“The Dreameneur Corner” is a discussion series designed to examine entrepreneurial failures. This series was developed to unpack, demystify and de-stigmatize entrepreneurial failure with a view of encouraging the development of communities and societies that are fully supportive of entrepreneurs and their services.
For many people, entrepreneurship is the new “freedom”. It represents the opportunity to attain the socio-economic independence that was promised by our new democracy. Furthermore, entrepreneurship, globally is significant for two reasons:
- It is the most promising channel through which governments can create employment opportunities for millions of citizens including, the millions of graduates that enter the labour market every year after graduating.
- It provides millions of people with the opportunity to attain socio-economic independence.
However, with all the resources invested in entrepreneurship there are still significant knowledge gaps about the entrepreneurial process that need to be filled. In each edition we will discuss different elements of Dreameneurship that could result in you making a breakthrough in your own business or start-up.
The Dreameneur Corner topic for the week is “Educating Yourself.” We have all heard the phrase that “Knowledge Is Power” however I would like to challenge your thinking a bit and lead you on a different frame of thought that says “The Application Of Knowledge Is Power!” We all host many skills and talents that lie dormant within our existence and never really explore them or even expose them to the world. The first step to utilizing these skills requires knowledge and understanding of these skills.
This reins true especially for start-ups in business. You may find that you as an individual or with friends have a common interest and you would like to open up a business that is in line with your interests and skills. You and your cohorts will then have to be acquainted with the Big 5 Question and Answer namely; who, where, what, why and most importantly HOW?
A lot of motivators will emphasize the “WHY?” And rightly so but the issue is that people are sold the dream of owning cars but are never made conscious of the instalments and payment terms. In life you always pay the price. The price in entrepreneurship is education. The more you know translates into the more you can do. Your business’s success will depend heavily on your Financial Literacy, Business Acumen, Problem-Solving Skills, Market research and over-all Business Literacy.
A lot of the time when clients consult with us they request that we develop a Business Plan for them. That for us at Dreameneur (PTY) Ltd is a big red flag because it is an early indication of the person not understanding HOW they are going to run their business. We always tell our clients that a Business Plan is nothing more than an expensive sponsorship letter. Instead entrepreneurs need to start educating themselves on how to build processes and procedures. This comes from doing your research and “Educating Yourself” on best practises in the markets and industries that you want to operate in.
You can do this through attending industry specific seminars, networking events, internet research and mentorship programs. There are also a host of books available on the net and book shops which will enrich your business acumen simply by illustrating the “DO’s and DON’T’s” of the “HOW” readily compiled by industry experts and stalwarts. You as an entrepreneur need to be in a position to sit in a meeting and readily know what the terms Gross Profit Margin, EBITDA, CAPEX and YIELD mean and how they affect your business. Reading the business section of newspapers and magazines will also expose you to other terms that you can then write down and research for yourself. Through these articles we hope to shed light on the many questions that you may have about successfully running your own business and encourage you to send them through to us so that we can help you tackle these challenges head on!
By: KARABO “MR DREAMENEUR-HIMSELF” MASENYADILOANA