So you want to be an entrepreneur? Do you have what it takes?
By Lynne Frost
Business strategy is important, essential even. I started Idea Alive SA as I knew that South African entrepreneurs and business owners needed coaching and support in many ways including the development of their business strategy and plans. I know that entrepreneurs have to be able to inspire others with their ideas. But equally importantly, they need finance to bring those ideas to life. And they need to develop the right characteristics and behaviours for success.
As an entrepreneur I have read countless books on entrepreneurship; the How-To, the 10-Steps and the Plan Your Way to Success types, but I think that those who have succeeded have done a disservice who seek to follow in their golden footsteps. Despite their success, they do not adequately reflect (in my opinion), on the pitfalls and overwhelming demands of entrepreneurship.
Almost every successful entrepreneur that I’ve met has experienced failures. Yes … even me! There is more to it that early stage entrepreneurs need to know; there will be times of wondering how you will pay your staff. And the ongoing challenges of cash flow management, and to put it more directly, you may find yourself borrowing from the proverbial Peter to pay Vusi. Then there’s the unrelenting barrage of negativity from anxious family and friends who will urge you to chuck it all in and get an Actual Job!
Entrepreneurship requires courage, vision and a plan. It requires a saleable idea, strategy and cash flow. But mostly, it requires dogged determination, a stubborn will to achieve and a high degree of resilience.
If you are to be a successful entrepreneur, your business plan will be a living document and your roadmap towards achieving your goals. And it will be reviewed and revised as your business grows. Your business plan will not be a hastily prepared document to appease your bank manager. It will be the document that provides you with focus; it will help you to maintain clarity even when times get tough.
Lynne Frost is the founder and managing director of Idea Alive SA – a coaching business that works with Executives and Entrepreneurs. For more information go to: www.ideaaliveSA.co.za
As an entrepreneur I have read countless books on entrepreneurship; the How-To, the 10-Steps and the Plan Your Way to Success types, but I think that those who have succeeded have done a disservice who seek to follow in their golden footsteps. Despite their success, they do not adequately reflect (in my opinion), on the pitfalls and overwhelming demands of entrepreneurship.
Almost every successful entrepreneur that I’ve met has experienced failures. Yes … even me! There is more to it that early stage entrepreneurs need to know; there will be times of wondering how you will pay your staff. And the ongoing challenges of cash flow management, and to put it more directly, you may find yourself borrowing from the proverbial Peter to pay Vusi. Then there’s the unrelenting barrage of negativity from anxious family and friends who will urge you to chuck it all in and get an Actual Job!
Entrepreneurship requires courage, vision and a plan. It requires a saleable idea, strategy and cash flow. But mostly, it requires dogged determination, a stubborn will to achieve and a high degree of resilience.
If you are to be a successful entrepreneur, your business plan will be a living document and your roadmap towards achieving your goals. And it will be reviewed and revised as your business grows. Your business plan will not be a hastily prepared document to appease your bank manager. It will be the document that provides you with focus; it will help you to maintain clarity even when times get tough.
Lynne Frost is the founder and managing director of Idea Alive SA – a coaching business that works with Executives and Entrepreneurs. For more information go to: www.ideaaliveSA.co.za