What entrepreneurs need for success
BUSINESS| Dec. 18, 2010, 9:21 a.m.
Enablis, an international non-profit support organisation to support entrepreneurs in the developing world, says there are several key success factors when starting a business.
In a statement at the launch of the Accenture-Enablis Business Launchpad Competition in South Africa, Victor Mzimela, Country Manager of Enablis SA, explained that with as much as 30% of a country's GDP dependent on the small business market, this is not an area that should be taken for granted.
When looking at what is required to succeed in their chosen markets, Mzimela believes there are critical skills every entrepreneur needs, beyond those specific to their areas of business.
“ It’ s a scary thing to move away from a regular job to start and run your own business,” he states. “ If you are to succeed, the following qualities are central to success in all industries.”
Perception: The entrepreneur must be able to read and understand his or her chosen market and provide the products or services that meet the needs of potential customers.
Value: It follows that by understanding the requirements of customers, the entrepreneur can only succeed when he or she manages to add value to the market through the products and services on offer. Adding measurable value is critical to success.
Flexibility: Entrepreneurs must be able to adapt to meet the ever-changing needs of their markets.
Sales skills: Entrepreneurs must be able to read a market and differentiate the products and services they offer. If you are not aggressive in business your product or service will not be able to hold its own against your competitors and will probably die, along with your business.
Negotiation skills: You need to do more than sell to customers, says Mzimela. You need to sell to financiers to persuade them to invest in your company and you need to sell yourself to your customers, suppliers and employees.
Financial knowhow: While the entrepreneur does not need to be an accountant, you do need to understand financial and business management to be able to run your company effectively and develop a workable pricing strategy.
Time management: It is also imperative to manage your time properly in order to plan your days and ensure you deliver what you promise on time and to the expected quality.
Consistency: Entrepreneurs must also be consistent in what they deliver. You cannot produce excellent quality today and then relax and produce rubbish tomorrow. Mzimela adds that entrepreneurs also need to be working consistently on improving their products and services to ensure that they stay ahead of the competition.
Enablis currently has over 1 000 entrepreneurs as members in South Africa, Mozambique, Kenya, Tanzania, Ghana and Rwanda. It provides a range of support services, including mentorship, helping members find affordable access to resources and capital and giving members the means and tools to share experiences among themselves.
Enablis also assists entrepreneurs in capacity building, identifying areas in which they need improvement and then recommending workshops and training courses for them to attend.
MORE BUSINESS NEWS
MTN Ghana takes Best HR awardMTN has been adjudged the Overall Best Organization in Human Resource (HR) Practice in Ghana for the second time in a row at the recent HR Focus Awards. Read More
Dell EMC acquisition to create ‘mega-tech’ companyDell Inc. has agreed to acquire network storage giant EMC Corp. for approximately $67 billion. Read More
GTBank to empower Nigerian SMEsGuaranty Trust Bank plc has partnered with Agence Française de Développement to launch a N3 Billion initiative to boost financing for business start-ups and development projects in Nigeria. Read More
Beachhead Solutions introduces channel programme for emerging marketsBeachhead's high-ROI reseller programme is now available in MEA and India. Read More
Barclays Africa launches RiseA new global start-up community has been launched to pioneer financial services and unlock Africa’s potential. Read More
JUA Energy enters Nigeria after success in KenyaAfter successfully entering the Kenyan market in April 2014, solar-powered systems and technological electronic accessories manufacturer brand JUA energy has launched in Nigeria to sell through e-tailer Jumia. Read More
Fundamo founder joins Nomanini’s advisory boardFundamo founder Hannes Van Rensburg, generally considered the father of mobile payments, has joined the advisory board of Nomanini, a South African-based, enterprise technology transactions platform provider. Read More
Airtel sponsors Indo-Africa ICT Expo 2015Airtel is sponsoring the Indo-Africa ICT Expo 2015 being held at the Kenyatta International Conference Centre (KICC) now underway in Nairobi. Read More
MTN acquires Smart Village to enhance its foothold in the fibre network spaceMTN has concluded a deal with MultiChoice to acquire Smart Village, which will accelerate the mobile operator’s fibre to the home (FTTH) strategy to be the provider of choice for high speed fibre network across South Africa. Read More
Agilitude opens East African office on the back of mobility and cloud growthSalesforce reseller and Consulting Partner Agilitude has announced that is has opened an office in Kenya, making East Africa its next target for growth. Read More
FEATURED STORYConnectivity critical for Nigeria's ICT sector, says SES chief
Connectivity is vital for any country to fully optimise the huge potential of cyberspace, SES Sales Manager for West Africa Joy Nma Emenike tells Kokumo Goodie.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.