By Ivan Epstein CEO (and co-founder) of Softline and Sage AAMEA
In the lead up to World Entrepreneur Day this Friday, I am constantly inspired by the tremendous entrepreneurial talent in South Africa. The desire to succeed by South Africans has resulted in an entrepreneurial culture which continues to grow at an encouraging rate in our country. This growth will be vital to fuel economic development in South Africa this year, and beyond.
While people can learn the principles of entrepreneurship, I think it’s very hard to train someone to be an entrepreneur. The steps and the risks you have to take to succeed in your own business can’t be taught. Ultimately, building a successful business and constructing a legacy is about passion; having a vision and sticking to it no matter what.
Starting a business and finding the right concept and vision is a gruelling process. Here are some insights that I gained along the way:
Work with people that support your vision
Finding a business partner that you trust and who shares your common interest and a similar drive to succeed is critical to making a business idea work. In many instances you will question your decisions or the direction you are taking, but having partners and staff that support you and share your vision makes the process substantially easier.
Find the right idea
The right idea might not present itself immediately, and is likely to be the result of a lot of investigative work as well as the current situation. Revisit your initial idea often. Look back at where you’ve come from, and how the concept might have grown, expanded or improved. Be inspired by this, and use it as a learning experience to grow.
Persevere. It just takes one
With no track record, starting a business and selling a service or product can be difficult. A stand-out piece of advice that I received was simply to persevere until you find that one person that will give you a chance. Once you have gained your first customer the second one will follow. The challenges are many to start with, but these decrease as you persevere and focus on steadily moving forward.
Making mistakes is part of the process
With most decisions it takes time to get into a rhythm of knowing what to look for and how to make an informed decision. It is important to recognise that not every decision will be a good one. Entrepreneurs make mistakes; the secret is that they need to be big enough to admit it, learn from it and move on.
Trust your gut
Many entrepreneurs look for mentors to guide them along the process. Mentors are important, but trusting your gut is just as important to succeed. Taking the advice and guidance of others on board is helpful, but most entrepreneurs will also have that basic instinct for their own businesses. It’s important to tap into that instinct.
In closing, continue to look ahead and to see beyond where the business sits today. Your interest should always lie in the future. That is, after all, where you are going to spend the rest of your life.