A New Money Master is someone who is successfully able to make money through business. In other words, a New Money Master is an entrepreneur. In Africa, there are a lot of opportunities for entrepreneurs to create and make money from business ideas. In the search of great opportunities, African entrepreneurs can easily make mistakes – mistakes made by others before them.
Sylvanie Beukes has a lot of advice to help you avoid the repetition of the same blunders made by others and help you grow business in Africa.
1. Go for the low-hanging fruit.
Sometimes instinctively, you think the bigger the business, the better. By going after a bigger dream, you can quickly become impatient and begin losing focus on your initial goals. Instead, focus on attainable goals that have lower risk and fewer requirements to market entry. As in the metaphor, you can reap the same rewards by starting small and simple.
2. Be a Business Hustler
As an entrepreneur, you should always have a sharp eye and attentiveness to be able to make the best decisions for your business. Abraham Lincoln once said that “good things come to those who wait, but only things left by those who hustle.” A great entrepreneur jumps on every great opportunity that presents itself.
3. Do NOT over-borrow
A successful business owner knows that being in debt can cause serious problems to running a business. When making money becomes a goal to repay debts, you may be losing the point. Aspiring entrepreneurs can easily get caught up in a cycle of borrowing and repaying. Always seek appropriate advice to avoid your business being trapped in debt by borrowing more than you can pay back.
4. Be brave and execute
Successful entrepreneurs can tell you that fear is a leading factor in business failures. As an African entrepreneur, you are faced with a lot of uncertainty. In order to succeed, you must be smartly courageous and execute your business plans in order to move forward, because fortune favors the brave.
5. Keep your eye on the Goal
It is easy to get caught up with alluring figures about big profits. Beware of losing focus, though. Sometimes in a race to get rich quick, you can lose track of your original goals. Pace yourself. Plan your goals. Stick to your goals.
6. Obtain the gold
Success is what defines an entrepreneur. You cannot be called an entrepreneur if your businesses all fail. Also, success breeds more success. The more you are able to accomplish through entrepreneurship, the more you learn, and the more confident you become. Our continent is going through rapid transformation, and you must adapt to the change to get the gold – get the success!
7. Outline what it takes for you to reach your goals.
As an entrepreneur, you are the one defining how you grow ideas into successful businesses. You and only you can control how you work to do this. True, at the beginning you have your ideas of what it takes to reach success, and as you experiment you learn what works and what doesn’t. Building your first success story will define what works and thus the most effective process to get to that success story.
8. Use resources at your disposal – beware of attached strings
Sometimes, a lot of what you need as an entrepreneur building a business in Africa is not out of reach. In fact, the best resources could be those that present themselves to you without any effort on your part. The trick here is being able to discern the ones that drag along a load of liability. As an entrepreneur, the last thing you want holding you down is an obligation you’d be better off without.