ENTREPRENEUR – A term used far too lightly and what right do you have to call yourself one… and how does this go-at-it-alone philosophy affect SA digital?
We all go through stages where we latch onto a word or phrase and over-use it to the point where it loses its impact or real meaning. One example that comes to mind immediately is the word awesome. Awe is defined as ‘an overwhelming feeling of wonder and admiration’ or ‘a feeling of profound respect.’ Suffice to say the burger you just wolfed down, no matter how delicious is not awesome.
Another term which is suffering at the hands of over and incorrect use is entrepreneur.
Do a quick search on Twitter as to the number of people who include the word entrepreneur in their profile. It’s a wonder the global economy is in such a precarious position given how many entrepreneurs are broadcasting their brilliant existence via social media.
Let’s be honest, there are some fundamental criteria for being identified by society, rather than just by you and your mum, as an entrepreneur.
The makings of an adventurer
You are someone who has put their financial neck on the line, be it your house, savings or little Timmy’s university fund. You have put your existing career or job at risk by actively pursuing an idea, opportunity or vision. Prominent American political economist Robert B Reich defined the meaning as someone who also possess strong qualities in the areas of leadership, management, team building and has the ability to succeed, albeit success is never guaranteed.. .
Entrepeneur is therefore a rather big compliment to give yourself, as you are essentially saying as your career description ‘I am an all round brilliant human being who was clever enough to have (or take) a great idea and build it through my extemporary vision, skills in people and structural management. Did I also mention my strong leadership and mentoring skills?’
Entrepreneur (a good one – as surely there has to be varying types) is not a title you should bestow upon yourself, instead it should be a term that someone might describe you as, in recognition of your achievements and the multiple qualities described above. I believe that Richard Branson is of course a great entrepreneur, I also believe that Kylie has a wonderful bottom, neither of which I’m guessing they choose to lob into introductory conversations about themselves.
There are of course people like Branson who genuinely are referred to by all as an entrepreneur, and have every right to use that label to describe themselves should they wish. But let’s be honest we’re in minority territory here and even the best generally don’t.
Entrepreneur must not be confused with a business starter, business owner, having an idea, freelancing, or anything else that falls outside traditional employment. Also, don’t confuse entrepreneurial with being an entrepreneur. Likewise the word ‘serial entrepreneur’ is also increasingly making the rounds of business lexicon in a thoroughly meaningless way. You are either an entrepreneur or you are not. You cannot be a serial doctor or a serial accountant.
Which brings me to entrepreneurial. The way most people refer to themselves as an ‘entrepreneur’ would define my housekeeper as an ‘entrepreneur’ and a good one at that. Whenever we need more help (extra cleaning, gardening, etc) she pulls in her friends and family and takes a cut of the wages.
She may not fit all of the qualities defined here for being a true entrepreneur but it certainly ticks a lot of boxes and she is surely more worthy of being labeled an entrepreneur than most who use that label so easily. Instead I would view her business acumen and practice as being entrepreneurial.
So, given that entrepreneur is such a widely abused term in SA which has been diluted to mean ‘going at it alone in some way’, I would like to highlight the danger within industry sectors where ‘entrepreneurship’ (from now on: going-at-it-aloneship) is widely promoted and glamourised. This buzz and promotion is flippantly given and seen by many as the answer to the country’s economic challenges, which in under privileged areas it may well be, but in over privileged areas such as digital and advertising I strongly disagree.
This glamorising of ‘go-it-aloneship’ is irresponsible and should be promoted with caution, not unlike gambling. The difference is that gambling comes with a health warning (responsible gambling) and so should the promotion of ‘go-at-it-aloneship’ as it is just as dangerous and frequently produces more losers than winners.
Responsibly promoting this ‘go-at-it-aloneship’ should at the very least be to those who tick the big boxes of entrepreneurial flair, have a lower risk of failure and crucially understand all of the risks both financial and personal.
At least gamblers have support structures and help lines for when things go wrong, ‘go-at-it-aloners’ do not! We have warnings all over any financial and investment adverts as well as the aforementioned highly regulated gambling industry. But what gives us the right to glamourise and oversimplify the fine art of business success with so much financial and personal collateral at risk?
My next point is that the promotion of ‘go-at-it-aloneship’ creates talent dilution, not least in industries with an already starving talent pool. There is no doubt that when great minds and visionaries get together, amazing things can and do happen.
Diluting strengths vs capitalising on them
In my industry, the digital industry, where we already have a huge talent shortage, the very best people that you would really want in your team are already ‘going-at-it-aloners,’ and to be fair in a few exceptional cases, worthy tech and digital entrepreneurs.
What this creates is something that continues to dilute our depth and quality versus world class digital standards.
It does that by fragmenting great brains through the creation of hundreds of small digital companies or talent silos, headed up by the ‘going-at-it-aloner’, each of which is consumed with the 50% wastage of running that business. Less time for digital brilliance and breakthroughs when you have to invoice, pay salaries, keep the VAT man happy and so on.
More often than not our gifted but creatively lonely ‘go-at-it- aloner’ is the sole driver without the benefit of true collaborative and strategic business thinking, resulting in offerings that can quite often only be extremely niche, spread too thin or competing in an overcrowded and competitive market fighting for the same small slice of pie.
The beauty of teamwork
Don’t underestimate the time, money and the collective brains required to be truly digitally innovative and deliver world class products and campaigns on a large scale. With very few exceptions, these silos will never unlock the true potential of the visionary spearheading them.
The best analogy for the digital industry in South Africa? What we should and could be as an industry is an FC Barcelona, World Cup winners Spain, Manchester United or the entire Premier League in football terms. In essence a team made up of the cream of the crop.
Instead we have a culture of ‘go-at- it-aloneship’ that tells each of these players that they can easily setup and manage teams themselves, make lots of money, all run their own stadiums and cleaning staff and then perhaps a Russian billionaire will come and buy them for squillons of dollars. In most cases, this may spawn the odd (but rare) good team, many mediocre ones and lots of minnows, struggling to attract fans and financial returns and of course scrapping over world class team talent.
The reality is the greatness of those teams lies in the collaborative teamwork of all those combined talents which unite to create something truly world class.
Of course FC Barcelona and Manchester United wouldn’t exist if someone hadn’t started the team, but you get my point.
So what then is the answer?
Instead of blindly promoting the ‘go-at-it-alone it will be great’ philosophy, there needs to be other outlets for entrepreneurial minded individuals.
Companies need to look at promoting and harnessing the essence of entrepreneurial spirit. Offering infrastructure and the relevant rewards, ownership and control for people with the added benefit of personal de-risking with a ‘not so hard landing’ should it not work out
I believe that true entrepreneurs can be born and housed within companies, they too will need to fit the criteria as discussed, and they still carry risk, it may not be monetary, but in order to succeed as a true entrepreneur you will always be making some kind of personal sacrifice. Keeping the brains and entrepreneurial drive together can only mean great things for digital or any other industry on the world stage.
Alternatively, in a land of ‘go-at-it-aloneship’, most of those labeling themselves tech and digital ‘entrepreneurs’ need to drop the self appointed labels and look to create an ‘entrpreurlaboration’ approach where by collaborating and joining these small silos of great talents would deliver creative solutions, products and ideas far greater than the sum of the parts.
As a rule of thumb, for collaboration to be effective it requires leadership. Not typically ‘do as I say’ leadership but rather a form that is social or decentralized, a form of leadership that can be liquid and malleable. By that I mean where a skill set is strong a natural leadership will be formed and where that person was weaker they would automatically look to support the leadership of another in the group more suited to particular task with the shared goal of a common vision.
The collective, collaborative leadership should all of our ‘go-at-it aloners’ work with an entrepreurlaboration approach would have a profound effect on South Africa’s digital landscape and its global competitiveness
Why? Because it is a way of coordinating ideas from the best of breed to generate wider and more impactful knowledge. Think of it as an ongoing brainstorm with the best and brightest brains in the field, with people who have insight and the willing to take what’s inside your head and make it better.
Collaboration with a selected few firms as opposed to collaboration with a large number of different firms has repeatedly been shown to positively impact firm performance and innovation outcomes.
Neither of the above are likely, but the constant dilution of our nations great brains in this way is detrimental to a country trying to claim it’s rightful place in the global digital economy, but if you must go at it alone, please do it with caution, it’s hard out there
For all of you self-labeled ‘entrepreneurs’, let us instead park the egotistical titles and work harder to make the digital landscape greater. Entrepeurlaboration can create true digital greatness for South Africa and within that is there is still room for others to think of you and label you as a true entrepreneur.
12 Entrepreneurial Traits That Will Tempt You To Quit Your Job Immediately
Unhappy in your job? It’s possible you’re an entrepreneur.
You’re sitting at your desk one day, and a light bulb goes off for a business idea. After a couple of days spent contemplating the idea, you decide it’s not worth pursuing.
While the idea might not have been as great as you initially thought, the reality might be that you’re uncertain if you are cut out to be your own boss. After all, starting and running a business isn’t for the faint of heart.
You may actually have what it takes to be an entrepreneur but you have been focused on providing for your family or just need a little spark to ignite that fire. If you’ve been on the fence about entrepreneurship, see if you have the following traits.
1. Your “business mind” began spinning at a young age
Think back to when you were young. Were you the type of kid who was making money with a side gig? That’s one of the most common denominators linking successful entrepreneurs.
For example, Daymond John created customised pencils for girls in his first-grade class. Mark Cuban sold trash bags in his neighbourhood as a 12-year-old. Richard Branson bred and sold parakeets. Juliette Brindak designed a website at age 16 that went on to be worth $30 million.
Simply put, the gears of an entrepreneur’s “business mind” start spinning at an early age. If you’ve always been looking for ways to make money, you’ve probably been an entrepreneur your whole life – you just didn’t realise it.
2. You’re a self-starter
Entrepreneurs are known for carving their own paths. They don’t follow others, wait for permission or let distractions get in their way.
Reflect on your life. Did you start an organisation in college? Have you volunteered for a local charity? When there’s a project to complete at work, have you been the person to take the reins and rally the troops?
These are signs that you have a get-it-done personality, which is essential to making your vision a reality. This is a very good sign you’re an entrepreneur.
3. You think like MacGyver
Back in the ’80s, there was an amazing TV show called “MacGyver“ – there’s a reimagined version currently on-air. The series was about Angus “Mac” MacGyver, who was a troubleshooter with unconventional problem-solving skills. One time, he made a hot-air balloon out of a soccer ball, kerosene, newspapers and cotton.
Entrepreneurs are also troubleshooters who develop innovative and out-of-the-box ideas to solve problems. They are resourceful and think quickly on their feet.
4. Losing gets you fired up
No one likes to lose. But there’s a big difference between entrepreneurs and everyone else – they’re motivated by setbacks.
They don’t make excuses, complain or give up. Instead, they use setbacks as motivation. Take Gary Vaynerchuk, for example. He loves losing. It sounds a bit out there. But, as he explains, “I’m obsessed with losing.” The reason? “I love losing, because I know what you’re thinking about my loss, and I can’t wait to stick it in your face when I come back.”
5. You’re driven by passion
Passion: It drives us to take risks and pursue our dreams. For entrepreneurs, this also means focusing only on the goals they’re passionate about. It encourages them to see those goals through – regardless of distractions or hurdles.
If you’re the type of person who works out when you’re in pain or completes a project at your current gig before the deadline, you’re driven by passion.
6. You are easily bored
Do you find yourself easily bored? Some people might think that’s a problem. There’s nothing wrong with being bored with activities that don’t use your abilities or aren’t challenging.
That’s why throughout school, you couldn’t stand most of the classes you attended. They either weren’t difficult enough or you just couldn’t sustain any interest – you knew you wouldn’t be using the information presented to you.
7. You’re able to delay gratification
Few successful entrepreneurs experienced overnight success. The reality is that it may take years, if not decades, for entrepreneurs to develop and launch a business. Even after they start their business, it takes a decent amount of time to start turning a profit. It takes many around three years, but this can vary.
Because of this, entrepreneurs must be patient and willing to delay gratification. At the same time, they can see the light at the end of the tunnel.
8. At work, you’re a super connector; at home, you’re a loner
When you’re at work, are you a rock star? This means you excel at your job, and people flock to you. When you get home, are you more of a loner?
That’s not exactly shocking. Entrepreneurs place a huge emphasis on their work. Even bigger on having productive habits at work. It’s their priority – even at the expense of close personal relationships.
Richard Branson has said that “Business is all about personal contact. No matter how heavy your workload is, do not allow yourself to work in your cubicle or office all day, every day – for your own well-being and the health of your business, you need to get out and about, meeting people and developing relationships.”
9. You can spot trends
When entrepreneurs are out and about, they’re taking stock of what’s going on around them. It’s not some strange safety precaution. It’s because they’re looking for trends and analysing what customers are demanding.
Take Beanie Babies, for example. The craze started when a community in the Chicago suburbs started trading the stuffed animals. After it went national, Peggy Gallagher noticed it hadn’t reached Germany. Gallagher contacted a distributor in Germany and placed an order for $2 000. She brought the box of hard-to-find stuffed animals back to the States and made an impressive $300 000.
10. You go big or go home
“We’re often told not to ‘bet the house’ on anything,” writes Lauren Elmore, president of Firmatek. “It’s generally good advice. But the best business advice I’ve received is actually the opposite: Bet the house on it.”
“Betting the house is the best piece of advice I’ve received because it’s not a singular thing to do,” explains Elmore. “It’s a way of life and a mentality that promotes taking risks and giving everything you have to make it work.”
Of course, just because you go all-in doesn’t mean you do so carelessly. Entrepreneurs minimise risks by surrounding themselves with the right people, being resilient and addressing their fears to let them go.
11. You’ve had a history of losing jobs
Have you bounced from job to job because you got fired? Don’t be embarrassed. You’re just too creative, driven and self-motivated to work for someone else.
I’d even say you may be a bit selfish – why should someone else reap the benefits of your hard work and talent?
12. You’re never satisfied
In school, did you best your classmates in academics or sports, but still feel disappointed? Do you have more sales than your colleagues, but it’s still not enough?
You’re constantly striving for more because you realise victories are short-lived. That’s why you see a lot of entrepreneurs start a thriving business and move on to another – they want to tackle new challenges and setbacks.
You may not have made the entrepreneurial leap yet, but if these 12 traits sound familiar, it’s more likely a matter of “when,” not “if.”
This article was originally posted here on Entrepreneur.com.
Want To Get That Side Hustle You’ve Been Dreaming Of Off The Ground This Year?
Stop dreaming. Carve out 30 minutes a night after the kids are in bed, and start putting together something tangible.
Want to make extra income? Who doesn’t? That’s why so many people in recent years have been taking their talents and skills and turning them into a side hustle. In fact, according to a recent survey from Bankrate, nearly four in 10 Americans polled (37 percent) said they have a side hustle.
Unfortunately, though, a lot of people get stuck in the “dreaming” stage. They sit around brainstorming ideas and dreaming of the day they have a successful side hustle that brings them joy and money but never actually get started. Well, scratch that: This is the year to turn it all around.
And to do that, and get one step (or multiple steps) closer to turning your side gig idea into an actual money-maker, check out these five tips for how to get your side hustle off the ground this year.
1. Change your mindset
A lot of people never get their side hustle off the ground because they have the wrong mindset. I know it seems simple, but believing in yourself and thinking of yourself as a business owner and not just a hobbyist will make all of the difference when it comes to starting a successful side hustle.
Even if you’re nowhere near to being a successful business owner yet, act like one. In fact, the “fake it until you make it” strategy actually works. According to a study in Psychology Today, people gain influence by acting dominant and confident. This strategy has the ability to convince people you’re serious about your side hustle and can win you customers, too.
2. Create an agenda
You can’t expect your side hustle to take flight on its own; you’ve got to put in the hours to get it off the ground. I know it’s hard to feel motivated to do that when you’ve already got a full-time job and a ton of other responsibilities, but you’ve got to set time aside.
Luckily though, you don’t have to fear burning out to get it done: Chris Guillebeau, founder of the Side Hustle School and author of Side Hustle: From Idea to Income in 27 Days, says that you can develop a successful side hustle by carving out just 20 to 30 minutes of your day. If you’re a parent, you might choose 30 minutes each evening after the kids are in bed; or you could even use your lunch break at work.
Whatever time you choose, put it in your calendar, set an alarm for it, stick to it and don’t let anyone drag you away from it.
3. Join a community
Sometimes we all need a little bit of inspiration to give us the push we need and some good solid advice to help us improve. That’s why you should join an online community for side hustlers. Joining with like-minded people can help you build a support system of buddies who have been where you are now and can provide a wealth of information to get your side hustle going.
There are tons of such groups onlines. Simply search for them on Facebook and LinkedIn and you’ll discover numerous groups for every niche. Ask questions, bounce ideas off other members, learn from others’ mistakes and get inspired by stories of success. All of this community interaction will push you in the right direction.
4. Build a tangible brand
Branding is the personality that identifies a company to its customers. Even if your business is only part-time, you still need to build a brand in order to attract customers and present yourself as a professional business. This means creating a logo, coming up with a tagline and developing a theme for your website, including a colour scheme and personality. All of this will work together to show your target audience who you are as a business.
If you’re thinking that all of that sounds expensive, don’t worry. For side hustlers who are strapped for cash, there are a number of ways to create a stunning brand while still saving your pennies. If you set up your website with WordPress, for example, you’ll find many free and affordable website themes to help you build a brand with just the click of a button. You can also use a free tool like Canva to create a gorgeous logo, business cards, flyers and more for your side hustle venture.
5. Start marketing your side hustle
The final step to getting your side hustle off the ground is to start putting yourself out there. So, whatever you do, don’t keep your side hustle a secret! Start telling all your friends, family and neighbours about your side hustle. One of them could become your first client or customer or could recommend you to someone he or she knows.
Next, get online and start marketing your side hustle on social media. Social media platforms like Pinterest and Instagram are particularly great for marketing product-based side hustles. Other free ways to market your side hustle online include joining forums like Quora, blogging and building an email list and cold-emailing potential clients to offer your services.
Over to you
Don’t sit around again this year wondering if your side hustle has what it takes to make money. Get out there and make it happen. With the new tips you’ve learned, this year will finally be the year you hit the ground running.
This article was originally posted here on Entrepreneur.com.
7 Skills Every Entrepreneur Should Adopt Today
There are certain skills that any entrepreneur can adopt to help build a business and shape their future.
The road taken by the entrepreneur used to be the one least travelled. The one where only the bold dared to tread and few understood the risk or benefitted from the reward. Today, the road may be one travelled by many but it still comes with challenges and obstacles that can trip up the unwary. The best way to thrive, is to learn from other entrepreneurs, using their learnings and mistakes to sidestep the challenges and embrace the opportunities.
Here are seven skills that any entrepreneur can apply to their journey today:
1. A vision
Know exactly what you want. Have a clear idea of your end goal. Write it down, verbalise it, embrace it. This is how you know exactly where your steps will take you. Your vision is what defines the strategic goals of your company and what helps you create a business plan that will get you where you want to go.
2. Ask questions
Question yourself, your plans, your strategy, your business plans and your decisions. This is a critical skill that will ensure that you are constantly driving yourself to be better tomorrow than you are today. By challenging yourself at every turn you will refine your vision and ensure you are always on the right path.
3. Passion and energy
Nobody else is going to be passionate about your business. Nobody else has the energy to take it where it has to go. It is entirely up to you. This may sound extreme, but without these two key qualities you will battle to take your business through the complexities that lie ahead and onwards into long-term success.
4. A work ethic
Like passion and energy, a work ethic is critical. This is your business and your vision so you need to put in the hours. And there are a lot of hours.
If you’re not prepared for the weekends, late nights and unexpected holiday disruptions, then you may not be ready for the demands of being an entrepreneur.
5. Create opportunity
While you may be the vision, the passion and the workhorse of your business, it is important to remember that your company can only go so far with only one person behind the wheel. Learn how to build a team and focus your energy on building something bigger than yourself. Your drive should not be just about building a successful business, but creating opportunities for others.
Throughout your journey you will need to share your vision, ideals and business plans with your employees and your executives. They have to buy into what you are planning, to be fully engaged with the work that they do. This means you have to learn how to communicate clearly and create a transparent culture so people feel part of something and committed to what it represents.
Ultimately, you want your business to grow and this means mastering the art of selling. Regardless of your business proposition, it is likely you need customers to buy into your product or service. So, learn how to sell. A large part of this magic formula is made up of the passion, energy and work ethic you’ve already mastered, the rest is all about relationships, communication and hooking the clients.