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Start-up Advice

4 Vital Ingredients To Create Your Business’ Secret Sauce

Insider insights on what makes start-ups great, competitive and poised for growth — and how your start-up can emulate them.

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1Communicate, communicate, communicate

Working together with my colleagues, we get to steer the business through a relatively democratic process. I’ve discovered that the more I talk to them, the easier it is to make decisions.

In a start-up, there’s no time for ineffective communication.

Unlike my past experiences where I’ve worked in larger teams, we don’t have as many meetings as we have actual conversations. If you’re going into a start-up, be prepared to start some real relationships, and have an open agenda.

Miscommunication, ego, and politics are really damaging to a small team. Try to leave the drama at home.

Related: 9 Answers You Need About Yourself Before Starting Your Own Business

Lesson for owners: Foster a culture of transparency from the moment you open your doors. As the business grows you will need to implement policies and processes, but that original culture will be sustained as you grow — and it will be invaluable for your overall organisational culture.

2Love the process, not the outcome

I have dreamed of running my own business. I imagine myself wheeling and dealing, owning boardrooms with my undeniable charisma, leading a team of happy and well-adjusted staff members with my unparalleled people skills. I have quite an imagination.

The danger of these kinds of flights of fancy is that you tend to fall in love with the outcome, and what you really need to do is fall in love with the hard work required.

This is something that I see in Pieter. He has his fingers in a lot of pies. He isn’t doing it because he imagines himself to be some rich and powerful globe-trotting businessman. He’s doing it because he is in love with the process. He likes putting the work in. He likes dealing with people. He likes seeing how the little seeds he plants will begin to blossom.

Related: 10 SA Entrepreneurs On What They Wish They’d Known Before Starting Their Businesses

Great rock stars aren’t in love with the record contracts, they’re in love with the music. It’s the dedication and devotion to crafting something beautiful that makes them successful. The fame and glory is just a by-product.

If you’re in love with an outcome, a daydream, a lifestyle, be careful. The work is what gets you to the outcome, and if you have no love for it, you will not succeed.

Lesson for owners: Great start-ups are built on passion. You need to love what you do, and enjoy doing it. The cliché that if you love what you do you’ll never work a day in your life is all about the process and not the outcome — and here’s the secret:

If you enjoy the process, the outcome takes care of itself.

3Learn to shift your priorities

priorities

We started out with a focus on being a service design agency. We were going to consult to big business and help them innovate and build better products and services. We quickly discovered that service design is quite new and nobody really knows what it is.

While we’re working hard on promoting service design, we also find that we have to rely on our skills as a traditional digital agency to put food on the table.

You have to have an idea of what you want the outcome of your start-up to be. In fact, you need more than an idea, you need a plan. I won’t go into the details around planning and the importance of having a structure to work within, but what I will say is that plans change.

You will need to learn to roll with the punches, adapt, and survive. As I mentioned, communication with your team and your clients is key. You might find that the star product or service that you thought was going to make you rich takes a backseat while other products and services that you like a bit less become the real money-spinners.

While you should never put away your hero product, you might have to reprioritise based on customer feedback.

Lesson for owners: The art of the pivot is often what separates a successful start-up from its less successful counterparts. Being willing and able to change direction based on new information is your biggest competitive advantage. It’s a level of flexibility your larger competitors don’t have. Use it.

4Learn new skills

My role is that of strategist. In short, my job is to look at the client brief and budget and come up with a direction for the creatives and a plan for the roll-out. I sometimes do more, I sometimes do less.

The first thing that changed at Havas Boondoggle was that I played a role in helping my clients write that brief. I found that I was more actively involved in their businesses and that I was seen as part of their team in a very real way. I started to see myself that way too. Sure, I was an employee of Havas Boondoggle, but I gladly stepped into other roles in other businesses too.

I also began taking initiative in the creative aspect of our service. Taking my strategies a little further into the realm of creative ideation. I found that working for a much smaller business gave me the opportunity to try new things; to spread my wings a little.

Related: 6 Costly Mistakes People Make When Starting a Business

The thing you quickly discover is that not only will you start tackling tasks that you’re unfamiliar with, you’ll have to tackle them with confidence. You’re going to have to learn to let go of your fear of the unknown, because if you don’t, someone else from another start-up will.

It’s an awful feeling looking back on something that you decided you couldn’t do, to discover that someone else with less experience than you did it. You’ll definitely discover that there are things that you are terrible at, but that’s one of the benefits of working for a start-up — self-discovery.

Lesson for owners: If you hire the right people for your start-up, they will take your business to incredible new heights. Look for passionate individuals who want to be involved in creating something great, instead of working a normal, safe 9-to-5. Fuel their passion and make them feel like they are integral to your own start-up story.

5Be prepared to sacrifice

If you’re going to work for a start-up, whether as the boss or as an employee, be prepared. You’re going to work weekends, you’re going to work after hours. You’re going to be on your phone late at night with teammates, you’re going to come in early, you’re going to go home late.

You’re going to spend time sleeping in hotel rooms in other cities, away from your family. You’re going to discover that there are things you’re not good at. You’re going to discover that sometimes the pressure is too much. You’re going to find out how strong you really are.

Being part of a start-up is a very rewarding experience, but don’t do it if you’re not prepared to make sacrifices. Sometimes those sacrifices are time-based, sometimes they require you to let go of preconceived notions you had about yourself.

Lesson for owners: You’re going to be asking a lot of yourself and your team, so remember to stop and also have fun once in a while. Burning out serves no-one. Make sure your team take time for themselves, celebrate and respect each other’s personal lives — and remember why you’re doing this in the first place. It isn’t to turn into a sleep-deprived zombie, but to live your passions.

Related: Do You Have What It Takes To Be A Successful Entrepreneur?

Pulling it all together

I’ve been with Havas Boondoggle for just over a year now. The experience has been very different from working in a large agency, mainly because we walked into this hoping that we were going to do things differently. In part, we got that right. In part, we didn’t. All things considered, that’s okay, because start-ups are really about the journey.

Craig Hannabus has spent his entire adult life in the technology and marketing industry. He has worked on brands like Standard Bank, Nedbank, General Motors, Nestlé, and Caxton (to name a few). Craig is currently a digital strategist at Boondoggle South Africa.

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Start-up Advice

9 Quotes Every Entrepreneur Should Live By

Entrepreneurship takes great perseverance. Failure is common. In fact, it is expected. Over 75% of venture-backed start-ups fail.

Jennifer Keithson

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Entrepreneurship takes great perseverance. Failure is common. In fact, it is expected. Over 75% of venture-backed start-ups fail.

There are great learning opportunities that present themselves when we fail, but we must be willing to continue on and try again in order to learn anything at all.

It can be quite an arduous task to strive for your own means, to create your own vision and to rally the support within yourself that starting and running your own business requires.

Thankfully, we’re not in it alone. The wisdom of others can greatly ameliorate the process learning from our missteps and hiccups.

Taking from sagacious investors, inventors and thinkers can help you pick yourself up and make something meaningful out of your quest to become a successful entrepreneur.

By studying the thought processes of other entrepreneurs, we can become more enriched and more aware of how to approach the challenges we face in business and in life.

Here are 9 quotes every entrepreneur should live by:

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4 Tips To Secure Funding For Your Start-up

Here are 4 tips to help you secure funding for your start-up.

Ellie Martin

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Entrepreneurs seek to create new and ingenious ideas. Successful business owners are adept at looking at things in new and interesting ways. Their creativity fuels everything they do. Blazing through the initial steps of opening your own start-up can seem like a breeze if you’re endowed with this creative mojo, but you still may find yourself stuck at the very last step of starting your business.

Finding funding is undoubtedly the most difficult part of starting a business, and securing it requires the most creativity of all. Still, you can only stretch your creativity so far. Luckily, there are a few ways you can improve your chances of getting the money you need, regardless of whether you decide to attract angel investors or venture capitalists, or if you decide to apply for small business loans and grants.

Here are 4 tips to help you secure funding for your start-up:

1. Seek alternative funding opportunities

Before taking out a massive bank loan, consider these other funding options:

The vast majority of entrepreneurs either use their own funds to start their business or borrow money from friends and family. According to Forbes, 90% of start-ups fail, with 25% of them failing within their first year of operation. Due to this rate of failure, if it really is impossible for you to attract investors or secure venture capital, it is still best to avoid putting up your own money. Before draining your personal savings account, look into other options, such as crowdfunding. Research small business grants as well, as these can help cover gaps in funding.

2. Write a top-of-the-line business plan

If you’re interested in attracting investors, you’ll need a solid business plan to lure them in. Regardless of how wonderful your idea is, you must communicate that idea effectively and back up your claims with thorough research. A tightly organised business plan has the ability to assure investors of your industry know-how. It will give them a picture of how you plan to run your business and how accurately you can assess and address risks.

An entrepreneur who has a business plan with a punchy executive summary and a precise market analysis in hand is more likely to attract shrewd investors than one with only an inspired (and undeveloped) idea.

Related: Business Plan Format Guide

3. Network, network, network

The absolute best way to find investors is to network. Generally, you never want to cold call investors with your business ideas. You want to build relationships naturally with those in your industry and in your local community. Talk with other business leaders and go to local events. Offer to help other entrepreneurs and established business owners. They may return the favour by introducing you to reliable angel investors or they may steer you to a venture capital firm that helped launch their start-up. They may even offer to pitch in some of their own cash, if they really take to your idea.

Moreover, to make sure your networking efforts are effective, try to pinpoint the audience who would be most interested in your idea.

“Network selectively,” advises American author and entrepreneur, Steve Pavlina. “Take the time to build a profile of your ideal customers, and target your networking activities to reach them. Speak to those who are already predisposed to want what you offer.”

Building connections is a vital part of creating your business. You’ll need to build new ones and strengthen existing ones, not only to get the funding you need in the short term, but also to survive as a business in the long term. 

4. Be prepared to compromise

Asking for funding for your startup means experiencing failure time and time again. Most of the investors you’ll encounter will pass on your idea. You shouldn’t take this to heart. It’s all a part of the process. You may find that in order to get the funding you need you’ll have to give a small piece of the business over to an angel investor.

Your first crowdfunding effort may fall short, and you might have to incorporate feedback from backers and implement changes to the core of your idea to crowdfund successfully the next go around. Don’t be too rigid with your vision. If you’re willing to make some slight changes, you could have a much better shot at landing a deal.

Securing funding for your start-up is no easy task, but it is certainly not one you have to do alone. Enlist the help of friends, family, and business associates to help you craft a superb business plan, meet other entrepreneurs and investors, and make revisions to your idea. Use their input to help you find other ways to fund your start-up, such as small business grants and crowdfunding. Use these 4 tips for securing funding for your start-up, continue researching your target market and refining the way you approach investors. Without a shadow of a doubt, if you’re willing to seek the advice of others and compromise when necessary, you’ll find a way to fund your start-up.

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Start-up Advice

7 Strategies For Development As An Entrepreneur

What follows are seven simplified yet key strategies to develop yourself as an entrepreneur which are a hybrid of the authors’ practical experience and what he has learnt from very successful entrepreneurs, coaches, and consultants over several years.

Dirk Coetsee

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What lies behind you and what lies in front of you are tiny matters compared to what lies inside of you” – Ralph Waldo Emmerson


I am an entrepreneur, I surround myself with business minded people, I am privileged enough to be mentored by great leaders. I speak to visionaries, I write about them and learn from them.

What follows are seven simplified yet key strategies to develop yourself as an entrepreneur which are a hybrid of the authors’ practical experience and what he has learnt from very successful entrepreneurs, coaches, and consultants over several years.

A wise man once told me, “A higher level of consciousness does not mean you are better than anybody else it just means your mind sees from a higher vantage point and therefore you see clearer than most.”

Related: 8 Entrepreneurs Share Their Best Advice For When The Going Gets Tough

Those wise words lead us into explaining the first strategy:

1. Expand your consciousness

Simply put your consciousness is nothing but what you are aware of. By increasing what you are aware of through experience, study and honest self-reflection and by inquiring deeply into every aspect of your business as to increase the quality of your awareness you are enhancing the quality of your experience as an entrepreneur.

The second strategy often referred to as priming or framing is commonly used by successful entrepreneurs:

2. Priming or framing

Priming or framing is creating a positive mindset first thing in the morning which builds mental strength and the capacity to face the day with a very good attitude. This is, in essence, done by creating a morning ritual or habit for yourself which can take whatever form you prefer, as long as the outcome of it is a stronger and better you.

Some prefer meditation and/or prayer. Others repeat affirmations in the mirror. Some take the quiet early morning hours as the opportune time to read and learn more about their craft. Exercise is another way to start your day in a positive way. See this exercise of Priming or framing as an investment earning compound interest over a period of time.

nelson-mandelaGoogle whom any famous leader or entrepreneurs’ mentor was and a name or many will most certainly pop up. Nelson Mandela’s’ mentor was Oliver Tambo, Warren Buffet holds the Dale Carnegie certificate proudly displayed on his office wall in high regard, the famous investor Ray Dalio is still coached by Tony Robbins.

Related: (Podcast) Being An Entrepreneur Is Painful

That explains why you should:

3. Be willing to be mentored

When I facilitate training or a coaching session a common objection to being mentored is: “ Yes , but I do not know anyone that could mentor me.”

Honestly, what a lame excuse. Most servant leaders understand that it is part of their duty to society by leaving other servant leaders and/or entrepreneurs behind and are actually just waiting for your call.

It is really as simple as that, make your list of people that you look up to and want to be mentored by and call them, sincerely tell them how much you admire them and ask for guidance and mentorship. To those whom knock sincerely a door will be opened.

There is no such thing as a “self-made man” as everyone has received some help in some shape or form along their journey of entrepreneurship.

It is much harder to give up on something that you really have worked hard for over a long period of time as opposed to something that you have approached with half-hearted intent and little effort.

Therefore:

4. Hard work compounded by smart work

Hard work is not only something that you should do to stay ahead of the competition but a necessity in order to build resilience.

When you have lost sight of your purpose and vision as an entrepreneur decision making becomes drastically harder, your morale might be affected negatively, and your bank balance might suffer as a consequence.

So:

5. Ensure that you have constancy of purpose and a clear Vision

A very effective way of priming and/or framing is to remind yourself of your purpose and vision every morning. Make your Vision and purpose visual by displaying it clearly at your office. An entrepreneur cannot talk regularly nor enthusiastically enough about his or her vision and purpose. When you have not wholeheartedly bought into a vision and purpose how can you expect your team to?

ian-fuhrThose whom embody servant leadership of which the founder of Sorbet, Ian Fuhr is a prime example know that unconditional giving as a principle not only builds character but empowers others so that we can not only grow as businesses but as people.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

That is the reason for:

6. Giving without expecting anything in return

When you give of yourself unconditionally you have a true servant heart and your clients will not only be loyal, but they will love you in general. Giving unconditionally feels good and receiving unconditionally places no burden on you and creates a wonderful and vibrant work atmosphere, generally speaking.

When you only take a stand on your principles and values during good times yet allow them to crumble in the face of challenging times “your house is divided and cannot stand”.  Your principles and values must become ingrained practises and not just frivolous words.

Taking the aforementioned into account:

7. Have non-negotiable principles and values that you live by

As an example, if when respect is a non-negotiable value that you live by you will refrain from losing emotional control and will be willing to walk away from a conversation where someone dis-respects you.

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