Starting your own business
Entrepreneurship is an exciting option, but be aware of the pitfalls.
Given that more than half of South Africa’s youth (15-24 year olds) were unemployed during the second quarter of 2018, starting and growing a business is a potentially enriching career path for a young person to choose, not only financially, but also mentally and socially.
Anton Roelofse, regional general manager at Business Partners Limited, says that while entrepreneurship is an exciting career option with great future potential, entrepreneurs need to be aware that it is a difficult path.
Roelofse provides seven common pitfalls of starting and growing a business, and what young entrepreneurs should avoid:
1.
Planning is crucial in business development, but over-planning can be paralysing. Renowned South African entrepreneur Anton Rupert famously said it was fortunate that he did not know all the risks that he would face in building
Over-thinking an idea
his empire, otherwise he would never have started.. 2. Once a business has launched, entrepreneurs are required to be in the office regularly to plan, think and re-evaluate. However, be careful not to get stuck there, because some of the best business thinking is done on the job, informed by the practical experience of managing a growing business’ operations, marketing and administration. 3. Timing is important and has to
Ge ing stuck behind your desk: Over-thinking the timing:
be carefully considered, but it is never as simple as waiting for the economy to improve. Starting a business in a difficult economic environment can create various opportunities, such as cutting start-up. 4.
Entrepreneurship is about doing things better, sometimes through a radical new idea, but other times by providing subtle differences in the customer’s experience. 5. There are many different ways in which technology can
Same old, same old: Neglecting your techsavvy edge:
make business more efficient – providing a definite advantage. Younger entrepreneurs hold a natural edge. 6.
While many entrepreneurs may be the sole owners of their business, it’s very difficult to successfully grow a business completely on your own. Staff is needed. 7.
Entrepreneurs who fail to separate their business finances from their personal finances rarely last the distance. Budgeting and cost control is crucial for business survival.
Being an island: Living out of the till: