We are confronted by it every day on our roads as the steel collectors navigate their trolleys around the Bidvest truck - both entrepreneurial ventures, determined and hungry. Yet can the definition truly be so simple given the high statistics of failure within the first three years of inception?
Neale Roberts, entrepreneur and co-founder of Coach in the Corner, believes that the secret to unlocking the power of that highly sought-after gap in the market lies in objectively defining a profitable opportunity, sound business decisions paired with a willingness to risk, develop and manage.
Finding a profitable opportunity is, in Robert's opinion, the most difficult part of activating entrepreneurship. This view is supported by the high volume and frequency of ideas stolen, copied, cloned and fraudulently applied. Once that idea is found the entrepreneur has to have the conviction and stamina to withstand the 24/7 rigours of business. Delivery on the opportunity must be approached strategically in order to minimise competitive fallout.
This requires both skill and ability coupled with an internal fortitude to take on risk and the financial wherewithal to withstand that risk. There is no guarantee that simply having the right education will grant an entrepreneur success. Fundamentally, there must be an opportunity that presents good profit margins, but there are many other aspects, which affect growth and, therefore, success.
Roberts elaborated: "Access to finance, a clever selection of suppliers and the client base, an effective service/supplier infrastructure, need satisfying and streamlined product or service delivery methods, competent and accountable staff as well as large margins for error, all support sustainable growth in the entrepreneurial landscape. Further to this, the entrepreneur must know how to transform the opportunity with profitable margins into a sustainable business."
With the entrepreneur needing to fulfil many roles - particularly in the start-up phase - it is vital not to become side-tracked into narrowing the vision of the opportunity. "It's a juggling act," Roberts admits, "managing the top line of the business proactively and keeping a close eye on the value- and non-value-adding processes through the business, culminating in the debtor's book, is the key." Although support in the form of government incentives and structures, DTI, SEDA, and IDC supply do assist in reducing risk of start-up failure, these form but one organ of the entrepreneur body that cannot stand on its own.
In a bid to offer an additional foothold in the entrepreneurial accent to success, Coach in the Corner was established in 2000; its core function to combine people and processes to encourage sustainability and growth. Its team of registered industrial psychologists and business process experts has developed an online set of electronic tools, which empower individuals and organisations to assess and understand themselves on a variety of scales. Although educational programmes offer definite value, Coach in the Corner is extremely conscious of evolving entrepreneurial opportunities by keeping a pulse on shifting markets and consumer trends.
"Textbook problem solving and solving a problem in reality are often poles apart," Roberts explained, "which is why we have developed these tools to help grant entrepreneurs real-time access to both knowledge and experience." From a traditional standpoint many would argue that there are two types of entrepreneurial ventures: the small street corner business and the potential high-growth venture. However, Roberts believes that it is the right mix of street smarts, networked individuals and academic savvy that is unlocking and activating entrepreneurship in South Africa, which is set to turn the tide toward the increased sustainable success of these ambitious ventures vital to South Africa's own growth.
