Business is tough out there – here’s how to cope …
With the economy looking bleak and businesses feeling the pressure, a local entrepreneur gave some tips on how to cope and manage.
In recent years, South Africa has seen bleak economic times that have resulted in many people losing their jobs. Some of them have opted to venture into entrepreneurship, but only a few businesses have been sustainable.
In an exclusive interview with the Herald, Phoebe Nimmerhoudt, a local entrepreneur, said that before starting a business, one needs to compile a serious game plan and match one’s set of personal attributes to the business project.
“Assess your skills such as knowledge, strengths and passion,” Phoebe said.
She added that this is so that people do not feel the strain when they pursue business ideas that may result in failures.
Phoebe said once a person has identified their own qualities it becomes easier to undertake any project, but, she also warned that people have to be able to cope with the inevitable failures.
“Some failures happen by default, even if you do everything according to the book,” Phoebe added.
She said once a person starts embracing failure, it becomes a comfort factor.
Phoebe said finance is the most common challenge to first-timers, especially those who have no support.
“Things are going to be tough and sometimes your money is going disappear into thin air and you may not reap rewards immediately. Before your finances are sorted out, you need to make sure that you have a good support base that will back you on the journey.”
Phoebe said although there are facilities like the government’s Innovation Hub, they are only geared at empowering people to succeed in business and do not offer tools such as emotional intelligence and ways of coping with related challenges.
She said even after people succeed with their businesses, they may still run the risk of failing. This makes continuous adaptive business models and good financial structures crucial.
Another aspect that causes people to fail is the collaborations and partnerships. People do not know how and when to discontinue them when they are no longer beneficial. “Whenever business partners outgrow one another and they no longer form a symbiotic relationship, partners need to part amicably without burning any bridges.”
Phoebe also attributed some of the challenges to the economy in general.
“As it stands, the economy is not in our favour and things could potentially get worse, although I hope that won’t happen, but then again, the economy is an opportunity for entrepreneurs to create jobs,” Phoebe said.
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