Entrepreneurship: Look before you leap
Derek Fox from the Greater Boksburg Chamber of Commerce and Industry urged anyone who considers being an entrepreneur to first think carefully whether they are cut out to walk down that road.
“Every year South Africans throw millions of Rands away, investing in dreams which turn out to be a nightmare, because they are not by nature an entrepreneur of even a franchisee,” said Fox.
“Many return to work after vacation feeling despondent and looking for change. So they take that step and venture out into their own business, not knowing whether they are equipped to be in business for themselves.
“The desire and emotional side in some overpowers the logic. Nothing will stop them and they will go ahead no matter what, yet the question remains, are they entrepreneurs?
“Many believe they can own their own business. They may be right, but rather be safe than sorry before taking such a leap.”
Fox said that Chris Black from the Dynamic Business Start Up Project (DBSP) has been doing research on entrepreneurship for the last 20 years in 19 different countries.
“The most astounding thing is that the results keep coming back the same from developed countries as well as developing countries, namely that only three per cent of a population is entrepreneurial. This means only three per cent of people can take a business, no matter what kind of business, and make it work.
“Then you get the next group of 22 per cent who are entrepreneurial-centric. This means that they fare well in a franchised environment where they have support.
“And then, 15 per cent of people are opportunists. These people hop from opportunity to opportunity, always looking for the next best thing, while 60 per cent of a population are very content to be employed and go to work every day.”
Fox said the world in all its complexities needs entrepreneurs and employers to make the economy work.
“What harms the economy and harms people’s welfare is when someone slips into the wrong category or tries their hand at doing something that they are ultimately not cut out to do, such as being an entrepreneur when they are an employer at heart.
“There are the tools available in order for you to understand where you fit and to know where you will be the happiest.
“Again, we need to understand that someone who is cut out to be an employer for his life will be successful and happy in that capacity, but it becomes a disaster when such a person wants to start his own business or wants to take over a franchise.”
Fox urged anyone who is considering starting their own business or buying franchise to take the DBSP online entrepreneurial assessment (at a low cost).
“This will save you a lot of money, effort and time if you are not cut out to tackle a project that requires entrepreneurship. And if you are part of the three per cent or the 22 per cent, then happy hunting.”
Contact the DBSP at chris@dbsp.co.za (quote Boksburg Advertiser) for more information. Each assessment contributes to the ongoing research.
