Don’t let fear stand in your way

Entrepreneurs are sorely needed in a country with a dire shortage of them.

It is important for aspiring entrepreneurs to not let their fears stand in the way of starting a business. This is according to David Morobe, regional General Manager at Business Partners Limited, who says there is a need for more South Africans to take the leap into entrepreneurship.

“This is highlighted by the results of the 2017/2018 Global Entrepreneurship Monitor Report, which reveals that while 69% of South Africans perceive entrepreneurship to be a good career choice.

“Only 11% have entrepreneurial intentions,” says Morobe.

He points to a report released by Old Mutual in 2017, which reveals the top reasons that South Africans do not put their entrepreneurial ideas into action.

“The reasons cited in this report include a lack of funding (46%) and a lack of confidence (16%), as well as the struggle to come up with a good idea (16%), not having enough time to start a business (15%), and the fear of losing a steady income (14%).”

With this in mind, Morobe unpacks the most common fears of starting a business and suggests ways for aspiring entrepreneurs to overcome them:

1.

There are numerous investors and financiers in the country eager to invest in viable innovative business concepts. There are also various alternative avenues that can be explored when it comes to business funding, such as crowdfunding or bootstrapping. When considering the most suitable type of financing, it is imperative to do research and consider the pros and cons.

Lack of funding

2.

There is a well-known quote that says: Courage is not the absence of fear, but the ability to persist in spite of it. This is true for entrepreneurs, who need to understand that failure is part of starting a business. New business ventures take an incredible amount of perseverance, so do not be disheartened by the need to constantly rethink the offering. This should not be taken as a sign of failure, but rather as a predictor of future success. 3. A common misconception is

Lack of confidence Not having original ideas for a business

that in order to start a business, one needs to come up with an entirely new idea. More often than not, being an entrepreneur is improving on existing concepts by offering a service or product that is better than that offered by competitors. 4. Starting a business can be daunting, and it is advisable to set realistic goals from the very beginning. Set the goal of completing one task towards building your business each day. These could include finalising a section of the business plan, or starting a social media page.

Not having enough time to start a business