Starting a business in South Africa can be very challenging and aggravating, with many hazards involved considering the effects of the Covid-19 pandemic, looting of businesses, shopping centers, etc. The economic damage of the unrest reduced the growth by a substantial amount of loss, but that doesn’t mean you have no chance of being successful. There’s always a solution to finding a niche in the market and being successful in the field that you’re passionate about. In these challenging times, entrepreneurs with brilliant ideas can implement innovative projects that can lead to a significant amount of economic growth, if they have sufficient seed funding.
6 Characteristics of a successful entrepreneur
Suceessful Entrepreneur are Knowledgeable, innovative, determined, passionate, courageous, and willing to take risks. You have to ask yourself why you’re considering starting a business, do you have what it takes to be an entrepreneur, and start paving your own path. This type of note is known as a personal mission statement. You write down your goals, and your purpose, encapsulating what you do, who you serve, and how you serve them – would increase your odds of success by 42% according Marie Forleo.
Business Strategy & Market Research
Create a business strategy that will be your guideline. Conduct a market research survey, a target area you would consider for business, the age group, race, and estimate the income of individuals in that particular area which will help you to decide on the products, services, and pricing of your brand.
Decided on channels for marketing your business. All social media platforms will not have the same effect on the audiences. For example, Tik Tok is mainly for young people, while Facebook’s audience will bring in more older people.
You have to be willing to come out of your comfort zone to see the opportunities, strengths, and weaknesses, take the risk, use innovative ideas, and put them into action gradually.
When reaching out to potential clients, and customers. It shouldn’t be electronically only but rather discussed in person as well. Socialize and communicate in order to create a mutual understanding, and a healthy business relationship.
How much do you need to start a small business?
This will determined by your business plan, marketing strategy, and budget. However the inital cost of starting a business cost as little as R175 according to Business insider article quoting Data from The World Bank Group’s doing business study.
There are many organizations, Government agencies such as SEDA, SEEFA, and business support units that help fund small businesses. They give you a budget to work with and you have to do your homework on what items you intend on selling.
Hard work creates opportunities where your resume cannot transform your ideas into a fully successful business.
Behind every good idea is a hypothesis, a belief that your idea will be valuable to a target market.
Product Knowledge & Target Market
Entrepreneurs know their products inside and out. They also know the market. Most become successful because they create something that didn’t already exist, or they significantly improve an existing product after experiencing frustration with the way it worked. Remain aware of the changing market needs, and competitor moves, and don’t underestimate the value of an open mind and continuous learning. You are ultimately responsible for your own success. Always remember that change starts with you.
If you want to be a successful entrepreneur, it means having the confidence to make challenging decisions and see them through to the end. If the outcome turns out to be less than favorable, the decision to take corrective action is just as important.
As long as you possess the entrepreneurial spirit, you’ll be able to seize opportunities and overcome challenges throughout your journey.
Popular Business Startup Questions
How to start an event planning Business in South Africa?
1. Brainstorm what sector in events you would like to start.
2. Once you have decided, Write a business plan including your budget
3. Register your business in SA using CIPC Bizportal Website.
3. Send Decor Essentials your list so we can draft a competitive Quote.
4. Forward your Quote to a financial institution for funding.