As the New Year edges closer and aspiring entrepreneurs prepare to put shoulder to the wheel to start their own businesses; the business need-to-knows are imperative, especially for start-ups, and who better to provide these than successful South African entrepreneurs?
As the CEO of Howler, an event-technology platform that consolidates event planning, management and financial control, and pioneered cashless and ticketing concepts at events in South Africa, I have definitely experienced a few ups and downs with forming and creating my brand.
Putting a long time business idea into practice is the most difficult and nerve wrecking part of the process. But once that hurdle has been crossed and determination to succeed kicks-in, there’s no stopping an aspiring entrepreneur.
A few of the most important aspects of starting a new business is on-going research, dedication and hard work. You just need to take the leap, the journey is most rewarding, that I can assure you.
In fact, starting a business is exhilarating. But taking that step is the most difficult part, any businessman or woman will tell you that. Always remember – you won’t know what the result will be till you try it for yourself. You should not be afraid of failure, there will be times when it will happen, so just take the plunge. You will be pleased with the results!
When creating a start-up, there are basic considerations to ensure success, follow my five do’s and don’ts below to get your business off the ground and soaring.
The dos:
- A proper due diligence of your partners
- Experienced staff – it pays massively
- Legal advice early on
- Get your house in order – books and finances are top priority, especially for investors
- Take risks like your life depends on it
The don’ts:
- Be afraid to fail, it’s part of the business journey and it happens
- Do it alone, partner with competent people
- Make promises you can’t keep, your reputation is everything
- Lose focus and get side-tracked, always remember why you started
- Give away too much equity, you’re going to need it when raising capital
It all comes down to these ten simple guidelines. I stuck to them and they’ve helped me immensely in my business. One last thing, in the middle of it all, when things are going well, don’t forget to do business with respect and integrity. You never know who is around the corner!
