Understanding all the business jargon and necessary compliance when starting a business can easily become overwhelming. There is now help from the Entrepreneurial Center of South Africa.
This no longer has to be a problem for new entrepreneurs. South Africa has launched an Entrepreneurial Growth Center. This center will support new entrepreneurs to ultimately start and run their own businesses successfully. This center was launched by the risk finance company for small and medium enterprises, Business Partners Limited.
The Entrepreneurial Center is located in Johannesburg. Luckily, you will not have to travel all the ways to Johannesburg to share in this opportunity. They are also offering assistance to entrepreneurs through email, their call center and the national platform for professionals, LinkedIn. Entrepreneurs will have access to business mentors that have been trained, offering educational information.
The main purpose of the Entrepreneurial Growth Center is to provide support and assistance to all entrepreneurs, especially new entrepreneurs, in South Africa. They will give guidance and business tips to entrepreneurs that are looking to learn and extend their business knowledge.
Business Partners Limited did extensive research to establish with which aspects entrepreneurs struggle the most with. When they have compiled all the information they collected, they came to the conclusion that funding for their ideas are the most challenging part. It was also established that entrepreneurs are most likely to need guidance in the first few years after they started a business.
In the first few years of doing business, the business is most vulnerable. At this time the entrepreneur will have to establish the business in the market and will also have to start to build a reputation for their business. Research has also shown that these few years of doing business is the time where the highest rate of business failures has been recorded.
The Entrepreneurial Center has therefore committed to help new entrepreneurs and business in their vulnerable years, to give them the best possible guidance to minimize their chances to fail. This will ensure that the entrepreneurs have the knowledge to sustain their own businesses.
Other parts that entrepreneurs struggle with are doing market research. Doing market research will ensure that you supply products that the customers are looking for. It will also help you to identify your competitors and will help you to establish market related prices. Other aspects that they also give attention to are things like BEE compliance, assistance with cash flow management and VAT.
One of the more important aspects of running a successful business is to comply with the different laws that have an impact on the business. These laws will differ depending on the type of business that the entrepreneur started. One of the general laws that have an effect on any business is the Labour Law. This law governs how employees of a business are to be treated. Not all new businesses have a lot of employees, but this is a very important law to take note of in the future. Employees are the biggest asset of any business and therefor it is very important to know the law and knowing how to apply it. The Entrepreneurial Center also has business mentors that can help with these laws, especially ones that have a direct and a fairly large impact on the business.
You can easily contact The Entrepreneurial Center on 086 SMEFIN (0861 763 346) or email them at [email protected]
The Entrepreneurial Center is a very good initiative from Business Partners Limited. Giving entrepreneurs the necessary information to run their own businesses will also have a positive effect on South Africa’s economy. This Center will enable entrepreneurs to start and run their businesses successfully; to their full potential.