Starting a Business (Important Factors of an entrepreneur)

Starting a business
Important Factors of an entrepreneur, image: pxhere.com

Is business for everyone? There are so many business ideas, that one can take a look at, but before that, from an Entrepreneur’s perspective, can you really run a business? If you are starting out to have your own business – then you have a mammoth task ahead of you. You have to fit the profile of an entrepreneur. Remember, running a business comes with all kinds of stress and pressure; you have to be in an entrepreneurial state, to be able to handle all the pressure that comes with it.

There can be a list of questions that you can ask yourself before indulging on a business journey. But, because you found this page, it means you are on the right path and you will find the answers you seek.

Business is about an exchange of products and services for currency – you need to convince people to buy your product and I am positive that you won’t sell a product or a service that you don’t believe in. You can’t sell me a product or a service that you’d never use. That’s a bad start, and from there it’s downhill.

Important Factors of an entrepreneur

  • In business, know what you doing, but sometimes you have to fail in order to know the difference between what you doing wrong and what you doing right. There’s nothing wrong with testing the waters as long as you give it your all – I believe you can make it in the business world.
  • Business comes with a lot of tasks, some of which you may never enjoy – so you need to be able to motivate yourself and keep going even when it means going through the mud – if you ask for the rain, be prepared to deal with the mud as our currency doesn’t allow us to get our own pavement yet (I hope you don’t find my writing weird).
  • Efficiency is a key factor when it comes to business. You will have to be able to set your priorities right and stay organized.
  • Here’s a quiz, why aim for a million when the most realistic goal is a thousand? Don’t go overboard with your goals, be realistic and I promise you, you will grow as an entrepreneur.
  • Be patient, business requires one to be very patient.  Don’t ever rush into making money, you will crash so bad, trust me, I have, and I’ve learned that a hard way – having said that, take care of your health – work smart.
  • All businesses can be faced with errors, mistakes, unforeseen circumstances and perhaps delayed orders – you need to fix this promptly and take full responsibility, and be able to gain trust from your clients.
  • Focus on your goals, realistic goals no matter the setbacks, keep going, keep pushing, you’ve got nothing to lose, wait, actually you might lose your business, you need to fight for it.
  • You must be able to work alone for the longest hours ever! If you can do that, you are on the right track of becoming a successful entrepreneur. Family support is also important, your friend’s support is also important, but if you don’t get any support and you believe you can achieve it, do it.
  • Stay energized, be optimistic, be enthusiastic, and make good decisions for your business and make sure there’s progress.

Starting a new business

Starting a new business can be tedious – but you will need to stay focused and positive no matter the circumstances.

I believe in making research before starting a business – you need to know and understand your product and services. Your target market, location, prices, etc. There are so many things that can go wrong that you need to be prepared for as an entrepreneur.

The world can supply you with all the tools you need to prepare you, but sometimes you need to be prepared mentally and not just physically.

You will need a new customer and supplier base, and it’s supposed to be the fun part, but trust me, it can drag you and slow you down.

All characteristics of an entrepreneur we discussed above need to be in motion when things get bad. New, inexperienced staff can make you feel your business is inadequate (But it’s not, it’s a start and might take a while before we all dance to the same business tune and they have to be paid, Don’t let that derail you in any way).

Buying an existing business/Franchise

  • Absolutely good, if your bank balance looks great, taking this route is a good idea. As long as the business has a good track record and a stable infrastructure and you will get trained stuff – basically you get it all – you can a business that’s already been established, with its supply and customer base.
  • When you buy an existing business, you need to know what you getting yourself into no matter how much the company is been making in terms of split loyalties from staff and suppliers.
  • However, buying a franchise, like KFC, it’s a proven working system. I will be buying my bucket when I pass by in the middle of the night or day, it works but it’s very pricey. I might own a franchise as well in the near future because it’s best when you have the money and limited business and industry background.

Author’s Notes

Starting a business is very important when you have future goals and when you want to live a legacy behind for your family. Many businesses in South Africa and across the world fail, mostly because we lack patience, and there isn’t a way to instill patience in someone’s heart, it has to come from you.

All thanks to Sanlam with most of the information, they offer financial advice – they promise that a financial planner can, and I believe will help you make the most of what you have. So, you can contact them today on 0860 100 539.

If you believe I deserve the internet, do not hesitate to share my work as it is greatly appreciated.

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Isaac More

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Founder and Writer of iBusiness Blog, (born June 28), a South African aspiring Actor and Blogger. A native of Ventersdorp, Mogopa Village (SA), often referred to as Zack. Let's talk iBusiness.
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    Updated on October 20, 2019

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