When millennials talk about their career aspirations, many express a desire to run their own businesses. According to Deloitte’s 2019 Global Millennial Survey, 58% of young adults in South Africa prefer entrepreneurship over working for someone else’s company.
The real question is: What does it take to succeed as an entrepreneur in today’s challenging economy, both locally and globally? Karl Westvig, CEO of Retail Capital, which offers alternative funding for small businesses, provides ten pieces of advice:
1. Listen to your customers: Just because you like your product doesn’t mean others will. Your business needs a loyal customer base who truly values what you offer.
2. Be smart with funding: Lack of funds is a common barrier for millennials wanting to start a business. However, there are various funding options beyond traditional bank loans that you can explore.
3. Success is more than just profits: Stand out by creating a business that benefits society and the environment. Sustainable ventures tend to perform better.
4. Put in the effort: Building a successful business takes time and dedication. Don’t expect instant results; you need to work hard and consistently promote your company.
5. Plan your funding strategy: Raising funds requires careful planning. Anticipate investor questions and continuously refine your business plan.
6. Embrace disruption: Innovation is key to staying ahead in the market. Always be on the lookout for new products and services that can shake up the industry.
7. Be patient: While growth is important, rushing to scale too quickly can backfire. Focus on steady, sustainable growth rather than rapid expansion.
8. Manage your budget effectively: Cash-flow problems often arise from overspending or poor financial management. Stick to a well-defined budget to avoid these issues.
9. Learn from mistakes: Mistakes are inevitable, but they’re also valuable learning opportunities. Use them to refine your plans and make your business stronger.
10. Adopt an entrepreneurial mindset: Entrepreneurship isn’t just a job—it’s a lifestyle. Embrace the challenges and opportunities that come with running your own business.
