Shafeeka Anthony, marketing manager of JustMoney.co.za, says:
“Starting a business without formal education or existing business skills is challenging, but it’s not impossible
“Many entrepreneurs have paved their own path to success with a combination of determination, resourcefulness, and a willingness to learn.”
JustMoney offers 15 entrepreneurial tips to empower young people with limited formal job prospects:
1. Identify an opportunity: Consider what you enjoy and are good at.
2. Clarify your ideas: Develop a business plan. Outline your vision, goals, target market, competitors, and projections.
3. Start small: Use your existing skills and connections to get your business off the ground.
4. Learn continuously: Use free or low-cost resources, such as online courses, books, YouTube tutorials and podcasts to acquire the knowledge and skills you need. Focus on marketing, finance and management.
5. Build a support system: Share your ideas with friends and family.
6. Network: Connect with mentors and advisers in your chosen sector. They can provide guidance, share insights, and help you avoid common pitfalls.
7. Focus on customer satisfaction: Listen to your customers’ suggestions and concerns, and be open to adjusting your products or services. Build strong relationships so that your customers become loyal supporters.
8. Stay informed: Keep up with industry trends and market changes to make informed decisions and stay competitive.
9. Manage finances: Track expenses and income to ensure your business remains viable.
10.Collaborate: Be open to partnerships that can bring skills and resources to your venture. Connect at business events and join online communities.
11. Embrace online platforms: Use social media, e-commerce platforms, and websites to reach a larger audience. Building an online presence is cost-effective and can lead to substantial sales.
12. Seek funding: Grants, competitions, and small business loans are available for young entrepreneurs. Research and apply for these.
13. Be persistent and resilient: Stay determined, adapt to changing circumstances, and persevere.
14. Embrace failure: Don’t be discouraged by setbacks; use them as opportunities to learn and grow. Many successful entrepreneurs faced multiple failures before achieving success.
15. Be adaptable: Flexibility is essential for business survival.
