Top 10 tips for entrepreneurs from DJ Sbu
You can start a business with what’s in your pocket, writes Kerry Haggard
Times are tough, whether you’re out of work and looking for something, or not making enough money in your job, you’re probably one of many people who are looking for ways to make more money.
“Anyone can become an entrepreneur,” says DJ Sbu, South Africa’s iconic entertainer and entrepreneur. “Having your back against a financial wall forces you to think, to find ways to use your skills to earn a living. And then, when you’ve found a way to exchange your skills for money, you need to find creative ways to multiply that, so that you don’t spread yourself too thin.”
With decades of experience and success under his belt, and no sign of stopping on his road of success, DJ Sbu offers some great advice for people who are thinking of setting up a side hustle, but who aren’t quite sure that it’s the right thing for them.
Trust your gut
Your gut is your inner god, and if your gut isn’t sure about something – or if it’s sure that something is the wrong thing, listen to it, or you’ll be sorry you didn’t when things go wrong.
Know your strengths
Even the most talented entrepreneur can’t do everything – DJ Sbu admits to being awful at admin and accounting, but he’s great at motivating, inspiring, and selling. That’s why he has chosen to work with people who are talented in the things that he’s not.
Start with what you’ve got
You can start a business with the money in your pocket, or even the flour in your cupboard. Don’t take on investors unless you absolutely must – everyone has the things they need to start a new business within their own homes!
Know how to sell
You must know how to sell, and if you think you don’t, find someone who does and ask them to teach you.
Choose your people well
Choosing a business partner is a lot like choosing a life partner – you’ve got to be sure that you’ve got similar values and approaches to work. That’s why you’ve got to choose your partners and colleagues so carefully because choosing the wrong one means that your chance of failure is even higher than it would usually be.
Plan, plan, plan… or fail
If you fail to plan, you’re planning to fail – but don’t spend too long planning that you don’t get around to doing!
Every cent counts
Even when money is coming in, account for every cent, and don’t spend it if you absolutely don’t have to. Don’t rent the fancy office if you can work rent-free in the garage at home, and don’t buy the most expensive new equipment when maybe a second-hand kit will do the job just as well.
The money belongs to the business
Remember that the business is separate from you, and that the business’s money doesn’t belong to you. Don’t blur the lines by buying things for yourself using business funds – and pay yourself a set salary every month. Don’t take any more.
Do ethical business
Life’s a funny thing – if you’re unethical in business, you’ll regret it one day. Be disciplined, honest, and stay true to what you believe in. If an opportunity comes along but it’s not true to what you believe in, walk away. You’ll be glad that you did.
Clothing does count
If you’re selling something or building a business where you’re going to be dealing with corporates, invest in your appearance. Someone who’s well dressed and well groomed will always be welcomed more warmly than someone who dresses like they don’t care what anyone thinks.
DJ Sbu offered these tips to South African entrepreneurs to celebrate the launch of MTN’S Made for Skhokho initiative, an exciting business and networking event that supports entrepreneurs by connecting them to business experts and other local business owners.
MTN’S Made for Skhokho payas-you-go bundles help emerging entrepreneurs keep connected via tailored data and connectivity packages that have been designed to meet their needs: easy sign up, wide network coverage, no formal business registration needed, access to social media, and tailored for use during business hours, to help them reach more customers.
Anyone can become an entrepreneur