A successful entrepreneur knows how to master his or her environment. An idea can only take you so far. The skill lies in knowing how and when to execute. Inspire Mastery is a series that looks at some of the trends that are driving the journey of South Africa’s savvy tech entrepreneurs.
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There has probably never been a more exciting time to start a business. Given the tools and knowledge at our disposal, the possibilities are nearly endless and they certainly make it easier to express yourself than ever before.
From the need to solve a problem, to the desire to make money, or to express yourself creatively (and sustainably), entrepreneurs are driven by a variety of different motives. We’ve rounded-up a couple of popular reasons why people become decide to become entrepreneurs:
You want to make money your way
Many people opt for entrepreneurship because they want to make a profit.
This is also where self-determination and risk come in. You’re sick and tired of working for someone, and decide it’s time to be your own boss.
But it is a dog-eat-dog world out there, and an estimated 90% of all startups end up failing. While you probably won’t be making money for a while, the entrepreneurs that do make it, tend to make it big.
CEO of Facebook Mark Zuckerberg became the 16th richest man in the world with a total net worth of US$33.3-billion, just 10 years after he founded a company in his student dorm room.
All the cool kids are doing it
Richard Branson declared 2014 The Year Of The Entrepreneur. And he’s right. Just take a look at how Apple founder Steve Jobs or Zuckerberg are idolised. Just these two men are enough to inspire a whole generation of entrepreneurs.
“When visiting Africa, Australia, Europe, South America and the US this year, there was a real appetite for entrepreneurship wherever we went,” Branson says.
He notes that being an entrepreneur is almost like being a rockstar of the seventies. “From being a dirty word in the past, now entrepreneurship is increasingly being celebrated and encouraged — as it should be.”
Who wouldn’t want that?
You want to commit to a project
It doesn’t necessarily mean that you should quit your day job, but starting a project you’re passionate about, which has the potential to evolve into a business, is definitely a place to start.
Think about Microsoft founder Bill Gates, who had to drop out of college in order to help create Microsoft. Today, the company is worth billions.
This couldn’t have been said better by marketer and consultant Dave Duarte at TedX Cape Town 2014, who argued that “side projects are the answer to the future of job creation.” If the project doesn’t turn into a business, at least you’ve learnt valuable skills in the process.
You like solving problems
That old saying “Be the change you want to see in the world” comes to mind. Some people are simply frustrated by a common obstacle that they decide, “Screw this, I’m quitting my day job to solve this puzzle.”
Apart from trying to solve a real-world problem or fill a market gap, running a business is also a series of puzzles. This includes everything from marketing and management to production and leadership.
It’s not only the ability to implement a solution, but knowing when to innovate and modify the solution to continue meeting the needs of a changing market and society.
It’s easier than ever before
The mere fact that you have access to the internet means that you have the tools at your disposal to craft a product, make it viable and take it to market. Today it’s easier to create a business than ever before. If you don’t know how to use the tools at your disposal, at least you’ve got the resources to learn.
“Technology is helping every business, large and small, to move forwards, which will only increase in the coming year. Now, entrepreneurs can build companies at a fraction of the cost in the past,” writes Branson.
Moreover, a vendor on the street is now able to access broader markets using online marketplaces. Opening a physical retail store is cost-prohibitive for many new entrepreneurs. While building a retail website is cheaper, doing it from scratch can still be an expensive and technically challenging undertaking.
