Running your own business can be exhilarating and rewarding, but also exhausting. Too often, we see the shiny end result of a successful start up without seeing the years of hard work that went into it. If you’re an entrepreneur, one of the most important ingredients you’ll need to succeed isn’t lots of money or even luck, as many would have you believe – it’s stamina.
Many of us look at successful entrepreneurs and attribute their success to a single brilliant idea, or to their social connections. While these can be important ingredients to success, the actual backbone of “making it” as an entrepreneur is something different altogether: it’s having both physical and mental stamina.
Physical stamina means having enough energy to apply yourself and work hard through long workdays, late nights and even weekends. Mental stamina is possibly even more important though, as it’s essential for dealing with the stress of not earning a salary, the inevitable setbacks you’ll face as a business owner, and an ever-changing world where you need to be highly adaptable.
So as a small business owner, how do you make sure you build the mental and physical stamina to keep going?
1. Create work boundaries
Speak to any small business owner and they’ll tell you that it’s very difficult to switch off from thinking about their business, so they put in long hours of work every day and night. But if you do this, you’ll burn out very quickly and run out of the energy you need to keep going in the long run.
To prevent this, set firm boundaries for yourself for when you work and when you don’t (for example never past 6pm on a weekday). It’s also a good idea to take a holiday once or twice a year where you completely switch off for a longer period of time.
2. Cultivate balance
It seems counter-intuitive, but the more your life contains things other than work, the more energy you’ll have when it comes to work. Things like a regular exercise routine, having hobbies outside of work and carving out time to relax can all help you do this.
Marc Levi, co-founder of Tarloy Properties, prioritises personal engagements first before work meetings to make sure he fits them in to his week.
“By diarising personal commitments first, you make sure that they don’t take a back seat to work and never happen,” he says.
3. Do what you enjoy
If you get up everyday to do what you love to do, you’ll naturally have more motivation to keep going, which in turn will increase your chances of success. In other words, start a business in an industry you feel passionate about, rather than one you’re ambivalent about but that seems lucrative.
Simon Black, Managing Director of Black Pepper Properties agrees, saying that stamina as an entrepreneur is best gained by focusing on delivering to your customers, rather than simply concentrating on the money you’re trying to make.
4. Surround yourself with a good support network
A good support network can include friends or family you can relax with, business partners who share a common vision, and professional mentors who can guide you strategically. Gary Keizan, director of guided tour company SafariScapes & Aviation, says that finding other entrepreneurs in non-competing businesses is also an invaluable support.
“By meeting up with other people in the same boat as you, you can share your learnings, stresses and challenges to help you along the way,” he says.
5. See the bigger picture
Seeing the bigger picture means knowing that failures are inevitable but that they can actually help you get to your end goal. Maybe investor funding falls through, or you get a bad product review, or you don’t hit the sales targets you projected.
Whatever happens, failure is a great teacher and can propel you further along your path than if everything goes perfectly. A crucial part of this is focus: Keizan says that many entrepreneurs suffer from what he calls “shiny penny syndrome”, where they’re distracted by every shiny opportunity or “penny” they come across. Rather, successful business owners who go the distance are ones who harness the power of focus to move in one purposeful direction.
Having the stamina to keep going as an entrepreneur takes work, and it’s something we don’t often think we need when starting our own business.
Success rarely happens overnight – in fact, it’s usually the result of a long road of continued determination to reach your goal. Building in ways to ensure you nurture both mental and physical stamina means you’re more likely to get there.
The New Rules Of Customer Experience
Intelligent Experience Economy will change the rules of customer experience.
Our report identifies five rules organisations can follow to reimagine the customer experience in the ‘Intelligent Experience Economy’. These rules are the action that organisations need to take if they want to be successful in this new era:
1. Make the customer journey your new chain
Most executives understand the importance of CX and have some form of customer strategy to address it. However, the ‘Intelligent Experience Economy’ calls for significant action. Organisations will need to develop an enterprise-wide customer journey. Creating a common language and taxonomy around the customer that is universally adopted will spur CX transformation at scale and embed the customer in the core of the organisational culture.
2. Embed AI in the Customer Experience
Our research confirms that businesses understand the critical and still growing importance of ‘big data’ and analytics. However, having an analytics function. AI will be the dominant capability enabling companies to reimagine the CX in the ‘Intelligent Experience Economy’. Embedding AI in the CX is a great opportunity for organisations. It can enable easier communication with customers, speed up transaction times, personalise customer experiences and significantly reduce customer service costs. Furthermore, organisations that have embedded AI will have unique access to customer data.
3. Connect Customer Experience to real value
Customer metrics are now commonplace in businesses. Although the metric is important, too many businesses see it as the end point instead of the starting point. CCOs assessing their CX transformation efforts must take into account how mature their organisation’s CX measurement maturity is.
For many, CX measurement is still immature – actively listening to customers and collecting feedback, but not taking action with CX initiatives. Organisations should develop real-time customer metrics.
4. Let the COO drive Customer Experience Change
The role of the COO needs to evolve if organisations are to execute on their ambitious goals for their CX visions in the next few years. The role of the COO will need to shift from ‘measuring the CX’ to being directive on the priorities to drive CX change. In order to be more directive, end-to-end capabilities will be needed within the organisations, framed around journey stages.
5. Ignite the core
To create real CX transformation – the COO cannot be successful alone. The challenge is about ‘igniting the core’ around CX. To ‘ignite the core’ organisations need to spread the CX vision with all leaders, managers, frontline employees and back office employees alike. Furthermore, organisations will have to establish partnerships across the value chain – including UX/CX experts, data analysis, AI architects, app developers, as well as project delivery partners.
How can organisations execute the customer experience?
In order to be a leading customer experience organisation, companies will need to execute the customer experience at scale across the organisation. Customer strategy execution is transformational in nature and requires new capabilities, new ways of working and an entire organisation to be fully behind the new vision.
How To Immigrate With Your Family By Starting A Business In The UK
The simple way to make your entrepreneurial dreams come true in the UK.
Many people, especially those with families, are reluctant to up sticks and move to the UK. These would-be movers are often worried that they will not be able to secure employment in the hugely competitive UK job market. This source of stress alone is enough to discourage some from pursuing their dreams of living in the UK. But, there is an innovative and accessible solution.
The UK has several visa classes aimed at individuals who wish to invest in the country. These give an individual the right to live and work in the UK with their families, if they make a defined investment. A visa that interests South Africans is the Tier 1 (Entrepreneur) visa. We have developed our UK Tier 1 Entrepreneur Investment Programme to help South Africans looking to immigrate to the UK alone, or with their families.
The basics of the Tier 1 (Entrepreneur) visa
To be awarded a Tier 1 (Entrepreneur) visa, you will need to invest at least R3,5 million (£200,000) in an existing UK business or one you start up. There are certain other requirements, but these are not particularly onerous, and most investors will qualify if they submit their application correctly.
The entrepreneur visa allows you to live and work in the UK, and take dependant family members with you, defined as your partner and your child under 18. If you have the capital, or are willing to liquidate your assets in South Africa to raise it, the Tier 1 (Entrepreneur) visa is a great way to relocate your entire family to the UK.
Do note: You will need to make specific applications for each dependant, so it is vital you consult with an immigration expert before beginning the application process.
You’re not just immigrating, you’re investing in the UK
By starting or investing in a UK business as part of our programme, you will be granted the right to live and work in the UK, and earn an income from that business.
The business you invest in will want you to play an active role, not just contribute seed capital. If you want to invest in a business without being an active director you will be allowed to do so, but you may not be eligible for the Tier 1 (Entrepreneur) visa.
Another restriction is that you cannot hold this visa and work for a business other than the one you are invested in. But, your partner will be allowed to work in whatever field he or she pleases.
How do you choose the right business to invest in?
There is always an element of risk when investing in a foreign business, particularly when you’re thirteen thousand kilometres away from the country you’re investing in. It’s important to understand exactly what you’re investing in before you take the plunge.
That’s why our UK Tier 1 Entrepreneur Investment Programme is hugely beneficial. It matches your investment capital with a pre-approved investee business. We’ll make sure that your skills are matched with an appropriate venture so you can be an active director of that business.
We’ll also handle your visa applications, providing you with a comprehensive immigration and investment solution. Our partner’s list of investee businesses is over 200 strong, giving you an array of choices in various industries. This allows us to pair you with the business that best suits your investment goals and skills.
But what if you have a successful business in South Africa?
It’s no secret — emigrating from South Africa is difficult for many families who have deep roots and thriving operations. There’s no reason why you can’t keep your business in South Africa as well as relocate to the UK.
Nothing restricts a Tier 1 (Entrepreneur) visa holder from owning and overseeing businesses in other countries while they are on this visa. Many clients choose to relocate to the UK while ensuring that their original business continues to operate. In this way, you will be supplementing the income from your UK investment with revenue generated by your South African business.
You can hold British and South African passports if you apply for your British citizenship in the correct manner. You must obtain permission from Home Affairs in South Africa to avoid having your citizenship revoked. Retaining your South African citizenship will make it much easier for you to continue running a business here.
Talk to us today
There are compelling reasons to move to the UK — a brighter future for your children and a more stable country in which to retire. Our comprehensive solution will ensure you get the most out of your relocation.
If you’re thinking of immigrating to the UK or investing offshore — either or both — we can help.
(Video) TomTom Telematics – Let’s Drive Business (UK)
Start-up Industry Specific2 months ago
How Do I Start A Transport Or Logistics Business?
Snapshots9 years ago
Habari Media: Adrian Hewlett
Snapshots2 months ago
27 Of The Richest People In South Africa
Types of Businesses to Start2 months ago
11 Uniquely South African Business Ideas
Support for Women Entrepreneurs2 months ago
10 Successful SA Women Entrepreneurs’ Top Advice On Balancing Work And Family
Entrepreneur Profiles2 months ago
10 SA Entrepreneurs Who Built Their Businesses From Nothing
Types of Businesses to Start2 months ago
10 Business Ideas Ready To Launch!
Lessons Learnt2 months ago
6 Of The Most Profitable Small Businesses In South Africa