Some entrepreneurial skills can be taught while others need to be experienced. It is possible to gain skills while working for someone else, but there are perspectives that you can miss if you have not started your own initiative. Let’s have a look at some aspects around reasons for starting a business, the challenges faced and critical lessons learned.
The people who contributed to this content are from different fields of life, in various industries, with a variety of unique goals and ambitions.
Why Start an Entrepreneurial Initiative?
Some people start ventures because they have a good idea, some want to make a difference, and some are lucky enough to have witnessed a family member beginning a legacy. Three themes have been highlighted by our contributors this week:
Entrepreneurship is About Building Your Own or Expanding upon a Family
Member’s Legacy
Tshinondiwa Thovhakale has started a transport company and has done this because of the memories she shares below: “Growing up I had a good relationship with my dad. I have some of the best memories of him. He owned his own taxi business and drove one of them. He would come to school and fetch me, and before dropping me home, we would go to the taxi rank, take people, and I’d sit in front next to him and count money for him. Then do the normal rounds of dropping people at their destinations, and then he’d take me home and go back to work. I think all that grew on me. When he stopped and made other deals with his taxis, I felt it was our legacy, and I couldn’t let it die like that.”
Entrepreneurship is About Following Your Passion:
Spencer Horne stated:
“I wanted to work directly on the needs and problems that are my passion. The independence of starting a business and choosing exactly what to work on has been one of the most fulfilling aspects of my work. “
Entrepreneurship is About Making a Difference:
Many entrepreneurs start a venture because of a need that they would like to fulfil in the market. Some love the idea of feeling good by doing good and making a living out of it.
Things to Think About
Five challenges identified this week are:
- Networking is essential: People don’t always seek new businesses to uplift, the help their associates, leverage this to your benefit and establish a network of influencers, support, and contacts in the industry.
- Getting and keeping talent is a task: Especially initially when resources are limited, and you have a lot to do and achieve to grow your business, and cannot do it all alone.
- You may encounter cultural/societal biases – learn to use it to your advantage and set a precedent in the industry of what you can achieve: For example, being a female in transport, people may undermine you if they see the industry as a “man’s world” – show them why they’re wrong.
- You need to make your opportunities when starting a business: There are fewer opportunities when on your own, and you need to build a relationship base to spread your reach. Tenders are often given to the same people and fundraising is one of the most time-consuming aspects of starting or scaling a business. It’s not something that is always enjoyed, and unfortunately, it must take priority over all else until it is achieved.
- Persistence and flexibility should be balanced: Ironically one needs both an unfaltering belief in what you are doing and the flexibility to pivot out in response to the market. This is one of the most significant and most difficult responsibilities of a business leader.
Lessons Learnt
You need to make your own path
There is no blueprint. Your particular path to building your business will be different to that of others. At times you may learn from the experiences of other entrepreneurs, but be careful of comparisons. Be prepared for the detours and bumps along the road and be sure to take the time to enjoy the journey.
The importance of being patient
Patience is vital. Always have back up plans. It is best to venture into a business that you’re passionate about, because it’s the love for the business that will whisper the words “try again, just one more time” every time a challenge comes your way.
The importance of noticing the small wins
Entrepreneurship is a journey and in many cases, a challenging one. With this in mind, it is easy to get frustrated, lose patience and give up. At points, you may feel like no progress has been made. This is when people should remind themselves of the journey that they’ve already walked. It’s important to celebrate the small successes so that we stay positive and forge ahead.
Bringing it All Together
Entrepreneurship isn’t easy, but it is needed. It makes many people happy and helps create jobs and uplift communities. People start initiatives for different reasons, and we all experience challenges. It is through these challenges that we learn and grow.
