Whilst some small businesses are highly profitable as they are, there are others that simply cannot help but expand. As with most things in business, growth can be a double-edged sword: if the process is managed effectively, profitability can soar, but if not, the results can be disastrous. That’s why it’s imperative to do thorough research and planning beforehand.
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,
Do you spend hours at your desk at work feeling bored and wishing you could be doing something you really loved? Are you passionate about something and dream about finding a way to transform it into a successful business enterprise? Starting your own business is a journey that is bound to be filled with ups and downs, but it has to be said that if true passion lies at the centre, then the chances are that you’ll be able to overcome even the greatest of obstacles.
There seems to be a common misconception today, particularly among 20-somethings, that if you haven’t made it “big” by the time you’re 30, you’re practically doomed when it comes to finding career happiness. However, the reality is that success doesn’t have an age limit on it and at the end of the day, very often all you need is a great idea and a bucket-full of passion to give you the best chance of becoming a successful entrepreneur.
When it comes to business, most people would rather start their own instead of working for someone else. If you are one such person, you will know just how tricky it can be to choose the right business for you. There are plenty of things to consider, as you will be laying a lot on the line, not to even mention the fact that others (investors, employees) will likely be relying on the success of your business to get by.
South Africans are many things, but with the number of start-ups that have been launched in recent years, it’s easy to see how “enterprising” is fast becoming an accurate way of describing them. More and more aspiring entrepreneurs are attempting to make their mark in South Africa’s burgeoning entrepreneurial market, many of who are driven by their need to make a difference in society and help their fellow brethren – and Lumkani is one such start-up.
Every business, big or small, is bound to encounter problems at one time or another, be it during the early days or further down the line. Challenges are, essentially, an everyday part of business – they are inevitable yet it’s how they are tackled that is the important part. Even when things get really difficult, the focus needs to be on finding the right solutions for the business’s current problems.
Most successful entrepreneurs will tell you that there are numerous secrets to start-up success, let alone six. They’re also likely to tell you that even if you follow all the advice in the world when it comes to starting your own business, there’s no guarantee that it will succeed at the end of the day.
In the world of entrepreneurs it is of the utmost importance to know and understand how a business works, both internally and externally, as well as to find a behind-the-scenes team that holds significant expertise. Guiding the currency flow, money as well as ensuring a good marketing and advertising strategy, all the while taking care of the running and organising of business activities, are all necessary to allow the smooth development of the enterprise and the assurance of a profitable year.