How to succeed as an entrepreneur - expert advice
Fresh out of university and looking to start a business? Or retrenched and looking for a way to make money? Whatever reason you have for venturing into business, it is important to get the right information before starting.
We spoke to three business experts to find out what it takes to become an entrepreneur.
“Running a business is far more difficult than it looks. The responsibilities are significant, and even if the business succeeds, each phase of growth presents new challenges” says Paul Jason, retailer and President of the Entrepreneurs Organisation.
The good news is that South Africa is one of the leading entrepreneurial countries in sub-Saharan Africa .
This means you aren’t alone in your pursuit. What’s cause for concern, however, is that so many businesses fail within the first five years of existence.
Grant Gavin, business coach and the Founder of the Durban Entrepreneurs Club, says there are several reasons why this happens.
"Being an entrepreneur is a lonely existence. In most small businesses the business owner starts out doing everything – marketing, sales, admin, finance, purchasing, deliveries etc. Very few people are experts in all these areas, yet very few business owners invest in business coaching or seek out mentors to guide them in the early stages of their growth. Most businesses fail because they don’t have enough new business leads coming into the business. Also finding finance for a small business venture is difficult. Most businesses that fail in 5 years, do so because of cash flow issues," he told us.
Grant added that ‘entrepreneurship’ should not viewed as a cool way of living.
“Social media exaggerates this, and younger people need to remember that being an entrepreneur has nothing to do with your Facebook or Instagram posts, and everything to do with how much you want to succeed, how hard you’re prepared to work, and how many sacrifices you are prepared to make to achieve your dreams. Hard work and success comes first, then you brand yourself. Not the other way around. Learn your skills and invest in your development. Your brand needs to be authentic, and success gives you credibility and authenticity,' adds Gavin.
If you want to beat the odds and succeed in business, take a look at the below tips.
- “Have a strong vision, test your market, ensure you have enough capital to give it a good go, always invest in marketing and hire a business coach,” says Gavin.
- “Be mindful of the Law Of Attraction which states that you get in your life that which occupies your thoughts. Clearly define your target market and have a solid marketing plan and pay very careful attention to the numbers in the business,” adds Darryn Le Grange, of ActionCOACH.
- “To survive the stress and challenges of the journey ahead you will need to absolutely love what you are doing! Apply your passion where there is a gap (and / or demand in the market). Otherwise you need to create the demand! Have a point of difference. You can enter a competitive space, as long as your product or business idea has a meaningful point of difference that will make your consumer want your product over your competitors. Understand the difference between PRICE and VALUE. Price is way less important than value. A product isn’t considered expensive if the product is unbelievable. On other words the value of an ‘expensive’ product becomes reasonable when the value proposition is truly exceptional. Treat your staff well. They will ultimately define the success or failure of your business,” says Paul.