Articles Tagged with: startup
What should be done to strengthen MSMEs in Southern Africa?

South Africa’s small business failure rate of almost 80% within the first three years means the average entrepreneur’s chance of starting a business, growing it and creating much-needed jobs is painfully slim. The trend is similar across most of Southern Africa.

I have spent the last three years focusing on the question of why small businesses fail and why certain entrepreneurs are more successful than others. There seems to be little or no research in Africa dealing with the actual entrepreneur, and why some succeed and others fail. Most of the research deals with the environment and the actual business.

What should be done to strengthen MSMEs?

We should strengthen MSMEs by strengthening the core… the actual entrepreneur. Having spoken to dozens of entrepreneurs, I have discovered that those who become successful share similar personal characteristics. Thus, it seems likely that about 40% of the success of small scale businesses depends on the actual entrepreneur.

What can we learn from this?

We should initiate a new approach to entrepreneurship development which involves the personal development of the actual entrepreneur, with the objective of transferring the skills required to succeed in business. Cash flow training is important, but so is entrepreneurship focused personal development, personal initiative programmes, and other personal skills.

Please contact Agnes on agnes@adgeafrica.com for more information of our Personal Development Programme for entrepreneurs.

ADGE AFRICA’S BUSINESS TIPS- TIP # 1

TIP # 1

ENSURE BUSINESS PROFITABILITY

Sounds rather obvious doesn’t it? But it’s amazing how many businesses are not profitable or become unprofitable. Uncertain market conditions, demand-supply imbalances and a number of economic and non-economic factors pose a challenge to the profitability of a business.

It is very important for all business owners to constantly study their numbers. An awareness of revenue and running costs is key. A business only remains viable if you are making a profit.

Two things every business owner should focus on:

  • Constantly work on increasing sales revenue; and,
  • Constantly find ways to reduce costs.

Most importantly, the customer is KING! Know your customer, study their purchasing history and request regular feedback.

The late Jim Rohn, one of my favourite business mentors whose rags-to-riches story inspired millions, once said that success is a “numbers game,” and nowhere is this truer than in generating a profit.

Finally!! Adopt a “for profit” mind-set and accept the fact that you need to make a profit to survive.

This is easier said than done, but it can be achieved if you’re open to examining your beliefs about money, wealth and profit and committed to changing your point of view.

5 Tips From Successful Entrepreneurs for the First Year of Your Startup

With over 45,500 listed companies and a plethora of non-listed companies, and thousands of new companies emerging and dying every year, it isn’t hard to see why the business world is not meant for everyone.

But, if you belong to the lot that is daring enough to venture into this realm to make their mark, then you’ve stumbled upon the right article for some pointers.Read More

Why small businesses fail

Success in business is never automatic. It isn’t strictly based on luck – although a little never hurts. It depends primarily on the owner’s foresight and organization. Even then, of course, there are no guarantees.

Starting a small business is always risky, and the chance of success is slim. According to the U.S. Small Business Administration, over 50{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} of small businesses fail in the first year and 95{6de6520bac878567fcd0b20f0dbb3c7620581fba1ef76900ed00d745ae853531} fail within the first five years.Read More

Places to get funding for your start-up

Zimbabwe’s alternative stock exchange for small and medium scale enterprises (SMEs) is yet to be launched but it has already attracted a lot of attention. This is what happens when everyone wants to keep an eye out for the next pool of investors for their business.Read More

Take a Holiday Break That Will Improve Your Brain and Make You Happier

Holiday season is here, and with it some end-of-the-year days off. If you’ve kept up with the latest productivity research, you already know why it’s important to take that time off yourself.

But how should you spend that time? Is there a way to spend the holiday break that will improve your health and your mood, boost your brain function, improve your productivity, and send you into 2017 raring to go?Read More

ABOUT ADGE Africa

Adge Africa is an African Business Incubation organisation specializing in accelerating the growth and increasing the success rate of start-up and early stage Small and Medium Enterprises.

The Adge Africa Business incubator programme helps develop and support current and new entrepreneurs to start-up businesses and equip them for survival, longevity and growth as sustainable businesses....

FIND US AT
  • 43 Niven Road, Douglasdale, Johannesburg 2191, RSA
  • +2782 818 5344
  • info@adgeafrica.com

Adge Africa t/a BUA Technocomms (Pty) Ltd
Company Registration Number: 2015/ 086191/ 07

Newsletter

Visit Us On TwitterVisit Us On FacebookVisit Us On Instagram