These are some of the challenges freelancers and new business owners deal with on a daily basis.
Research by the University of Western Cape (UWC), revealed that South Africa has one of the highest startup failure rates in the world, with up to 80% of businesses failing within five years of opening.
Experts believe that the high failure rate of SMEs can be attributed to factors such as load-shedding, high-interest rates, and the rising cost of fuel. However, there is also evidence that points to a human element.
The UWC research states that approximately 40% of the success of small-scale businesses is dependent on the business owner. “The business owner deals with important customers, suppliers, and employees - the business can rise, or fall based on his or her decisions.”
According to Bosega, there are tools and techniques that can help you to make better decisions as a business owner. "There are decisions you'll have to make on the fly, while there are ones that you'll have to think about over a longer period. It can be exciting, yet daunting to make all the decisions yourself.
"It is therefore important that you consider a mentor - to help you set up and run your business effectively."
Bosega suggests that mentors can help you evaluate your situation based on your environment, your business's unique strengths and weaknesses, and provide an expert perspective based on their experiences and knowledge of the industry.
“A mentor can guide you to identify your goals and gather the relevant data to evaluate your options and then make decisions based on that.
“It will also save you time to get the right information from a mentor, rather than to spend hours researching the information online or from the wrong sources – on your own.”
Mentorship or business coaching is a relatively new concept in South Africa, but global statistics have proven that the concept is invaluable.
A micromentor.org study found that mentored businesses increased their revenues by 83% while non-mentored businesses increased their revenues by only 16%. While the UK Department for Business Innovation and Skills and the Federation of Small Businesses found that nearly twice as many mentored businesses reported an increase in revenue compared to their non-mentored counterparts.
There are many ways business mentorship can be of great value to your company, including getting guidance on writing a business- or funding proposal, and gain knowledge on how to run a business in a changing environment.
You should be considering business mentorship for the following reasons:
Startwise is a virtual, on-demand consulting platform where small business owners can connect with experts to obtain mentoring and coaching. They have the option to browse experts according to their field or area of expertise to connect with them on-demand for a scheduled consultation.
You can make use of the Startwise Forum to foster collaboration, share knowledge, and support within the entrepreneurial community. The Forum is also where you can engage with potential business mentors.
Before you approach a potential mentor:
Startwise is not only an award-winning platform but also a first for South Africa and the African continent.
If you would like to become a verified expert on Startwise, you can also apply to become one of our trusted Business Mentors.
Startwise experts are 100% vetted to ensure businesses and entrepreneurs are getting the best advice from qualified and experienced businesspeople.