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Are You Suited to Entrepreneurship

The 7 Essential Principles Necessary for Business Success

Ever wish you had a cheat sheet for starting a great business? Icon Brian Tracy’s seven core principles are as close to it as you can get.

Brian Tracy

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There are seven essential principles that you must practice as an entrepreneur throughout your business life if you are to achieve maximum success. They have been taught and repeated in thousands of books and articles over the years, and here they are.

Absolute clarity

You must be absolutely clear on who you are and what you want. You need written goals and plans for every part of your life. As Zig Ziglar would say, you must become a “meaningful specific” rather than a “wandering generality”.

Begin with your values:

  • What do you believe in and stand for?
  • What is most important to you in life?
  • What would you pay for, fight for, suffer for and die for?
  • What do you really care about?

Someone once wrote, “Until you know exactly what you would do if you only had one hour left to live, you are not prepared to live.”

  • What is your vision for yourself and your future?
  • What is your vision for your family and your finances?
  • What is your vision for your career and your company?

Peter Drucker once wrote, “Even if you are starting your business on a kitchen table, you must have a vision of becoming a world leader in your field, or you will probably never be successful.”

  • What is your mission for your business?
  • What is it that you want to accomplish for your customers?
  • What is it that you want to do to improve the lives and work of the people you intend to serve with your products and services?

You need a clear vision and an inspiring mission to motivate yourself and others to do the hard work necessary to achieve business success.

  • What is your purpose for your life and your business?
  • Why do you get up in the morning?
  • What is your reason for being?
  • And here’s a great question: What do you really want to do with your life?

Finally, what are your goals:

  • What do you want to accomplish in your financial life?
  • What are your family goals?
  • What are your health goals?
  • What difference do you want to make in the lives of others?
  • And here is the best question: What would you dare to dream if you knew you could not fail?

The greater the clarity you have regarding each of these issues – values, vision, mission, purpose and goals – the greater the probability that you will accomplish something wonderful with your life.

Competence

To be truly successful and happy, you must be very good at what you do. You must resolve to join the top 10% in your field. You must make excellent performance of the business task your primary goal and then dedicate all your energies to doing quality work and offering quality products and services.

To be successful in business, according to Jim Collins, author of Good to Great: Why Some Companies Make the Leap… and Others Don’t, you must find a field that satisfies three requirements. First, it must be something for which you have a passion – something you really believe in and love to do. Second, it must be an area where you have the potential to be the best, to be better than 90% of the people in that field. Third, it must involve a product or service that can be profitable and enable you to achieve all your financial goals.

According to the Harvard Business School, the most valuable asset a company can develop is its reputation. Your reputation is defined as “how you are known to your customers.” And the most important reputation you can have revolves around the quality of the products and services you offer and the quality of the people who deliver those services and interact with those customers.

Related: Do You Have the Entrepreneur Gene?

Constraints

Between you and your goal, whatever it is, there will always be a constraint or limiting factor. Your ability to identify the most important factor that determines the speed at which you achieve your business goals is essential to your success.

The 80/20 rule applies to constraints in your business. Fully 80% of the reasons that you are not achieving your goals as quickly as you want will be within yourself. Only 20% will be contained in external circumstances or people. What are your constraints? What holds you back? What sets the speed at which you achieve your goals? And what one thing could you do immediately to begin alleviating your main constraint? This is often the key to rapid progress.

Creativity

The essence of successful business is innovation. This is the ability to find faster, better, cheaper, easier ways to produce and deliver your products and services.

Fortunately, almost everyone is a “potential genius.” You have more intelligence and ability than you could ever use. Your job is to unleash this creativity and focus it, like a laser beam, on removing obstacles, solving problems and achieving your goals. The essence of creativity is contained in your ability to solve the inevitable problems and difficulties of business life. Colin Powell said, “Leadership is the ability to solve problems.” Success is the ability to solve problems. And remember: A goal unachieved is merely a problem unsolved.

The way of the successful entrepreneur is to focus on the solution rather than the problem. Focus on what is to be done rather than what has happened or who is to blame. Concentrate all your attention on finding a solution to any obstacle that is holding you back from the sales and profitability you desire. And the more you think about solutions, the more solutions you will think of. You will actually feel yourself getting smarter by focusing all your energies on what you can do to continually improve your situation.

Concentration

Your ability to concentrate single-mindedly on the most important thing and stay at it until it is complete is an essential prerequisite for success. No success is possible without the ability to practice sustained concentration on a single goal or task, in a single direction.

The simplest way to learn to concentrate is to make a list for each day before you begin. Then prioritise the list by putting the numbers 1 through 10 next to each item. Once you have determined your most important task, immediately begin to work on that task. Discipline yourself to continue working until that top task is 100% complete. When you make a habit of doing this – starting and completing your most important tasks each day – you will double or triple your productivity and put yourself solidly on the way to wealth.

Related: Do You Have the Right Kind of Confidence?

Courage

Winston Churchill once wrote, “Courage is rightly considered the foremost of the virtues, for upon it, all others depend.” It takes tremendous courage to take the entrepreneurial risks necessary to become wealthy. In study after study, experts have concluded it is the courage to take the “first step” that makes all the difference. This is the courage to launch in the direction of your goals, with no guarantee of success. Most people lack this.

Once you have begun your entrepreneurial journey, you also need the courage to persist. As Ralph Waldo Emerson once said, “All great successes are the triumph of persistence.”

The word entrepreneur means “one who undertakes the risks of a new venture in pursuit of profit.” Fully 90% of the population will never have sufficient courage to launch a new venture, to start a new business, to boldly go where no one has gone before. You need, first of all, the courage to begin, to move out of your comfort zone in the direction of your goals and dreams, even though you know you will experience many problems, difficulties and temporary failures along the way.

Second, you need the courage to endure, to hang in there, to persist in the face of all adversity until you finally win. When you develop these twin qualities – the ability to step out in faith and then to persist resolutely in the face of all difficulties – your success is guaranteed.

Continuous action

Perhaps the most outwardly identifiable quality of a successful person is that he or she is in continuous motion. The entrepreneur is always trying new things and, if they don’t work, trying something else. It turns out that most entrepreneurs achieve their success in an area completely different from what they had initially expected. But because they continually reacted and responded constructively to change, trying new methods, abandoning activities that didn’t work, picking themselves up after every defeat and trying once more, they eventually won out.

Top people, especially entrepreneurs, seem to have these three qualities. First, they learn more things. Second, they try more things. Third, they persist longer than anyone else. The good news is that, because of the law of probabilities, if you learn more things, try more things and persist longer, you dramatically increase the probability that you will succeed greatly. If you launch toward your goal and resolve in advance to never give up, your success is virtually guaranteed.

The ultimate reward

My friend Jim Rohn once said, “the greatest reward in becoming a millionaire is not the amount of money that you earn. it is the kind of person that you have to become to become a millionaire in the first place.”

To have more, you must first be more. For you to set out on the way to wealth and become a self-made entrepreneurial millionaire, you will have to develop many qualities at a higher level than you ever have before. You will have to become an exceptional person. You will have to become more than you ever imagined possible for you.

To realise your full potential and achieve all your financial goals in your own business, you must develop the virtues of integrity, courage and persistence to a much higher level than you have up to now. You will have to practice the qualities of clarity, competence, creativity, concentration and continuous action until they are as natural to you as breathing. You will have to accept complete responsibility for your life and everything that happens to you, and especially for the way you think in every area.

When you develop these qualities and become a completely different person, you will eventually achieve all your goals in life, including financial success. The best part of becoming an extraordinary person is that, if something happens and you lose it all, it won’t really matter. Because you have become a different person, you will be able to make it all back again and more, far faster than the first time.

Welcome to The Way to Wealth

You are about to embark on a grand adventure that may last for the rest of your working lifetime. But if you have the courage to begin and the persistence to endure, nothing can hold you back from achieving all your goals and dreams. If you decide that, no matter what, you will never give up, you will eventually become unstoppable.

Action plan

Take these steps to get going on your business goals.

  • Decide exactly what you want in life in each area, and write it down. Make your goals clear, specific and measurable.
  • Specify the most important skill you could develop to move you into the top 10% of people in your field. Then do something immediately to begin developing that skill.
  • Identify the major constraint or limiting factor inside yourself or in your world that is setting the speed at which you achieve your most important goal, and begin working on removing that constraint today.
  • Determine the single biggest problem or obstacle in your business or personal life. Then focus all your time and attention on the possible solutions.
  • Make a list of what you would want to be, do and have if you had no limitations and you were absolutely guaranteed success.
  • Accept complete responsibility for your life. From this day forward, refuse to make excuses or blame anyone for anything. Instead, take action to make your goals a reality.
  • Reaffirm and visualise your goals of financial success, excellent health and personal happiness as a reality. Remember, the person you see is the person you will be.

Brian Tracy is the most-listened-to audio author on personal and business success in the world. His talks and seminars on leadership, sales, managerial effectiveness and business strategy provide people with proven ideas and strategies that they can implement immediately for improved results.

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Are You Suited to Entrepreneurship

What Is Entrepreneurship

Do you ever wonder what is entrepreneurship? The car you drive, the smartphone you use and even the clothes you wear are an example of entrepreneurship in action. Ford, Apple, Levi’s and so many successful brands that have outlived their creators were built from the dreams of visionaries who became entrepreneurs.

Diana Albertyn

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Jeff Bezos, Elon Musk and Bill Gates don’t just have the billions in their bank accounts in common – these three successful people all embarked on a path that many consider every day. They are just three of the almost 600 million entrepreneurs in the world, but how, why and what are they doing exactly? This question lies at the heart of what is entrepreneurship, that we answer below.

Entrepreneurship, according to experts, involves creating, building and scaling one or more businesses to generate a profit. But there’s a lot more to the concept of entrepreneurship as the likes of Bezos, Musk and Gates have demonstrated. For some of the world’s most successful entrepreneurs, entrepreneurship is also about changing the world through solving problems.

The most famous, wealthiest and most impactful entrepreneurs are initiators of social change, like Patrice Motsepe and Oprah Winfrey, creators of innovative products like Richard Branson or architects of life-changing solutions like Elon Musk.

Entrepreneurship isn’t just about escaping an eight-to-five job, a horrible boss, inflexible hours or earning creative and financial freedom. Entrepreneurship involves creating a life and career built on your own terms and trying to make the world around you better for you and everyone else.

What Is Entrepreneurship: A Definition

The definition of an entrepreneur is both basic and broad. But in order to understand the value of entrepreneurship to the world, entrepreneurs’ contributions need to be defined and recognised. While an entrepreneur’s aim for starting a business may be to make money, the methods in which an entrepreneur chooses to generate profit vary depending on which avenue they decide to take.

If you start out as a full-time employee with a side hustle, your business could grow to the point where you quit your job and become a fully-fledged business-owner. The distance between these two points doesn’t change the definition of what an entrepreneur is. You’re an entrepreneur at both stages of your business lifecycle, even if your entrepreneurial venture remains a side hustle.

The key trait of an entrepreneur is that they see the world differently and put no limit to their imagination. That’s how Microsoft, Amazon, Tesla and Virgin were born. It took bold dreamers who innovated their way to changing the world and in just a few short years communication, transportation and even human location has changed. Elon Musk is sending people to inhabit Mars while Bill Gates and Steve Jobs made it possible for computers to become part of every household and in the palm of our hands.

Related: 4 Types Of Business Models To Suit Your Business Concept

What Is Entrepreneurship: Key Characteristics of Entrepreneurs

business-man-characteristics

Entrepreneurship is experienced differently by different people, so we found out what defines an entrepreneur for some of the most celebrated entrepreneurs in South Africa and the world:

Entrepreneurship is thinking differently

“It’s no secret that we need to create more jobs in South Africa, and entrepreneurship is one of the keys to unlocking the creation of these jobs. What I have realised is; big business drives efficiency. Entrepreneurs don’t wake up in the morning thinking ‘I’m going to create jobs today’, instead they are driven by the idea of ‘I’m going to destroy jobs today’. And in that, they create jobs.” – Adrian Gore, CEO, and founder of Discovery Holdings.

Entrepreneurship is going off the beaten track

“I’ve had opportunities to work in the corporate world, but I’ve chosen not to at this point. I believe I can have far more impact creating jobs, helping women advance, and making a difference to society as an entrepreneur.” – Khanyi Dhlomo, founder of the 100% black-owned media company, Ndalo Media.

Entrepreneurship is a challenge, but not insurmountable

“Nobody talks about entrepreneurship as a survival, but that’s exactly what it is and what nurtures creative thinking. Running that first shop taught me business is not financial science; it’s about trading: Buying and selling.” – Anita Roddick, founder of The Body Shop.

Entrepreneurship is problem-solving

“Start something that matters! Until you can identify a problem you are passionate about addressing, you have no business starting a business.” – Katleho Tsoku, CEO of Spark* South Africa.

Entrepreneurship is about the details

“When you think of starting a company, you can’t do a me-too company. Really understand what you’re doing that nobody else is doing. Care about the details.” – Jessica Alba, CEO of The Honest Company.

Related: Funding And Resources For Young SA Entrepreneurs

Why Is Entrepreneurship Important?

why-is-entrepreneurship-important

Across the globe, and especially in South Africa, entrepreneurs and small businesses are being tasked with the massive responsibility of reviving the economy and creating millions of new jobs. Entrepreneurship is important because as the entrepreneurial ecosystem improves, the environment becomes more conducive for businesses to grow and thrive.

Not only does entrepreneurship have a role to play in job creation, entrepreneurship serves as an incubator of innovation. Experts attribute leapfrog innovation, research, and development to entrepreneurship. Therefore, entrepreneurship nurtures innovation enabling the creation of new ventures, products, and technologies to the economy that increases GDP and the country’s standard of living.

Why Consider Entrepreneurship as a Career Path

Surely having a stable income and being able to pay your bills every month is far more valuable than risking it all to start (and succeed at) your own business? Probably not, because over 600 million people worldwide have ventured into entrepreneurship. But, what is entrepreneurship’s appeal? What’s the big deal?

Although every entrepreneur has a unique reason for abandoning the ‘normal’ way of earning a living and pursing a life of being their own boss and making a difference, the most common motives for becoming an entrepreneur include:

Making a meaningful impact

Ending world hunger, creating a game-changing product and exploring other planets have the golden thread of entrepreneurship running through them. The entrepreneurs who started some of the most successful businesses today aimed to make the world better with their ideas. Essentially, entrepreneurship is a means to build a brand in service of others. However, there are some entrepreneurs whose entrepreneurial goal is quick profit to fund their noble causes. These are social entrepreneurs, and for them creating a better world is the aim behind building their empire.

Acquiring independence

Sometimes being the boss is better than having one, especially when you struggle with restrictions, briefs and authority. Entrepreneurs often feel they’re being held back and could be doing things more effectively given the freedom to do so. Perhaps you feel your creativity is being stifled in your current position and feel you could be more successful on your own terms.

Seeking flexibility

Besides being free within the work environment, entrepreneurs also prefer flexible working hours. Clocking in at 8am and leaving at 5pm is not conducive to them giving of their best. Many self-employed people are lifestyle entrepreneurs who need flexi-hours either because of family commitments or because they are studying part-time and need to balance their studies and full-time employment.

Solving unemployability

Due to certain restrictions, like a criminal record, or unfortunate events like retrenchment, some people become entrepreneurs by default, in order to make a living and continue to afford to pay their expenses. Creating new opportunities for yourself is also the answer to new graduates who are too inexperienced to fill available positions. Starting your own business could be the answer to your career struggles.

Being a corporate misfit

If you find yourself in a power struggle with your colleagues for their responsibilities and with a burning desire to understand their roles and how everything fits together with your current position, you may be in the wrong place. Not just the job. Experts have found that entrepreneurs don’t often thrive in corporate environments. Besides finding the atmosphere as a retardant to their growth, office politics and stifled creativity make for an unhappy entrepreneur masquerading as an employee.

Satisfying curiosity

What if you started a business? What would happen if…? That’s the question a lot of entrepreneurs are seeking the answer to. And if you’re not finding it at your workspace and growing more curious for the answer, your next move should probably be an entrepreneurial venture. Remember, your curiosity can still be satisfied by a side hustle so don’t run into entrepreneurship head-on. Continue to experiment and learn more to advance your knowledge, because the more you do the more you learn, and the more you grow.

Chasing ambition

An entrepreneur’s earning potential is limited by only themselves. When you overcome a challenge or achieve an arduous goal, you find yourself continuously growing and achieving more. And it’s not just for a raise, a bonus or promotion. It’s for your own personal growth and the biggest impact is on your business’s bottom line, an entrepreneur will often work harder to achieve more. With a clear goal for their business in mind, they’re more encouraged to navigate challenges.

Related: Business Plan Format Guide

Examples of Successful Entrepreneurship in Action

There are numerous success stories of ordinary people who decided they didn’t want to live an average life, choosing to build their careers instead of being hired to use their skills to build someone else’s vision. Some used their influence and instinct to seize opportunities that no one else saw, while others didn’t allow lack of funding and experience get in the way of building their empires.

Entrepreneur Basetsana Kumalo

basetsana-kumaloWhen Basetsana Kumalo was crowned Miss South Africa in the early 90s, her life completely transformed. But she wanted to be more than a beauty queen, and after placing second in the Miss World competition that same year, she used this platform wisely. Kumalo made connections and cultivated a strong network to launch her professional career.

At only 20, while she was presenting on Top Billing, she negotiated the deal for the magazine TV show to become independent, because she believed the show should be doing better than it was. Her persistence paid off and she bought Top Billing from the SABC and through the deal she secured a 50% partnership in Top Billing’s production company, Tswelopele Productions.

Her current position is founder and CEO of Basetsana Woman Investment Holdings (Pty) Ltd, where she is focusing mainly in the resources, property, media, telecommunications and IT industries. Kumalo’s strategic advice for future female entrepreneurs is, “When you wake up each morning, you have to think of yourself as a brand and act accordingly, how well you do that will define the brand’s success. If you live the brand well, people start to believe in it and buy into it. Over the years, people have shown great confidence in the Bassie brand and that’s been really humbling.”

Entrepreneur Khanyi Dhlomo

khanyi-dhlomAnother media mogul who joined the industry as a 20-year-old is publisher Khanyi Dhlomo. She started her career in media when she became anchor of the SABC’s primetime evening news programme.

She soon moved from TV screens to magazines as the editor of women’s lifestyle magazine True Love, before launching her own publication titled Destiny. Today, Dhlomo is managing director of Ndalo Media, which she founded in collaboration with Media24. Ndalo Media, is the publisher of Destiny magazine, DestinyMAN, ELLE and ELLE Decoration South Africa. She also started digital platform destinyconnect.com.

“Failure is an opportunity to learn and to do better next time,” say Dhlomo on failure and success along her journey. “It’s part of the path to greatness, which was never meant to be smooth.”

In addition to her entrepreneurial ventures, Dhlomo is also an Independent Non-Executive Director on the board of The Foschini Group LTD.

Entrepreneur Albé Geldenhuys

albe-geldenhuys

Even though it sounds like an America product, USN was launched from Geldenhuys’ small flat in Pretoria, where he and his girlfriend mixed creatine formulations with a hand-cracked washing machine. While working at a gym, he had spotted a gap in the sports supplement market for good quality but affordable products. After some research on formulations he created his own product and sold it out of his car after his shift at the gym.

He then discovered that although there was a demand for sports supplements, most people weren’t actually sure how to use the products properly. “That was our in,” he says. “We started educating the market, adding meal plans to our packaging, and focusing on telling people how to use what, and what the results would be if our various products were used correctly.”

It’s taken him 15 years, but he’s built a business that has an international footprint and is worth over R1 billion.

Entrepreneur Max Lichaba

Max LichabaBy the late 1990s Max was a 16-year-old high school dropout helping his mom sell fruit and vegetables on the side of the road. Instead of being defeated, he grabbed the opportunity that presented itself, when Harmony Gold opened a jewellery school to upskill the local community.

“I wasn’t satisfied with my Grade 10 qualification. I didn’t want to be a miner, and I wanted more than selling fruit and veg on the side of the road. I knew I was good with my hands, and I saw the jewellery school as an opportunity,” he says.

That decision would chart a rough course of becoming a business owner, losing his business and rebuilding Lichaba Creations to what it is today – a R120 million business.

“When I look back at my life, it was tough as a kid. There was so much pain and embarrassment. Kids laughed at me because I sold fruit and vegetables at the side of the road and went to a remedial school. I was driven to prove myself. I’m a human being and a man,” recalls Lichaba. “It’s my life, and only I can prove myself. I wouldn’t let my circumstances hold me back. I saw these things as challenges and obstacles I had to face, but also as opportunities. You need to look for opportunity. No one else will do that for you.”

Today Max runs Lichaba Creations alongside restaurant and carwash business Kwa Lichaba and Lichaba Custom Rides, a car customisation and sound business.

Related: Entrepreneurship: How To Develop Your ‘Great Idea’

Entrepreneurship Tips For Start-Ups

Every big business was once a start-up. The most successful brands in the world started small and their founders have grown them steadily through experience and knowledge they’ve attained as they went along. Today they are profit-making empires changing the face of various aspects of our lives.

Here are some of the lessons the founders of some of the most profitable business have learnt on their journey to building markedly successful companies:

Stick it out when the going gets tough

“It’s hard… You’re sinking, your life sucks, and your business isn’t going anywhere. Oh yeah, and you’re not getting any younger, either. And just when you think about finally throwing in the towel and saying ‘‘f’ all this!’ that right there is the test that all founders are eventually faced with: When things get too hard, you decide to stay, or you decide to quit. My advice is this: Before you decide, look at all those great, successful businesses that inspired you to start your own. They stayed.” – Ben Chestnut, Founder of Mailchimp

What are you waiting for?

“If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100% from day one, but there’s always small progress that can be made to start the movement.” – Kevin Systrom, Co-founder and CEO of Instagram

Set your eyes on success

“What do you need to start a business? Three simple things: Know your product better than anyone, know your customer, and have a burning desire to succeed.” – Dave Thomas, founder of Wendy’s

Find your passion, and fuel it

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, co-founder of Apple Inc.

“I knew that if I failed, I wouldn’t regret that, but I knew the one thing I might regret is not trying.” – Jeff Bezos, founder of Amazon.

Related: 46 Facts You Should Know About Entrepreneurship (Infographic)

Entrepreneurship Quotes About Funding and Finance

Lebo Gunguluza

A large number of start-ups fail – but what makes the difference between that majority and the ones that succeed is not just perseverance, but learning with every failure.

Many successful entrepreneurs believe that failure is the best teacher and that failing presents us with great learning opportunities. But the great thing about being an entrepreneur today is that so many others have come before you and also failed, and you don’t have to only learn from your errors but from their hurdles and how they overcame them as well.

Financial issues can sink your business before it even takes off, so it’s important to learn from investors, inventors and experts on your journey to becoming a successful entrepreneur. Drawing from other entrepreneurs’ experiences and decisions in certain situations can provide enrichment and awareness when approaching business and life challenges.

Sometimes barters are better

“You don’t always need money to acquire things – it’s often possible to use your resources and barter when you don’t have cash. Without funding, tenders or loans, I had made my first million at the age of 27. It’s a principle I still live by today.”

– Lebo Gunguluza, founder of The GEM Group

Gather your available resources

“I borrowed money from my parents and we found money wherever we could. I had also won some cash prizes and appearance money from Miss SA and I put that into the business. I remember the bank asking for collateral, which was a big word for a 21-year-old!”

– Basetsana Kumalo, founder of Basetsana Woman Investment Holdings

What is your (actual) bottom line?

“Never go into business purely to make money. If that’s the motive you’re better off doing nothing.”

– Richard Branson, founder of the Virgin Group

Ideas For Entrepreneurship

Start-up entrepreneurship has limitless options. All you need is an idea and you can build almost any type of business. From food, to gardens and online sales, you can monetise a variety of ideas if you want to get a business off the ground. Here are just a few ideas for becoming an entrepreneur:

Open an eCommerce store

The soaring popularity of online shopping has made it easier to launch your own store and start trading without laying a single brick. But, there’s still groundwork that goes into building a successful ecommerce shop. Don’t just decide to sell what you would buy, but research what consumers are interested in, and provide that need or want. Create your website yourself or hire a web designer before choosing a high-performing server, for smoother operation for customers.

Become a freelance writer

If you’re not keen on handling orders, but still want to work online, Search Engine Optimisation may be your way in. This new strategy is used to drive traffic to websites and articles. You need be a proficient writer as businesses are seeking to optimise their website content through SEO writers. As you build up your client base, you’re able to write at a suitable pace to help the business progressively gain traction.

Create an app

Developing apps has launched some of the most successful and popular entrepreneurial endeavours of our time, and now, thanks to enhanced technology, you can create your own app and cash in on your idea. Whether you’re connecting farmers to markets, domestic workers to homeowners or investors to start-ups, your business can be up and running in no time as you generate income by charging for the app, displaying in-app ads, or charging for in-app features and upgrades.

Start a service-based business

Are you an IT wiz? A master at crunching numbers? A grammar prefect? Or even a foodie with the heart of an entrepreneur? Rendering services for payment could have you raking in cash for racking up hours consulting, bookkeeping or copyediting on demand. If you’re more kitchen inclined, you could become a part-time caterer for small events on weekends or children’s birthday parties – or you could even have a food truck that only operates at weekend markets selling specialty convenience meals like tacos, mini doughnuts, candyfloss or lemonade.

Market brands

Influencer marketing is making its mark in the age of social media. Companies are decreasing spend on big campaigns in favour of paying a fraction of the traditional marketing budget to influential individuals in society. You don’t necessarily need a massive amount of social media followers or page likes – micro-influencers also earn a decent income from lifestyle brands to use their products and share their experience online. This is low commitment in terms of time, but can be more lucrative as you gain a following and give brands the traction they require from your posts.

Become a blogger or a vlogger

People love hearing from other people, and brands know that. That’s why product reviews are so important. So many entrepreneurs started off filming DIY tutorials and hacks on a variety of topics, from beauty to cooking, and today they have TV shows, books and an ad-revenue drawing following. All you need is a YouTube account and topics people care about. You may not become an instant hit, but every view counts.

Tutor or teach online

Various countries across Europe and Asia are looking for teachers to tutor in English to second-language students. As a result; online teaching platforms offering people the opportunity to teach a second language online from anywhere in the world.

You can start off by enrolling for a TEFL Certificate course or applying online immediately if you’re an experienced English teacher.

Skills Needed for Successful Entrepreneurship

skills-needed-for-successful-entrepreneurship

Your mind may be filled with brilliant ideas, but while you possess some skills needed to be an entrepreneur – like marketing, business development, customer service, leadership and execution, resilience and focus – who’s going to help you balance your books and ensure you’re no longer just breaking even when you should be making some profit already? Who will ensure you’re hiring the right people for the jobs you can’t do yourself everyday?  And who’ll ensure you’re balancing your business and personal lives effectively?

Don’t be like the many entrepreneurs who care so much about a cause or profit goal that they let the small stuff fall through the cracks. Invest time – and some money – into acquiring these skills to succeed at being an entrepreneur:

Financial management skills

The start-up phase of your business is the most crucial when it comes to managing your finances. Profitability is important and it’s a sign your business is going according to plan and you’re well on your way to building a successful business. But, even profitable companies are in danger of bankruptcy if cash is managed poorly.

Ensure your cash is always enough to cover all your operating expenses, such as salaries, rent and utilities. Bolster your financial management skills by learning to cut unnecessary costs, pay careful attention to due dates, and religiously follow up on invoices. You need a proper understanding of your business’s finances from the first day you set up shop.

Delegate the financial management duties if you have to, but be financially literate enough to understand the fine print of the management accounts and company balance sheet. Without this basic business skill, you may be in for a shock down the line when you realise your business lacks the financial foundations for the future.

Recruitment and HR skills

For your company to become scalable, you need to start capitalising on forming, cultivating and maintaining relationships with employees, vendors and other resources that will help you get there. Do you know where to meet the right people to grow your network and tap into it when looking to hire new staff or seeking a more affordable supplier?

It all comes down to investing time in people. For example, when it comes to your employees, how are you demonstrating that they are your company’s greatest asset? While you may not be an HR expert, get involved in recruitment where you can, and foster a culture that motivates, develops and retains your staff. Contrary to what some business owners may think, employment engagement should be high on your list of priorities because getting it right will help your business attract and keep the best people in your industry.

Communication skills

You may not have the kind of personality that commands attention or engages everyone you meet, but communication is an essential skill that you need to master as it applies to every area of entrepreneurship.

Communication skills are probably what got you the funding you needed to get your business off the ground. Your partners depend on communication to know how the business is doing if strategies need to be refined. Clients and customers need to be sold on the idea that they need your product – you need to communicate to them effectively, to choose your product over your competitor’s.

Your employees need you to communicate the company’s goals, objectives and their role in achieving these. Communication is how you establish direction within your business and when done effectively, helps you delegate responsibilities. Establish solid channels of communication with all your stakeholders by simply speaking to them. Whether it’s an email, a telephone call or a thank-you note, constant communication keeps all your relationships strong and mutually beneficial. Creating cross-communication channels within your organisation also helps minimise potential hiccups.

Leadership skills

Do your colleagues and staff have a good idea of what the future of the business looks like? An effective leader paints this picture for everyone in the company to understand what needs to be done to achieve the business’s potential. The first leadership skill to strive towards acquiring is creating the time and imagination for strategic future planning and ambitious target-setting for growth.

Once you’ve achieved this, ensure your vision is shared clearly with everyone in the business in a motivational way. Next, while your staff is still fired up, give them the reins in some aspects of achieving your business goals. Empowering staff through delegation and skills development enables you to dedicate more time to focus on leadership. Good leaders don’t spend their days managing day-to-day operations, but are able to take a step back from their businesses and to plan for the future.

Time management skills

Some of the most successful entrepreneurs start their day as much as three hours earlier than the rest of us. Why? Getting a head start on the day allows you to draw up a to-do list and plan your day around implementing each task within the hours you have each day.

This is where delegation comes in. As previously mentioned, you simply cannot do everything on your own, as much as you’d like to. You can try, but that would be counterproductive. To become a successful entrepreneur, you need to manage you time effectively, and to do that, you need to create space on your plate to handle what only you can and share the rest among your workforce. You may even find that there are people you’ve hired that can complete some tasks better and faster than you.

Drive and dedication are good traits to have while building your business, but not when they’re stopping you from taking time away from your company to recharge and return even more driven and determined. Knowing when to take time off is considered one of the best time management skills to conquer as an entrepreneur.

If you feel like you’ve hit a wall, that’s probably a signal that you need a break. It doesn’t even need to be a day off. A simple walk for fresh air, an hour at the gym, coffee with a colleague or some alone time away from your office can make a world of difference to how you handle your day and the tasks that lie ahead.

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Are You Suited to Entrepreneurship

Build Solid Back-Room Basics For Business Success

What do South African entrepreneurs really know about what goes on behind the scenes building of businesses?

Marc Wachsberger

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South Africa has a vibrant start-up culture with great ideas starting out with a bang, but closing down with a whimper because entrepreneurs picture the glory at the destination, but not the nitty gritty of the journey to get there.

Be smart about scale

When I started out, I literally did everything myself. I negotiated and signed leases, I arranged the furnishing for our apartments and managed the interior décor process. When guests started using our apartments, I signed them in at reception, and then carried their bags.

At that stage, there was no money in my business to pay for attorneys, interior designers and decorators and there certainly wasn’t enough money for porters.

However, when we got to 70 apartments, it didn’t make sense for me to be a porter any longer, so I hired someone to do that job, explaining clearly what I expected of him. Before I did that, though, I spent time designing incentives for him so that he would be more affordable for me, and so that he could earn as much money as possible.

Related: Training Is A Two-Way Trick

Know your talents – and your limitations

There are certain things I’m really good at, but I know without a doubt that sales isn’t one of them – and without sales, you don’t have a business. I couldn’t afford a top-flight salesperson, but I knew that I could attract the right talent with the right business model. I set some high targets for Pamela Niemand, but offered her one third of the business if she met them. We both won: she earned a share in a successful, trend-setting business, and my trend-setting business became successful!

Use your skills – but know when to hand over

My background in corporate finance meant that I had all the accounting skills I needed when we first started out, but I knew that the time would come when I would need someone focused on that side of the business full time. Doing it all myself first meant that I could brief my first full-time accountant clearly and with a deep understanding of what would be required – and that I could help that person find and fix any challenges based on my experience.

In summary, my simple advice to anyone starting out would be to bootstrap your business yourself without investors or staff for as long as you can, but don’t over-extend yourself. Know when to delegate tasks away so that you can focus on what you’re really good at – but don’t do it before you have a solid understanding of what’s required. Know what you’ll never be able to do, and bring in that resource from the beginning – but do it based on performance-based incentives, so that your fledgling business doesn’t lose out if your early hires don’t perform.

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Are You Suited to Entrepreneurship

The Myth About The Relationship Between Entrepreneurs And Taking Risks

This is the true relationship between entrepreneurs and the apparent illusion of risk.

Lisa Illingworth

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“I can’t be an entrepreneur or start a business. I don’t have the appetite for risk.” This line is spoken regularly to brave few that leave the perceived safety of a job, take the plunge and venture into the unknown world of being an entrepreneur. However, there is a gross misunderstanding in the appetite for risk that entrepreneurs are believed to have innately inside of them.

The little-known truth is that the majority of entrepreneurs don’t like taking risks and according to Luca Rigotti and Mathew Ryan in their paper that explores a model for quantifying risk and its translation into enterprising action, the results were very interesting.

Risk is explained by these theorists as taking action where the outcomes are unpredictable as well the factors leading to that outcome are unknown. One of the theorists in this area, Saraswati, who coined the term “tolerance for ambiguity” has a more accurate description of what the outside world deems taking a risk.

In simple terms, entrepreneurs don’t go head-first into the shark infested water because they like the idea of danger and potentially being eaten alive; or the thrill of being able to say that they survived whilst others perished in a pool of maimed flesh. They carefully calculate that the sharks have been fed recently, some of the sharks are ragged tooth sharks that whilst looking like they are set to devour a human being, are actually incapable of opening their jaws wide enough to bite. For those sharks that still have space or who smell blood and can’t resist the urge to kill, the entrepreneur has a cage set up that he can retreat into quickly and a knife with which to protect himself.

Related: 5 Infamous Risks Every Entrepreneur Must Face

Tolerance for ambiguity is the careful evaluation of what is known at the moment where a decision must be made and an open-mindedness for what is not known. This, coupled with the agility to change course when new information is presented, has earned the label of high risk appetite. The appetite is not for the risk, but it is the ability to move down a path, when all the information is not known.

I likened it to a person moving around in the dark holding a candle. The candle casts a light that illuminates a limited parameter around the person holding the candle. What is beyond the light that the candle casts, is unknown and potentially a risk. But as the person moves forward, the light reveals what was unknown and in the shadows. As the light reveals new information and new challenges added to what they have already learnt, the person can make better informed decisions. The tolerance is in not knowing what lies in the shadows yet to be illuminated by the candle and then the confidence in his or her own ability to act on what new information is discovered.

None of this behaviour is risky or irresponsible. There is careful consideration for what is known and a tolerance for what is unknown. And once there is more information available, a calculated next step is taken and more information is assimilated into what is now known. This is the true relationship between entrepreneurs and the apparent illusion of risk.

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