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
ITC urges governments to increase public procurement from women vendorsThe International Trade Centre (ITC) has launched an initiative to increase the number public procurement contracts being awarded to women-owned businesses. Currently only an estimated 1% of public-procurement contracts globally are awarded to WOBs or women entrepreneurs. Read More
Orange launches start-up accelerator programme in Ivory CoastWith “Orange Fab Ivory Coast” and “Fab Israel”, Orange’s network of start-up accelerators is now present on four continents. Read More
Safaricom shareholders agree yuMobile buyoutShareholders of Kenya’s leading telecom Safaricom voted in favour of the company’s acquisition of the network, IT and infrastructure of smaller rival yuMobile at the firm’s annual general meeting (AGM), meaning the deal now only requires regulatory approval to proceed. Read More
TLcom achieves second profitable African exit of 2014 with Movirtu saleVenture capital firm TLcom Capital (TLcom) has announced its second profitable exit in Africa this year with the sale for an undisclosed fee of virtual identity solutions provider for mobile operators Movirtu to BlackBerry. Read More
Why CWG is re-strategisingNigeria’s Computer Warehouse Group (CWG Plc) is re-strategising to take the company in a different direction. Read More
Green accelerator programme launched in KenyaImpact Amplifier, Growth Africa, VC4Africa and Hivos have joined forces to launch an accelerator programme for green entrepreneurs, looking to help these entrepreneurs scale their innovations across Africa. Read More
Nigeria will drive West African operations, says Asseco chiefEuropean software giant Asseco Group has decided to open shop in Nigeria to drive its presence in the sub-region from the country. Read More
Eaton Towers acquires Airtel towers in 6 countriesEaton Towers and Bharti Airtel today announced an agreement for the acquisition of over 3,500 telecoms towers by Eaton Towers from Airtel. Read More
TNM first quarter net profit jumps to K1.8 billionMalawi's mobile telecoms network service provider TNM continues to realise an increase in net profit from operations. Read More
FEATURED STORYMFarmer SMS redefines market access for Ugandan farmers
Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures.
BEST READ NEWS
IN DEPTHNIG President speaks his mind
Bayo Banjo, CEO, Disc Communications and President, Nigeria Internet Group (NIG) says the proposed licensing of infrastructure companies by the Nigeria Communications Commission (NCC) will breed corruption and entrench monopolistic practices. Kokumo Goodie reports.
COMPANY NEWSSAP innovation transforms how Governments conduct business
SAP Africa kicked off its public sector innovation roadshow in Johannesburg, to highlight how the SAP innovation solutions portfolio including, cloud and big data, supports all levels ...