Do you have a killer business idea and thinking of your own start-up?

You hear all kinds of terrifying statistics: The fact that around 75% of venture-backed companies do not return cash to their investors and that 90% of all start-ups fail … scary facts, to say the least! Is this too much of a ballsy move to think about now?

Our President is committed to setting our beloved country on a path of growth and optimism for the future. And the good news is that every crisis brings with it some unseen opportunities. One powerful factor is often overlooked: The Power of human optimism and resilience. As South Africa’s economy slips even deeper into the doldrums it is important to remember that economic growth is sustained by small businesses.

The coronavirus is a tragedy of vast proportions, but ultimately, we are responsible for our own livelihood. Before starting a business of your own, there is a lot of thinking to be done - something most of us have a little more of at the moment, right? But what does it take to be a successful entrepreneur? Do you need the technical brilliance of Bill Gates or the obsessive focus on the user experience of Steve jobs to make it work?

To be driven by money and power will not be enough. Interests and desires will lead to success. The trick is to align your strengths with your intrinsic motivations.

Some of the most effective “sweet spots” for today’s successful entrepreneurs would include:

  • Making a difference. Bill Gates’ dream was putting a computer on every desk. His goal was not to make money, only about how it would make a difference.
  • Finding personal meaning in building your business. If your vision for your company is to grow it just to flip it to a large company, you’re doomed.
  • Having the satisfaction of doing something great. Steve Jobs summarised intrinsic motivation as follows: “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work.” If you don’t love what you do, don’t do it.
  • Being passionate and enjoying the journey as much as the destination. Have a thirst for knowledge in your business. Keep learning. Also, don’t play games you don’t understand, even if you see lots of other people making money from it.
  • Helping others to achieve their goals. Provide opportunities and leave a lasting legacy.

Taking risks has a dangerous side, but the opportunities they present often outweigh the potential dangers. Jeff Bezos claims that he wouldn’t regret failure, but that he would regret not trying.

So, let’s not only manage to survive this crisis but continue to plan on how to come out of it as winners.

Remember, opportunity favours those who are hungry for it.

Source: forbes.com, inc.com, neilpatel.com, entrepreneur.com, hbswk.hbs.edu, shethepeople.tv, economictimes.indiatimes.com, 1office.co

DISCLAIMER: The information on this website is for educational purposes only, and is not intended as medical advice, diagnosis or treatment. If you are experiencing symptoms or need health advice, please consult a healthcare professional.