Entrepreneurship


I have the fortune to work with some very intelligent people.
I also have the fortune of working with some very experienced individuals.
In certain cases, these are the same people.

I a casual conversation I realised again that we are never to old, intelligent, experienced, or wise to learn something new. The only limiting factor to learning is ourselves.

At Spesres we train students in entrepreneurship. We train students in theory of business, and how to set it up. We also endeavour to get students to start thinking about how they can start something where they are, with what they have and with the current skillset they possess. What we might lack, is the knowledge I gained from a casual conversation, so here goes

For you to really be an entrepreneur you need 3 basic things:

1.       Believe in what you do
You might be on to something great. It might be something that does not yet exist. Or it might exist, but not in your area. It might exist, and be in your area, but you believe you can be better at it.

Whatever your idea, if you do not believe in it, how do you expect others to?
Read up on your project/field. Study the competition. Know your value. Trust your instincts and believe in what you do.

2.       Have the tenacity to continue
It is not going to be easy. At some stage it might also not feel worth it anymore. Friends will become foes. Failure is inherently part of the process. BUT the success will be sweet.

You need to graft hard and despite the critics, keep chipping away to ensure you succeed. It is you against the world. Make every second count.

Celebrate the small victories.

3.       Delay your gratification

Some of the biggest companies in the world started with the original owner being rock bottom (go and read the story of KFC). There is every chance that cashflow will be a nightmare to manage. At stages easy. Others very tight. Mostly just scraping through.

When you make it big (a large transaction, or two), be sure that you save up for the dry months. (do not “chow” the money). When you are in the desert, be sure to pay staff and critical suppliers first. Never blend your personal and business finances, they are two entities.

Grow the business so that it can be an asset, not a liability. And have an exit plan.

In short, if you keep at it, you will one day succeed

(PS: Thanks to my source)

Comments

Post a Comment

Popular posts from this blog

The danger of success

There was a time in most of our lives when a simple thing like eating out was a big effort. We had to save up until we had enough money and then only go to places we can afford. To some of us this may have changed. So much so that my wife and I can dine out at least once a week. In many other areas we also do not lack anything. We are blessed and can enjoy life, although we do not consider ourselves as rich. What happens as we grow older is that we gather up more and more stuff. Our furniture increases and becomes more expensive. Our cars are bigger, as is our houses. We get so spoiled with the comfort and luxuries we enjoy that we blind to others needs. We are compassionate and show sympathy, but have lost touch with hurt and pain. The introduction might have been all about money and wealth, but there is more to giving than that. We give our money as we see fit, but is that all? What about our time? What about some effort? Jesus himself said that it is more difficult fo
Read more

Do not be an idiot

We are living in a rebel state Not since the transition from the apartheid government to the ANC governed democratic dispensation have we seen such a state of fear. The majority of residents understand that this would alter the course of the world significantly, while it seems other regard this situation as a holiday. See some videos below: I am not a person who lives in fear. I am not a person who easily critises either. I would love to think that I keep a clear perspective in most situations and that I am able to discern with great caution what causes human behavior. I love to think about what motivates others. In the our locked down state, who have a number of extremes: The ones who fear. People who panic shopped and intend staying not even in their year only, but ONLY inside their homes. Fortunate, some say, as they can afford to do so, negative, others say, as they see dooms day already. For most, quite a bit selfish. The middle man. People who obey the rules an
Read more

Sitting in my coffeeshop

Often we go to a coffee shop to have a piece of cake, as well as some traditional coffee. I don't have a favourite shop, but try out as many different as possible. Friends tell us about a new shop they have discovered and then we also visit those. When we go there one of our favourite things to do is to pretend to figure out what other people are discussing. It usually turns out more or less like a soap opera, overelaborate and dramatic. We say the first thing that comes to mind. We do roleplay where my wife has a part I have a part. Normally very funny! The last time we did this I sat there thinking: What if another couple did the same with us? What would they be saying? How much drama would they build into their act, seeing as I am a little bit expressive?! The fact of the matter is that how you see other people is in all likelihood how they will see you. The perception you form about them will be reflected back to you. They will treat me as I treat them. I don't
Read more