Tech giant Samsung has reported its lowest quarterly profit in eight years this week an indicator to the weakened global economy to hit PC…
Spend some time with your friends around the braai and everyone, at some stage, wants to do their own thing and venture off into Entrepreneurship. Unfortunately, less than 6% of the population ever will. Why is that?
Business is relatively simple and there are enough examples of success out there to make it a worthwhile risk to undertake. Most people however know of the other part of the equation and the failures and difficulties. Perhaps that holds them back. Either way business IS simple but not always easy. The biggest factor in its success is you, the owner, and that’s sometimes the hardest part.
Here are a few critical criteria you need to make sure you have:
There will be great times but I guarantee you there will be some tough times too. Your ability to bounce back, and to bounce back quickly, will determine how fast you can get through the tough times and more importantly how high the great times will be. Entrepreneurship is a journey that has its ups and downs. Know this, prepare for it and go through it as quickly and as positively as possible.
Business involves money and most people have major hang-ups about the same thing, money! Unless you want to work for free you will need to charge, there will come times where you need to ask for money – either from banks or creditors and yes even from people that owe you money, your debtors. Get over it and get over yourself. The quicker you make peace with money being the score we keep and the barter element we use for mutual value exchange, the better. You will need cash to survive and profit to thrive. That’s just the way it is.
3. Make decisions
Most businesses fail not because the owner has made the wrong decisions but often because they haven’t made any decisions at all. Often that same decision not taken is one they’ve been putting off for a long time. As an entrepreneur you will be called upon to make decisions often.
Most of the time you won’t have all the facts with you, nor the luxury of time. You’ll be called upon to act quickly and decisively and run with that decision as if you had all the information and time before doing so. Trust your gut instinct, seek counsel from those you trust and get on with it. If a decision does prove to be the wrong one, that’s okay. Learn from it and quickly correct it with the right decision. Then move on. Don’t dwell on things you can’t change and don’t over analyse it either.
4. People are your greatest asset
Clichéd … yes. True … absolutely! Invest in people as much as possible. This is not limited to your staff and should also include clients, suppliers, service providers, strategic partners, family, friends, networks etc. The better you become at interacting with people and driving performance through people, the better your results will be. Show that you care, invest time, train and make sure you go out of your way for others. Guess what? With that example, so will others for you.
5. Learn, learn, learn
Even today, it’s sad to see that you can’t go anywhere to learn how to become an entrepreneur or a business owner. Bits and pieces perhaps but nowhere can you do an all-encompassing course. Most people just wing it and end up paying plenty of school fees. “The only place earn comes before learn is in the dictionary” Brad Sugars. For the rest you need to learn first, then earn. The learning process should always continue, forever by the way. Push yourself out of your comfort zone and look for areas to learn. You will be called upon to wear many hats you’re not comfortable with, or even good at. That’s business. Read, watch, listen, ask, seek council and most importantly get a business coach or mentor to walk the path with you. Entrepreneurship can be lonely so don’t go it alone.
Starting your own business or being a true entrepreneur, can be the most exciting and rewarding journey you’ve ever undertaken. Get yourself ready first and then go for it. We need you, so please start today.