Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. Sa’s Top 10 Young Entrepreneurs To Watch in Most Popular and these are the seven biggest myths that I continuously hear.
1. Being an Entrepreneur is too risky for me.
Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, Young Successful Entrepreneurs In Africa have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.
2. I am too young to start my own company
Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.
3. I have no experience
Again, Sa’s Top 10 Young Entrepreneurs To Watch this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.
4. It is not the right time for me to launch a business.
As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, Successful Young Black Entrepreneurs In South Africa so there really has never been a better time than now.
5. If I am running a business my grades will fall.
Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.
6. Student businesses are just small rinky-dink operations
Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!
7. I don’t have any money! I can’t start a company
Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!
Sa’s Top 10 Young Entrepreneurs To Watch in Most Popular?
I believe the spiritual aspect of life, especially to entrepreneurs, is very important. While business may be the focal point for an entrepreneur's life, it's your outlook on life that shapes what kind of person you are.
Having a strong sense of self can benefit your business in many ways. The down periods and business 'tragedies' are not so bad for the entrepreneur that is spiritually centred. Don't take life too seriously is a phrase that every entrepreneur should take to heart and remember during the ups and downs of business.
I just finished reading a blog post from an entrepreneur friend of mine about meditation. My friend is meditating, and he's doing it a lot, which I find quite admirable. If he isn't careful he might give up business all together and follow the path of the monk searching for enlightenment, which may not be such a bad thing and perhaps even more rewarding than business ever could be.
I've attempted meditation for many reasons but more often as a method to deal with tough times in my life. I realise the need for meditation and spirituality during all times of life but as I'm sure many of you can identify with me when I say I don't look for help when times are great, I'm too busy revelling in the excitement.
As an entrepreneur I consider myself quite a creative person. I'm not gifted in art or music but certainly as a writer and business creator/manager I feel that I am definitely more bohemian than most. I think most entrepreneurs feel the same because we are not following the same path a lot of other people take when they work a normal job. Often the thought of a 'job' is not appealing and the prospect of working 9-5 for a salary is daunting. We take a risk by being different and expose ourselves to the often adverse opinions of those that believe we are making a mistake by not seeking a standard career. It takes a person of strong character and personal convictions to stand up to what can be a barrage of negative feedback from your peers and family.
I'm also more sensitive to my environment and the people around me. I live a controlled life and make sure that I eat well, sleep plenty and by choice I don't drink any alcohol. I have nothing against drinking (in moderation), it's just a choice I've made. I don't party hard on weekends, again by choice because I prefer to get a good nights sleep so I feel good during the day. Because of this I don't get sick too often (touch wood) and I feel at the top of my game everyday. I'm not saying do what I do, it's possible to party and drink and have a good time and be a very successful entrepreneur, just remember moderation and balance and your health should always be your primary concern.
A spiritually fulfilling life can be very rewarding. It provides a strong personal framework that offers stability during tough times and allows you to keep perspective when business is booming. It's not easy to be disciplined but as usual, for those that put the effort in the rewards are there.
How to Build A Successful Business?
Very few people ever got rich by working for someone else. Leaving aside pop musicians, sportsmen and similarly gifted people, the only way to acquire wealth by work is to build a business of your own. The type of business you decide upon will depend on: a) how much money you have available as start-up capital and working capital; b) your business idea; and c) your confidence level.
There are three types of business: 1) the traditional one in which you are reliant solely on your own efforts; 2) a franchise where you follow a proven idea and receive considerable training and back-up from the franchise company; and 3) network marketing.
Each business type has its pros and cons.
The traditional business requires considerable financial input, either from your own resources or part-funded by your bank. You may need to rent premises; buy equipment; hire staff; pay for advertising, brochures, stationery, and stock. A frighteningly high percentage of this type of business fails in the first year. To succeed you need: a good idea, considerable financial backing, good health, an understanding spouse, and stamina. If you do succeed you will own the business outright and benefit from all the profits.
Franchises have a high success rate. Banks like them because each franchise operation has a proven track record and thus the banks can accurately judge the risk, consequently they will lend money for this sort of start-up. However, all the support and training comes at a price: the initial entrance fee is likely to be very high, and a percentage of the businesss turnover has to be paid to the franchise company.
Network marketing, also known as multi-level marketing, has many advantages and few disadvantages. The entrance fee is low and the ongoing expenses are even lower. A network marketing business can be started in your spare time in fact that is the best way to approach it. Start small, and keep at it. The secret is perseverance, get past the first year and you should find the business has a sound foundation from which you can build a serious income. It is said that 95% of those who survive ten years in network marketing become wealthy beyond their wildest expectations.
So which type of business is for you? If you wish to provide a service or product where you have previous experience from, say, a former employment, the traditional business will be probably be the best choice. However, if you are just tired of working for someone else and making them rich and wish to strike out on your own, then a franchise or network marketing must be the preferred option.
The choice then is determined chiefly by the funds you have access to, and the time and effort you wish to put into your enterprise. A franchise will require substantial funds and 100% commitment. You are jumping in at the deep end, although the franchise company will provide training and support to help you to swim.
On the other hand you can ease yourself gently into network marketing by starting part-time while you continue with your current employment, building your business by ploughing back profits if necessary. Persevere and there will come a time when the income from your own business will be sufficient to support you financially. You will then be able to leave your employment and concentrate on your business, spending more time on it or enjoying considerable free time with your family.