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Entrepreneurship

  • SA on entrepreneurial decline, says latest Global Entrepreneurship Monitor report

    The latest Global Entrepreneurship Monitor (GEM) report for South Africa says entrepreneurs in the country have declined during 2015 to 2016. According to the report, entrepreneurial intentions in SA have almost halved when compared to 2010 and are 3.6 times lower than the African average. Since 2014, there has been an 18% increase in creating startups out of necessity. This is due to SA's poor economic growth and high unemployment rates, according to the GEM report. Entrepreneurs in 2015 are four-times more likely to anticipate making no contribution to job creation. Due to unprofitability or problems in accessing finance to sustain the business,...

  • Payroll fraud could be hurting your startup, here’s how to fight it

    Payroll fraud is more endemic than many business owners realise, and this problem is not exclusive to small and medium enterprises (SMEs). The 2016 ACFE Global Fraud Study revealed that 12% of fraud detection in small business came from an internal audit, whereas in larger enterprises this was 18.6%. For SMEs the detection of fraud is less frequent than larger organisations, however, it is still a high statistic to ensure companies are aware of the risks. One of the biggest tips for small business owners is to become suspicious if a member of your payroll department never goes on leave, arrives...

  • Entrepreneurs, want to know how Amazon founder Jeff Bezos started out? [infographic]

    It's not easy starting one of the world's largest ecommerce stores, especially if you don't know how to. Amazon founder and CEO Jeff Bezos didn't just become an overnight success, he had to work towards his goal. In an infographic on Funders and Founders created by Anna Vital, Bezos's story is detailed from early life, to his Princeton education, and even his co-founding of a newsletter startup. The page also includes some additional paragraphs on the Amazon man himself, such as him being a "person of method," and his creation of the Regret Minimization Framework. You can read the full article here. For...

  • Does your business model have the legs to go the distance?

    To successfully run any business, shareholders, managers and directors of SMEs and privately-held companies can create enduring value through challenging the business model. To run any company, however big or small, it is essential to implement the right model for the way the business operates. It is critical to implement a sustainable, financially viable business model that positively impacts as many of the business’s stakeholders as possible. Here are a few tips for doing just that: Face the toughest question of all Challenge whether or not the business model can generate income and value long-term. Many business founders blame insufficient cash flow as the...

  • Is your startup prepared for catastrophic data loss?

    If you walked into the office this morning to find that your customer information had been compromised, or a disgruntled employee had wiped a database clean, would you be prepared? Have you set preventative measures in place to safeguard you against total loss? Do you have security features in place to help you retrieve lost data? Are you able to continue with business as usual or would a security breach such as this bring you to a standstill? It’s a lot to think about, but according to USA Today, approximately 43% of businesses encountered a data breach at some level...

  • 4 accounting hacks that’ll keep your startup afloat — and profitable

    Many entrepreneurs are not equipped to survive the years of hard work and reach overall success. Lack of finance is one of the biggest reasons for this. For many small and medium business owners, managing finances is one of the most challenging tasks. Poor accounting practices leave business owners in the dark as to their financial standing. While in many companies, this is a role fulfilled by the Chief Financial Officer (CFO), in a startup, this is just one of the many hats the entrepreneur needs to wear. Entrepreneurs make life sacrifices, take risks to follow their dreams and...

  • 2 days left to apply for Telkom FutureMakers InnoTech Programme

    If you've got a startup that's still in the 'concept' stage and want to make it a reality, you might want to take a look at the Telkom FutureMakers InnoTech Programme. You'd better hurry though as applications for the intensive ‘from concept to market’ process, run at the Woodstock Bandwidth Barn, Telkom’s Cape Town FutureHub close on Friday, 20 May. InnoTech begins in June 2016. The first eight weeks are your ‘Pitch Deck Journey’, addressing your business fundamentals and getting you pitching-strong. Those businesses that progress through phase 1 will go through an MVP bootcamp before entering phase 2,...

  • MEST out to recruit SA-based entrepreneurs

    When it comes to entrepreneurship, MEST is one of the most important organisations on the African continent. The Accra-based incubator equips tech entrepreneurs to compete in the pan-African mobile space and to scale globally. As we reported earlier this year, the accelerator has opened up its programme to South Africans for the first time. It's a programme that appears to be worth joining too. Admitted applicants receive a full scholarship to a one-year entrepreneurial training program that blends an MBA-type education with hands-on training in software development. During the program, students form into teams, develop a product, write business plans,...

  • 5 crucial things investors should know about timing the investment cycle

    Understanding where we may be in an investment cycle is difficult but worth the effort. Trying to time an investment cycle, however, is nearly impossible. For early stage investing, in particular, there are some important points to consider when thinking about the investment cycle. Timing a moving target While markets move up and down, each cycle is different. In particular, people are usually responding to what happened in the previous cycle. This includes both market participants, who tend to overweight recent events, and the regulators, who make rules to deal with the problems of the previous cycle. As a whole, markets are...

  • How can South Africa drive youth innovation and entrepreneurship?

    Nearly a third of South Africa's population is under the age of 14. As things stand, their future is uncertain. The economy is stagnant, the political landscape is shifting, and unemployment is at a record high. It's possible to turn all that around, but doing so means equipping young people with skills beyond those found in the schooling system creating an environment which doesn't just see entrepreneurship and innovation as viable options, but as necessities. There was the consensus of a panel on driving innovation among South Africa's young people at a Road to the Global Entrepreneurship Summit held at Cape...