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What is an Entrepreneur?
Many of us hear the small business "anthem song" - Complete freedom, unlimited opportunities, dreams realized. But of those who answer it, most don't succeed. Why? What separates those who succeed from those who fail?
Knowledge of the business, sufficient capital, good experience, and a unique idea at the right time are just some of the characteristics of a successful business owner. Although there isn't any way that you can guarantee that you'll become a successful business owner, you can greatly improve your odds by becoming well-prepared for the task.
It is important that you should seriously consider what it really means to own your own business, from the sacrifices you'll have to make to the skills you'll need if you're to succeed.
As a small business owner, you need to:
- Understand the responsibilities and challenges of owning and running a small enterprise - what's involved in owning a business and what are the roles you'll have to play if you own one? This is a good place to start if you're considering starting your own business but haven't owned one before.
- Set realistic goals - what do you want from your business? If you want to "succeed," how will you know if you get there? Knowing what you want from your business permeates all of the other decisions you'll have to make in starting a new business. It will affect which business you choose, how you evaluate your chances for success, and how you determine if you have the right skills.
- Find out if you have the right entrepreneurship attributes - how can you evaluate your own skills and make judgments about whether you're ready to own your own business? This is a good place to start if you already know that you want to own a business.
- Estimate how the decision to start a small business will impact on your everyday life - how will your life change when you become a business owner? Many of the more "secure" aspects of employee life will vanish when you open up your own business.
So, what then is an entrepreneur? "An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them."
What is e-Commerce
The broad definition of e-Commerce(electronic commerce) is the the buying and selling of products and services electronically using online technology over the Internet.
The need for e-Commerce adoption by traditional businesses is becoming more and more important for these businesses to stay competitive. Recent news that shopping malls are becoming less busy because of the increased number of customers shopping online is a clear indicator that every traditional shop should also have an online store.
Business idea viability study
If you have a business idea you are probably raring to go and full of enthusiasm. This is good, as you will need that enthusiasm and dedication to get through the hard work that lies ahead. Before you start working on the detailed planning of your idea, you need to do a quick viability study. This will help you with the following:
What is a business plan
A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.
It communicates a viable business idea. We communicate with employees, suppliers, investors, financial institutions and other stakeholders. The main reason for this communication is to convince stakeholders that the new venture will be successful and it is worthwhile to invest in the enterprise.
10 tip for becoming a successful entrepreneur
Have a solid business plan
Prepare for financial challenges
Be frugal – remember you’re a start-up
Don’t be afraid to ask for help
Put your faith in a trusted mentor
Marketing on a shoestring budget
Look after number one
Build a team that shares your vision
Never stop learning
Safeguard your venture
JACK MA’S AFRICA NETPRENEUR PRIZE OPEN FOR SUBMISSIONS
The application process for the Africa Netpreneur Prize Initiative, the $10 million contest launched by Alibaba Group Executive Chairman Jack Ma to inspire an entire continent of entrepreneurs, is now officially open.
Applications to compete for the prize, which will award $1 million a year for the next 10 years to African entrepreneurs across all industries, will be open online through June 30. (To apply or find out more about the prize, go here.)
Government to launch online trading platform to assist SMMEs
The platform will be launched alongside the SA SME CEO Fund Circle which aims to finance and scale up black emerging businesses.
An online trading platform aimed at linking registered small, medium, and micro enterprises’ (SMMEs) to supply chain opportunities from large South African corporations that have integrated global footprints will go live today, 28 March 2019, following its official launch by President Cyril Ramaphosa.
Ramaphosa to launch SA SME Fund in Johannesburg
Netpreneur prize officially open to African entrepreneurs
The prize is open to all industries and small business owners and female entrepreneurs are encouraged to apply.
Organisers have opened the application process for the Africa Netpreneur Prize Initiative (ANPI) for entrepreneurs on the continent.
Alibaba Group executive chairperson Jack Ma created the prize after making his first trip to Africa in 2017 and being inspired by the entrepreneurial potential of the young people he met.
Small SA businesses making investments to weather electricity crisis
Uninterruptible power supplies and back-up power inverter systems should be considered.
Many small South African businesses are now being forced to take loans to buy standby equipment to use during rolling electricity power cuts, said small and medium enterprises funder Retail Capital on Wednesday.
State-owned utility Eskom, struggling to produce enough electricity to meet demand, has for the last few days implemented load shedding which suppresses up to 4,000 MW of demand at a given time to avoid a total collapse of the grid.