Many people have a lot of myths about what being an entrepreneur is and how it will shape/affect their life that are simply not true. new businessman in South Africa and these are the seven biggest myths that I continuously hear.
1. Being an Entrepreneur is too risky for me.
Starting your own business in these days is not too much more risky than trying for any other corporate job. At a corporate job you can be laid off at any time, 5 things you need to become a successful entrepreneur have benefits cut with no reason, and work long overtime without being compensated for that. If you are student as well, the risk can’t be that bad. It’s not like you have a mortgage or family to support if it fails.
2. I am too young to start my own company
Being young is not a negative, in fact in most cases it’s a positive! When your young you have the passion energy and enthusiasm that is needed to work 14 hour days day in and day out for a company you believe in. Most older people with more experience just don’t want to do that any more.
3. I have no experience
Again, new businessman this can work towards your advantage. Your lack of experience means that you are looking at everything with a fresh set of eyes. You wont get stuck in the “we have always done it that way” kind of thinking that can stop other entrepreneurs. Running your own company will also build much more valuable experiences than a job flipping burgers will at your age.
4. It is not the right time for me to launch a business.
As a student you have a schedule that is completely flexible and large blocks of time between classes and on breaks to start a business. Campuses have tons of resources you can harness as well, ideas to become a successful entrepreneur so there really has never been a better time than now.
5. If I am running a business my grades will fall.
Running a business takes organization and discipline. If you are organized and disciplined in one area of your life it will probably pass over to the other areas of your life as well. Many student entrepreneurs I know actually report their grades increasing once they started a business.
6. Student businesses are just small rinky-dink operations
Some student business that started as just rinky-dink operations were Dell, Google, and Microsoft. You have probably heard of those companies right? That is because they were great ideas and hard work created products that had potential to expand from their small beginnings. Your business can too!
7. I don’t have any money! I can’t start a company
Everyone seems to think only millionaires start companies. This is simply not true. Most companies are started with the founders savings and no investment capital. Start with what you can and work hard. Things will come together if you want them to come together. You will be amazed at what you can do!
new businessman in South Africa?
Many entrepreneurs get that itch to start a new business, either because they are fed up being "wage slaves" or they like the freedom that working for yourself can bring. Some even think that they will be richer or have more spare time. Many are not sure what kind of business they want.
First of all - never start a new business because you want more money or more time. Starting a new business takes both lots of time and most, if not all, of your money.
Secondly don't fall into the trap of starting a business just for the sake of it. Make sure that someone wants what you are aiming to sell! Your fruit cakes, tattoos or begonias may be the best in the area but if no one wants them - then you are going to be going bust very soon.
So how do you find out what kind of things you are going to sell?
1) Look at the type of area that you want to set up your business. A majority of aged clients is not going to be keen to have tattoos but might love your cakes!
2) Look at the other businesses selling in your area. Whilst it is sometimes good to group some businesses together such as car sales - make sure there is enough people left who may buy from you. Similarly if there is a successful company that is not coping - maybe you can inherit some of their clients?
3) Look for gaps in the market. Are their complimentary businesses close by who you can join in with to share customers? Is the market just crying out for a particular product of service.
4) Most importantly go and ask people. Give talks at clubs about your subject and see what kind of reception you get. Hold a competition for the best ideas etc.
Good luck in obtaining a firm foundation for your new business.
Entrepreneurs: You've Got Help!
One of the greatest time wasters of all are unnecessary or poorly run meetings. If you want to dramatically improve your time management skills, then learn how to have productive meetings. "Brian" is the Operations Manager in a large corporation. Every Monday morning, his CEO has a managers' meeting . This is what usually occurs: The agenda is circulated the day before which means the managers have little time to prepare. The meeting always starts late as the CEO will wait for latecomers. In fact, he's often late. A couple of the managers tend to "waffle on". The CEO who chairs the meeting is not assertive enough to keep them on track.. He's also a 'waffler'. Most of the managers sit there, bored out of their brains for a majority of the time. They also get stressed as they feel they are wasting time listening to the "wafflers". As the CEO does not schedule a regular "catch up" time with each individual manager, many unnecessary issues are also discussed. If this describes some of the meetings you convene then how about taking action and ensure from now on that they are highly productive. If you're like "Brian" and you would have difficulty suggesting to others how they could improve their meetings, then I suggest you pass this newsletter on to them. Effective time management also includes effective meeting management. "You'll do so much you'll be surprised when you get your meetings organised" 9 Ways to Improve Your Time Management by Having Super Productive Meetings Ask yourself, is this meeting really necessary? Do you need a face-face meeting? A phone call, email or conference call might be a better solution. Invite as few people as possible Only have the necessary participants attend. Have a written agenda with clear objectives Ensure it is circulated well in advance to those attending. Indicate timeframes allowed to discuss each item. Double check the meeting venue has been organised the day before If refreshments are supplied include water and fruit. Ensure the meeting area is quiet with no distractions. Start and finish on time Respect your time and everyone else's. Have an effective chairperson Unsure who to choose? At the beginning of the meeting count up to three. At three, each participant points to the person they believe will keep the meeting on track.. The person with the most votes is elected. Circulate the minutes within 48 hours Ensure all actions have the appropriate person written next to them. Stand up and stretch every 30 minutes It's good for your mind and body. Ensure all mobile phones and pagers are turned off It's amazing - people have been known to survive without their phones and live to tell the tale. Good time management is also about using your time wisely when attending meetings. If you can enforce these guidelines, you'll be happy to attend future meetings knowing that your time isn't being wasted. ZZZZZZ