How to Build A Successful Business or State Of Entrepreneurship In South Africa?
Starting a business and becoming successful is often part of the American Dream. But there is a difference between starting a business and building a successful business. Many businesses fail within the first few years of existence due to the lack of planning for the long-term. State Of Entrepreneurship In South Africa in Easy there is not enough vision and there is not enough done to strengthen the business properly from the ground up.
If you want to start a business there is an easy way to get a better understanding of why some businesses fail and others don’t. When starting a business think about it similar to building a house. If done right it is protecting you against any kind of storm or danger of the outside world and will last for a long time. It offers shelter and protection. For you and your business that could be translated to that you want to have a business that is able to weather economical ups and downs (=storm) and that will provide income to pay the bills (shelter and protection).
When building a house there are several different steps you need to follow to have the house build. You know you want a house, but you got to pick a location and get an architect to plan everything out. In the business world that would be: you know you want to start a business, but you have to come up with a business idea and work out a business plan. The next thing for the house would be to build the foundation (and eventually the basement) for the house. In the business world – you got to build the initial infrastructure (example: connecting with vendors, find a manufacturer for your product, create a sales team, rent office space, get a delivery truck, etc.). Once that is in place you able to actually do business and earn some money. But you are not completely done yet. You need to build a frame, put in windows and you also need a roof on house. For your business this means that you pay off debt, improve business processes and get professional help when needed (example: find a tax accountant, select a payroll service, etc.).
Once the house is build you probably want to fill it with furniture and make it livable for the future. Nobody wants to sleep on the floor, right. Again translating this to the business world it could mean that you invest money you earned back into your business. You buy machinery instead of leasing it. Eventually you buy a building, hire more staff, develop more products, move into new markets, build up a high cash reserve, and buy other businesses and so forth. This is often the step where winners and losers separate. Re-investing money into the business is a key factor for success. If you go and spend all the money on your own salary to buy things you have nothing to go back to when the economy slips into a recession or if disaster strikes.
The successful business owner has build up a cash reserve or can borrow money from bank – securing loans with the assets of the business. Going back to building a house this pretty much matches the same efforts. You pay off your mortgage and have equity available to eventually borrow against when emergency arises. Emergencies do not include paying off credit cards to use them again or to buy a car. Financially responsible you should be looking at the long term and not finance short-term goods with long-term debt.
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Are you intrigued by the possibility of being your own boss and starting a business but not sure you have the right qualifications to be an entrepreneur? What are the characteristics of an entrepreneur? Although there is no single perfect entrepreneurial profile, there are many characteristics that show up repeatedly in successful business owners.
Following are the top 10 essential entrepreneurial traits that anyone who is interested in starting a business must possess:
- (1) Independence - This is the most common denominator of all entrepreneurs. They want to seize control of their future; thus they decide to become their own boss instead of laboring under the gaze of a master. (2) Persistence and Determination - The world of entrepreneurship is fraught with both success and failure. An important quality of a successful entrepreneur is the doggedness to continue pursuing a goal despite some setbacks and obstacles they may encounter on the road. This persistence and determination is fueled by a burning desire to achieve the goal of succeeding in the chosen field of business. (3) Self-Confidence - Along with independence, an entrepreneur possesses self-confidence. They believe in their capabilities and makes sure that they will put in their best effort into their particular endeavors and likewise expect the best results from it. Belief in one's capabilities is very important in achieving any goal - especially in the world of entrepreneurship. (4) Creativity - In the business world, you can not afford to be complacent and uncreative unless you want the competition to move up on ahead of you. Creative people are naturally curious, inquisitive, bright and highly flexible when thinking. They keenly observe their environment and have an eye for spotting new trends that could spark a business opportunity. (5) Organized and goal-oriented - An entrepreneur knows the value of organization in a business endeavor. A good entrepreneur has the ability to consolidate resources. (6) Visionary - An entrepreneur has a vision for his/her future. (7) Risk-taking and Tolerance for Failure - A good entrepreneur realizes that loss and failure are inherent in any business endeavor. Thus, an entrepreneur must always be ready to make calculated risks and face whatever consequences accompany those risks. As in all fields of endeavor, the characteristic of a successful entrepreneur is in never giving up and in picking up the pieces and continuing the journey even if failure momentarily obstructs the way. (8) Perseverance and Hard Work - These are perhaps two of the most important entrepreneurial traits. (9) Commitment - An entrepreneur will not achieve success if he/she gives up at the first sign of trouble. (10) Honesty and Honor - Another very important mark of a good entrepreneur is being honest and honorable in all business dealings and interpersonal relationships - whether it is between business partners, employees, peers or investors.
If you possess these traits, you may have the necessary skill set to become a successful entrepreneur.
State Of Entrepreneurship In South Africa in Top
These days, everywhere you turn, you are bombarded by news of gloom and doom about our economy. It's like Halloween got here way too early this year. I try my best to avoid the TV and radio news altogether. No, I'm not in denial or being naive. There's no doubt that something is very wrong in this picture. However, if you focus your attention on the bad news that's broadcast 24/7, and hang around the water cooler whining, bitching and complaining, your chance of success is doomed.
Research has shown that the right mindset and attitude can make or break a person/business. How do you maintain a laser-sharp focus and unwavering success mindset during these challenging times? That's where masterminding comes in.
The right mastermind group can provide abundant resources for building your business. Mastermind groups can be made up from a group of peers in the exact same industry that you are in, a group of companies that focus on the same vertical market or market segment, or a group of business leaders that are ready to mentor those who are starting out. When you are in a group of like-minded, success-focused, positive business professionals, there are infinite possibilities, creativity and resources to be shared. Oftentimes, we cannot see what's missing in our own business. It's extremely valuable to have someone else to point out your blind spot or offer you solutions you would not have thought of by yourself.
During these turbulent times, perhaps the most important value of having a mastermind group, is to have an army of your own, so to speak, against the ugly beasts of fear, negative beliefs, doubts and worries. If you are familiar with the Law of Attraction and the success principles taught by masters such as Napoleon Hill, you know that you can't afford the negative thoughts and beliefs -- not in your personal life, and definitely not in your business. If you have taken all the right steps to select the right kind of people for your mastermind group, you would have an unbreakable support network to always keep you in the positive energy field.
Next time you meet with your mastermind group, may I suggest that you set a group intention to lift and keep one another in the success-oriented positive energy field. Select some empowering affirmations that you'd like to recite and affirm at your meetings. Absolutely no whining, bitching or complaining allowed in and outside of the group. Set up some type of buddy system so you can call for support, in case you fall into a negative slump. Do everything you can to safeguard your positive energy, and watch the success come to you.
The 6 Essential Traits Of Successful Entrepreneurs
Financial advisors often find themselves consulting to successful entrepreneurs about how to continue to grow their assets after the business has been sold or taken over through a carefully planned succession strategy. But developing a small business (defined here as having less than $50 million in annual revenues) is not so simple.
After the initial burst of business success and survival in the first three years, many small businesses encounter struggles that can leave them feeling isolated. What can assist a 30-year old consulting firm whose personal presence and paper products face a changing world of electronic presence and high travel costs by helping them with development of electronic products? What can encourage a small playground equipment manufacturer to move from $1 million to $2 then $5 million in annual revenues by helping her with facility expansion issues? What can help a successful cookie baker beat the competition through strategic partners, cause marketing and high tech kitchen equipment?
Small Business Development Centers can.
According to the Small Business Administration these SBDC's gave face-to-face help to more than 247,000 clients last year. A treasury of business answers lies waiting and ready to assist at 1,100 top colleges and universities across the United States, according to the SBA. These centers are funded by a combination of federal, state and local government monies as well as with private sector dollars.
Here are just few examples from the State of Wisconsin. The University of Wisconsin at Whitewater hosts a Small Business Development Center at www.uwwsbdc.com [http://www.uwwsbdc.com/] Its email is email@example.com This center is also affiliated with the Wisconsin Innovation Service Center, that "takes pride in an extremely high rate of client satisfaction...nearly 75% of clients have been referred by former clients and professionals. The Wisconsin Innovation Service Center charges an "affordable fee" to provide companies with enough information for improved product and market development decisions.
A few diverse examples of this university-related treasury of successes include these:
- A local gardener gained international attention for a unique gardening tool.
- An innovative drywall finishing product offers significant benefits over competition.
- A new product helps a honey producer grow.
- A business in the electrical equipment industry finds new customer segments.
- Investors and inventors find value in a flooring company start-up.
- An environmental product company breaks past the $15 million mark with a new product.
- An ornithology hobby becomes a successful business venture.
- An outdoor equipment manufacturer finds a potential acquisition.
- Customer purchase decisions and perceptions are revealed to a manufacturer.
- An automotive aftermarket tool gains distribution outlets across the U.S.
- A "hot" tool is offered to the propane and plumbing industries.
Part of the success of these entrepreneurs and a couple of hundred thousand others is due to the one-on-one relationship of these advisors with their entrepreneurial clients. Developing business plans, wading through loan applications, securing critical market research, exploring product design options, identifying a lasting competitive edge---these are typical of the services that SBDC's can provide to the entrepreneur.
These services are nothing to be sneezed at. In another state, South Carolina, the economic impact on the state's economy in 2005 alone was $86 million, resulting in a return on investment of $121.11 for every dollar of state funding, according to Regional Director Jill Burroughs as quoted in the Greenville News. Further explaining the power of the program, Burroughs said that breaks down to $45.7 million in capital formation, 1038 jobs created, nearly $25 million in wages paid, $869,000 in additional sales taxes and $15 million in contracts awarded to 381 businesses.
SBDC's are located in all 50 states, the District of Columbia, Guam, Puerto Rico, Samoa and the US Virgin Islands. If you conservatively cut the impact of South Carolina in half and multiplied by the 50 states, you would have a $2.1 BILLION impact.
This is a powerful treasury of real riches that spills over to the rest of the economy from the struggles of entrepreneurs who refused to let their dreams be defeated by the obstacles they encountered. They got help.
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