Five tips for budding entrepreneursThe subdued rate of emerging business activity - at 4.5% growth compared to the 14% that the sub-Saharan region should be averaging (GEM report 2014) - often has nothing to do with bureaucracy and funding constraints but, rather, much less obvious hurdles. Government funding opportunities, crowdfunding and initiatives by corporates such as the Cisco Innovation Grand Challenge are examples of these hurdles being removed. © Sergey Nivens - Fotolia.com "Many entrepreneurs need assistance in areas overlooked by some established companies and enterprise development agencies," says Grant Marshbank, COO of VSc Solutions. "Established businesses therefore have a vital role to play in increasing enterprise development in southern Africa through encouraging and nurturing the creative thinkers within their own companies as well as external start-ups." The social stigma attached to failure, a lack of basic communication and business skills needed to access grants, a focus on monetary reward rather than a simple love of the job, and an absence of consistent direction all contribute to a start-up's inability to sustain itself. "Successful entrepreneurs implement new ideas, which in turn creates new businesses that employ people, pay taxes and increase the demand for other products and services which all have a positive impact on the economy. They are typically more agile than larger corporates and can capitalise on market changes faster. Entrepreneurs also attract investment which stimulates accelerated growth." The technology sector can boost the figures "More than half of these emerging businesses are thought to be involved in the technology sector," explains Marshbank, citing the percentage engaged in PwC's recent Emerging Companies and the Ecosystem report. Included in the report were the myth-debunking findings that funding and red tape were not considered chief concerns of most entrepreneurs surveyed. "Like the successful and passionate founders of technology giants Facebook, airbnb and Uber, entrepreneurship frequently requires that you walk a path that no other person has taken. An entrepreneur should always be open to learning and bouncing ideas off peers or mentors and having those people available to them for sustained reassurance." Five tips for getting it right
"Ultimately, passion is key to developing and running a successful business; however, being commercially savvy is important. Financial gain shouldn't be the focus of an entrepreneur's journey, but rather a consequence of entrepreneurship when done correctly," concludes Marshbank. |