What criteria do you use to assess the entrepreneur’s company?
We look at the capability of the business to sustain their service levels throughout the service period without creating a risk to the Growthpoint operations. We assess the company registration documentation, company insurance documentation, VAT clearance certificate, letter of good standing with their bank, BBBEE certificate, OHS policy and procedure, references, and alignment of the product/service with Growthpoint strategies.
What are some of the common errors that companies make with their proposals?
Fear Entrepreneurs need to learn to overcome their fear. When we pick up on their fear, it often represents a lack of passion and knowledge for their business. If you are not confident about your product, you are not going to sell it.
On average we receive around 60 profiles a day, and we decide who we want to meet with. There are some that stand out from the rest, and this shows that the person is passionate because they have put time into it.
How you position yourself is also important. We are not looking for someone who does everything. Identify what you specialise in and sell it. Small businesses don’t have the capacity to do a lot of different things, rather find one thing you do well and run with it. Some people think they are being innovative by diversifying, but diversification is not innovation.
A business owner has to be able to keep the business going when things change. Small businesses often get left behind because they can’t adapt fast enough. You need to work with change, know who you are and look for ways to sustain your business.
Put effort into your business – don’t look for excuses. Excuses are holding you back from the next thing.
What would turn you off a person immediately?
Lack of confidence and passion in the product or service they provide and not doing their homework about the potential client.