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How To Recognise The Only Business Idea That’s Right For You To Start

The only company right for you to start is the company that you will love to run.

Mike Templeman

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I was browsing Twitter the other day and I saw an article that was going to give me 101 companies that I could start for under $100. I’m not going to mention who published it *Cough* Entrepreneur *Cough*. But the publisher and the author weren’t what I took issue with.

What really ground my gears about this article was the idea that true entrepreneurs are out there shopping for ideas. And that kind of scares me. Because I’ll tell you right now, there really is only one company that you should start.

Regardless of what your skillset is, what your background is, or where you are located, the only company any entrepreneur should ever start is always just one: The one that you’ll love to run.

See, I didn’t tell you which markets were booming, which customers have cash, or which companies have the best chance of success. Because while all of those things play some small part in a company, the biggest factor that every entrepreneur needs to keep in mind is their love of the game.

Related: 11 Uniquely South African Business Ideas

Because here are some hard truths that sometimes get glossed over when we’re talking about entrepreneurship.

You will hate your customers

Not daily and not for extended periods of time, but mark my words, you will hate your customers at some point. One of them will beg for leniency on their bills and will promise to catch up. Then they’ll take off and leave you high and dry.

One of them will be irrational and emotional and will blow up your world with negative reviews, angry phone calls, and emails written in all caps. Trust me, it’ll happen.

Regardless of the company you start, there will be a moment where your anger towards your customers will make you question why you started the company in the first place. In fact, if you’re like most entrepreneurs, this will happen more than once. And if the only thing you can answer that question with is, “well, I’ve got to keep going because Entrepreneur Magazine told me this was a hot market!” then you’re going to fail.

Because the only thing that can keep you centred and keep you slogging through the terrible customer experiences will be your love for the company. When things are dark and you want to give up, you have to have that reservoir of love to tap into in order to keep going. And that’s why you need to start a company that you’ll love to run.

You will hate your employees

Put away the pitchforks and hear me out. I love my team members. I know that some of them would walk through fire for my company. I also know that my company would be no where without their efforts and their brilliance. But here’s the thing, if you’re in the game long enough, there will be a time when you will be betrayed, back-stabbed, taken advantage of, stolen from or lied to by your employees. And because of the love and trust that I described a few lines ago, these negative actions will hurt.

You will be sitting in a dark room, going over every interaction with the person that just betrayed you and you will question everything you’ve ever done. It will happen. And you’ll be angry, you’ll be hurt, you’ll be sad and yeah, most likely you’ll hate them for just a little bit. And that anger is going to fester and it’s going to make you question why you ever started your company. And if the only answer you have is: “I’ve got to keep going because I was able to start this company for under $1,000!” then you’re screwed. Because that answer is paper-thin when it comes to the emotions you’ll be feeling when things go wrong.

And this is yet another reason that the only company you should ever start is one that you love running every single day.

Related: A – Z Easy Small Business Ideas

You will hate your co-founders

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Okay, this one is much easier for me to explain. If you’ve ever tried to do anything with another person, whether it be playing a pickup game of basketball with some friends or picking out furniture with your spouse, there is going to be a moment where tempers get heated and you may get a teensy bit angry at the other person.

And when money, livelihoods and dreams are involved… well, you can just crank that emotional dial to “11” and hope for the best.

You will fight with your co-founders, you will yell at your cofounders and you will absolutely believe that your cofounders are idiots. And at times, you’ll most likely hate your cofounders just a little bit. And in those moments where your main support in running your company is at odds with you, if all you can fall back on is: “I’m in this for the payout because Entrepreneur Magazine said my industry is hot for acquisitions right now!”, then you’re doubly screwed.

Both you and your cofounders need to have a common love for the company and a common goal you’re working towards.

Because if you’re all in it for the money, emotions will get the better of you and you will fail. And that’s why the only company you should start is one you love.

You will hate yourself

And now we come to the hardest one of all and the one that I’m pretty sure every entrepreneur will experience. You will hate yourself. You will be forced to make decisions like firings, layoffs, cutbacks and other difficult moves that will impact the lives of people you care about. And you’ll have to do it because it will be for the good of the company. And you will talk to anyone who will listen and ask for advice and try to make yourself feel better about the decisions that need to be made.

But in the end the decision will be up to you. And you will hate yourself for it. You will put an inordinate amount of blame on yourself because, hell… we’re entrepreneurs, that’s just what we do. And that blame and guilt will weigh you down and make you more depressed than you’ve ever been before. And when you’re in that pit of despair and self-loathing, if all you have to cling to is: “I’m in this because Entrepreneur Magazine said I have the top 10 traits of being an entrepreneur”, then you’re out of luck.

Related: 8 Ways to Come Up With a Business Idea

Because more so than any of the other reasons I’ve already given, when you hate yourself and hate what you need to do, the only thing, and I really do mean the only thing, that will get you through those experiences will be an undying love for your company, your customers, the people you work with, your cofounders and the work you do on a daily basis.

And if for one second you think that an article is going to instill that ridiculous level of love that is required to make it through the hard times, then you’ve already lost. Instead, start with what you love then go from there.

Don’t read these lists and articles as guidebooks for what you should do, but rather use them as affirmation that you’re doing the right thing and that you made the right choice. But make sure that choice is made before you go looking for ideas in a listicle.

This article was originally posted here on Entrepreneur.com.

Mike Templeman is the CEO of Foxtail Marketing, a digital-content marketing firm specializing in B2B SaaS. He is passionate about tech, marketing and small business. When not tapping away at his keyboard, he can be found spending time with his kids.

How to Guides

Enterprise Supplier Development (ESD) Provides Opportunity For Entrepreneurs

LFP Training offers ESD support services such as the implementation of sustainable supplier development programmes, profiling and analysis of your supplier database, enabling procurement opportunities for EME’s through collaboration and partnerships and promoting the upskilling of EMEs and facilities the quality of services provided.

Jacolien Botha

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LFP Training’s team spends a lot of time educating businesses on the benefits of BEE. As an entrepreneurial venture, the company understands that you have worked hard to build your brand and as such, BEE should strengthen your position the market.

AJ Jordaan, LFP Training’s National Sales Manager says that while Skills Development remains the most cost-effective, productive and mutually beneficial way to gain points whilst improving the performance of your staff, ESD is too a critical component of the scorecard.

“By partnering with a BEE compliant business, companies can claim additional points towards Enterprise and Supplier Development (ESD),” says AJ.

Both ESD and Skills Development initiatives cover large portions of the scorecard in total so it’s vital to score well overall. “Furthermore, ESD is one of the priority elements of BEE and failing to comply with the subminimum requirements will result in your company being discounted a level”.

In a country where entrepreneurship is recognised as a catalyst for growth, ESD helps small businesses to thrive by gaining access to opportunities through its attractive BEE status. “This in turn helps to ensure the sustainability and success of such businesses in South Africa”.

ESD is a combination of preferential procurement, supplier diversity and development and enterprise development programs used to service a business’s needs.

Trading has never been more attractive and ESD contributions can take on many forms. “While some people are still very cynical about BEE, ESD is not based on the value of a contract given to a black business but rather the contributions towards technical help, the transfer of knowledge and skills, operating cash flow, loans and/or investments.”

AJ does warn that while this is a great benefit of being compliant, in an instance where two companies supply the exact same service, the company with the higher BEE recognition will most likely secure the business. “Here, a customer will partner with the company with a higher rating as they earn more points towards preferential procurement under ESD.”

“Today we are seeing some companies penalising a supplier when dropping a level as it influences their scores on ESD so its once again vital to maintain your current BEE level or to improve” AJ continues.

“There are a host of benefits to making sure that businesses align their efforts to compliant businesses, these include; an improved BEE rating, gaining a competitive advantage and reducing costs, supporting a compliant business, a strong and positive association for your business with a compliant business” says AJ.

LFP Training offers ESD support services such as the implementation of sustainable supplier development programmes, profiling and analysis of your supplier database, enabling procurement opportunities for EME’s through collaboration and partnerships and promoting the upskilling of EMEs and facilities the quality of services provided.

Read next: Enterprise Development Programmes For Black Entrepreneurs

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How to Guides

Three Things You Need To Do When Starting A Business

Like a good game of chess, starting a business will challenge you to think about your long-term strategy and also make sure you’re moving the pieces one step at a time in the right direction.

Stacey Ferreira

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Starting a business is a dream job for many people who have a great idea, are willing to tolerate some risk and are looking to be their own boss. While start-ups are often glorified in the news – as some reach extremely high valuations – starting a company is a big undertaking that typically requires grit, perseverance and a little bit of luck along the way.

Over the past few years, I’ve started two companies, sold one and raised over $4 million in venture capital from some of Silicon Valley’s top firms. These companies haven’t been without their challenges, so here are the top three things I wish I knew when I was starting out:

1. Talk To Prospective Customers Before Starting Your Business

The biggest time killer in a start-up is building a product you think a customer needs, only to find out, after you launch your product, that the customer actually needs something else. Before starting my second company, Forge, I recorded over 50 conversations with prospective buyers to learn about their top three problems, how they define success and how much they’d be willing to pay to have product or solution that successfully helps them navigate their problem. These conversations helped me narrow in on building a product I knew customers needed and gave me my first few customers.

Related: Crucial Skills You Need To Be An Entrepreneur

2. Reference Check Investors Like You Reference Check Employees

Sometimes raising money is necessary to get a capital-intensive business off the ground or as a way to spur growth. But raising capital, as with anything, comes with a cost. The cost is giving up future value of your business in the form of equity. Who you give this equity and other rights to – such as a board seat, which is often paired with financing rounds – can have a massive impact on the long-term business outcome.

It might seem daunting to ask a lot of questions of someone who is willing to write a cheque for a few hundred thousand or million dollars (or rands), but it’s extremely necessary.

  • Have they invested before?
  • Who did they invest in?
  • What value did they provide to those entrepreneurs?
  • Do they understand that most start-ups fail and that they might not get their money back?
  • Can they introduce you to a few people they’ve invested in previously – business founders who went through both good and tough times?

Since most successful businesses are around for more than 10 years, it’s important to know who you’re going to be working with.

3. Do Whatever It Takes To Make Sure Your First Three Projects Are Successful

If you decide to raise pre-seed or seed capital for your business, take the money and spend 100% of your time working with your first three clients. I often see entrepreneurs who accept capital and then worry about how they’re going to rapidly grow their company.

In reality, in the early days nothing matters more than making your first three clients extremely happy, so you can use their success stories as case studies. Their testimonials will help you sell to client numbers 4-10, which will in turn help you sell to clients 11-100. Focus on your first three customers and tweaking your product or solution experience. Your company will grow organically from there.

Related: 21 Steps To Start-Up

Bonus: Passion Doesn’t Help You Make Payroll

The first time I had to let go of someone from my team, very early on in my career, my dad said to me, “Passion Doesn’t Help You Make Payroll.” You can have an employee who is extremely passionate about the work you’re doing, but if they can’t contribute to making it a reality, it’s better to let them go and get back to building the business.

Whether it’s conducting customer research, pitching to investors or learning from your first clients, starting a business gives you unmatched flexibility and the ability to truly learn every day.

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Tips On How to Build Your First Ecommerce Business

Starting an ecommerce business is really important in this day and age because everything and everyone is online. With the sheer number of people populating the internet, only an online business can reach out to them.

Megan Harris

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However, having an online business isn’t just about trying to sell things on the internet. There is necessary groundwork needed to avoid any pitfalls.

Making an online business is extremely lucrative because it can tap markets that can hardly be reached by traditional mediums of marketing. In a study by CMO, it was revealed that 72% of millennial shoppers shop online before they go to a mall or store and these people, who are in the age range of 25-34, are heavy smartphone users when it comes to shopping.

With this kind of information, you can really see how effective having an online store is. So, the question here now is how do you start an online business? Here are a few tips on how to go about.

Decide through market research

Like all businesses, you have to fill in a need or a want. Having an online business is no different. You must first ask yourself what is something that people need and want. Next, you have to ask yourself if you can provide that need or want. After that, you must research if your target market can be found on the internet or not. Once you have all of that down, then you can start.

Related: Watch List: 15 SA eCommerce Entrepreneurs Who Have Built Successful Online Businesses

Develop your online presence

The website will always be the frontline of any online business because this is where all customers will end up. Think of your website as like your store but on the internet. If your store is good and accessible, then your customers will like it there.

In order to build a good website, you’ll need two essential things: a website design and a server. For the website design, you may just design one and use a back-office program like WordPress to manage it. If you want to have a nice design, you may hire a professional website designer for it. Next, you have to think about the server. You’ll want a server that performs well because your server will determine how fast your website moves.

If your service provider is not very efficient, then your website won’t load quickly and smoothly. Before deciding which web host to use, be sure to read reviews about it to get more feedback. Once you have these two things, you just need to learn the process of creating your website then you’re good to go.

Develop a content strategy

So after you’ve built yourself a nice looking website, the next step is to fill it up with information. You have to write well and make sure that your text will cater to the market segment that you are targeting. 

Get found through SEO

SEO techniques are directly related to content as SEO relies heavily on modifying text. SEO stands for Search Engine Optimisation and they are techniques used to give your website a good slot in Google or Yahoo. SEO would primarily make use of keywords that people would often search in search engines. If you know how to make use of these keywords, your site will earn top billing on Google if a person searches for something relevant to your site.

Related: 3 Types Of Ecommerce Business Models

Utilise email marketing to find leads

Using email marketing services along with highly targeted database, is a power tool for pushing your website since email marketing is personalised. People, in general, like to feel special so if you send them an email promoting your online business, you may get them to becoming buyers. The best way to go about with email marketing is to find leads and shoot your emails out. 

Make use of paid channels

PPC ads, or Pay Per Click ads, are quick to drive traffic to a website because advertisers pay a fee each time the ad is clicked. In a sense, the advertiser buys views so that traffic will go into the site faster. This is a quick way to get views and eventually single out the target market.

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