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5 Signs you’re an Entrepreneur

Wondering if you have what it takes to run your very own business? We’ve narrowed it down to the top tell-tale signs.

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Just do one simple search on Google and you’ll find an endless list of entrepreneurial qualities, all described as the trademarks of a successful entrepreneur: passion, business focus, drive, confidence, innovation, persuasiveness, determination, independence, curiosity, risk-taking, adaptability, self-discipline and the list goes on.

Not even Bill Gates have them all.

Luckily, the real determining factor, according entrepreneurial researcher Jesper Moe, is not whether or not you’re born as a “super-individual” with all these qualities, but rather whether or not you choose to develop these entrepreneurial qualities throughout your life. Thus, your attitude.

According to his paper, A Meta-analysis on who become Entrepreneurs, “becoming an entrepreneur is a possibility even if the individual is not in possession of the traits needed” as it’s more than possible to get help towards becoming entrepreneurial.

That’s why we’ve compiled a list of 5 real signs you’ve chosen the road to entrepreneurial success, rather than a list of qualities that you could Google in anyway. Here you go!

 

  1. You want to learn something new everyday

You’ve got the secret all figured out: knowledge is power and we all start out knowing nothing. Even Richard Branson had to start somewhere.

To you, finding the road to success is a matter of soaking up as much know-how and info as soon as possible.

You read books and business articles; you attend workshops; you watch YouTube videos on entrepreneurs and you dive into conversations with leaders in your industry or people you admire.

The only real failure is going to sleep tonight with the same amount of knowledge you had yesterday.

 

 

  1. You’re on a daily mission to improve yourself

Just like anyone else, you were born with a set of strengths and weaknesses that you did not choose. It’s how you use those strengths and how much you underplay or work on your weak points that determine how much you can achieve with what you’ve been given.

According to Vivek Wadwat, a research director at the Duke Center for Entrepreneurship and Research Commercialization in North Caorlina, it’s still one of the most common misconceptions that people are born entrepreneurs.

“Although some research indiciates that entrepreneurship skills are genetic qualities, anyone lacking theses skills can learn them or develop weak qulities into strong ones,” explains Wadwat.

If you’re dedicated to honing those entrepreneurial skills that don’t come naturally to you, for e.g. business focus; confidence; innovativeness or self-discipline, you’ve chosen the road to success.

 

  1. You’re willing to take action, even if it’s risky

“Anybody can think up an idea for a business, but not everyone can put rubber to the road and actually grow something that both matters and earns money,” explains entrepreneurial blogger Caleb Wojcik. “Taking action is the difference between entrepreneurs and non-entrepreneurs.”

Sure you can fail, but Rome was not made in a day. It also did not build itself. A great idea means nothing if you don’t invest the time, money or effort needed to see if it can actually work and that usually requires taking some sort of risk.

Whether that means going into your own business full-time, investing some of your saving or simply sacrificing your free time to develop your business in the evening, while you pay your bills with your day job.

 

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  1. You have a passion to change the world for the better

One of the most common entrepreneurial traits mentioned in business research is opportunity spotting. This simply means you have the ability to spot problems in the world and solve them – like a real-life superhero.

Finding needs that are unmet within your community and investing your time and energy to find sustainable ways to fulfil those needs on an on-going basis is not only the basis of a good business plan, but also a sure-fire way to better the world.

 

  1. You’re ready to get up after failure, every time

If you Google quotes on success, you’ll find an overwhelming amount of them are focused on overcoming failure. The reason being, failure is both inevitable when you try new things and it’s necessary to finding new and better ways of doing things.

Hollywood director Steven Spielberg was rejected by multiple film schools, Steve Jobs was fired from his own company, Apple, back in the day and the famous fashion designer Vera Wang was a figure skater who never made the Olympic team.

Former UK Prime Minister Winston Churchill summed it up perfectly: “success is the ability to go from failure to failure without losing your enthusiasm”.

That’s why adaptability is one of the key qualities associated with successful entrepreneurs. You have to have the willingness to take risks and then you need to be willing to get up and change things up when they don’t work out as you planned.

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What is Workman’s Compensation (COID) and why do you need it?

For the sake of unexpected events not costing you your business, we’re giving you all the important info on Workman’s Compensation and why SA Law requires you to protect yourself and your employees.

Leg and yellow helmet of injured lying worker at work.

Imagine this: you’ve employed your first employee. A later, your employee walks up the staircase leading to his office, eyes fixed into his cellphone screen, he trips and ends up with a serious spine injury.

As the injury occurred when your employer was on duty, you’ll probably have to pick up the medical bill, despite it being a little under R100 000.

You probably can’t dish out that kind of money and your employee needs to have the medical attention he deserves, which is exactly why the Department of Labour created Workman’s Compensation.

How does Workman’s Compensation work?

Workman’s Compensation is a type of insurance, instituted by the The Compensation for Occupational Injuries and Diseases Act. It protects employers from dooming civil claims and enables both casual and full-time employees to claim compensation directly from the Fund for work-related injuries and disability.

It even enables the dependents of an employee to claim compensation in the case of a work-related death.

You pay a yearly fee, determined as a percentage of the amount your business spends on salaries, and in turn the fund will help cover all your employees’ medical bills or compensation in the case of death.

However you need to register first. It can take up to months if you sign up via the Labour Department. That’s why using a service provider like Company Partners, is a great idea. Company Partners will assist you in getting registered in under three weeks.

More reasons to sign up for Workman’s Compensation:

  1. It’s the law. The Labour Department requires any employer with one or more employees to register for Workman’s Compensation.
  2. It can save you from bankruptcy. Large, unexpected medical bills can easily sink a small business, as hospital fees or ongoing medical expenses may amount to thousands per year.
  3. It helps with Tender applications. Tender applications usually require a Letter of Good Standing. As the law requires employers to register for Workman’s Compensation, you can only get a Letter of Good standing, if your Workman’s Compensation payments are up to date.

Important info to keep in mind

  • Outdated payments mean no coverage. It’s your responsibility to reregister your company and pay your annual Workman’s Compensation assessment fee. If you don’t the Fund won’t protect you or cover you employees. Company Partners reminds their clients when annual payments are due.
  • You might need more than one registration. Different branches within one company usually require different Workman’s Compensation registrations.
  • There are exceptions. The Compensation Fund won’t cover the following employees, according to the Compensation for Occupational Injuries and Diseases Act:
  • workers totally or partially disabled for less than 3 days;
  • domestic workers;
  • anyone receiving military training;
  • members of the South African National Defense Force, or the South African Police Service;
  • any worker guilty of willful misconduct, unless they are seriously disabled or killed;
  • anyone employed outside the RSA for 12 or more continuous months;
  • workers working mainly outside the RSA and only temporarily employed in the RSA

If you’d like to get your Workman’s Compensation registration in order in record time, click right HERE

You can also opt for the COID Package, which includes a Letter of Good standing, by clicking HERE

You can check out the Labour Department’s basic guide to the Act, by clicking HERE

6 Free Services to Grow your Business in one month

Let’s be honest, being an entrepreneur is tough. You need to drive every aspect of your business singlehandedly, like an expert – without having years of experience; truckloads of cash; or prestigious business qualifications. That’s exactly why Company Partners teamed up with South Africa’s leading Brands, in Business Growth, to give you some well-deserved support for FREE.

3d human characters making graph of growth, isolated on white

If you sign up for any ‘Registration’ or ‘Empowerment’ Service at Company Partners, you’ll receive a month’s access to 6 helpful Business ‘Growth’ Services, at no additional cost.

This means, while you’re getting your company’s documentation via Company Partners, you’ll also have access to 6 different Specialist Services for an entire month.

 

How to get FREE access to all these services?

Just take your pick from Company Partner’s wide variety of Registration and Empowerment Services, designed to assist you with ALL your business’s legal documentation.

These services all differ in pricing and each of them are tailor-made for everything from Tender Compliance to specific industries. You can check out a full list of offered services by clicking HERE.

 

The low-down on free services and how they can boost your business within a month

 

1. MiOffice’s Landline and Reception Service

Thanks to MiOffice you’ll get your very own landline and receptionist (for incoming calls) for free. You don’t even need an office.

MiOffice assigns a remote receptionist to an area-based telephone number of your choice. Your assigned receptionist will answer and redirect all calls to you. If you’re not available, your receptionist will SMS the caller’s details to you, at no extra cost.

If you can’t live without your new receptionist after your free one-month access, you can continue the service for R 450.00 per month.

Click HERE for more info.

 

2. TradeWorld’s – Business Opportunities Alert

Tenders mean big business, but very few entrepreneurs have the time, resources or money to search through hundreds of newspapers, websites and bulletins to find the right Tenders to apply for.

TradeWorld’s Leads and Tender Notification service will help you find the perfect Tenders, by mailing you on a daily basis of any tender relevant to your business profile and geographical region.

This service also includes unlimited access to tradeworld.sap.com and access to RFQs, which are below formal Tender value. Additionally, you’ll receive weekly Tender How2Tender hints and tips to ace those often complicated and confusing Tender applications.

After your FREE month has expired, you can sign up for as little as R365 (excl vat) per month, that’s an investment in your business of R16.00 a day.

Click HERE for more info.

 

3. Finance Connect via FinFindEasy (a SEDA partner)

Getting the right Loan, Grant or Investor to support your business is definitely one of the most challenging tasks as an entrepreneur. FinFindEasy, in association with Company Partners, will provide you with expert financing options.

You’ll receive access to FinFindEasy’s finance filtering system; a system, which allows you to find relevant financing options from the 300 options out there, based on your company’s location and its setup.

You’ll also have access to Finance Specialists, who will assist you with mapping out your Company’s best options.

Click HERE for more info.

 

4. Invoicing, Payroll and Accounting via Sage

Sales. Suppliers. Invoices. Inventory. Payroll… Things can get pretty complicated in terms of finances when you run your own business.

Which is why Company Partners offers you Sage One, user-friendly and online accounting software, perfect for the entrepreneur.

Using this software, you can instantly create invoices; track your finances and give your accountant access to all this data from one central point. Plus, you and your accountants can access it from almost any device with an Internet Connection.

With Sage One you can track sales, inventory, suppliers and purchases per client. Plus you’ll stay ahead of your payroll and all your due payments.

If you love this nifty software too much to let it go after your month’s complimentary access, you can sign up for R185 per month.

You’ll also have access to Company Partner’s accounting expert, readily available for consultation on monthly accounting services.

Click HERE for more info.

 

5. RaizCorp’s Business Growth Programs

Knowledge is power in the game of Entrepreneurship. Soak up valuable entrepreneurial know-how by using your FREE access to RaizCorp Business Growth programs.

RaizCorp coaches operational entrepreneurs by disclosing advice, motivation and business insights to help you take your business to the next level.

The best part is, you don’t have to pay up after one month. As a client of Company Partners, they sponsor almost all the programs you’d like to attend.

For very specific programs there may be an administration fee of R350, but more often than not these programs won’t cost you a thing.

Click HERE for more info.

 

6. Yellow Page’s online Business Directory

Register your business and its services or products for free on Yellow Pages’s online business directory when using Company Partners for company registration or other documentation services.

Registering on Online Yellow Pages might even help your company feature on the first pages of Google (locally) when potential clients search for your company.

Marketing Consultants from Online Yellow Pages will contact you after your free month has expired to advise you on your company’s marketing needs. Thereafter you can choose a package that suits you, if you’d like to continue this service.

Click HERE for more info.

 

What are you waiting for?

Contact us to place your order – and don’t forget to mention which FREE Services you want included in your package.

Email our support desk at support@companypartners.co.za or call our Toll Free number (from landlines) during business hours, at 0800 007 269, for free consultation. Terms and Conditions apply.

Turn a crises into an opportunity

It goes without saying that every entrepreneur will encounter a number of difficulties along the way. The one thing to remember is that it happens to everyone. There is always a way to turn a crises into an opportunity.

Turn a crises into an opportunity

Not everyone is born with the skill to turn the unavoidable difficulties into advantages. Luckily, this is a skill that can be taught. When dealing with these situations it is easy to stare at everything that is not working out in the way you planned. Learning how to emerge from difficult situations will result in a more positive environment and will lead to a more successful business.

A former CEO once said, “Bad companies are destroyed by crisis. Good companies survive them. Great companies are improved by them.” This could not have been said better. When analyzing a risk closely, you will find all the elements of it. As soon as you have identified these elements, you can start to look for the opportunities that are hidden within them and turn a crises into an opportunity.

One of the things that you should remember is that no matter how hard you try to avoid problems, they will almost always find their way to you. It is advised to have plans and procedures in place to minimize the effects of problems. Unfortunately, these plans do not always cover all the things that can happen to your business. So, instead of wasting time wondering why something had happened to you, use the time productively to find proper solutions to these problems.

Listed below are some of the way in which to handle a crisis:

Keep an open mind 1

All of the pressure and stress that comes with a crisis can cloud a person’s judgement. The entrepreneur of today lives in turbulent times. Keeping a cool under pressure is vital. When you do this, you will be able to think clearly and will be able to turn a crises into an opportunity. To give you an idea of crises inspired entrepreneur, remember that LinkedIn and Microsoft were both formed during economic crises, they were able to turn a crises into an opportunity.

Think differently 2

Too often we tend to think and speak negatively. These have a direct impact on the outcome of your situation, believe it or not. A lot of people believe that words have power and it has been proven before. When speaking positively, you impact the people around you and yourself. This is also a way in which you can motivate people. When people believe they can achieve something, they will work harder to achieve that.

Make things happen 3

When there are certain things that keeps you from reaching your business goals, remember that there is always a way. Look at other ways to approach the problem.  There is always more than one way to approach an obstacle that is in your way. You just have to look intensely to find the other ways.

When dealing with a crisis, you are never alone. Somewhere, someone else has had the same struggle in their business. This is just one of the reasons why networking is important. Ask around and find out what other people suggest. Even when they have not dealt with what you are facing, they might look at your business and situation differently and see something that you did not. There is nothing wrong with asking other businesses or people for help, this is a great way to turn a crises into an opportunity.

You just might benefit when we take the time to search for the opportunity that a crisis present. When thinking about how one grows, it is never from smooth sailing. The challenges we face each day is an incredible learn school. We learn from the difficult times in our life.

 

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Incorporating Social Responsibility

As we all know, these days a business’ success does not only lie in the amount of profit it makes. A successful business is one that makes a profit, engage with incorporating social responsibility and sees to the environment.

Incorporating Social Responsibility

Social responsibility is defined as acts that a business does in order to uplift and protect the communities they serve in. Many believe that to be a leader in something, you must be able and willing to serve others. This is where the difference between a true leader and a forced leader are very easily seen. The same goes for businesses. If you want your business to be a leader in the market, then you will need to be willing to serve other people in their communities.

Customers are more likely these days to notice when a company does something for the community and the environment. Believe it or not, this actually has an effect when they choose a company to do their business with. When a company invests and spend money on a certain community, that same community will be more likely to do business with them.

Businesses should identify what they stand for; above and beyond the products or services they deliver. When a business stands for a unique cause or purpose, it will define who they as a business are. This will also have an influence on the image that the business portrays and the reputation of the business. The public will eventually notice what you are doing and will in most instances result in a loyal customer base.

A study was conducted which researched the businesses that showed the most growth. They found that most of the companies that were among the top 50, were more likely to be involved in their communities. When doing good for the community it lifts the spirits of the employees, which in turn leads to higher productivity. Yet another reason to make social responsibility a part of your business.

 

Advantages of social responsibility

The advantages of social responsibility are so widely spread, that it is impossible to mention them all. It is also possible that all of the advantages are sometimes not even realized. The ripple effect that is formed when giving to the community can stretch really far. Mentioned below are some of the advantages of social responsibility.

  • You as a business get the chance to make a positive change in a community and environment.
  • The spirits of your employees and the people in the community will be lifted.
  • Caring for your environment and the community will help you earn the loyalty of your customers.
  • Social responsibility can serve as a method to advertise your business. When the public sees that your business are at an event. They will associate you with that and your involvement in the community can lead to the gaining of new clients.

 

Disadvantages of social responsibility

  • When a business is involved in something like a daily soup kitchen in their communities, it can lead to a wrong mind set in the people. They can become demotivated to improve their circumstances. They might argue that they are certain of a meal every day. A way to prevent this is to do something like this for the community once a week or on certain special days.
  • To be responsible towards your community and environment can put an extra burden on your finances. Luckily, when planned correct, it can lead to an increase in profits which is ideal.

Social responsibility is one of the best ways to make different in people’s lives that will even benefit your business. Shift away from the idea that everything about your business should be driven by profit. Rather make a difference first and then profit.

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Grow your Business

The hardest part of the struggle is over. You have registered your business and you have created a decent client basis… But you find yourself not yet satisfied. You want your business to grow. You want to make your break.

grow When you have started your business, and even before that, you have invested quite a lot of time, effort and money into running your business. Everything seems to be going well and you are in a good place with your business. You are one of the lucky ones to have successfully made it past the start-up phase of your business. Now you are wondering how to take your business to the next level. Below you will find a few ideas on how to help your business to grow, to become an even more successful business. You do not need to use all of the points mentioned below, just one will be enough to aid in growing your business. Your decision can be based on the recourses you have available and what you are yet again willing to invest in your business.

Open a new branch

You have done it once, so why not do it again. Your current business took off and you are doing well enough that you have become at ease and looking for a new challenge. A great way to get your business name on the lips of the customers is to open a new branch in a new location. You will need to have enough capital to sustain your current business and to grow the new branch from the bottom. You will also need employees that you can trust to run the business for when you might be spending quite a lot of time helping the new branch to grow.

Expand your range

A good idea might be to diversify the products or services you offer. This will also differ from business to business. You can, for instance, sell complementary products or services. This will lead your business to grow and more people will be drawn to your business. This will allow you to have more than one main source of income. More products can also lead to more sales and grow your profit. While making more profit, you are also able to grow your business.

Find other target markets

Once you have established yourself with your current target market, it may be a good idea to expand your target market. You can alter some of your current products or services to suit the needs of other people that fall outside of your current target market. This will have an effect on more than just your product or service range. It will also have an impact on your marketing plan, so do not forget to work the changes into your marketing plan as well.

A great way to find new markets is to Brand your Company. Here are different options to help you Grow your Company.

Take over your competition

This might be an expensive option, but in the long run it can only be to the benefit of your business. Once you have eliminated your competition the possibilities for your business is endless. The customers will also recognize you as larger and more powerful business entity. You will benefit by means of taking over your competitors client basis and depending on your agreement, also their premises. This is almost the same as opening a new branch, but in this case you do not need to build up a client basis and reputation for your business in another location. At the end of the day, it all boils down to the same point: “You will have to have the desire to succeed, no matter what the challenges may be”. If you want to expand your business, you should be prepared to put in a lot of extra work. In the end it will all be worth it when you are the owner and founder of a successful and expanded business.

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Company Formations in SA

The formation of companies is one of the most powerful mechanisms that fuels South Africa’s economy. With each new company comes the chance of a successful business. The more successful a business is, the greater impact it will have on the economy of South Africa.

company

People start businesses for multiple reasons these days. Some people are in the quest to make more money and other people are forming a company because it has been their life long dream to own and run a successful business. Whatever your reason may be, you are making a vital contribution to the economy of South Africa.

When new companies are formed, it provides a platform for growth and development of the economy. The govermnet has changed the way in which they view company formation. It is no longer seen as a privilege to form a company, it is seen as a right to be able to start a company. The new Companies Act of 2008 has made this possible. It has made the process of forming a company so much easier and simpler, by removing unnecessary legal formalities.

According to the new Companies Act, only the utmost important legal formalities need to be abided by in order to formulate a company. It is also no longer needed for a company to have more than one founding member. A company, private or public, can now be formed by only one person.

Under the new Act, companies are required to complete a Notice of Incorporation. This Notice of Incorporation is a document in which the founding member(s) of the company give notice to the Companies Commission that they would like to form and register a company. The Companies Commission reserves the right to reject a Notice of Incorporation. This can be on the grounds of incomplete documents or if the company being formed does not meet the minimum standards that are set by the Companies Act.

As soon as the Notice of Incorporation has been drawn up to meet the requirements of the Act, a Memorandum of Incorporation must be drawn up. This document will be the last document that you will need to complete in order to finalise your application. Once your Memorandum of Incorporation has been approved, you will be issued with a certificate as proof of your company being registered. This certificate is then conclusive proof that you have complied with the requirements to form a company.

Company formation has also been made easier and more accessible for people all around the country. You can complete the entire application for the registration of your company online. Once you have obtained your registration certificate you can already start doing business. There is no need for a certificate to commence business or a trading certificate in order to start doing business anymore. You also no longer need a minimum share capital to start doing your business.

These are just some of the ways in which the new Companies Act has simplified the entire process of forming a company. The government has really gone out of their way to make it easier and  more accessible for people all over the country to form a company. They have realized the true value of new companies being formed.

So whatever you have been dreaming about, it is time to act on that calling. The time will never be just right to do something, so why not do it now? Start to compile a few business ideas and before you know it, you can be the proud owner of a newly formed company.

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Cultural differences in the workplace

The only constant thing is the world is change and differences. Two people will never be the same, regardless of their backgrounds. Cultural differences are defined as the variety of experiences and perspectives. These variations are brought on by differences in race, culture, age, gender, religion, abilities, sexual orientation, heritage and different identities.

cultural differences

When we talk about cultural differences in the workplace, people tend to mostly think about racial differences. For about the last twenty years the focus in South Africa was put on giving different races a fair chance. The way in which people started to think when talking about diversity started to shift away from other differences and focused on racial diversity.

What the owner of a business today should focus on is to shift away from focusing solely on the difference in race. They should focus on some of the, sometimes overlooked, issues that can cause conflict in the workplace. With the cultural differences that South Africa has, it is important to recognize all the differences. Always remember that when you incorporate different people in your business, your chances of having clients from different backgrounds will also increase.

Managing cultural differences means that you are accepting and acknowledging people’s differences within the workplace. As soon as you see these differences as an advantage to your business, it automatically serves as a prevention of discrimination. As the leader of a group of people you should always work towards the goal to pass that quality over to the people that work for you.

As mentioned earlier, there are major advantages to having a diverse people in your business. Some clients might look at a business that does not have, or barely have diversity. They might decide on another business just because they have more cultural differences. Some clients might find some products or services also more appealing if they see someone with the same background as them, working for the supplying company.

 

Advantages of diversity

People with different backgrounds can supply a greater variety of solutions to problems. They can also bring new and initiative ideas to the table. Diversity also allows for easier adapting to customer demands and fluctuating markets. Different people also have a collection of diverse experiences and skills, like languages and cultural understanding. This will allow the company to deliver their products or services on a global basis.

With a larger pool of ideas, there is a better chance to find a more suitable and effective solution for business strategies and problems. This will also lead to a higher level of customer satisfaction. When a company encourages diversity in the workplace, all the employees will feel more comfortable and accepted in their career. This will lead to higher productivity, meaning higher profits.

 

Challenges with diversity

In the beginning communication might be a problem. A communication gap can result in confusion that might lead to conflict when there is not yet a mutual understanding established. Some employees might also be resistant towards cultural differences. This can lead to some brilliant ideas going to waste and to slower growth in the business.

These challenges can also be overcome. Employees that are resistant to cultural differences in the workplace should be included in the activities of the workplace. These people should also have a say when diversity plans and policies are drawn up. Research can also be done to deal with the gap in communication. It is always good to know what different cultures find offensive.

When cultural differences are managed well enough, it can be one of the best things that could have happened to your businesses. Remember that each person, including you, wants to be treated well. Be thoughtful towards other people and they will be thoughtful towards you.

If you are just starting out and want a company where you can create cultural differences, let us help you.

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An entrepreneurial center for South Africa

Understanding all the business jargon and necessary compliance when starting a business can easily become overwhelming. There is now help from the Entrepreneurial Center of South Africa. 

entrepreneurial center

This no longer has to be a problem for new entrepreneurs. South Africa has launched an Entrepreneurial Growth Center. This center will support new entrepreneurs to ultimately start and run their own businesses successfully.  This center was launched by the risk finance company for small and medium enterprises, Business Partners Limited.

The Entrepreneurial Center is located in Johannesburg. Luckily, you will not have to travel all the ways to Johannesburg to share in this opportunity. They are also offering assistance to entrepreneurs through email, their call center and the national platform for professionals, LinkedIn. Entrepreneurs will have access to business mentors that have been trained, offering educational information.

The main purpose of the Entrepreneurial Growth Center is to provide support and assistance to all entrepreneurs, especially new entrepreneurs, in South Africa. They will give guidance and business tips to entrepreneurs that are looking to learn and extend their business knowledge.

Business Partners Limited did extensive research to establish with which aspects entrepreneurs struggle the most with. When they have compiled all the information they collected, they came to the conclusion that funding for their ideas are the most challenging part. It was also established that entrepreneurs are most likely to need guidance in the first few years after they started a business. You can apply for a government grant here.

In the first few years of doing business, the business is most vulnerable. At this time the entrepreneur will have to establish the business in the market and will also have to start to build a reputation for their business. Research has also shown that these few years of doing business is the time where the highest rate of business failures has been recorded.

The Entrepreneurial Center has therefore committed to help new entrepreneurs and business in their vulnerable years, to give them the best possible guidance to minimize their chances to fail. This will ensure that the entrepreneurs have the knowledge to sustain their own businesses.

Other parts that entrepreneurs struggle with are doing market research. Doing market research will ensure that you supply products that the customers are looking for. It will also help you to identify your competitors and will help you to establish market related prices. Other aspects that they also give attention to are things like BEE compliance, assistance with cash flow management and VAT.

companyservices-pricelist

One of the more important aspects of running a successful business is to comply with the different laws that have an impact on the business. These laws will differ depending on the type of business that the entrepreneur started. One of the general laws that have an effect on any business is the Labour Law. This law governs how employees of a business are to be treated. Not all new businesses have a lot of employees, but this is a very important law to take note of in the future. Employees are the biggest asset of any business and therefor it is very important to know the law and knowing how to apply it. The Entrepreneurial Center also has business mentors that can help with these laws, especially ones that have a direct and a fairly large impact on the business.

You can easily contact The Entrepreneurial Center on 086 SMEFIN (0861 763 346) or email them at enquiries@businesspartners.co.za.

The Entrepreneurial Center is a very good initiative from Business Partners Limited. Giving entrepreneurs the necessary information to run their own businesses will also have a positive effect on South Africa’s economy. This Center will enable entrepreneurs to start and run their businesses successfully; to their full potential.

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How to become an entrepreneur in SA?

One of the questions that have been enjoying quite a lot of attention, is whether anyone can become an entrepreneur. This topic has been debated over and different people have come to different conclusions. The fact of the matter is that even though a degree might come in handy, it is not always necessary.

Entrepreneur

Basically, anybody can become an entrepreneur. Nowhere it is said that you must have a degree in order to be allowed to open your own business. Starting up is very simple through consultants such as PtyCompanyRegistration.co.za who has ‘start-up packages‘ available. It is as easy as filling in a few forms and registering your business. There you have it; you are an entrepreneur! To be a successful entrepreneur is not as easy though…

The main reason that some people should rather not become an entrepreneur is that they are just not cut out for it. To become an entrepreneur will take a lot of effort and time. True entrepreneurs are very dedicated to what they do and they do not get thrown off course when they encounter an obstacle in their path. Entrepreneurs have an absolute passion for what they do. 

A lot of people tend to think that they are going to take their skills and passions and start their own businesses. The big question remains. What will you need to make a success of your business venture? It is not a master’s degree in business. Neither a qualification that you studied for over a few years. You will not even need to have experience with start-up businesses. You also do not need to have a lot of money in the bank or the best business idea. Nothing of these things really matters. These things might help you in your quest to start your own business, but it is not necessary or essential.

The only true thing that is needed to run a successful business is a passion for your business; be willing to work; and learn from your mistakes. All the other things that you need to have to be successful comes from these two qualities. So all you really need is passion and willingness. Once you have these two qualities, all the others will follow.

The most common reason that some people do not make it as entrepreneurs, are simple. They do not have enough motivation and the risk overpowers them; or they started the business for all the wrong reasons. Profit should be the fruit (reward) for a great business; not the main motivation. You will be surprised that some of the most successful entrepreneurs did not start their businesses to make money. They became successful because they had a passion for what they do and wanted to deliver a service or product to the best of their abilities. The money came as a bonus for them.

There is also something within an entrepreneur that drives them to be more and to do more. When they have completed a task, they do not simply stop. An entrepreneur is only happy once they have set a new goal and are working towards it. To become a successful entrepreneur, you should also remember that a successful business is built by a lot of small actions that adds up at the end of the day. This might take a few years, but an entrepreneur enjoys the process.

To get back to the main point, you do not need a qualification to become an entrepreneur, but it will certainly be to your advantage. It has never hurt anyone to know a bit more about the environment they are working in. If you have a willingness to work and a passion for doing business, then there is really nothing that can stop you.

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Start-up myth

When starting a business, there is quite an amount of uncertainty that goes along with it. In addition to this, there is a lot of chatter going around about one thing being good for business and the other not. A lot of these have always been and will always be just a myth.

myth

In this article, I will be discussing 7 of the most common myths, along with their truths.

Myth 1 – Sales are everything:

Even though it is important, it is not everything. The more important thing to look at is the cash flow of the business. Sales might be looking up, but if there is less money at the end of the month than at the beginning, something is wrong. Learn to use a cash flow statement. It will do wonders when it comes to control over cash flow. Then make sure that your company’s profitability is up to standard. For example, the standard profitability percentage for companies in the sales industry is >20%. Meaning R 1 million in sales, of which R200 000 is profit. It does not make sense to sell R 1 million worth of goods, but after all your expenses has been deducted, you only make R 5 000… Wouldn’t it be better then to only have R100 000 in sales, but R 20 000 in profit? 

 

Myth 2 – Low prices will bring customers:

This might have just a little bit of truth in it. Customers are always looking for a place where they can get the best deal, but they also want quality. If you offer a lower quality item at a low price, it can have a short term effect. Sooner than later the customers will figure out that the lower quality product will cost them more in the long run. They will usually pay a bit more for a better quality product.  

 

 Myth 3 – Quality products will yield customers:

This might seem in contrast with the previous statement. Truth is you can not have a good quality product and assume that your profits will increase. You should put effort to market the product and let the customer know about the product you are offering them. If you over price the product, it will also not be as profitable as you thought.

 

Myth 4 – Under-promise, but over-deliver:

This has been a popular saying in the business world for a long time. The problem with this statement is that if you under promise, the customer might feel that he/she can get a better deal at another place. Sell your business for what it is and what you can deliver. This will give the customers a better idea of your business and you can work harder to top what you promised.

 

Myth 5 – The customer is always right:

There are a lot of different people in South Africa. All with different ideas and different backgrounds. You will never be able to run a business where you believe that every customer is always right. Set a basic level of service and standards and make this clear to the customer. This will be able to give them a better idea of what to expect and to set their expectations in accordance with that.

 

Myth 6 – You will have more time:

This is most probably the biggest myth of them all. When starting a business, you will have to get a lot of things in place. This will ensure that your business will take off and be successful. Even after a few years, you will undoubtedly still have to work very hard. The work you put in will eventually reflect on your income at the end of the month. Even when you are not at work, your business will be mentally more demand than a normal nine-to-five job.

 

Myth 7 – The product will sell itself:

This is true, but you will still need marketing. If you have this wonderful product, but nobody knows about it, what is the use? You will have to let people know about your product so that you can sell it to them. If they do not know about you, they will not be able to buy from you.

 

With these myths out of the way, I think that you will have a better understanding of what it is to start a new business. Proper planning will always ensure that your chances of becoming successful, is drastically improved.

A great place to start is to register your own company. Start today.

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The Private Sector is driving our economy

Did you think the private sector is only profit driven? Think again. The role of the private sector is too often overlooked. The private sector not only brings stability to the economy but also have a major impact on the overall well-being of the entire South Africa.

private sector

The private sector is also known as the citizen sector of the capitalism marketplace. The reason for this is because this part of the economy is run by citizens. They are private people that started a business on their own. The private sector is not controlled by the state what so ever. It is totally independent from any state inputs. They are only bound by the constitution of South Africa. The main goal of the private sector is profit, as mentioned earlier. With that being said, it is not the only role they play in the economy.

One of the important roles of the private sector is to maintain economic freedom in South Africa. Without the private sector in a country’s economy, the state will be able to regulate all the business activities of a country. Therefore the role of the private sector is undoubtedly an important one.

Furthermore, the private sector also gives the individual the chance to be creative. This also promotes entrepreneurship through allowing people to pursue their own creativity. If everything were controlled by the state, there would be few to no businesses where you could really find creative ideas. To get some business ideas, visit your closest SEDA office and let us help you with a government grant.

The private sector is also known to be of help when a sudden problem arises. One of the most resent tragedies that hit the world, especially West-Africa, is Ebola. This virus has been the cause of many deaths in Africa and some in other parts of the world. The private sector of South Africa came together and donated a whopping twelve million rand to the cause. Some of the doctors in the private sector also went into Africa to be of aid in treating the infected.

Not only do they donate to causes this big. The private sector can also be seen having an impact on their immediate communities. Some of the businesses aid in being involved in programs that uplift the community. Other will present classes for the community to improve their skills. Another way in which the private sector has been coming through is with providing bursaries to grade twelve’s that will enable them to get a degree and will ensure them of a career when they have finished their studies.

When entrepreneurs enter the private sector, they play a vital role in the upliftment of people that comes from previously disadvantage backgrounds. In doing this the, private sector also aids in decreasing poverty, which is a major issue in South Africa. The private sector also plays a role in the provision of quality products and services. They sometimes have to compete against other companies in the private sector and in some cases, against public businesses. This competition is to the advantage of the consumers. It will ensure that the private sector delivers products and services of a high quality at reasonable prices. Without the private sector, the state would have been able to control the price of everything. In essence, the private sector prevents this in being able to set their own prices.

Some people might argue that the private sector is only concerned about profit. What these people are not taking into account is that they use the execs profit and putting it back into the community. The role that the private sector plays should be made more public.

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Choosing the right bank for your business

Choosing the right bank for your business involves more than just a random choice. It will take time and patience to browse through multiple banks’ pricing plans and services they offer. At the end of the day you will be happy in knowing that you chose the right bank for your business needs.

bank

When starting a business, it is necessary that you find a bank that is reliable and will give you the needed support. Even if the needs of your business are simple, you still need to search for the right bank. You should also consider the current and future needs of your business when searching for a bank. There are a few things to consider when choosing a bank:

Know your own needs

Before you can start your search for a bank, you need to know exactly what you need. This will largely depend on the type of business you are about to start. You can always consult an advisor to help you determine what you need in a bank. As soon as you have the answer to this question, you can begin with the process to find the ideal bank.

Size of the banks

The size of a bank will indicate to you how successful the bank is. It will also be an indication of how much money they will be able to lend to you if it is needed. For a business starting out, it will be of great importance to do business at a well established bank. This will minimize the risk of a bank declaring bankrupt.

Evaluating their rates and charges

This is a very important part when choosing a bank. You should know what each bank’s current rates are and how these rates are calculated and implemented. You should also be sure of how often these rates are likely to change and how that will have an effect on long term banking. It is not advised to choose a bank, primarily on what it can provide you in the short term. Rather opt for a bank which will give you long term satisfaction.

Capability with technology

When you are on the move, this will definitely have an impact on the way you do banking. Sometimes you might not be able to get to a bank to do your business. This is where technology comes in handy. You should choose a bank that will suit your needs, even if you cannot physically go to the bank. We can assist you with opening a bank account online at FNB. Please contact us for more information.

Comparing banks

When you know what you want, it is easier to search for your needs. You can do online searches of banks that you are considering. Their websites will give you enough information to form a basic overview of each bank. Once you have narrowed down the banks to choose from, you can go into each branch and discuss details with them. This is also a great way in which you can see how they treat potential clients. Equipped with this information, you will be able to easily decide on a bank. Here is a great website South Africans use to compare the major banks: www.wheretobank.co.za/ . We use Nedbank Business, which has been a great partner. They have agreed to also help our clients with a business bank account (and finance if required) at no cost. Click here if you wish to read more / apply. 

Always remember that not every bank is the same. They are also in competition with each other so be sure to double check every aspect. At the end of the day you can not run a business as effective without a bank account. Just be sure that you choose the right bank for you and your business’ needs.

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Risk that every entrepreneur has to take

When talking about entrepreneurship, risk taking is not very far off topic. When starting out with your own businesses, you will have to take a few risks to put yourself on the road to success.  On this road, you as entrepreneur have to be prepared and able to overcome these risks and obstacles. Unfortunately the road to success is very seldom straight, but it is this struggle which makes success taste so much sweeter.

risk

For most entrepreneurs the chance of having a successful business outweighs the risks they will have to take. And that is just the way in which every entrepreneur should think. Sometimes all you have to do is to take that leap of faith. You should also remember to still work as hard as you possibly can to ensure that your business idea will reach its full potential. 

To get going

This is by far the biggest risk every entrepreneur takes – to get everything started. According to a recent survey, there was found that entrepreneurs felt that the biggest risk that they take is to actually make a conscious decision to start the business. That is where all the other risks originate from. First step – register a company.

Investing your own capital

This might seem like a scary idea to some. Not every loan application is successful and not all investors will always be willing to fund your idea. This is where you have to take the risk to invest your own money in your own business. If you have enough faith in your business idea, there is no need to worry. Also, when using your own capital you are prone to be more careful with how you spend it. And one day you will also be able to say that you invested in your own success.

Straying away from stability

When starting out with your own business, you won’t always have time or energy to focus on another job. This will mean that you will not receive that monthly or weekly cheque as usual. In the first few months of operating your business, you will have little to no certainty of your personal income. You can use this risk to fuel you to work harder to ensure that you will make enough to be able to sustain yourself.

 Be prepared for obstacles

Your business will eventually encounter obstacles at some point. When an obstacle arises, it will be your responsibility to overcome it. There is always risk involved when facing challenges. You will just have to find the best way to handle the situation.

Product popularity

No matter how well you did market research the market is ever changing. You will have to take the risk to put your product or service out there. There is the chance that the market will reject your product or service, but you will need to take that risk. You will also need to be able to adapt to the changing market.

The best way to deal with risk is to do a simple risk analysis. This is where you list possible things that can go wrong. This may be out of previous experience or research you have done. The key is to analyze the risks and to find the best way to counter the risks. This is the best way to deal with risks.

Do not let risks ruin your chances of success. Face those challenges and risk with a certainty that you will walk away as a winner. Once you realize that nothing can block the entrepreneurial heart, you are half way there.

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Business Loan – avoid paying extra

While chasing your dream to open your own business, you might need to take out a business loan somewhere along the line. There are a lot of different types of loans to choose from but the real struggle comes when repaying the business loan. The trick is to avoid overpaying for your business loan.

business loans

Entrepreneurs might seem to be well educated about how to determine the total costs of starting a business. This is the truth, but not that many entrepreneurs know how to get the best business loan for their needs.

Financial advisers recommend that the total amount of the business loan should be repayable in six years. This will ensure that you do not put yourself at risk for possible bad debt. Furthermore, they advise that your monthly repayment should not exceed 15 percent of your monthly income. This means that the amount you apply for, should correspond with your income.

Before entering the bank you chose, be sure to know your credit score set by the NCR. Also, be sure to know about the terms of the interest and inflation rates that the bank of your choice has. Try and settle an agreement for a fixed term interest rate. This will allow you to take certain measures to make provision for possible fluctuation in the interest rate.

Be sure to read the entire contract before signing it. Also, be sure that you understand every detail and if not, ask for assistance to understand certain aspects of the contract. Insure that you do not sign for any extras like credit insurance (if you did not ask for it) or any other service that you did not ask for. Ask the bank to amend the contract before signing it. It is better to wait a bit longer for the right contract than to sit with more debt than you bargained for.

If you are able to consult a financial advisor beforehand, it will be to your advantage. It is advisable that the financial adviser you consult, should not be a part of the bank you are looking to apply at. The best will be if the financial adviser is an independent person, without ties to any financial institution.

Try to avoid loaning money from a loan shark. Always opt to get a business loan from a well known bank or a government grant. It will give you the peace of mind if you know what you are getting into. The terms of an agreement with a bank will most of the time correlate better than other credit providers with the acts that protects you as a customer.

Once the  loan has been approved there is other information to take into consideration as well. Always remember to pay your monthly balance on time. This will ensure that you do not have to pay any extra fees.

A smart move to make when your business is up and running, is to make monthly payments larger, if your salary allows it. You should never stray away from paying more or less than the above mentioned 15 percent of your salary. When paying a bit extra a month, you will be able to pay off your business loan faster. This will result in you being debt free and automatically putting your business in a better place.

The main issue with overpaying for your business loan, lies in the choices you make. You have to choose the correct bank that suits your needs without charging you too much. You should also choose smart when it comes to extras that the financial institution wants to offer you. The best will be just to take the business loan and nothing extra. And to always ensure that you pay your monthly installments on time.

Always keep an open mind when entering a business loan. Remember that the financial institution is also just a business that needs to make money to keep their doors open. At the end of the day, all that is left is to ask if you are unsure.

Non-repayable Government Grants available on this website.

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Business Plan for your Company

A business plan is more than just a document you write in order to keep investors happy. It is a plan, a road map to stipulate the ideals and goals you want your business to achieve. Apply for a Business Plan now.

Business plan South Africa

The true purpose of a business plan is to give an oversight of your business. It will let investors and banks know that you serious about doing business. A business plan is very important to these people. The reason for this is to minimize the risk they will be taking when investing in your idea.

When applying for funding in South Africa, a business plan is an essential. As soon as you have a proper business plan – especially one setup by a professional – funding becomes a simple process. Our consultants can assist if funding is one of your needs, read more about Funding via SEDA

A business plan will prove to people know that you have researched your idea and took time to turn the idea into action. You will also come across as a professional and as goal orientated. There are only benefits to gain from creating a business plan. It may take some time, but in the long run it will help you to stay focused on the main goals of the business.

Never think that a business plan is just for the big companies with hundreds of employees. Even a sole ownership can have a business plan. The idea is what formed in your mind. A business plan is that idea, turned into words on a paper. Follow these few simple steps to form the base of your business plan. Here is a Great Article with examples of business plans to get you going. 

The cover page

Be sure to have a simple, yet catchy cover page. This will be the first impression that other people will get of your business plan. Keep words to the minimum and do not use too many different colours.

The index page

The index page makes referring to a certain section easier. It also gives the reader an overview of what to expect in the business plan. It will also give the impression that you like to be organized and well presented.

A short summary

This is where you give a short and detailed description of your business idea. Also provide reasons for why you believe that your business will be successful. Do not write any negative comments on this part of the business plan.

The business description

This is where you go into detail about your business idea. You should describe exactly how you will earn money and how your business will function on a daily basis. Here you can mention the advantages and disadvantages of your company. A simple SWOT analysis can be added to this part.

Plans for marketing

Explain here how you would draw customers to your business. You can also add which form of marketing you will use most. Another extra you can add to this part is market research you have done to indicate the popularity of your idea among future customers.

Management structures

Here you will explain who will be responsible for what. Be sure to include it even if you, as owner, is the only person running the business. Also indicate which skills will be needed to do a certain job and be sure that you and other future employees possess these skills. If you are planning to outsource some functions, you should also mention it here.

Asset assessment

This is where you will indicate from where you will operate your business. You should also record all the assets that you will need to do business. This can range from office equipment to transport vehicles.

Financial breakdown

This section will almost be the most important part of a business plan, so pay special attention to detail here. There are three main financial statements that you can include, only as predictions at this stage.

Budget sheet

This is where you will state all the income and expenses that you think you will have over a certain time period. Not cents are ever shown on a budget sheet. You should always aim to keep your income and expenses within the limits of your budget. This will ensure proper cash flow in your business.

Income statement

Here you will record every sent that you physically received over a certain amount of time. At the end of the statement you will get to a net income before and after tax.

Balance sheet

A balance sheet will always have to balance. Therefore its name. A balance sheet consists of all your long and short term assets, as well as liabilities and owner’s equity. The short and long term assets should even out with the liabilities and owner’s equity.

This might seem like an information overdose, but once you get started on these sections you will realize that everything you have written down, have been in your mind all the time. Remember the old saying, “Failing to plan is planning to fail”? Nothing has ever been more true!

Apply for a Business Plan online – which are drawn up by professionals.

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CIPC registration process – building a paperless system

The Company and Intellectual Property Commission (CIPC ) have made a few major changes in the past year to help optimize the efficiency of Company Registration in South Africa. The new CIPC Registration procedure is trying to make the start up procedures easier for each and all looking to start a business.CIPC Registration

You might not always realize it, but the CIPC registration process is setting the standard when it comes to a company registration office. According to a recent survey, the CIPC ranked in the upper halves when measured against other leading registration offices from around the world.

To move forward in any situation, change is needed and that is exactly what the CIPC aims to do. The CIPC aims to be the leaders and to set the benchmark for other company registration offices. They have also become more and more committed to moving away from paperwork and to do registrations online. This not only speeds up the CIPC registration process, but aids in saving the planet as well. This also where Online Company Registration Specialists fit in.

Even though having paper backups have been seen as vital to many businesses in the past, the CIPC has reverted to making all of their backups on hard drives and storing them in a safe place. This ensures that the information is safe and minimizes the storage space needed. It also ensures that it will be easier for the CIPC to find information when it is needed.

According to the commissioner, Astrid Ludin, the CIPC is striving towards a paperless back office. And according to recent findings that was not just talk. Of all the transactions that took place in the first quarter of this financial year, 89% were online and thus, paperless. With this new approach the CIPC urge people to make use of their user-friendly website.

The new and more technology infused CIPC is galaxies away from the company it was a while ago. With the CIPC’S fresh approach to doing business it is a sure thing to be a success. This will aid in ensuring the ease of doing business in South Africa. The CIPC’s initiative will bump up South Africa’s score for having a fast and costumer friendly registration office.

They are striving to become paperless and speed up the CIPC registration process. They are also ensuring that the processes thereafter are just as fast. They teamed up with the South African Revenue Service (SARS) to ease the process of getting a tax number. Shortly, when a company is registered, a tax registration number will also be automatically generated.

The CIPC became a world leader when they introduced biometric verification. This system has no need for any FICA documents to support identification. This will speed up the entire CIPC Registration process. This also makes it possible to finalize company registrations – without name reservations – when proof of payment is received by the specialist such as PtyCompanyRegistration.co.za or SaCompanyRegistration.co.za.

Currently the CIPC is working to speed up the process of query resolution in order to improve client satisfaction. The current trend, as we all know, is that faster is better.  In reply to this statement, Ms Ludin confirmed that it is necessary for the CIPC to adapt to all the changes in order to remain on the forefront of what is happening around the globe. The CIPC Registration process did just that. Registering a company has never been better or faster than this.

There are multiple options available when you want to register your company. It is advised to work though a company registration specialist such as Pty Company Registration, who has a 100% satisfaction guarantee in place. Leave the registration of your company in capable hands while you take a break from all the hassles of starting your business. 

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Developing a brilliant business idea

The business idea is the soul of the entrepreneur. Before starting a business the entrepreneur should have a business idea as a starting point. This business idea is not always as easy to come by as it might seem. 

Business Idea, Business, Idea, Ideas

Some entrepreneurs, regardless of their skills, struggle to form an idea to start the successful business they have always dreamed of. They might have the skill and willpower that is needed to run a business, but lack in imaginative ideas. There is however a few simple steps you can follow to come up with a great business idea.

Market research:

Without doubt, this method will never fail to deliver some great ideas.  Not every successful business idea is large and complicated. Some of the most successful businesses have evolved from small and sometimes simple ideas. You can also search on the internet for ideas. One of the popular websites to search for a business idea is the Business Plan Centre.

Knowledge is power:

To form a business idea that will stand above the rest, a solid base of knowledge is needed. Knowledge will give you the power to develop brilliant business ideas. When you have knowledge in your field you will be able to understand and to recognise when a need arise in the market.

Putting ideas together:

Someone that is able to see relations between different things will be able to deduct an idea from what they saw. For this reason it is important for the entrepreneur to learn how to see the relation between facts that nobody else see. With this information they can form an idea which is unique.

Consult family / friends:

This might not seem as the normal route to follow but asking your family what ideas they have might not be a bad idea. They will be more confident to tell you how they feel and trust you with their opinion. They will also be able to tell you what they think of your idea before it goes out to the world and can even aid you in sorting out minor details. You may even discover a potential partner. Directors has many responsibilities, so you need someone trustworthy. See more at Director responsibilities.

Things that bother you:

When you think of things in your daily routine that drives you up the wall, do something about it. There may be a gap in the economic circle and if you find that gap you can fill it with your idea. This will result in a long term business idea which can sustain its self.

See the world:

When travelling you get to see other places of South Africa. The needs of people differ from city to city as we all know. You might have a great idea but it is maybe needed in another city. Therefore you should search for the ideal location where your idea is needed most and will lead to your success.

Re-invent the wheel:

This may seem odd but why not. Tons of critics say that you should not waste time on other people’s ideas. The matter of the fact is that if something bothers you about a certain product, it is almost certain it bothers someone else as well. This creates a great opportunity to better the previous idea with a bit of creativity and imagination.

Time it:

Success does not happen overnight. You would want your idea to keep around for a long time. Insure that your idea will not just be a trend that dies out after a couple of months. Be sure that you will be able to adapt to the changing needs of the consumer.  All you really need to do to find your business idea is to keep your ear on the ground. Listening to what the market needs will defiantly deliver some ideas. Always be open to new possibilities and never be afraid to take a risk. When you are ready, call a consultant to understand what you need to start-up.

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Funding for entrepreneurs in South Africa

You do not have to be a business magnate to realise that entrepreneurs are the engine that drives the economy of our country. Funding for entrepreneurs needs to be a priority. Without the inputs of entrepreneurs in South Africa, it will have a negative impact on the economy. The value of the man with an idea has been overlooked for too long. It is time to give that idea of yours wings. That will aid in uplifting our countries economy and inspire others to do the same.

funding, entrepreneurs

The great thing is that you do not have to look that far to find opportunities for the business starting out. It is as simple as searching the internet to find possible programmes, investors or companies that can direct you to possible investors. The key is to do thorough research about companies that are offering funding. Also be sure to consult with someone if you are unsure about a certain aspect. Rather be safe than to rush into a possible opportunity for funding. Not everything on the internet can be trusted that easily. Especially when it involves money. Find out a how to Register a Company using our trusted and simple online process.

Even though your idea might seem wonderful and a success in the making, it will still take time to reach the heights it is destined for. Therefore it is crucial to always remember to start small and to work your way up. The expression  ‘Climbing the ladder to success’ does not start with the word ‘climbing’ just for the fun of it. It starts with that for a reason. You will need to work your way up and be prepared to face certain challenges. At the end of the day, all your hard work will be rewarded and not just be a dream anymore. You need to climb that ladder to enjoy the view of success. 

 

MONEY MATTERS

One of the many concerns when starting your own business is to get the needed funding. According to Dr Mike Herrington, who a leader at the Global Entrepreneurship Monitor, capital is just as available in South Africa as in other countries. There is no need to be de-motivated or to take your brilliant entrepreneurial idea to another country.

As an entrepreneur you should be prepared when pitching your idea to a possible investor. According to the Entrepreneurial Magazine, it is best to have your business planned out before pitching. Remember to have your business plan at hand for the investors or the company that will provide you with the funds needed. This alone will tell them that you are serious about doing business with them. SEDA is a South African government based organisation, which assists entrepreneurs with business plans and funding.

Many people in the finance sector warn that entrepreneurs should be aware that they will not always get the funding that they want. This is not something to be afraid of. See it rather as a tool to motivate you to work harder and planning better. Be sure to have the needed skills, ideas and drive to ensure that you are approved for that funding that you need.

Even if the needed funding is acquired the idea must still be put into action. The funds should carefully be allocated to the different areas to ensure maximum utilization. Another crucial point for ensuring the success of the business and utilization of the funds, are the skills of the entrepreneur. This is an essential part to ensure the progression and ultimately the success of the idea. Funding does not compare to the entrepreneurial drive and qualities needed in a person starting up a new business. Without these characteristics and plans in place it is very unlikely that the idea will succeed and be profitable.

During a survey in 2008, it was estimated that the entrepreneurial activity in South Africa stood at about 7,8%. This is far less than the activity in other countries like Colombia (24,5%) and Mexico (13,1%). It is easy to make the assumption that South Africa still holds a lot of potential for entrepreneurs. You just need the right mix of will power, dedication, hard work and funding. Entrepreneurs can start the Company Registration process on this website. 

Do not look at all the things that can go wrong. Rather focus on your idea and develop it so that it can overcome any obstacle that is thrown in its way. It is absolutely essential to stay positive and not to lose momentum with setbacks. Setbacks are just a method of learning and to prevent the same thing from happening in the future. And always remember, “If you never chase your dreams, you will never catch them.”

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