Here’s How You Can Start Your Journey In Entrepreneurship


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The youth make up the bulk of unemployed statistics, however, there are alternative avenues that can be considered for job creation. One is entrepreneurship.


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Some experts have strongly encouraged young people with ambitions of entering entrepreneurship to do so by using opportunities that are available at their disposal.

Seven Tips To Use When Becoming An Entrepreneur

  1. Look for the problem that your business will be able to solve
  2. Be specific on the type of business that you want to start
  3. Develop a business plan
  4. Continuously learn as much as you can about the business, no matter how familiar you are with it
  5. Find a mentor
  6. Network as much a you can
  7. Be financially prepared

Director of Agata Lonia Chemicals from Burgersdorp, Lerato Phokane said she started her business with money that she had in her savings before receiving funding through the Small Enterprise Development Agency.

The Small Enterprise Finance Agency also provides financial products and services to qualifying small businesses and cooperatives, through a hybrid of wholesale and direct lending channels within selected sectors.

Another government agency that also assists young people in starting and sustaining their businesses is the National Youth Development Agency (NYDA).

In an interview with Careers Portal, NYDA Media Specialist, Bongekile Skosana said the Agency has assisted over 10 000 youth-owned businesses in the last five years. 

According to Skosana, young people are taken through a process when applying for funding at the NYDA, that ensures that the applicant receives the necessary assistance so they may excel in their business.

Young people have been advised to make sure that they upload all required documents, attach an ID Copy, business plan, Academic records/qualifications, details of their employees, 3 months bank statement and bank confirmation when making a grant application through the NYDA.

In order for you to choose the best path in entrepreneurship, you must understand the various types of entrepreneurs. Each type has specific duties, responsibilities, roles, and other characteristics.

Types of Entrepreneurs: 

  1. Innovator:  these are entrepreneurs who develop entirely original concepts into a profitable business. As an innovator you have the ability alter people's perspectives and behavior. Additionally, you are frequently very passionate, obsessive and driven by the originality of your business concept. You come up with product differentiation methods that set your business apart from the competition and find effective ways to promote your goods and/or services. Examples of innovators are Steve Jobs and Bill Gates.
  2. Imitator: as an imitator you create a product or service based on what is currently successful and improve it (via innovation or iteration). You are not afraid to take calculated risks in order to realize your goals. Examples are Co-founder, CEO, and Chairman of Facebook Mark Zuckerberg.
  3. Prodigy: you use your high levels of emotional stability and mental brilliance to question the status quo and innovate significant areas in the corporate world. You have a natural instinct that tells you what to do next and where to go. Because of this, you choose to follow your own path rather than that of others. An example of a prodigy is Co-founder and former CEO of Apple Inc., Steve Jobs
  4. Online Business Owner: if you are a blogger, e-tailer, or any other business owner that conducts the majority of your commercial operations online you are considered online entrepreneurs.

  5. Small Business Owner: you don't employ over 50 people in your business. For example, a hair salon, grocery store, travel agency, consultant, carpenter, plumber, electrician, etc. You own or operate your own businesses and employ locals or members of their families. 

  6. Social Entrepreneur: this kind of entrepreneurship is centred on creating goods and services that address issues and needs in society. Working for society rather than generating cash is your sole philosophy and objective.

There are various other types of entrepreneurs. Choosing which form of entrepreneurship that suits you would depend on capital/resources, drive, connections etc. It is in your best interest to do more research on types of entrepreneurs before starting up your business. 








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