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 Sandton 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.
Interesting Facts About State Of Entrepreneurship In South Africa in Latest:
About State Of Entrepreneurship In South Africa in Latest:
Entrepreneurs make up only about 15% of the working population in the US. Far fewer actually succeed than those who attempt to become self employed business people and venture out on their own. So what makes people decide to take the entrepreneurial path, when so few actually make it a reality?
Is the American dream a possibility for anyone, or, does it take more than most to become a successful entrepreneur?
The success of an entrepreneur does depend on their mindset. A large percentage of business owners will quit in their first five years in business. What is needed is the fortitude and belief that goes with attaining success.
Entrepreneurs are risk takers and dreamers. The difference between the dreamer and the entrepreneur though, is that the entrepreneur takes actions based on their dreams. They persist through the hardships and never give up! Many entrepreneurs start with an idea. Their success is determined by their belief that they can create something greater than simple monetary success. Often, it is about creating something which will benefit the world.
James Dyson, for example, came up with the idea of the bagless vacuum cleaner. Despite multiple set backs, over 5000 prototypes and not being able to get any manufacturers or distributors to accept his idea, he persevered. It was over a decade after his initial idea when his concept came to fruition. Even then, it was after a lot of difficulties and hardship due to the vacuum replacement bag industry, which was worth £100 million in the UK.
In Simon Sinek's book 'Start With Why', he suggests that the biggest companies in the world are so because of their "why?" - their reasons for building a business in the first place. In all cases, it wasn't just to make money, or make technology better, or some whimsical ideology.
The Wright Brothers, for example, became known as the pioneers of the first manned flight. But their competition was much better funded and well connected - Samuel Pierpont Langley had worked at Harvard, had a number of powerful connections, including Andrew Carnegie and Alexander Graham Bell. The War Department funded his project with a $50k grant, a seemingly massive advantage to the unconnected Wright Brothers who had no money or influence. However, their passion and devotion to change the world with this new technology drove them to attain the first flight in history in 1903.
Desire for material things and monetary wealth can only carry someone so far. Unless you have a goal or passion which is bigger than that, you may lose the momentum and fail to maintain your enthusiasm for any length of time.
The entrepreneurial mindset is one which taps into your purpose. Without a purpose driven goal or aim, it can't take long before disillusionment kicks in. With a mindset which takes into account a larger purpose, entrepreneurs can build huge businesses because they 'saw' a vision of what they wanted to create. If the purpose is greater than the obstacles which lie in the path of attaining it, no amount of setbacks will stop you from achieving your goal.
On the other hand, if you set out to do something and something gets in the way and stops you, your initial reason, (your "why?"), may not have been strong enough to endure all the battles along the way.
Entrepreneurial mind frame (or mindset) therefore, must be aligned with both your vision, your values and your purpose. If your values are not in alignment with your purpose and vision, you'll come up against road blocks which will stop you from achieving your goal.
State Of Entrepreneurship In South Africa in Latest
What is a Blunder?
Definition of Blunder:
Main Entry: 1blun·der
1: to move unsteadily or confusedly
2: to make a mistake through stupidity, ignorance, or carelessness transitive senses
3: to utter stupidly, confusedly, or thoughtlessly
4: to make a stupid, careless, or thoughtless mistake in
- blun·der·er / noun
- blun·der·ing·ly / adverb
Source: Merriam Webster
First, why even focus on the blunders? Isn't that kind of a negative focus?
The reality is that we all make mistakes. Most of us don't like to re-live the mistake so we try our best to forget what happened. Worse yet, we sometimes blame our clients (bad client, bad, bad client).
But that same coaching blunder can be used to “sharpen” our coaching skills. The very thing that we worry will be the end of us (a blunder) can actually catapult us to a very different level of performance.
Learning to recognize and embrace our coaching blunders is the path to better coaching. We will continue to blunder, so let's take advantage of the opportunities that present themselves!
What are some reasons to focus on the blunders?
Here are 8 compelling reasons to embrace your mistakes and use them to your advantage:
1. Become a more (polished) (sophisticated) (evolved) coach.
2. Eliminate your rough edges while refining the sharpness with which you coach.
3. Replace repetitive blunders with a stealth form of uber-coaching.
4. Give your clients the gift of effective coaching on every call.
5. Begin to learn the real reasons your clients leave (“fire”) you and what to do to turn that around. Coaches often have clients for 2-3 months and then they “fade” away. Now you can begin to learn why clients leave you.
6. Discover how to love being “rated” by your clients in performance reviews.
7. Learn how to self-assess, and self-coach, with honesty and compassion.
8. Discover “real time” solutions for when you get stuck (and who doesn't at one time or another).
What kind of Blunders do coaches make?
In the Coaching Blunders Series, available in audio with a workbook, we discuss different types of blunders and their value to us:
1. Administrative Blunders
2. Fearful Blunders
3. Avoidance Blunders
4. Communication Blunders
5. Power and Empowerment Blunders
6. Benefits of Blunders
What are the Top 10 Blunders that you see coaches make?
Although we identified close to 100 coaching blunders I feel that the Top 10 Coaching Blunders are:
1. Waiting until you are ready to coach (new coaches) or waiting to coach the more challenging clients (experienced coaches).
Get clients now! Your coaching education will make more sense if you're coaching. You're never going to "have it" if you don't "do it". I highly recommend that you "dive in and get both feet wet".
2. Taking your client at face value.
This may sound shocking but the reality is that clients come to us because they are here, and want to get there. If they could do it on their own, they wouldn't' need us. Often, what a client says to us has to do with the client's current paradigms and attitudes. If we take their goals and ideas at face value, we may be missing huge goals that they want to tap into but don't yet know how to express. They are hiring us so we can tap into the goals with them.
3. Going into solution mode.
Most coaches, particularly new ones, will jump right away to finding solutions and solving problems. Why do we tend to go to solution mode? What's our motivation? We do this because we think it will justify our fees and prove our value as a coach. This is very limited thinking on the part of the coach.
4. Not knowing your client.
a. Do a thorough pre-hire interview. If you want to know how to do this successfully consider getting the eBook “Ten Step Buying Process: Converting Prospects to Clients” at http://discninja.com/products.htm.
b. Have a complete intake form for your clients to complete.
c. Use assessments. My favorite is the DISC Personal Profile System. To see a number of valuable coaching assessments visit www.InternetAssessments.com.
I prefer to have a complimentary collaborative interview with a potential new client instead of offering a complimentary free session. This way I get a clear understanding of the potential client. By using the DISC assessment, it helps me stay out of "solution mode" because I can deal with client behaviors and discover their motivations from there.
5. Avoiding difficult or touchy subjects. Allowing client to avoid issues that are "hot" (and avoid they will).
Sometimes coaches inadvertently allow clients to avoid the touchy subjects. We have to be very watchful to know what the touchy subjects are for each client. If the client keeps avoiding a certain topic, it's a blunder on the coach's part to allow that to happen. Once you notice a client avoiding a touchy subject then bring this up in session. For instance, “Every time, I begin to ask you about this topic, you change the topic. I'd like us to take a few minutes and see what's here.”
6. Not having a system in place for the administration of our clients.
a. Keeps us from serving our clients and growing our business.
b. Client Compass software is a great administrative environment.
i. E-Caps that can be sent to your client directly after each call.
ii. Invoicing - Failing to manage the money and/or get paid on time. Payment can be handled directly through the premium version of Client Compass.
iii. Keeping track of paid and volunteer time
iv. For more info visit http://www.clientcompass.com
c. Not having a well-written coaching policy that sets clear client expectations. If you would like to see my coaching package it is available as a part of the www.90DayMarketingMarathon.com as lesson #41. For your quick reference it is available at this link: www.90DayMarketingMarathon.com/coachingpackage.pdf.
If you set up systems, then tasks can be done automatically and you can spend more time coaching and earning a living and less time on administrivia.
7. Not building an environment that allows more people to know about you as a coach. In the www.90DayMarketingMarathon.com program, we create just such an environment for you.
a. Selling people or talking people into coaching. Once again, I recommend reviewing the Ten Step Buying Process: Converting Prospects to Clients (see #4 above)
b. Coaching any one other than your "ideal" client.
c. Not letting enough people get to know you.
A lot of coaches love to coach, but they don't love to market. If you're not marketing and people don't know about you, you won't have the business you want. Consider joining the www.90DayMarketingMarathoncom. It will help you be clear on your ideal client. And I guarantee that you will be a much better coach when you are coaching your ideal client.
8. Coaching around topics we should avoid
We know this and yet it's so easy to get sucked into it. Hold clear boundaries and coach your clients to contact the appropriate contacts – such as their employee assistance program (EAP), therapist, attorney, etc. Our job as coaches is to not get “sucked into it” but to have strong and clear boundaries and to hold the right space for coaching our clients.
9. Constantly asking questions and/or not allowing clients to answer before asking a new question.
Silence tends to make most of us very uncomfortable. So, if the coach becomes uncomfortable we often ask new questions before the previous one was answered. This is a serious blunder. That same silence can also put your client into a certain discomfort, which can be a good thing. It teases something deeper out of them. Don't let clients "off the hook" because of your discomfort!
10. Raising fees before we are ready.
If we don't feel worthy, it will not work. Clients will sense this like dogs sense fear!
One option is to create coaching programs with a specific focus as well as a beginning, middle and end. There is less risk for the prospect or client in both time and money. And, you can often convert people who have taken one of your coaching programs into a one-on-one client.
This is because they have had a chance to get to know you and trust you. You have developed a relationship with them and they will feel more confident in working with you.
You can create your own program or purchase a license for a coaching program from a third party such as CoachVille. I am also offering several licensing programs so feel free to contact me for more information.
Parting Words of Wisdom:
The key is to embrace your own “blunderella or blunderfella”. Embrace them and you will learn much more quickly than when you are in resistance.
© Copyright 2005 Alicia Smith
Permission to reproduce granted if all attribution & contact information is included.
Ideas For New Products And Inventions
Some Hot Business Opportunities for Entrepreneurs
These days, a lot of trends in the business arena have surfaced. In a year, several business opportunities for entrepreneurs rank as the hottest. So as a budding entrepreneur, what field would you like to get into? It is believed by many that in opening a business, it must be something within the scope of your own expertise.
You need to have an initial knowledge about what opportunity you are getting into. In managing any type of business, it is a must that you exert a personal effort on it. But then as the times are concerned, it goes to point out that the business of your choice must be something which is within the trends and that which is appreciated by the consumers. Or else, you are opening yourself into some great possibilities of losing in business.
For a guide, here are among the hottest trends of business opportunities for entrepreneurs in the year 2006:
Communications Coach or Writing Instructor. Most American businesses involve the flow of communications. After all, how can a business transaction transpire if there is no communication that exists within the concerned parties? Most office personnel in America lack one skill—and that is the power to communicate effectively.
In all levels of business, the staff members are asked to communicate orally, verbally, or technologically. But then most of them fail to do well in the task. They cannot even generate sensible sentences for that matter. Unfortunately though, a lot of English classes held in high school and college levels tend to overlook this matter so the graduates are not molded for these kinds of situations. One of the hottest business opportunities for entrepreneurs this year is to put up groups that would coach people in the entrepreneurial level in terms of communication. Many American companies seek the services of communications coaches and writing instructors.
Blogging. In a technologically advanced world, most information, ideas, and transactions are already done via the net. Blogging is one of the hottest and rising business opportunities this year. Whether the phase is internal or external, the blog must be well written so that it will be highly effective. Most companies involve blogging as part of their marketing strategies and if the blog is more or less poorly conceived, you know exactly what it will reflect for the company. The corporations that employ blogging as part of their businesses should provide ample training background in writing skills to their staff members.
Security and IT Privacy Consultant. For companies that mainly run technological-based industries, what they need are people who are IT competent and who knows how to troubleshoot technological problems. Since they deal much with information, they also need sufficient security. That is why masters in these matters are very much in-demand. As an entrepreneur, you can put up a business that relates to this need.
Some Construction-Related Operations. The country cannot rid of constructions of all types since it is moving towards global competitiveness. In the midst of all these constructions are great opportunities for entrepreneurs that are concerned with the plumbing, electric, carpentry, drywalling, and general contracting services.
Home Caregiving. In America per se, the aged individuals are always put in Home for the Aged institutions as their children are busy to care for them. It has been a custom to hire home caregivers for them. In the rate of employment, there are several individuals who go for caregiving since it is a highly paid job. If you may be interested, you can put up a home caregiving agency and earn much because of the high demand for such services.
Medical Technician or Home Healthcare Nurse. This business opportunity is likely related to the discussion above.
Virtual Assistants. The demand for virtual assistance is all the more increasing. People who would like to have online secretaries who can take charge of anything which they need pay much just so they can avail of the service. As an entrepreneur it will be beneficial on your part to come up with a set of staff members to work as virtual assistants.
Ebay Trading Assistants. People certainly love to shop on ebay especially with all those auctions. Being a seller in the website can invite lots of money for you.
Mobile Phone Applications. People cannot be detached from their mobile phones these days. So the demand for more advanced and upgraded phones increase each day. Outlets for mobile phones sales and repairs all the more prove to be successful this year.
There are more and more business opportunities that may knock on the doors of budding entrepreneurs. If you know how to handle a business, you will likely succeed.
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