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Are You Suited to Entrepreneurship

Start This Business With Zero Advertising Budget And No Need For Premises

What do we need to do to make our chances of entrepreneurial success as high as possible? Is it possible to build and position a business that has the highest statistical chances of survival? How would we even go about building such a business? Financial Freedom Project seems to have the answer.

Financial Freedom Project

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What are the causes of most business failures?

When it comes to business failure in South Africa, the numbers aren’t optimistic. Some of the more common reasons for business failure include:

  • Start-up funding
  • Ongoing support
  • Lack of new business to sustain growth
  • Admin time / costs associated with running a business
  • High cost of equipment / premises
  • Advertising budget
  • Cost of personnel labor
  • Legalities of employment contracts
  • Costs of credit
  • Market experience
  • Competition within the industry
  • Current market conditions.

With the odds stacked against you, what type of business could you start that offers you:

1. Minimal start-up funding

Consider minimal start-up funding requirements to mitigate as much risk as possible and make start-up as easy and quick as possible.

We need to go as low as less than one month of one month’s average salary as so to be able to start this business on the spot. Let’s make our criteria less than R10 000.

Related: 15 Things Every Newbie Needs to Know About Starting a Business

2. Mentor/ Trainer support

For support and experience we need to have easily accessible communication methods with a mentor / trainer i.e. WhatsApp and skype.

3. Access to a market full of customers with unlimited spending ability

Want a colossal market, how about an estimated 5.3 Trillion Dollars a day?

4. No need for an advertising budget

Maybe a business where customers come to you without advertising because they want what you have. Let’s be ridiculous and put a zero advertising budget.

5. Minimum paper work / admin requirements before and after sales

Let’s aim for no admin and have everything processed and stored online for absolute minimal ongoing costs.

6. No premises required

You can work from anywhere at minimal cost and only need one computer.

Related: Why Build a Business Just to Close It?

7. No employees required

This business must be able to run as a “one man show” as to exclude all labor costs and employment legalities. As in previous point, let’s aim for one person to run this business and internet to stay connected to the world.

8. Little competition

This industry offers the least possible competition between participants.

9. A industry with no “seasonal times” so you can make money all the time

To get a never ending supply of opportunity we absolutely have to be a part of the global supply and demand system.

10. A proven concept

This will be outlined below.

What’s the business?

Financial Freedom Project provides you with a long-term financial freedom by utilising financial markets. The Financial Freedom Project is a results-based wealth creation training and mentorship programme that has start-up capital requirements of only R4 000 to begin accessing markets.  The course requires only 3 days of your time and offers unlimited course re-sits.

For more information about how you can work with Financial Freedom Project visit financialfreedomproject.net or call them on 010 020 5699 for further info.

Financial Freedom Project is a business specialising in training and mentorship of global trade business systems and practice. We believe there is more than enough wealth in the world and the only difference between the rich and poor is access to the right information and opportunity. Find the answers at Financialfreedomproject.net

Are You Suited to Entrepreneurship

Going It Alone In Business? 5 Reasons That’s A Really Bad Idea

Being a solopreneur sounds great, but it’s actually a poor choice for your business.

Luis Congdon

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When we read about Elon Musk, Richard Branson, Arianna Huffington and all the other business giants – we immediately see a single champion. Much like old literature traditions where the hero triumphantly wins alone, our legends in business are often portrayed as the singular hero.

Steve Jobs reigning over Apple, Bill Gates towering over the giant that is Microsoft and Richard Branson stylised in his cape throughout the veins of Virgin – this kind of mythology and idealisation of the single hero in business has spurred a new wave of entrepreneurs who call themselves “solopreneurs.” We idealise the entrepreneur who does it alone and doesn’t need a team or support.

If you’ve been doing it alone or aspire to become a solopreneur, let me share with you five reasons to not be a solopreneur – and why the myth of any singular hero, whether in literature or business, is a misnomer and will only hold you back from having the most significant successes.

1. You’ll become a jack of all trades and a master of none

When you are a solopreneur, it’s practically impossible for you to master every skill needed to substantially grow.

Running a business takes a lot of capabilities: Mapping out content, creating it, sharing it, building a tribe, sending out emails, doing sales, attending events and growing the network, coaching, consulting and building out products is a small list of what a profitable business requires.

If you’re weak in some of these areas, it will hamper your business growth and fun.

Related: The Foundations Of Growth

Trying to do it all will soon see you doing low-level activities that pull you away you from making sales, doing projects for your high-end clients and doing the things that help keep the business growing.

2. You can’t scale or grow

business-strategist-jay-abrahamBusiness strategist Jay Abraham says there are only three ways to grow a business. You either get more clients, increase the cost of each transaction or you service your clients with more products. Two of these methods will mean more work.

If you increase clients or increase the number of products you sell, you will most likely need to increase your output.

Since there are only so many hours in a day, you’ll either become your own bottleneck and slow business down – or decide to outsource some of the tasks to your team and ensure business runs smoothly.

3. You won’t have time to do everything you want to do

When you’re overworked and doing it alone, you have no one to relieve the pressure. You have no team to support you, and you have no partners who can take some work off your plate. That means when there are emergencies, you won’t be available.

If a client needs you, your kids need you and a new client wants to pay you a lot for a new project – you’ll have to decide which is most important.

While having a team may not save you from making hard decisions, ideally you aren’t so thinly spread out that you find yourself saying no to more clients, family emergencies and serving current clients to the best of your abilities.With a team, you’ll be able to free yourself more, and you can say yes to more opportunities.

4. You’re more vulnerable to mistakes

Imagine if didn’t have spell check your documents and emails. Or what if this magazine didn’t have editors and any article got through? I’m sure you’d agree, the quality would be lost, and it’d likely result in many lost customers.

Related: The Case For A Business Partner Who Makes You Uncomfortable

In my life, I’m lucky to run a business with my wife and my team. Having a team helps me to not only “cut once and measure twice,” it also relieves some of the pressure to be perfect. It helps me to do my work, knowing my team will help me, and that inspires me. Doing it alone would be too stressful.

Having a team will allow you to call upon a support network, hand off jobs and have an extra set of eyeballs when you’re delivering a service.

If you’ve aspired to be like Elon Musk, Richard Branson, Arianna Huffington or any highly successful entrepreneur – take some time and study them and you’ll find they love building and being a part of a team. Soon you’ll find out all these legends have a team, an incredible support system, and they don’t do it alone.

5. You can’t ever sell your business

In most entrepreneurs’ minds, the idea of selling isn’t there until decades after starting the business. But, it’s something that if given the opportunity most of us would do.

Related: Why Partnerships Will Make Or Break Your Business

Even if you wouldn’t sell your business, isn’t nice to know that if you wanted you could take your business and get paid one lump sum equaling years of work?

Or if you don’t want to sell your business, maybe you want to step out of business but collect payments and keep it in the family – well, if you’re a solopreneur it’s tough to ever to work yourself out of a job.

This article was originally posted here on Entrepreneur.com.

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Are You Suited to Entrepreneurship

BrightRock’s 5 Entrepreneurial Tips For Start-ups

Schalk Malan, co-founder and executive director, shares five tips that he says were instrumental to BrightRock’s success thus far.

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After six years in business, needs-matched life insurance player BrightRock is widely regarded as the fastest growing player in its segment. By the end of 2017, they have achieved an annualised premium income of of over R1.1 billion and a year-on-year growth of 62%, relative to the industry’s growth of 8%. Schalk Malan, co-founder and executive director, shares five tips that he says were instrumental to BrightRock’s success thus far:

1. Get the right people together

It all starts with a shared goal to make a difference – in our instance, we shared a vision to change the life insurance industry through a unique, needs-matched product that would make BrightRock stand out from the crowd. We ensure that this vision is embedded in the actions of each and every one of our employees by encouraging a collaborative and entrepreneurial spirit, which in turn continues to enable us to drive the business forward.

Related: How BrightRock Is Rocking The (Industry) Boat In Only 5 Years Since Launch

2. Always put your clients’ interests first or build products that really create value for your clients

We put clients’ interests first by designing a product that tracks the changes in clients’ financial needs over time, so they pay only for the cover they actually need. It’s more cost-efficient and sustainable, because we strip out wasted cover to deliver premium savings. In doing so, we also create more value for our clients. But it’s not just the product that puts clients’ interests first:

By communicating our cover in simple, plain language without intricate terminology and clauses, our clients are empowered to understand what they signed up for. This principle of client-centric design can be applied in any business.

3. Play on a differentiated playing field >>> Stand out from the crowd, create your own niche

BrightRock operates in a competitive and well-established market, so we understood we couldn’t compete if we simply did things the way they’d always been done. We created our own playing field with new rules, where we differentiate what we do in every facet of our business. This is done on various levels – from our highly advanced product and systems architecture; to having the best claims definitions in the market; to offering a high touch; personal claims experience; personalised documentation; various initiatives offering support for independent financial advice; to our content-led consumer marketing strategy.

Related: Bright Futures

4. There will be twists and turns, no new business perfectly follows the original business plan

Any successful entrepreneur will tell you that you will need to constantly adapt and make changes to your business plan to stay at the top of your game. This needs to be done without compromising on the reasons why you started your business. One of many examples of this in the BrightRock story is that we originally had envisaged a Johannesburg-based head office. These days, we have a large contingent of our staff based in Port Elizabeth – delivering cost efficiencies and service improvement to our servicing model, much to the benefit of our clients.

5. Never give up

In the beginning of any new venture, it is hard because many people doubt you. We were told we were nuts to leave successful careers to start something new and take on the big boys. That doubt can be crippling if you let it be. You’re constantly watching the cash flow and new business numbers and need to recruit and motivate people based on a promise of what the business will become. There will be many sleepless nights and dark-hours-of-the-morning butterflies-in-the-stomach, but just keep going – your perseverance will eventually pay off.

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Are You Suited to Entrepreneurship

What Is Limiting Your Entrepreneurial Mindset

This contribution contains six critical paradigms of thinking that should be avoided and used to constitute an empowered and creative entrepreneurial mind set.

Dirk Coetsee

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“The mind that sees the limitation, is the limitation.”

–  Siddartha Gautema

The Led Zeppelin legend Robert Plants’ voice echoed in my ears. Thereafter I listened to the late, and very unique Amy Winehouse. Their unique voices, personalities, and songs contains some ‘voodoo’, it reaches to the dark corners of your mind and then lifts your thoughts to limitless dreaming and thinking, or that is my experience at least.

amy-winehouseTheir creativity transcends boundaries set by rules of verse, song writing, culture, and geography. So entrepreneurial of them! True entrepreneurs do the same as the great Robert Plant and the mesmerising Amy Winehouse, they break through boundaries and limitations, make their own rules and find energy within the burning desire to succeed.

Like songwriters and other performers Entrepreneurs are creators and therefore must be very creative in their thinking especially when it comes to problem solving. Entrepreneurs must never limit themselves in terms of opportunities nor in their thinking, for it is their thinking that either recognises and creates or destroys opportunities.

Related: 7 Common Misconceptions Young People Have About Entrepreneurship

On your journey as a limitless international entrepreneur there are thinking patterns or programmes that you should avoid and there are also ways of thinking that you should practise for:

“The mind that sees the limitation, is the limitation”

Break through your own limitations as an entrepreneur by changing your thinking and as a result the quality of your actions and results. Albeit hard, your thinking is something that you definitely have control over.

This writing contains three critical paradigms of thinking that should be avoided but also three essential elements of thinking that constitutes an empowered and creative entrepreneurial mind set:

Limited thinking paradigms:

1. A sense of entitlement

As long as you feel entitled to blame others for your limitations or lack of performance you will suffer and experience severe limitations within that sense of entitlement. This world owes you nothing. You owe all the best form of yourself instead. You are on an entrepreneurial journey to be the best you can be and freely give of yourself as an example to others, in order to create more strong and powerful entrepreneurs. In return you can receive limitless abundance that is if first, you have trained your mind to think within the limitless paradigm of abundance.

2. The “little me syndrome”

“The meaning of life is just to be alive.It is so plain and so obvious and so simple. And yet, everybody rushes around in a great panic as if it were necessary to achieve something beyond themselves.” – Alan W. Watts.

“I do not have the charisma of a Richard Branson nor the presence of a Tony Robbins.” “I do not come from money nor did I have the opportunities that others had.” “I do not have the talent of a Jeff Bezos nor the fiscal discipline of a Warren Buffet.”

Does that kind of thinking patterns sound familiar to you? If it does, stop it immediately for that thinking will confine you to the limitations of your “little me thinking”. Only Tony Robbins can be Tony Robbins and only the Dalai Lama can be the Dalai Lama. Nelson Mandela was as unique as can be, only to prove to you that you must be the best form of yourself as they were.

Believe in yourself. Back yourself. Overcome all obstacles. If not, who is going to believe in you and back you if you do not even believe in yourself? How do I build belief? By consistently taking action albeit small steps, by constantly learning and improving, by embracing useful change, and by being humble enough to sincerely ask for help within areas that you need it.

3. Believing your own excuses

Excuses often start with the words, “Yes but”, followed by what you think is a valid excuse for non-performance or for not doing something that you do not like. Excuses are so limiting! A precursor to limitless thinking is to remove excuses from your thinking and replace it with solution-driven thinking.

Solution driven thinking simply means that you do not ignore the challenge at hand but instead of dwelling on the bad feelings around the challenge you immediately start thinking on creative solutions to the problem. More importantly take immediate action even if it is by doing something small at first.

Related: Are You Building A Business Or Creating A Job For Yourself?

Limitless thinking paradigms:

1. Extreme ownership

Take full responsibility for your life and your entrepreneurial journey by firstly acknowledging that your life and your business is your full responsibility and nobody elses! Nobody is going to do it for you! Take extreme ownership that nothing will change unless you do.

Take extreme ownership of the fact that developing your skill set is your responsibility. Your decision to take immediate action on your vision and goals instead of procrastinating will serve you well. Thinking in terms of extreme ownership takes away the frustration of focussing on external factors such as a ‘bad economy’ and slowly but surely reveals your own limitless potential to you and is a catalyst for actualising your true potential.

2. Embracing change

A lot of ‘lip service’ is given to embracing change, yet very few people actually do embrace transformational change in a practical sense. A common reason for this is that change is uncomfortable especially in the beginning part of the journey as you move outside of the boundaries of your ‘comfortable comfort zone’. If you can sincerely answer yes to the following two questions and more importantly immediately take ‘massive action’ on the following two questions’ answers you will eventually find that, albeit uncomfortable at times, a purpose driven change journey is the most worthwhile experience you can imagine:

“When we apply the suggested changes will it serve our company in terms of growth?”

“Will we grow as people and be stronger and more successful for it when we apply the suggested changes?”

3. “Stratosphere thinking”

Remove all biases from your thinking and carefully consider all limitless options within any situation. Align your thinking to what will really serve your life purpose and what will not. Remove the self-imposed limits to your thinking such as “the little me” syndrome and your life experience will be limitless eventually. More importantly actualise your thinking by removing procrastination from your thought patterns and take immediate and confident action. Now!!!

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