What’s your reason for getting up in the morning? Just trying to answer such a big question might make you want to crawl back into bed. If it does, the Japanese concept of ikigai could help. Originating from a country with one of the world’s oldest populations, the idea is becoming popular outside of Japan as a way to live longer and better.Read More
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 email@example.com for more information of our Personal Development Programme for entrepreneurs.
People are using the word “agile” more and more during these years. What does it mean exactly?
Agility is the ability to act quickly and with economy of effort in accurate response to change and also to initiate change for business advantage, says Paul Allen.
But if we translate this sentence into an ordinary language, agility represents the ability to respond fast to unexpected situations, and to keep your mind open to new things. Moreover, it would practically mean that all entrepreneurs should be agile in order for their business to succeed.
How do you become an agile entrepreneur?Read More
If you really want to be successful in your business there are two essential traits that you must embody: Consistency and Persistence.
The problem with overnight successes that we see on TV and read about in the newspapers, is that they are so rare! That’s why we hear about them. And truth be told, it’s never normally overnight. So many celebrities and people of note have quoted that it often took them 10 or 20 years to become an “overnight” success.
Don’t kid yourself.Read More
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.
Measurements and score keeping is a universal language applied in a myriad of ways…
We keep score of sporting events as well as individual player statistics, credit scores,
grades in school, video games, IQ, cholesterol, blood pressure, weight, carbon footprint,
net worth, voting, conversion rate, customer retention, likes and tweets to name a few.
As consumers, we score the books we read, the websites we visit, the hotels we sleep
at, the restaurants where we dine to include service and food quality, the television,
movies and performances we watch as well as the music we listen to.
While the range and significance of every score and measurement is diverse, one
constant remains…everyone and everything is scored.
My concern has always been…are people measuring and scoring the right things?
Today is February 7th…the 37th day of the year.
What’s your score?
How would you measure your year to date performance?
Are you crushing it, or getting crushed?
These questions are important for one important reason…ONLY RESULTS MATTER!
When it comes to all of the measurements and scoring you are engaged in…none of it
matters if it does not inspire action which in turn drives results.
None of it matters if you haven’t reached your goals.
Measure your efforts as you drive towards your personal and business goals.
The Japanese have always loved fresh fish
But the water close to Japan has not held many fish for decades.
So to feed the Japanese population, fishing boats got bigger and went farther than ever.
The further the fishermen went, the longer it took to bring the fish
If the return trip took more time, the fish were not fresh.
To solve this problem, fish companies installed freezers on their boats.
They would catch the fish and freeze them at sea.
Freezers allowed the boats to go farther and stay longer.
However, the Japanese could taste the difference between fresh and frozen fish and they did not like the taste of frozen fish
The frozen fish fetched a lower price.
So, fishing companies installed fish tanks.
They would catch the fish and stuff them in the tanks, fin to fin.
After a little thrashing around, they were tired, dull, and lost their fresh-fish taste.
The fishing industry faced an impending crisis!
But today, they get fresh-tasting fish to Japan.
How did they manage…?
To keep the fish tasting fresh, the Japanese fishing companies still put the fish in the tanks but with a small shark
The fish are challenged and hence are constantly on the move.
The challenge they face keeps them alive and fresh!
Have you realized that some of us are also living in a pond but most of the time tired and dull….?
Basically in our lives, sharks are new challenges to keep us active.
If you are steadily conquering
challenges, you are happy.
Your challenges keep you energized.
Don’t create Success and revel in it in a state of inertia.
You have the resources, skills and abilities to make a difference.
Put a shark in your tank this year and see how far you can really go….
Happy New Year to us all.
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
My dad pretended not to hear me. My mom almost had a heart attack. It wasn’t the first thing a perfectionist mother wanted to hear after encouraging me to get a degree.
I tried to ease her distress. No chance.Read More