Without a doubt, South Africa is known for producing the most talked about entrepreneur of the decade. As well as highly successful entrepreneurs. Just look at the likes of Elon Musk, Patrick Soon-Shiong, and Patrice Motsepe.
Elon Musk is the founder, CEO, CTO and chief designer of SpaceX. In addition, he is an early investor, CEO and product architect of Tesla, Inc. Last but not least has an estimated net worth of roughly $90,7 billion.
Patrick Soon-Shiong a is South African-born Chinese surgeon and businessman who owns 230 healthcare patents and runs four major companies.
Additionally, Patrice Motsepe is worth an estimated $2.5 billion. He is also the first black African to be included on the Forbes list as the founder and chairman of African Rainbow Minerals. Some heavy hitters – all of whom have their roots in South African soil.
Especially if you are currently in the process of laying the groundwork for a new entrepreneurial pursuit, there are a few ways to pave the way for success. Here are a few tips to get you started:
TOP TIPS FOR BECOMING A SUCCESFUL ENTREPRENEUR IN 2021 & BEYOND
Get yourself a mentor
There are various ways to find powerful business mentors in South Africa. Make a point of seeking out the help of a seasoned veteran in the industry you wish to pursue. Doing this allows you to benefit from their experience in the field. There are many fine businesswomen and men out there who want to extend a helping hand. Especially to the next generation of entrepreneurs – all you need to do is ask.
Surround yourself with likeminded people
Next up, it’s time to seek out supportive peers. Build a network of likeminded individuals and business owners with shared values, and work together to bolster each other’s initiatives.
Get your books sorted right from the start
Line up an accountant to help you to make sense of your business finances right from the start. It may seem like an unnecessary expense at the outset, but once your enterprise starts to scale you will be happy to have the right support in place.
Have a plan, but remain flexible
As an entrepreneur, it’s important to remain nimble. Having a plan in place is vital to making headway in your bid to stake a claim, but remain flexible enough to deal with setbacks without losing your verve.
Find a sweet spot and zone in on it
Find your niche and make it work for you. Don’t try to reinvent the wheel or corner a share of an oversaturated market. Instead, focus on positioning your goods and services in a way that makes it attractive to a fresh new demographic, or addresses a need that no-one else has solved yet.
Don’t try to do everything yourself
Contrary to the desire to, there is a reason that the saying goes ‘jack of all trades, master of none’. Embrace innate skillsets and outsource the other things. You can hire out, get freelancers on board, or contract agencies to focus on the things that don’t come to you naturally. For instance, you may be great at coming up with creative ideas, but if admin is not your strong suit, it’s best to invest in the support of an assistant who can focus on the nitty-gritty while you keep your eyes on the prize.
Above all, it is far easier to enjoy success as an entrepreneur if you get yourself a mentor, surround yourself with likeminded people and get your books sorted right from the start. Other guidelines to follow include remaining nimble in the face of adversity, addressing a need that no-one else has solved yet, and not trying to do everything yourself. Good luck!