Entrepreneurship is a key contributor to economic growth in South Africa. Enabling entrepreneurs is key to eradicating economic inequality in the country, and tackling youth unemployment which is currently at 59.6% at Q3 of 2022 according to Stats SA. Following the release of matric results on 20 January, the job market is also set to see an influx of more jobseekers.
For some matriculants, taking control of their destiny and becoming their own boss is the preferred option. To become a successful young entrepreneur, it’s important for graduates to learn and adopt key practices that enable personal and professional growth.
“Successful entrepreneurship is a long and difficult road, so it’s important to arm yourself with as much knowledge as possible. With thorough planning, networking and personal development, entrepreneurs can bring significant value to their business offering and their customers,” says Wandile Dumakude, Head of Face-to-Face Sales at The Unlimited.
Every year, The Unlimited empowers thousands of matric graduates through its sales-focused training program. By doing this, the business has equipped hopeful entrepreneurs to build scalable insurance sales businesses. Matriculants can apply to participate in the programme as soon as they are awarded their matric certificates.
1. Failing to plan is planning to fail
Planning helps entrepreneurs identify and allocate resources, assess risks and opportunities, set goals, and create strategies for achieving those goals. Planning can also enable better decision-making and problem-solving, helping entrepreneurs avoid costly mistakes and focus their effort effectively.
“Planning is essential for any graduate looking to become an entrepreneur. A plan is a roadmap to help them achieve their goals and grow their business,” says Dumakude. “A well thought-out plan can inform all the steps you need to take to close sales,” he adds.
The Unlimited has a proven sales system, teaching young entrepreneurs the most critical planning steps to closing sales and retaining customers and growing their businesses.
2. Grow and nurture your network
Networking can make a significant contribution to the success of a graduate looking to become an entrepreneur. “This is an instrumental way to build your business, because it allows you to meet potential clients and valuable suppliers,” says Dumakude.
By building and nurturing relationships and sharing resources, graduates can bring value to their customers and suppliers. More value means better relationships and more faith in your business. Networking is also important for personal growth and development. Networking is a way to reach new customers, but it’s also a way to learn from others and understand different perspectives and approaches to doing business.
3. Prioritise personal development and accountability
Development and accountability are two key cornerstones of entrepreneurial success. Accountability enables personal growth, and vice-versa. Personal development grows an entrepreneur’s knowledge about their market, their customers and can equip them with better business skills. This filters through to their impact as a leader for their employees and their customers. Accountability drives personal
development, and is how entrepreneurs ensure they stay on course to continue growing themselves, their teams and their business.
“Personal growth and accountability are some of the key elements we teach our sales teams to help them grow their businesses. Often, we can be our own roadblocks, and it’s important to reflect and be honest about where our deficiencies lie. Yes, we’re all human at the end of the day and no entrepreneur will know everything and be able to do everything. However, prioritising their own personal development and accountability could make a meaningful difference in how effective you are as a business owner,” concludes Dumakude.
