate fee of N100 is applied for transactions above N20,000, regardless of the transaction amount.

“Also, transfers between PalmPay agent accounts are free, with transfers to other banks incurring a flat fee of N20, but there’s an opportunity you could earn up to N6 cashback on each transfer.

“That is not all! PalmPay also offers exciting incentives for high-star-level agents. Agents who achieve a high-star level can enjoy up to 0.1% cashback on their daily card withdrawals.

“This means that you can earn up to 0.1% cashback on every withdrawal transaction. For example, a withdrawal of N20,000 would earn you a cashback of N20, reducing the effective fee rate to 0.4% and the actual cap fee to N80.

“With one of the highest cashback rates in the industry, PalmPay ensures that their agents are rewarded for their efforts. It’s just another way PalmPay goes above and beyond to appreciate its agents,” an exciting Victor said, adding that he’ll always recommend the PalmPay POS any time any day and above other POS terminal brands out in the ecosystem.

How to become a PalmPay agent

With over 500,000 agents across 774 local government areas in Nigeria, PalmPay has established a vast network of trusted financial service providers in different marginalised communities.

Becoming a PalmPay POS agent opens doors to exciting possibilities, allowing you to embrace the true independence that comes from being an entrepreneur and providing essential financial services to the unbanked and underbanked members of your community.

To become a PalmPay POS agent, visit here to fill out the application form with your personal and business details, including your name, address, phone number, and email address, and then submit your application and wait for approval.

The post POS Agents Recount Benefits Gained Since Joining PalmPay appeared first on Tech | Business | Economy.

However, how you respond to failure and bounce back from it can make all the difference in your entrepreneurial journey. The importance of embracing failure, learning from mistakes, and developing resilience as an entrepreneur are the focus of this piece.

Embracing Failure as a Learning Opportunity

Failure should not be viewed as a negative outcome but rather as a valuable learning experience. It is through failure that entrepreneurs gain insights, discover their limitations, and identify areas for improvement. Embracing failure allows you to adopt a growth mindset and view setbacks as stepping stones to success.

Learning from Mistakes

One of the key aspects of dealing with failure is the ability to reflect on mistakes and extract meaningful lessons from them. Analyzing what went wrong, identifying the root causes, and understanding the factors that contributed to the failure can provide valuable insights for future decision-making.

Learning from mistakes enables entrepreneurs to make better-informed choices and avoid repeating the same errors.

Building Resilience

Resilience is the ability to bounce back from failures, setbacks, and challenges. It is a vital trait for entrepreneurs to cultivate, as it helps them navigate through tough times and persevere in the face of adversity. Building resilience involves developing a positive mindset, maintaining a strong support network, and practicing self-care. It also requires the ability to adapt to change, remain focused on long-term goals, and stay motivated during difficult periods.

Seeking Support and Mentorship

Dealing with failure can be emotionally draining, and entrepreneurs often find solace in seeking support from others who have experienced similar challenges. Surrounding yourself with a network of mentors, peers, and advisors can provide guidance, encouragement, and fresh perspectives. Their insights and experiences can help you gain a new perspective on failure and provide valuable guidance on overcoming obstacles.

Cultivating a Growth Mindset

A growth mindset is essential for resilience and success as an entrepreneur. It involves believing in your ability to learn, grow, and adapt to new situations. Embracing challenges, viewing setbacks as opportunities for growth, and maintaining a positive attitude are all fundamental aspects of a growth mindset. By cultivating this mindset, you can develop the resilience needed to navigate the ups and downs of entrepreneurship.

Conclusion

Failure is an inherent part of the entrepreneurial journey, but it doesn’t define your ultimate success. Instead, it’s how you respond to failure and learn from your mistakes that will shape your path forward. Remember, failure is not the end but a stepping stone towards future success.

The post Dealing with Setbacks, Mistakes and Building Resilience as an Entrepreneur appeared first on Tech | Business | Economy.

Luckily, different types of technology are available to help you no matter what stage of business development you’re in.

Let’s explore some of the technology every entrepreneur needs.

A Laptop

A desktop computer at home is terrific for your entrepreneurship, but the downside is that it has to stay at home. Most, if not all, entrepreneurs these days are on the move and need a device that can travel with them. Laptops are top-dog in this regard.

A laptop can go everywhere with you. For instance, you can take your laptop to client meetings, on your business trip, next vacation, or to your kid’s soccer practice. All of your important business and client information is accessible and available wherever and whenever you need it.

Ultimately, a laptop is like a home office on the go, enabling you to produce top-tier, professional work no matter your location.

A Smartphone

Every entrepreneur also needs a smartphone. Many are even ditching laptops to run the entire operation from the palm of their hands. This is because so many mobile applications are designed to support business owners in all that they do. Downloading these apps and learning how to use them efficiently makes it even easier to take your business on the go.

All in all, a quality smartphone could provide you with all the features and functions you need to run an entire business from anywhere you can find a connection.

Tools for Brainstorming

In addition to a laptop and smartphone, brainstorming tools are essential. There will be so many times in your entrepreneurial journey where you feel like your ideas are at a standstill. For instance, you might come up with an idea but have no plan for developing or completing it. Or you may be mid-way through a project and hit a challenge that halts production.

Whatever the case may be, brainstorming tools like mind maps can help you avoid stagnation. They can help inspire creativity, induce critical thinking, and organize your ideas, all of which can help you access creative and design thinking patterns. When you can visualize your thoughts and ideas, it’s easier to decide which ones are worth pursuing and how to do so productively.

Once you’ve got that fresh new idea mapped out, you’ll need a sharp set of marketing tools to help you spread the word about it.

Marketing Tools

Marketing is a massive part of any business. Not only is a comprehensive strategy necessary, but so are the proper tools to carry it out. There are so many components to successful marketing like:

• Learning buying behaviors and how to influence purchase decisions
• Data collection and analysis
• Choosing suitable marketing channels
• Developing individual strategies for each marketing channel
• Target audience and market research
• Building a unique brand

All of the above and the success of the rest of your marketing efforts rely on the effectiveness and efficiency of the tools you use. For example, you can use a tool to automate repetitive marketing tasks like sending campaign emails and posting on social media. You can use data analytics tools to automate the collection, processing, and analysis of marketing data. Some tools can also help you create and manage your marketing content.

Last but not least, every business using modern-age technology and tools needs modern-age security to protect them.

Cybersecurity Tools

Cybersecurity tools are a must if you’re conducting any business online, or using software, hardware, and other digital tools like mobile applications that store business and customer data.

Entrepreneurs must protect any data they produce or handle regarding their business, customers, partners, suppliers, and so forth. Unfortunately, small businesses are a goldmine for cybercriminals because most owners don’t invest in cybersecurity tools to protect their data.

Recent research on cybersecurity also reveals that, “by 2023, experts estimate that the global cost of cybercrime will reach $5.2 trillion.”

In other words, cyberthieves aren’t going anywhere, and it will cost you if you become a victim. So, don’t skimp on cybersecurity tools if you want to avoid the harmful and expensive consequences of a data breach. It’s often much more expensive to deal with the results of a data breach than it costs to prevent one.

Conclusion

This isn’t an exhaustive list of the technology every successful entrepreneur needs. Instead, it should be the beginning of your efforts to find the right technology for your business and overall entrepreneurial goals.

To find and implement technology that suits your style of entrepreneurship, start with an internet search on tools those in your industry use to be successful.

You can also reach out to your professional network and get input from fellow entrepreneurs on the technology and tools they use.

Once you’ve narrowed down your choices, do some additional research on those choices. You can also schedule a consultation with a representative from the companies offering your technology choices to discuss how they might fit your operation.

Finally, implement your new technology. Give yourself and your team ample time to learn each new tool and allow time for each to show its advantages and disadvantages in your entrepreneurial ventures.

The post Technology Every Entrepreneur Needs appeared first on Tech | Business | Economy.