Have you ever dreamed of owning your own business, but were too afraid to try? Have you ever longed to work from home and become financially independent? Well, the time has come to confront your fears and explore your options. In the next nine issues of Jet Club Magazine, we will introduce you to the exciting world of entrepreneurship. You will read about some of South Africa’s most enterprising business leaders. And you will find out what it takes to be your own boss.
It all starts with a vision
Few children know exactly what they want to do when they grow up. Anant Singh was one of them. When he was a young boy, Anant ran a mini-cinema from the lounge of his parents’ home in Durban. He made his own pocket money by charging friends and neighbours a small fee to watch his hired reel-to-reel movies. Today, he is a world-famous movie producer with more than 50 films to his credit. His company, Videovision Entertainment, is the largest independent distributor of motion pictures in Southern Africa.
Are you ready to start your own business?
Take our Readyometer Quiz to see whether you are ready to take your first leap into the world of entrepreneurship.
Readyometer Quiz
Do you dislike your job and long to do your own thing?
a) Absolutely
b) Only sometimes
c) No, I would never dream of leaving my job!
Do you dislike taking orders from your boss or supervisor?
a) Yes, I prefer using my own initiative
b) Sometimes, when I disagree with the orders
c) No, just tell me what I need to do!
Do you like to take risks?
a) Yes, especially if the pay-offs are worth my while
b) Only when I know I won’t lose too much
c) No, I’ve broken into a cold sweat just thinking about it!
Are you ready to handle the uncertainty of giving up your salary to start your own business?
a) I won’t be losing a salary; I’ll be gaining financial independence!
b) I worry about losing my salary. Maybe I should start out part-time
c) Give up my salary? Are you mad?
Do you already have a business idea you would like to try?
a) Yes, in fact I have quite a few
b) Not really, but I have a general idea
c) No, I don’t even want to think about it!
For each “a” answer, you score three points.
For each “b” answer, you score two points.
For each “c” answer, you score no points.
[Suggestion to art director: Perhaps you can design something that looks like a speedometer? It would need markings for the following ranges]
If you scored 11 - 15 points, you are ready to become your own boss! If you scored 6 - 10 points, you’re almost there but have a few concerns to work through first. If you scored 0 - 5 points, you need to think more about whether starting your own business is best for you.
Five reasons to become your own boss
No-one can tell you what to do
You can do things your own way
You can work your own hours
You can become financially independent
Whatever you put into your business, you get out
Many articles and books describe different reasons to start your own business. But what really counts are your own reasons: the ones you already know, or the ones you haven’t yet discovered.
This is brought to you by South African Institute for Entrepreneurship
South African Institute for Entrepreneurship (SAIE) Mission is to develop an entrepreneurial culture and mindset in youth and adults, and to assist in the creation of entrepreneurs. South African Institute for Entrepreneurship develops innovative materials that utilise original, creative methodologies, and trains educators and trainers to convey business skills and uncover entrepreneurship qualities.
More Articles:
23 August 2006
South Africa : Alive with possibility?
That South Africa post 1994 is a country alive with possibility is indisputable. That it is also a country lacking in sufficient numbers of entrepreneurially minded individuals is, unfortunately, equally so.
Since South Africa first participated in the Global Entrepreneurship Monitor (GEM) Report in 2001 it has almost consistently declined, year on year, in terms of its level of entrepreneurial activity relative to all participating companies (see block below). Most importantly, the GEM Reports from 2002 to 2005 all report that in all measures of entrepreneurship South Africa ranks lowest of all developing countries.
Many years ago I was involved in a project to change the cultural patterns of a company that was a client of mine. The details of this project, which had nothing to do with philanthropy (at that time I was in the advertising field) I don't remember, but at the end of a long discussion, someone came up with a phrase that I would never forget: 'You cannot find new routes by looking at old maps.' It came back to me years later, in January 2005. After creating the Social Stock Exchange programme for BOVESPA, Brazil's Stock Exchange, the Brazilian government invited me to present the idea to other stock exchanges to encourage them to replicate the model.
Herman Mashaba and his wife Connie started Black Like Me with virtually nothing. They became the first South African company to produce hair care products specifically for black customers. Demand for Black Like Me products grew rapidly and they soon had to move from their tiny premises to a much larger factory. However, a few years later, tragedy struck and the new factory was totally destroyed in a huge fire. They lost everything and were faced with bankruptcy. Yet, Herman never gave up. He rebuilt the business from scratch. Today, Black Like Me is a multi-million rand business, with products distributed throughout Africa and in the UK.
When Raymond Ackerman started Pick ’n Pay in 1967, he was no stranger to the retail industry. From a young age he started working at his father’s family store, Ackermans and its sister company, Greatermans. When Greatermans opened a new supermarket called Checkers, Raymond was transferred there and promoted to manager. He was then sent to America for nine months to learn all about supermarkets. While in America, Raymond learned a great deal about customers and the retail industry. He returned to South Africa all fired up with wonderful ideas. However, his ideas were rejected by Checkers’ management who said that his “American” ideas would not work in South Africa. Raymond fought hard to get his ideas implemented but was eventually fired for being at odds with the company’s management. Left with no job and a family to feed, Raymond set about raising finance to start his own business. A year-and-a-half after founding Pick ‘n Pay, the company made R300 000 profit and was listed on the Johannesburg Stock Exchange. Today, Pick ’n Pay is one of the most successful retail supermarket chains in South Africa.
16 May 2006
What skills and experience do you need to start your own business?
Profile
Patrice Motsepe began his career as a lawyer. Yet he wanted to start his own business and become his own boss. When choosing what type of business to create, he looked to his skills and experience. Top of his list was being a mining law specialist for a big law firm, so it was natural for him to stick with what he knew. Patrice left his well-paying job to set up a contract mining business. At first, he battled to keep his business afloat. He had no money and no experience in running a business. He couldn’t get a loan and it took him two years to get his first contract. However, he never gave up. He went on to launch a new company called African Rainbow Minerals (ARM) and purchased a number of mining shafts. His business became extremely successful and later merged with Harmony Gold Mine to become ARMgold. Today, Patrice is a billionaire and his business interests go well beyond gold.
16 May 2006
What type of business will suit you?
Profile
KK Kombi is one of South Africa’s most inspiring entrepreneurs. Born and raised in Gugulethu township, Cape Town, KK rose from rags to riches thanks to his ability to turn his interests into businesses. His first business was a small but successful spaza shop in Gugulethu. He saved his profits and used his hard earned cash to invest in property. The profits from his property trading were then poured into property development. The profits from the sale of a large development gave him the capital to start a business that he was truly passionate about, Master Currency. He got the idea for Master Currency when travelling overseas and exchanging travellers cheques for cash. KK became the first independent and black dealer to be awarded a foreign exchange license by the Reserve Bank. Today, Master Currency has 16 branches throughout South Africa and employs more than 200 people.
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