I have the fortune to work with some very intelligent people.
I also have the fortune of working with some very experienced individuals.
In certain cases, these are the same people.
I a casual conversation I realised again that we are never too old, intelligent, experienced, or wise to learn something new. The only limiting factor to learning is ourselves.
At Spesres we train students in entrepreneurship. We train students in the theory of business, and how to set it up. We also endeavor to get students to start thinking about how they can start something where they are, with what they have and with the current skillset they possess. What we might lack, is the knowledge I gained from a casual conversation, so here goes
For you to really be an entrepreneur you need 3 basic things:
- Believe in what you do
You might be on to something great. It might be something that does not yet exist. Or it might exist, but not in your area. It might exist, and be in your area, but you believe you can be better at it.
Whatever your idea, if you do not believe in it, how do you expect others to?
Read up on your project/field. Study the competition. Know your value. Trust your instincts and believe in what you do.
- Have the tenacity to continue
It is not going to be easy. At some stage, it might also not feel worth it anymore. Friends will become foes. Failure is inherently part of the process. BUT the success will be sweet.
You need to graft hard and despite the critics, keep chipping away to ensure you succeed. It is you against the world. Make every second count.
Celebrate the small victories.
- Delay your gratification
Some of the biggest companies in the world started with the original owner being rock bottom (go and read the story of KFC). There is every chance that cashflow will be a nightmare to manage. At stages easy. Others very tight. Mostly just scraping through.
When you make it big (a large transaction, or two), be sure that you save up for the dry months. (do not “chow” the money). When you are in the desert, be sure to pay staff and critical suppliers first. Never blend your personal and business finances, they are two entities.
Grow the business so that it can be an asset, not a liability. And have an exit plan.
In short, if you keep at it, you will one day succeed
(PS: Thanks to my source)
Written by Rudolf Rautenbach