What do entrepreneurs do?
· Own and run their own businesses
· Own and run a franchise
· Skilled freelance/consulting work
· Develop innovations and take them to market
What skills do I need?
· Innovative thinking
· Interest in business
· Organisational skills
· Sales and marketing skills
· Computer skills
· Understanding of bookkeeping
· Understanding of company law
What subjects can help?
· Maths or maths literacy
· Business studies
What qualifications are there?
· Diploma in business management and entrepreneurship
· National diploma in entrepreneurship
· National certificate in financial management
· BCom entrepreneurship and business management
· Master’s degree in entrepreneurship
· OR use what you know (some of the biggest names in business had little in the way of qualifications)
What makes a business succeed?
· A great idea nobody else has
· The skills to take your idea to market
· Lots of guaranteed customers
· A careful business plan
· Start-up funding that will carry you for at least 6 months
· Advice, mentors and a network that can help you
What can make a business fail?
· Launching a business without doing proper research
· Starting a business without proper registration and planning
· Making partnerships with people you can’t depend on
· Spending too much money too soon
· Thinking you can do it all alone
· Expecting success overnight. It can take years.
· Starting a business with no business skills and no business advice
What are the legal requirements?
Depending on the type of business you are starting, you may have to register with:
· The Companies and Intellectual Property Commission
· Sars — as a taxpayer and to pay VAT and unemployment insurance
· The department of labour — if you have employees
- Small Enterprise Development Agency (Seda)
Tel: 012 441 1000
- Companies and Intellectual Property Commission (CIPC)
Tel: 086 100 2472
- South African Revenue Service (Sars)
Tel: 0800 00 7277
- Small Enterprise Finance Agency (Sefa)
Tel: 012 748 9600
Email: [email protected]
- SME Toolkit
DID YOU KNOW?
Many successful entrepreneurs failed in their first business endeavours. The trick to succeeding, they say, is learning from their mistakes and trying again..