Founder and CEO of Rockets Sean Barber joined broadcast journalist Rofhiwa Madzena in another episode to chat about entrepreneurship basics.
These include the basic economics of starting a business, business innovation and the importance of financial management.
The Covid-19 pandemic has caused a massive financial strain on small businesses, making it challenging to develop ultimate goals for accumulating profit or confirming the cash injection needed to keep the business running.
Barber believes that small businesses should have a competitive advantage and ensure that their services or products produce a profit margin, while also considering how they will pay for all the resources needed to keep the business running.
He says this pandemic should rather be considered a generational risk factor, and this is why it is important to build and preserve relationships with landlords, suppliers, staff and funders. They can help to build ideas that keep the business up and running, instead of you throwing in the towel as soon as you run into obstacles.
It is also important for small business owners to be innovative, forever bringing fresh ideas to the table that expand the target market and keep the enterprise competitive.
He says most people copy successful innovations, but a business owner should stay on her toes and review her innovative ideas every six months or so to stay relevant and deliver unique service.
In this episode, Barber also advises aspiring entrepreneurs and small business owners on avoiding silly mistakes.
He says they should move away from situations that provoke emotional reactions. Being objective will help build a successful business. This involves envisaging the worst-case scenarios of an innovative idea, and if the idea still looks profitable, then run with it.