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Cape Town - We are in the age of the entrepreneur's. It's an exciting time filled with opportunities where growing businesses can contribute immensely to job creation, economic development and growth, and at the same time rake in millions of rands in revenue every year, said Lindani Dhlamini, CEO of SekelaXabiso.
Entrepreneurship is therefore not for the faint-hearted and it takes a more than a dream to succeed, but with the right vision it can be hugely rewarding. So what does it take to be a successful entrepreneur?
Entrepreneurship is one of the most vital elements in building a sustainable and thriving economy in South Africa. As a result, developing a strong, and growing, small and micro enterprise (SME) sector is a keystone of the government’s National Development Plan (NDP), but the stark reality is that eight out of ten new businesses fail within the first two years for various reasons, she said.
Following a passion underpinned by a far-reaching vision and a desire to make a meaningful contribution to society are the foundation for running a sustainable new business.
Success starts with a vision, here are some of my learnings on achieving success.
1. Have a crystal clear vision
Defining a clear vision of where you want to be is the starting point to success. This vision must be crystal clear, because along the way there are plenty of distractions which could derail your focus. When you don’t know where you are going, you will most certainly lose focus and your business will not survive when faced with challenges.
2. Invest time in your business
Do whatever it takes to achieve your vision and be prepared to do so. Being an entrepreneur takes a lot of hard work, focus, dedication and determination. Success does not happen by chance and overnight success is a myth. It takes time and consistent actions to manifest a vision into reality. Investing a significant amount of time working in the business is therefore a vital component to running a sustainable business.
3. Invest in the right and appropriate resources
Success is not a one man show. Even with limited financial resources it is important to acquire and invest in the right skills and resources for your business venture to succeed. One of the biggest mistakes budding entrepreneurs make is thinking they have all the knowledge and necessary skills to make a success of their business venture.
4. Form alliances
An entrepreneur must be prepared to work with other like-minded people. Start-up businesses do not have a track-record, so partnering with other established businesses is one of the most successful strategies to penetrate markets that would have otherwise been off limits because of size and relative inexperience. Partnerships facilitate sharing of ideas, skills and methodologies.
5. Remain current and relevant
Lastly, in an ever-changing world that is increasingly impacted by global events, entrepreneurs need to remain current and relevant. Change is inevitable; in fact, the only constant in life is change. To remain relevant and at the forefront of change it is vitally important to continuously assess your business methods and skills as an entrepreneur.
Therefore, continuous learning is a business imperative as well as keeping up with the latest technologies, techniques and methodologies, thus adding value to the business.
Entrepreneurship is therefore not for the faint-hearted and it takes a more than a dream to succeed, but with the right vision it can be hugely rewarding. So what does it take to be a successful entrepreneur?
Entrepreneurship is one of the most vital elements in building a sustainable and thriving economy in South Africa. As a result, developing a strong, and growing, small and micro enterprise (SME) sector is a keystone of the government’s National Development Plan (NDP), but the stark reality is that eight out of ten new businesses fail within the first two years for various reasons, she said.
Following a passion underpinned by a far-reaching vision and a desire to make a meaningful contribution to society are the foundation for running a sustainable new business.
Success starts with a vision, here are some of my learnings on achieving success.
1. Have a crystal clear vision
Defining a clear vision of where you want to be is the starting point to success. This vision must be crystal clear, because along the way there are plenty of distractions which could derail your focus. When you don’t know where you are going, you will most certainly lose focus and your business will not survive when faced with challenges.
2. Invest time in your business
Do whatever it takes to achieve your vision and be prepared to do so. Being an entrepreneur takes a lot of hard work, focus, dedication and determination. Success does not happen by chance and overnight success is a myth. It takes time and consistent actions to manifest a vision into reality. Investing a significant amount of time working in the business is therefore a vital component to running a sustainable business.
3. Invest in the right and appropriate resources
Success is not a one man show. Even with limited financial resources it is important to acquire and invest in the right skills and resources for your business venture to succeed. One of the biggest mistakes budding entrepreneurs make is thinking they have all the knowledge and necessary skills to make a success of their business venture.
4. Form alliances
An entrepreneur must be prepared to work with other like-minded people. Start-up businesses do not have a track-record, so partnering with other established businesses is one of the most successful strategies to penetrate markets that would have otherwise been off limits because of size and relative inexperience. Partnerships facilitate sharing of ideas, skills and methodologies.
5. Remain current and relevant
Lastly, in an ever-changing world that is increasingly impacted by global events, entrepreneurs need to remain current and relevant. Change is inevitable; in fact, the only constant in life is change. To remain relevant and at the forefront of change it is vitally important to continuously assess your business methods and skills as an entrepreneur.
Therefore, continuous learning is a business imperative as well as keeping up with the latest technologies, techniques and methodologies, thus adding value to the business.
