Entrepreneurs in South Africa should be celebrated as they present to us a vibrant and active economy. SMEs are big role players in our economy, they contribute 40% of our gross domestic profit and employ more than half of the private sector workforce. The staggering 80% of new jobs in world economies are being created by SMMEs. A lot of resources are allocated to the sector of small, micro and medium enterprise (SMMEs) sector in our country and it is time young entrepreneurs take advantage of that, get yourselves involved in programmes and projects that will help your business grow.
What makes a successful entrepreneur?
· Vision
· Goals
· Know your market
· Get cash flow
· Keep overheads low
· Overestimate expenses and underestimate revenues
· Sales and marketing should be on steroids
· Get a mentor
· Find new and innovative ways in making profits
· Learn from other entrepreneurs and read.
· Continually add value to your product or service instead off discounting
· Know your competitors
· Have pride in what you do
If you are trying to do something great, it only comes with the territory that challenges will arise. Same goes for embarking on a journey of entrepreneurship, it is estimated that 80% of all new small businesses fail within the first five years. As an entrepreneur you should be a self-starter, willing to work for long hours, plan very well, lead and stay motivated at all times.
Are you willing to take risks to see your dreams become a reality?
*THINK ABOUT IT*
