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  • General News

What is Entrepreneurship?

This is Step 1/12 of our series “How to Start a Business in SA Successfully?” Are you a South African Entrepreneur looking to start or grow your business? Then you’ve come to the right place! In this 12-step-series we will be discussing the 12 Core Elements of How to Start a Business in South Africa. We cover all the big questions – how do I offer something better than competitors? Create the right brand? Get Leads? Keep control as I grow?

Taking us through these steps: Brend Badenhorst

In an interview style discussion, Brend will lead us through these start-up success steps. Brend is SA’s leading start-up success consultant.

  • Experienced Entrepreneur (Founder of MySME)
  • IMCSA Registered Business Coach
  • Specialist in start-up growth
  • Services SETA organisation (under MySME)
  • UNISA / CPUT Advisory Board
  • Government Speaking Event Contributor
  • Track record of many successful SME’s (see testimonials)
brend

To watch the Video Interview, simply click on the video below:

You can also read through the interview content below – question by question.

“I think in SA and especially in the general media today, entrepreneurship is something that is taken wildly out of proportion. It’s something that really isn’t that complicated, if you just think about it logically. Basically, Entrepreneurship, or the definition of Entrepreneurship, is somebody that has an idea, so he’s an idealist, and that idea is always to push humanity forward. So, its an idea worth working for.  It’s somebody with the ability to create a vision, that will bring this idea to life.  And then lastly, it’s somebody that is a hard worker, a builder, who goes out and builds his business according to the vision he laid out as his blueprint.”
“That’s a very good question. As an entrepreneur, you consist of three characteristics:
  • Idealist / Dreamer
  • Architect
  • Builder
What’s interesting is that entrepreneurs all have big dreams and most of them are hard workers. So, they’re not afraid of hard work, but it’s the middle part that’s lacking in most SA entrepreneurs, and that is the Architect.  It’s this characteristic in your personality, that needs to sit down and plan a vision as to how you will actually execute this idea and build the business from the ground up.  The Architect is what most people lack, and then struggle to build a successful business. Hope that makes sense.“

“I definitely think that if you look at the idea, it’s very important that you have the right business idea, otherwise you’re going to struggle. Creativity and innovation will be difficult, if it’s not the right idea. To get to the right idea, there are 3 criteria you need to look at.

Number one, ask yourself what you are deeply passionate about. You’ve got to understand what’s driving you in your business. What’s the purpose and why you’re doing what you’re doing?

The second thing is your skillset. What are you technically good at as an individual? Then, you’ve got to link up your skill set with the passion. Passion is going to drive you more towards the industry or market you want to do business in and the technical skill will answer the question of what the product or service is that you can actually bring to this industry.

Then the last very important question, is your economic engine. Will this idea make money? Yes or no?

Simple example: Do you need to wear clothes? 

Of course yes! 

So, retail in clothing is always a good business idea, because people need clothing and they’re going to need to pay for it.

This is when you need to ask the question: Am I selling a necessity or a luxury? 

If you are selling a necessity, you’re never going to run out of customers. If you are selling a luxury, it will be harder, because when in difficult financial times, people cut their budget and don’t have any money left for luxuries.”

In Summary

Entrepreneurship is all about creating a practical vision, to bring a dream to life, by focusing on your strengths and applying creative principles to start a business successfully. In our next Session (Step #2), we will cover more aspects on: How to choose the Right Business Idea, Market Research and Setting up a Business Strategy. See you there!

FREE Start-up Workshop - Just Opened!

Start your journey to a become a successful entrepreneur in South Africa by Signing up for our FREE Online Startup Workshop. In this workshop we’ll train you how to apply this information above and much more. Best of all – it is FREE! If you are already a trading business and need funding or support to grow, our IMCSA Accredited Business Coaches are ready to assist.

We train you how to apply this information above to your business and much more.

Contact us today!

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