Bill Venter on What Makes an Entrepreneur

Bill Venter on What Makes an Entrepreneur

SHARE

What makes an entrepreneur?

Be innovative, be a risk taker and have a strong desire to be successful in anything you tackle. Have the courage to recognise opportunities early and seize them. Be conscious never to over-borrow, ensure that your expenses are always less than your income and choose to be active in a business where your contribution can add a great deal of value. An entrepreneur also has to possess excellent leadership qualities. Successful entrepreneurs always respect customers and colleagues alike and motivate others by their work ethic. Good entrepreneurs always plough back into society and uplift those in the broader community.

What questions should you ask before acquiring a business?

Does that company fit into your current business plan for future development and growth? How profitable has it been, and for how long? If it’s not profitable, does it present a turnaround situation and do you have the manpower, the skill and the time to turn it around? Find out how dedicated the management would be under the new ownership. Ensure that the company is not over-geared, that it has a healthy order book and good future prospects and, of course, an excellent product range.

How did you put your succession plan in place?

Once you have made a decision to have a family business, you need to agree which members are suitable for the business and then educate them in their specific areas of interest and capability, such as finance or marketing. Once appointed, they must be guided regularly on the values of the company to see how well they work in an environment with others.

How do you define a life well lived?

Success, for me, is an ennobling force. Greater awareness of the personal struggles of others has developed my interest in assisting people. It has become an abiding and rewarding commitment.

· Title: In Pursuit of a Dream

· Author: Bill Venter

· Publisher: Shinglewood Press

· Available at: Exclusive Books

Monique Verduyn
Monique Verduyn is a freelance writer. She has more than 12 years’ experience in writing for the corporate, SME, IT and entertainment sectors, and has interviewed many of South Africa’s most prominent business leaders and thinkers. Find her on Google+.