Failure part of business life
Remember: Courage is not the absence of fear, but the ability to persist in spite of it.
According to David Morobe, regional general manager at Business Partners, there was a need for more South Africans to take the leap into entrepreneurship.
“This is highlighted by the 2017-18 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, who points to an Old Mutual report released last year.
“The reasons cited in this report include a lack of funding (46%) and 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%),” he says.
With this in mind, Morobe unpacks the most common fears of starting a business and suggests ways for aspiring entrepreneurs to overcome them:
1.
Although access to funding is often cited as the greatest hurdle to starting a business, there are numerous investors and financiers in the country eager to invest in viable innovative business concepts.
There are also alternative avenues, such as crowdfunding or bootstrapping. 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, especially budding
Lack of funding Lack of confidence
entrepreneurs. New business ventures take an incredible amount of perseverance. 3. A common misconception is 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 better service or product. 4. Starting a business can be daunting, and it is advisable to
Not having original ideas for a business Not having enough time to start a business
set realistic goals from start. These could include finalising a section of the business plan, or starting a social media page. The key is to start small. 5. This is a legitimate fear and, if you have a regular job, it is advisable to start the business on the side, as it will take some time to earn a steady income.
Fear of losing a steady income
Morobe concludes that those who wish to start a business should not let fear stand in the way of reaching their dreams. – Business Partners