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Start-up Advice

9 Top Tips For Young Entrepreneurs

Here are my 9 tips for people who dream of going it alone, or are already in the process of doing so.

JP Prinsloo

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In an economy where there are fewer jobs and a greater of number competing candidates, it’s never made more sense to be your own boss. As a 25-year-old entrepreneur who has recently started his own business, I’m fast learning how much fun you can have blazing a trail on your own.

But I often encounter people who think the idea is nothing but a pipe dream, and that working for a boss in a job they don’t like is the hand they have been dealt in life. I’m here to counter that argument. Not only is entrepreneurship a very real reality, it actually needs to be promoted more heavily in South Africa.

1. Do what you enjoy

Malcolm Gladwell argued that you need to spend 10, 000 hours to master something in his book, Outliers. The theory argues that you aren’t simply born good at something, but need to invest a considerable amount of time to reach the level you want.

And if you’re going to spend 10, 000 hours doing something, why not make sure you enjoy it?

The theory illustrates why entrepreneurs who pursue their passion are often the most successful.

Related: 8 Reasons Young Entrepreneurs, or the Young at Heart, Lead the Way

2. Anyone can do it

You don’t need to be Bill Gates to be an entrepreneur. Nor do you need to be Bill Gates to be considered successful.

Success can be defined in many ways. There’s monetary wealth, of course, but also happiness, freedom and the notion of spending time doing what you enjoy.

If you’re working a 9-5 job you don’t enjoy and making R15 000 a month, what do you need to earn working alone to be happy?

Work that out, and re-evaluate what you define as success.

3. Not every idea is good

Sadly, not every idea makes good business sense, but when you’re really attached to your project, it can be possible to attain the necessary perspective to let go.

Often, it’s tempting to ask family and friends for their critical opinion, only to receive flattery in return. Families are preoccupied with your feelings, not your fortunes, and tend to be a poor judge of whether your business makes sense.

If you’re looking for a second opinion, ask an impartial outsider who won’t be afraid to tell you right from wrong.

4. Enjoy what you do

The minute you start finding your work a slog, you might as well give up. The most successful entrepreneurs enjoy their work so much they don’t even consider it work.

Sure, every person has good days and bad days, but if your passion wanes for too long, the motivation to make it a success won’t be there.

Not only is it easier to enjoy what you’re doing when you’re working for yourself – it’s absolutely crucial.

working-smart

5. Work smart

You need to work incredibly hard to get your business off the ground – but you also need to work smart. For instance, burying your nose in reams of emails every morning is certainly hard work, but it’s unlikely to take your business to the next level.

Outsource tasks you don’t have time for, and concentrate on your core strengths.

Related: 7 Insanely Productive Habits of Successful Young Entrepreneurs

6. Be assertive. It’ll help

As a young entrepreneur, you’ll often encounter people are more experienced than you and versed in the art of getting their way.

A word of advice: Don’t allow anyone to routinely get what they want.

Stick to what you believe in and dig your heels in if you have to. It doesn’t do you any good to be seen as a pushover, and word travels fast. 

7. At the same time, stay humble

For me, staying humble is absolutely crucial. The minute you lose your humility you’re setting yourself up for failure. People can spot arrogance a mile away.

In reality, no one has the right to think they know it all: because they don’t, and the minute you start believing your own hype you’ll fail to spot a potential curveball until it’s too late.

8. Consider the idea of working remotely 

People like Tim Ferriss are championing entrepreneurship in new and exciting ways, and one of Ferriss’ claims is that location is entirely irrelevant.

Why should an internet entrepreneur go into an office every day when he or she can work anywhere in the world?

People like Ferriss are paving the way for young entrepreneurs to challenge the norms of deskbound duties, 9-5.

Related: The Tim Ferriss Approach to Setting Goals: Rig the Game so You Win

9. Take risks!

Risk tasking is a big part of being your own boss. It means giving up on the idea of a steady pay check and sacrificing time and money to make your business a success.

As long as you trust your instincts and learn from your mistakes, risk-taking will take your venture to the next level.

In the end, I’d like to see more and more people become their own boss in South Africa. With better access to the internet, laptops and cell phones, it’s never made more sense to be your own boss. Better yet, with Google at your fingertips and resources like Entreprenuer.com to help you along, there’s help at hand.

Don’t be afraid to take the risk – you won’t regret it.

JP Prinsloo is a 25-year-old entrepreneur and founder of the lightning, sound and events management firm PriFactor. Visit his website at www.prifactor.com

Start-up Advice

The Importance Of Being Organised For Your Start-up

If you are not convinced that it is an important aspect of owning a start-up, read on for reasons why being organised is important for your start-up.

Amy Galbraith

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So, you have decided to create a start-up. This is great news, especially if you have solid plans in place and have attainable business goals. However, if you are somewhat of a tidsoptimist or are disorganised, then your start-up could be something of a nightmare to begin with.

Being organised does not have to be difficult or take up too much time. But if you are not convinced that it is an important aspect of owning a start-up, read on for reasons why being organised is important for your start-up.

Schedules are crucial

Established business people understand how a schedule can significantly contribute to business success. You do not have to be at an executive level in order to follow an executive schedule, and setting one up for your start-up can work wonders for how your business grows.

You should take time on the weekends to plan out your week, writing down all obligations, meetings and tasks that you have to finish. Seeing your week written down in front of you will help you to stay on task and will make it easier for you to complete them on time.

Having a schedule is important, as you are the leader of your start-up and you need to stay organised and set an example for any staff you have.

Related: 4 Fundamentals To Successfully Jump-Start Your Start-up

It saves you time

Being organised saves you from rushing around, searching through paperwork to find that one invoice or bank statement. You can use business processing solutions to help you to capture and collect forms, as well as outsourced document collection to save you from having to chase clients for forms and documents.

You should invest in having a well-structured filing system, both in the office and digitally. Use neatly organised folders with clear and relevant names on them for all of your documents, bills and emails. By doing this, you can free up hours of the day to work on important tasks, such as drumming up more business through a new and exciting marketing strategy. You will also be setting an example for your team by having an organised office and computer.

Procrastination can be toxic

When tasks get put off due to disorganisation or procrastination, everyone fails. Not only will you feel bad for not completing a task on time but your clients and possible business partners will see you as unreliable, which is hugely damaging to any start-up. Many instances of procrastination can be linked to not being an organised business.

This is one of the major reasons why organisation in a start-up is essential. You will spend less time procrastinating and more time achieving goals and completing client tasks. Spend time every day organising your digital folders and your physical folders before you start working. This will ensure that there are no distractions throughout the day and you can complete all the important tasks on time and within budget.

Organisation keeps your employees on track

You cannot expect your employees to stick to their schedules and stay organised if the person at the top doesn’t do the same. As the leader of your start-up, you need to set an example for your staff, which means that you have to be the most organised person in the company. While it is important to ensure your employees follow suit, try not to be too overbearing about how they choose to organise their days.

By keeping your company organised, you will be better able to keep your employees on track, making it easier for them to finish tasks on time. This is because they will not be spending time searching for important documents that have been filed in the wrong folder (or not even filed at all) but rather focusing on completing tasks and building your profit as a company.

Related: How To Start Your Business With No Budget

You can improve customer service

By using organisation techniques, such as document processing solutions and an outsourced document collection service, you will be able to improve customer service. Problems with organisation can lead to a drop in customer service, which is highly detrimental to any start-up. Customer satisfaction is key to any return business, which is why you need to be organised.

If you have a poor billing system or are constantly losing invoices and important documents, soon your clients will move on to greener pastures (and more organised businesses). If you implement a strategy to become more organised, you will find your customer service improving. This will lead not only to return clients but to new business, as word-of-mouth travels about your professionalism and efficiency.

Keep ahead of the curve

As a start-up, you likely have a lot of competition in your industry. This means that you need to stay organised in order to keep ahead of the curve. By being more organised, you will be able to meet client briefs on time and keep to your schedule. Organisation is important for your start-up because it saves you time, stops you from procrastinating and keeps your employees on track. With improved customer service due to your efficiency, you will soon find your business growing in leaps and bounds.

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Start-up Advice

Want To Jump-Start Your Ecommerce Business? Try A Pop-up Shop

The first thing you need to know: A pop-up isn’t about stocking shelves and hoping people browse. It’s about attaining a ‘wow!’ status.

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Facebook talked a good game about its 3-D virtual-reality headset, Oculus Go, during the platform’s annual development conference, F8. Still, the social media behemoth knew that words alone couldn’t make anyone but early adopters fork over the dough.

Consequently, Mark Zuckerberg’s team made a bold, radical departure by opening an Oculus pop-up shop to showcase the company’s newest technology.

Interestingly, the Oculus pop-up was arranged, Foot Locker store-style, to give browsers the opportunity to try the device rather than instantly buy it. Sure, eMarketer predicts ecommerce will exceed the $4 trillion mark by 2020; but, as a Retail Dive survey showed, nearly two-thirds of consumers remain leery of this consumer channel. They want to physically experience merch before handing over their hard-earned cash.

Hence, Facebook gambled, not on its core platform but on the expectation that die-hard, wannabe Facebook and VR fanatics would share their experiences on social platforms, bringing awareness, hype and, eventually, sales, to an emerging product.

Not surprisingly, that was, and is, one smart bet.

We’ve come a long way, baby, but smell-o-vision still isn’t available

What makes a temporary pop-up store such a powerful differentiator? In a nutshell, it’s tactile products. Forget that people are buying stuff online; they still appreciate a solid in-person demo. Plus, a well-managed pop-up is an intriguing prospect: No basic retailer can match the energy, intensity or uniqueness of a fleeting pop-up that’s literally here today, gone tomorrow.

Besides, pop-ups make odd or brow-furrowing products easier to understand. For example: A beeswax alternative to Saran Wrap? It’s tough to envision that product’s inherent value unless you see it in action and get answers to your questions, face to face from an expert.

Ultimately, pop-up stores raise brand awareness and generate loyalty. At the same time, they aren’t the place to make sales – they’re marketing events engaging brand loyalists who love the company’s message and want to interact. Sure, new influencers are bound to stumble upon pop-ups, too, but the truest emotional connections come from people already knowledgeable about the product line.

For example, a Harry’s pop-up shop’s purpose wouldn’t be to introduce guys to its razors. How many would care? Even more important, why would they switch? The pop-up, instead, would be to magnify Harry’s branding by creating an experience for people curious about why they should use its products.

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

An ideal Harry’s pop-up would offer haircuts, shaves, hipster drinks and other memorable experiences. After getting the best shaves of their lives, super-fans would head online and do some organic referral work to spread the brand’s message.

In response, people who trust those influencers would head out to the pop-up sooner rather than later, worried they’d miss the fleeting chance to see the fuss. Their actions would be all-too-human, according to Shopify: Individuals routinely flock to scarce, novel opportunities. The reason: FOMO is a powerful force.

Eager to get started on your own pop-up adventure? One that gets tongues wagging and fingers swiping? Before you pitch a pop-up tent on the corner green next week, pull in the reins. Pop-up shops require some serious forethought and planning.

1. Choose a location that caters to your audience

When our company put up The Nest pop-up to showcase many of our clients’ brands, we picked a place where our target personas hung out: Abbot Kinney Boulevard, in Venice, Calif. It’s known nationally as one of the country’s most expensive retail streets, putting us in front of the sophisticated, high-end community our brands serve.

After picking the locale, we used the pop-up to highlight a series of rotating brands. At the same time, we kept the atmosphere fun by serving healthy vegan popsicles, playing great music and consistently engaging with visitors. The idea was to create a complete experience from beginning to end, catering solely to the people we wanted to impress.

Your pop-up should be similarly based on your ideal visitors’ profile, whether that might mean a twentysomething socialite or a hip baby boomer. When you know your audience, you can arrange a locale that fits. From that point, you should create landing pages and send emails to your hottest buyers. Take advantage of organic shares and ad-targeting, along with Facebook event-creation and retargeting. Your goal? Pack your launch party (and every day thereafter) with eager faces.

2. Ditch anything that doesn’t elicit a “wow!”

Say it with me: “experiential.” That’s the pop-up mantra. Your only job is to provide a huge, memorable experience. Forget about stocking shelves and hoping people browse – this isn’t How to Run a Lame Mall Kiosk 101.

For instance, when Target set up CityTarget, its Chicago Millennium Park pop-up, the store wasn’t like a typical suburban big box store: Instead, it offered commuters special CityTarget coffee and a few tchotchkes. One morning, CityTarget even set up a spin class. Another day, kids created CityTarget-logo-ed kites from scratch. Its final event? A launch for the full-store version of CityTarget for VIGs, or “very important guests.”

To attain “wow” status, map out every second of the pop-up flow (from the amplified, hyped launch party to the fireworks-inducing last moment). Keep the momentum going with live day events: Workshops, speakers and guest appearances keep the days hopping. Oh, and don’t forget to have a dedicated iPad to capture visitors’ emails and send instant welcome drips.

Related: 6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days

3. Follow up after the pop-up becomes a memory

Pop-ups are temporary, but impressions are lasting if you re-engage your guests. The Nest lasted three months, and it wasn’t a profitable up-front endeavour. However, we set out to monetise it later by treating it as a marketing exercise to broaden our clients’ brand scopes and widths. By following up, we ultimately made money down the line.

Of course, some pop-ups buck this trend. Toms Shoes is a great example: It started as a fleeting project and ended up becoming a permanent hangout spot in Abbot Kinney. People hang out, work, drink coffee and occasionally buy Toms merch. Still, don’t rely on an immediate profit. The Marc Jacobs pop-up dedicated to its Daisy fragrance sure didn’t. To the contrary, it allowed people to use “social currency” in the form of #MJDaisyChain on Instagram and Twitter.

The way to make money is by taking the valuable connections you make and turning them into evangelists. Reach out via email and thank those who shared social photos. Then, send out coupons to anyone who missed your pop-up.

You don’t have to be Facebook or Target to get significant foot traffic and loyalist love from a pop-up store. All you need is the right location, a solid planning team and a strong after-event marketing plan. Now get out there and make some brag-worthy experiences for your target audience.

Read next: 3 Types Of Ecommerce Business Models

This article was originally posted here on Entrepreneur.com.

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Start-up Advice

5 Actionable Tips For Novice Entrepreneurs To Skyrocket Their Business

Just follow these tips and your business will certainly go a long way.

Neil Helson

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Trying to curate a listicle of suggestions that can be given to any newcomer in the entrepreneurial world is really a task. Even if there are already more than five or ten pointers in the list, they don’t seem to be enough. Myriad of changes can occur in a businessman’s journey from a startup to an entrepreneur. Still, here are some effective tips for you to get a strong foundation on which you can build a flourishing organization.

Just mix and match these ideas with your own thoughts. Finally, you will be able to overcome the obstacles that will come in your path of becoming a successful businessman.

1. Build a culture of learning around you

The businessmen who’ve already established themselves, understand that there will be loopholes in their knowledge and expertise. They never cultivate the feeling of self-content. Rather, they make sure to alleviate with a perfect commitment towards learning.

So, if you want to earn the same reputation and degree of stability in business, you must follow in their footsteps. One of the best approaches to do that could be investing in professional development training for the entire company. Try to make the most out of the resources around you like industry publications, professional network and so on.

Related: How To Start A Business With No Money

2. Co-operate with reliable partners

New business owners should never hesitate to choose who they want to work with or hire. If you are one amongst them, aim for a variation in your stakeholders and clients across different levels.

Wait! You are not supposed to look for a racial and gender diversity. Rather, it is all about a miscellany of experiences and backgrounds. You must work with reliable people.

3. Be constantly focused

You might be eager to grab every opportunity that you come across. Well, that’s not something you should be doing as a new entry in the business world. Be careful and always make sure that you are not losing track. If you end up juggling hundreds of ventures during the initial period, it will spread you thin. Finally, you will lose your efficacy and productiveness. Make a rule to deal with one thing perfectly rather than trying to manage twenty things poorly.

Wait! It doesn’t mean that you shouldn’t take up new projects. Of course, you must. All you need to take care of is the number of new works in your hand shouldn’t exceed your capability to accomplish them perfectly.

Related: 21 Steps To Start-Up Success

4. Work with a budget-friendly approach

Remember, you’ve started with a new thought amid millions of other ideas which are going strong for years. It is important for you to act strategically and smartly, especially when it comes to financing. You must create a business proposal which includes all the startup costs and expenses. However, make sure that you are not taking the first step with redundant expenses.

You must be clear with the idea of when it is the right time to throw the towel. Too much cash outflow can even cause bankruptcy. Before you open the doors to a new business, generating financial goals is a great idea. If you follow this tip, you will certainly be benefited.

5. Welcome failure with open hands

Of course, you’ve not gone into the business while expecting to fail, yet failure is a fact of life and every single one of us must bear it. There is no way to combat this reality.

In such a scenario, you must do what the biggest business tycoons have already done for years. Take every failure as a desired learning opportunity. It is pivotal to understand that setbacks bring a positive energy to fight back with a new enthusiasm. If everything goes on perfectly, you will not get a chance to learn something new and have new experiences. So, failure is important, make sure you to embrace it.

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