Traits that entrepreneurs need to develop include: being risk takers and be willing to make mistakes and learn, to be brave and bold, to be passionate and confident about what they can offer, and to be resilient.

Entrepreneurs need to know their industry and know who they are targeting as clients. They need to know more than their competitor.
Entrepreneurs need to have some distinctive quality (unique selling point) that makes them different from their competition. Entrepreneurship is about connectedness: business is a social business, so you need to get to know and interact with people. Entrepreneurs need to make their idea globally desirable - in this way they can expand their markets to overseas companies who are interested. Entrepreneurs need to feel comfortable to get advice from experts or knowledgeable people being action orientated is seen as a key driver to success.

No business has a free ride: it will take hard work and long hours if you want to be successful. Most entrepreneurs are obsessed with their business. Entrepreneurs need to look at growing their business from a micro operation to a high growth business. They need to be aware that in this scenario you cannot expect to generate income in 3-5 years. Their focus in this case needs to be on the value of the business when being sold as a going concern in 3-6 years' time.

Mentorship and on-going education and training are essential for success. Entrepreneurs need to be surrounded by a strong support network of expertise. Invest in your development on an on-going basis. There are many opportunities in small niche markets because the large companies are unable to be everything to everybody. Look for opportunities during bad times. See your ideas as bringing about change at a larger social and economic level. Other potential markets: "green" living, youth, education.

Get the basics of your business right. Entrepreneurs need to start their business as if they are not going to have help from anyone i.e. don't expect the bank to provide financing, etc. It is preferable to start with no debt and to set up your own support structures.
Entrepreneurs in the creative industry need to develop business skills. In setting up a new business, entrepreneurs cannot be greedy about wanting a good short term return i.e. to generate a large sum of money. You need to have a long term vision.

If you choose to bring in shareholders you need to bring in people who share your long term vision - talk about where you want to take the business and what support you require from your shareholders. Pull in partners who can coach and mentor you.
Keep looking for new ideas and new opportunities. Focus on getting clients versus making money.


stephanie@superfecta.info
www.superfecta.co.za