Entrepreneurs in South Africa

Business entrepreneurs are becoming role models for the new generation, as entrepreneurship continues to be integral to the fast growth of the South African Economy. The South African Government recently introduced the Department of Small Business Development to oversee growth and development in the small business sector.

Some of the country’s young entrepreneurs have seized opportunities and have taken over leadership in SA’s growing business landscape. They have become obsessed with supporting the growth of this nation, with a result that more and more entrepreneurs are surfacing.

Some key elements to being a successful entrepreneur in South Africa are as follows:

1. A positive attitude – True entrepreneurship is based on the attitude that sees opportunity in problems and challenges, and where new ideas are identified that fill a gap in the market.

2. Business alignment and business plans – It is critical to the start of any business to develop a business plan, through building systems in line with core values, as this brings about a winning strategy.

3. A winning strategy – With so many choices, it’s important that you choose which things to let go of, so that you have the resources available to focus on the few really important things. Sometimes doing so can be a tough call, as it’s tempting to try and be everything to everyone, but that can’t be your strategy. You need to ask yourself what is really important to the business and choose to focus your energy on that. When you do this, it automatically helps you to eliminate other potential strategies and choices.

4. Profit versus money – It has been proved time and time again why business fails in South Africa: the entrepreneur needs to focus on profit and not the money. As you put the business plan together, your focus must become one of profit. Money is always the by-product of success.

5. Be effective and manage your time:

a. Have goals
b. Analyse how you spend your time
c. Have a “to-do list” and prioritise
d. Control procrastination
e. Organise
f. Delegate if you can
g. Master efficiency tricks
h. It’s okay to say “no”
i. Focus
j. Build your efficiency bank (health) and take care of yourself