Deloitte’s 2019 Global Millennial Survey found that 58% of young adults in South Africa aspire to more than traditional employment. This is significant given the country’s high youth unemployment rates. Entrepreneurship offers a pathway for young South Africans to break free from job scarcity.
According to STATS SA, South African youth face higher unemployment rates than the national average, as revealed by the Quarterly Labour Force Survey of 2022.
So, what does it take to thrive as an entrepreneur in a challenging local and global economy?
1. Understand Your Customers
Your personal preferences may not align with market demands. To succeed, you need a loyal customer base. Identify their needs, preferences, and purchasing habits.
2. Manage Your Finances Wisely
Many millennials cite lack of funds as a barrier to entrepreneurship. Seek alternative funding sources beyond traditional bank loans.
3. Prioritize Social Impact
Businesses that prioritize sustainability tend to perform better financially. Consider how your venture can positively impact society and the environment.
4. Dedicate Time and Effort
Building a successful business requires hard work and perseverance. Avoid expecting instant success and be prepared to invest time and energy into your venture.
5. Plan Your Financing Strategy
Approach fundraising strategically. Anticipate investor questions and continuously refine your business plan.
6. Embrace Innovation
Constantly innovate to stay ahead of the competition. Complacency can leave you vulnerable to being overtaken by disruptors in the market.
7. Practice Patience
While growth is desirable, premature scaling can lead to failure. Take your time to scale your business sustainably.
8. Manage Your Budget Effectively
Cash-flow problems can derail your business. Maintain a strict budget, monitor expenses, and prioritize spending.
9. Learn from Mistakes
Mistakes are inevitable. Use them as learning opportunities to improve and strengthen your business.
10. Cultivate an Entrepreneurial Mindset
View entrepreneurship as a lifestyle, not just a means to an end. Embrace your business as your purpose and passion.
