Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Risk & reward: Start and run a successful business in South Africa
    Risk & reward: Start and run a successful business in South Africa
    Risk & reward: Start and run a successful business in South Africa
    Ebook339 pages3 hours

    Risk & reward: Start and run a successful business in South Africa

    By Thabani Zulu

    ()

    Read preview

    About this ebook

    A practical South African guide to making your small business work by avoiding common risks.With its easy-to-read, step-by-step presentation, this book is an invaluable tool for budding business people. It equips you to make informed decisions, ensuring the long-term success of your new enterprise.The author, a chartered accountant who has worked in both the corporate and government sectors before setting up his own business consulting company, is well acquainted with the challenges of South Africa’s business environment. He has a passion for helping fellow South Africans succeed.Grounded in South African legislation, culture and business language, the advice is practical and relevant, with examples drawn from the real-life experience. It includes deciding what business to venture into, building a business model, choosing partners, financing your business, buying an existing business, business plans, budgets, product costing, marketing, employing people, financial administration, managing suppliers, and taxation.
    LanguageEnglish
    PublisherTafelberg
    Release dateApr 29, 2010
    ISBN9780624050957
    Risk & reward: Start and run a successful business in South Africa

    Related to Risk & reward

    Related ebooks

    Small Business & Entrepreneurs For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Kiwifruit: South Africa’s Golden Opportunity

      Feb 11, 2022

      If there is one ‘Made in China’ product that is exciting consumers the world over, it’s Chinese gooseberries, also known as kiwifruit. But perhaps it’s more accurate to say that the fruit originated in that country. While China may be the biggest pro

      5 min read

    • Article

      6 Ways to Launch a Business

      Jun 1, 2019

      6 Ways to Launch a Business
      2 min read

    • Article

      Millionaire Secrets

      Nov 12, 2021

      Millionaire Secrets
      2 min read

    • Article

      Millionaire Secrets

      Nov 12, 2021

      Millionaire Secrets
      2 min read

    • Article

      Millionaire Secrets

      Nov 12, 2021

      Millionaire Secrets
      2 min read

    • Article

      Millionaire Secrets

      Nov 12, 2021

      Millionaire Secrets
      2 min read

    • Article

      Experts Speak

      Jul 8, 2022

      Experts Speak
      2 min read

    • Article

      Experts Speak

      Jul 8, 2022

      Experts Speak
      2 min read

    • Article

      Experts Speak

      Jul 8, 2022

      Experts Speak
      2 min read

    • Article

      Experts Speak

      Jul 8, 2022

      Experts Speak
      2 min read

    • Article

      8 Side Hustles to Consider This Summer 2021

      Jun 24, 2021

      “Side Hustle” has become quite the buzzword as of late. Granted, people have had a lot of time in the last year and a half to sit inside, potentially sidelined from their 9-to-5 due to the pandemic. This time and freedom have helped people turn their

      6 min read

    • Article

      Turn Up the Positivity

      Mar 9, 2021

      Turn Up the Positivity
      2 min read

    • Article

      Muse

      Oct 18, 2022

      Muse
      5 min read

    • Article

      6 Fantastic Business Ideas for Moms

      Dec 24, 2020

      Rather than work a 9-5 job every day, what if you could be your own boss and make your own schedule? That's where business ideas for moms play a major role. Starting a work-at-home endeavor is a rising trend that is only going to become more prevalen

      6 min read

    • Article

      Do You Need a Financial Planner? 5 Points for and Against Hiring One

      Jul 27, 2021

      Hiring a financial adviser is a big decision, and one that you should weigh carefully before jumping in. That means both doing your research, and maybe even a little personal soul-searching to determine if you’re at a place where you can truly tap in

      5 min read

    • Article

      The First 90 Days

      Feb 1, 2018

      The First 90 Days
      14 min read

    • Article

      Failing? You Should Be So Lucky

      Dec 7, 2021

      Big Ass Fans founder Carey Smith led the fan and light maker from $0 to its $500 million sale. He started working at age 9 and has never stopped. His “secret” to success is common sense, and he’s happy to share it. His firm, Unorthodox Ventures, focu

      5 min read

    • Article

      Double Vision

      Oct 20, 2020

      Double Vision
      3 min read

    • Article

      8 Skills To Achieve Success

      Aug 25, 2022

      8 Skills To Achieve Success
      5 min read

    Related categories

    Reviews for Risk & reward

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Risk & reward - Thabani Zulu

      Chapter 3

      Deciding on your business

      Am I made for this?

      Do I have the time?

      What business must I start?

      Does this business have a market?

      What about the competition?

      Will I make money doing this?

      Setting up a business is not easy. It requires a lot of planning, financial resources and emotional investment. By the time you realise that you have entered into a wrong venture, it may be too late. Therefore, it is critical that you make the right choice when deciding on a business venture. Be careful not to be a Jack of all trades, and venture into everything at the risk of not being seen as a specialist, and failing to attract a specific market. There is a dangerous surge in South Africa of companies being registered that purport to be able to do everything, such as ABC Enterprise CC selling stationery, road construction, building, catering services, facilitation and training. The old adage Jack of all trades, master of none still holds true. There are many ventures that you can enter into, for example:

      property development;

      catering;

      maize production;

      security; or

      business consulting.

      In this chapter, I want us to explore some of the critical factors that you should take into consideration before deciding which business to enter into.

      Your personal aspirations

      In this discussion, it is important to realise upfront that you may not be alone in the business you intend starting. We will look at this issue in more detail in Chapter 5: Choosing your partners. But whether you are alone or in a group, the sum total of you must possess the attributes that we will discuss in this section.

      Most businesses fail because of the owner or owners. They set it up because they believed it would be profitable, and ignored the fact that they would have to run it to profitability. Perhaps it is not in line with their interests, they lack the time and energy to manage it, and they generally find it boring to run. Running your own business takes up more time than being employed, therefore you need to ask yourself if you have the time. If you don’t, do not bother getting into business, because it simply will not work. It will take you to make your business survive and succeed.

      One of my acquaintances decided to take the leap and resign from work to start a business. What transpired later were his fundamental reasons for taking such a step. He was angry with his employer and thought he was underpaid and not being promoted to a position of power. His motivations were power and greed. He did not have the energy, in fact he was simply too lazy to run a business, even though he wanted to own one. All he prided himself on was that he had a business of his own and could produce proof of this in the form of business cards and company profiles. That gave him the glory, but it was short-lived.

      Area of interest

      Choose an area that you have a passion for and enjoy engaging in. Do not get into agriculture if you find it too dirty and hope you will employ a manager to run the business for you. Your hands must get dirty. After all, it is your business!

      Have you noticed how successful you become in areas that really interest you? As a schoolboy I used to know a song by heart from the day it was released, yet never managed to memorise significant history dates and events. My history marks were abysmal, but my musical knowledge was superb! That was my area of interest, and it became my area of excellence. Business is not so dissimilar. You become great and successful at what you enjoy waking up in the morning to do. Your passion becomes easy to spot and will gain you the support of clients and other business

      Enjoying the preview?
      Page 1 of 1