Starting your own business involves coming face-to-face with the prospect of failure. This possibility, and its attendant consequences – financial strain, pressure on personal relationships, blows to drive and confidence – can be enough to warn most people off beginning their own enterprise. But the benefits of starting your own business can trump the risks that are involved.
1. Have you got the experience?
You may be freshly qualified as an accountant, with a strong independent streak coursing through your veins, and eager to break into the working life as your own boss. But this may be an error. It is recommended to accrue a good deal of varied experience as an accountant if your dream is to start your own practice.
Retrenchments are an agonising process for any business. They can cause upheaval in the lives of all involved, with those who lose their jobs being most seriously affected.
As a small business owner, you’re looking to take advantage of every opportunity available to make sure that your enterprise is a success. To help in this here’s a selection of some great free resources for South African businesses to help you on your way.
Can you support yourself?
There are many practicalities that may inhibit your ability to start your own business. If you’re planning making your endeavour a full-time job from the get-go, you will need to have enough savings to cover your living expenses.
Almost a decade on from the start of the global financial crisis, South African businesses are still facing a number of challenges. Here are some astounding figures about the state of South African small and medium businesses.
If you know of a small business that manages to rise above the rest, a provider of an outstanding service or wonderful product, now is the time to nominate them as a potential recipient of the 702/CapeTalk Small Business Awards with Sage One.
One of the great advantages of being an accountant specialising in small business is the close contact that you can have with your clients. Your influence can be instrumental in pushing your client’s business to new heights.
You’re setting out on your own, business plan honed, brimming with ideas, and ready to conquer the market. Starting a new business is one the greatest adventures you’ll have, but excitement can quickly turn to disappointment. Here’s some advice to keep in mind as you contemplate a new venture.
Not all who build businesses are equal. Very often those who look to describe people with their own enterprise will use ‘entrepreneur’ and ‘small business owner’ interchangeably; however each phrase describes a different kind of person, and distinctive mind-sets about how they pursue their business.
Choosing to follow your dreams and bring your small business idea to life takes guts, commitment, time and effort. Once the ball is rolling, it’s really easy to get caught up in the work and challenges that come with managing your own business.
If hopeful entrepreneurs are to reach their full potential and achieve their business dreams, they need to receive adequate guidance, nurturing and of course, opportunities. South Africa is no stranger to producing top-quality business men and women, and with the number of entrepreneurs entering the scene increasing year after year, the economy is receiving a much-needed boost.
For many of us, the idea of starting a small business is a daunting one. What if it fails? What if I’m not equipped enough to handle it? What if something goes wrong? All of these ‘what ifs’ are completely understandable, of course, but you shouldn’t let them stop you from reaching for your dream.
Many well-known, hugely successful businesses of today started out small and very often, far away from a corporate office. In fact, there are multiple multi-billion dollar empires that began as a great idea somewhere other than within the four walls of an office. From humble beginnings to world-wide fame, here are some brands that were launched in the most unlikely of places: a garage,
In this day and age, moms can have it all. There is no longer a need to choose between having a career and having kids – you can have both. This is especially true since the introduction of online business software has made running your own business much easier. There are plenty momtrepreneurs out there, all making a name for themselves as they find the perfect balance between motherhood and business responsibilities.
Everything is possible. Impossible just takes a little longer.” – Wendy Ackerman, Non-Executive Director of Pick N Pay Holdings Limited Earlier this year, we wrote a post about some of South Africa’s top female entrepreneurs and with Women’s Day just around the corner, we thought we’d honour some additional stellar female entrepreneurs making their mark on the world of business.
The future of South Africa inevitably lies in the hands of its youth. It’s young South Africans who are going to lead this country to greatness and set an example for future generations. In recent years, it’s entrepreneurship that has played a key role in the fast development of the South African economy, so when
Africa is increasingly becoming known as a viable economy to invest in and this is largely due to the success of entrepreneurial ventures. Entrepreneurship is not only about building and running your own business, but it’s also about offering a solution to a problem as well as having the passion and perseverance to see it through.
It has to be said that South Africans are nothing short of innovative. This is evident more than ever in the number of start-ups that have exploded on to the scene in the last few years. More and more people seem to be taking the plunge into the exciting world of entrepreneurship, much to the delight of their fellow South Africans who luckily get to reap the rewards of some seriously fantastic ideas that are being made into realities.