Business tools from the expert
AUCKLAND PARK — Youth summit opens doors and discussions for entrepreneurs.
The week-long talks at the University of Johannesburg (UJ) around leadership development, filled up auditoriums as students and industry experts exchanged information.
Students and members of AIESEC * South Africa were given a one-of-a-kind opportunity to get the skills and knowledge of starting a small to medium business. (*French acronym for the International Association for Students in Economic and Commercial Sciences.)
René Hicks from Business Partners said SME (Small to Medium Enterprises) create jobs faster than big corporates and encouraged the audience to look into that field as a form of creating employment and income.
“Unfortunately, people in developing countries do not have access to starting up their businesses. SME created so many jobs in the country and more often than not, never fire people.”
Hicks gave 10 steps to business success:
• Planning
“You need to at least know what your business will be about and how you will go about starting it.”
• Market Research
“What is your business?”
• Employ the right people
“Be it partners or people working for you, find the right person the first time.”
• Put financial systems in place
“Be able to say on a daily basis what is coming in and going out in terms of your money. Those are the basic fundamentals.”
• Manage cash flow
“This is the most important part of running a business. Where is your money coming from? Do you know who owes you money? Small businesses do not know about debt collection.”
• Marketing your business.
“Have a clear marketing plan. This can include:
i) Word of Mouth.
ii) Guerrilla advertising
iii) Social Media
”There are different ways to market yourself without spending a lot of money.”
• Never stop learning
“Take short courses or go to workshops. There could also be someone in your community that could mentor you. Look for opportunities to learn.”
• Are you having fun?
“Business owners get caught up in the day-to-day running of the company and they forget to have fun. Find something you love.”
• Find an investor
“You have to know where you are getting your funding from. What is going to make you stand out? What are your investors looking for?”
• Create the road map
“The executive summary will make or break your business plan. Have a clear idea and be concise.”
