Saturday, August 05, 2006

Steps to consider when starting a business in South Africa

Apart from the usual steps followed when getting your business of the ground, there are also a number of other issues to be considered. Over the next week I'll be discussing a few issues that in my mind is essential to being successful with your start-up.

Starting your own business is one of the most challenging journeys you can take in life. All business owners will tell you that there are ups and downs, highs and lows...and tremendous personal rewards.

Very few new business ideas are unique. It’s more than likely that you’ll be setting up in competition with other businesses, some of which will be established and doing well. Winning business from them won’t be easy, so to make a success of your new venture you’ll need to think about what makes you and your company special. What will persuade customers to come to you? What will make them buy and what will make them come back for more?

The answer starts with you. In the early days, your business will be very much a reflection of your personality and just getting through the start-up process will depend on your ability to handle all the issues that arise. Think about the skills you have to help you and to give your business an advantage. Make a thorough assessment of your weaknesses as well, but don’t be discouraged, nobody’s perfect! If you can think of areas to improve, gaining some new skills could turn out to be the trigger you need to get started on developing a new business. And if your weaknesses can’t be improved there are always ways of working round them.

Traditionally, entrepreneurial ability tended to focus on initiative, decision-making, innovation and risk-taking, defining the characteristics of those who chose to become entrepreneurs. Now, however, with corporate downsizing being a fact of life, many entrepreneurs find themselves thrust into the role by default. Look at the following issues that will impact on your ability to be a successful entrepreneur and see how you can utilize these ideas to improve your chances of being and successful entrepreneur.

Steps to follow.. Ben


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