Proceed with caution the sign read. So you took off at a reasonable pace, not too much pedal to the metal and as smoothly as possible took the first turn. You have your driver’s license and your intention is to master the road ahead yet this does not guarantee your first bumper bashing.
If you are a bold, tenacious entrepreneur it’s probably looking good for you and you strive forth. But it is indeed in your best interests to always be aware of the pitfalls and the challenges that lurk, particularly before you leave the starting blocks. In this instance I found the facts and figures provided in the ‘Endeavour White Paper on the State of Entrepreneurship in South Africa’ to be the most practical research when trying to identify some of the key challenges in our backyard :
Being Prepared
Most budding entrepreneurs have no idea how to physically run a business. They don’t know how to register their company, they’re not sure to run their accounts or source material at a discount. They don’t understand how to price and market themselves. Secondly entrepreneurs can easily get bogged down in all the red tape of securing funding for example, what documents have to be in place in order to convince lenders to part with funds.
Attitudes
Unfortunately there is still a lack of respect and recognition in some circles for the contribution made by entrepreneurs within South Africa. This can make getting the obligatory financial backing a tough road. Corporate careers are positioned as being more desirable than creating a new venture that has the potential to contribute positively to the country’s economy –a reality that thankfully our entrepreneurial hero’s like Claire Reid, Ludwick Marishane and Sabirul Islam paid no mind to.
Sub-Optimal Infrastructure
More than 10 million South African still do not have access to transport which translates into the entrepreneurs inability to reach markets outside of their immediate surrounds.
