What are the difficulties of being a young entrepreneur in South Africa

[Capdase]

Being an entrepreneur is more about the freedom than the money for me. But as I've gone along I have had a lot of challenges along the way, and can see why entrepreneurship is very difficult to accomplish in South Africa.

What are the difficulties in being a young entrepreneur in south Africa?

To name a few that I've dealt with:

Finance is almost impossible to get or very difficult.
Insurance is exorbitant for younger folks.
Tax is quite intimidating and burdensome, although turnover tax is somewhat less intimidating.
Making to many mistakes can put you out of business.
You can go out of business rather easily out of no control of your own.
People don't like to do business with younger people, especially professional services.
The schooling system prepares you for an 8 to 5 life.

I'm sure I could think of more.

 

[Gahno]

Well look at the good side you have more chance and time to fail, learn and grow. If it didn't workout go back and find a job save up money build relationships and try again. The things you mentioned aren't the important stuffs those things just allow you to feel safe or comfortable sense of security. The main thing I believe is persevere and keep trying.

Every business owner I speak to says the main thing required to succeed in business is time, if you can't put in full focus for few years of building your own thing then don't try it.

I can't say I am young but I basically just quit my 8 to 5 work to push for my own thing the beginning of this year, and everything isn't as easy as we think. All the ideas you had don't seem to work the way you thought. But I believe I got to stick to it and keep trying. I have yet to make any income and it is March now, 2 months.

I am not sure what difficulties you have faced or have been facing, but all I can say is keep at it.

 

[grok]

Lack of struggle credentials?

Oh wait, thought you said tenderpreneur..

 

[acidrain]

I would not be set in on the 8 to 5 like the normal working class especially in the beginning phases. Running a business is a 24/7, 365 job. That is probably the hardest thing imho.

 

[Gahno]

I would not be set in on the 8 to 5 like the normal working class especially in the beginning phases. Running a business is a 24/7, 365 job. That is probably the hardest thing imho.

100% agree on this, not to mention a lot more stressful. But there is a good thing at least decisions and things get done a lot more swiftly since you the boss. If you have ever worked for someone you will have a time you feel you wasting time doing stupid things or there should be a much better way of doing your work that.

 

[Purply]

I have to agree that time is by far the biggest struggle I have encountered over the past 7 years as there just isn't enough of it in a day to get everything done on time.

However with that being said, my biggest issue currently is finding someone to employ that will be able to take over some of my duties in an effort to alleviate some of these "time constraints"

 

[Polymathic]

I would not be set in on the 8 to 5 like the normal working class especially in the beginning phases. Running a business is a 24/7, 365 job. That is probably the hardest thing imho.

It's really annoying dealing with people who operate during 9 to 5. The hardest part for me is keeping on schedule and managing the finances

 

[Gahno]

I have to agree that time is by far the biggest struggle I have encountered over the past 7 years as there just isn't enough of it in a day to get everything done on time.

However with that being said, my biggest issue currently is finding someone to employ that will be able to take over some of my duties in an effort to alleviate some of these "time constraints"

Ever considered utilizing systems to reduce workload? I think investing in system will be a lot more efficient on the long run. But it is costie in South Africa to have a customized system for your business.

 

[Purply]

Ever considered utilizing systems to reduce workload? I think investing in system will be a lot more efficient on the long run. But it is costie in South Africa to have a customized system for your business.

All systems already in place, just need more capable hands to do everything on time.

Training said candidate in the ways of our system is obviously another challenge as that would require more time from my side, time that I already don't have to give.

 

[Gahno]

All systems already in place, just need more capable hands to do everything on time.

Training said candidate in the ways of our system is obviously another challenge as that would require more time from my side, time that I already don't have to give.

Not sure what kind of system you using, but what I am referring to is a system that takes 10 peoples work and make it into a 1 person job kind of system. You multiple the efficiency.

Example the system where you have a sales -> buyer -> despatch. A good system can remove all the admin work and you just have 1 guy manage all 3 processes just with few clicking. This is something I rarely see in South Africa. A lot of companies still use the traditional systems of just data managing but not systems that automate or do things that can remove manual / admin work.

Well I guess labour is too cheap in South Africa we still rely on people to do things compared to the other developed countries.

 

[Purply]

Yeah that's already being done, we only 4 people as it is.

 

[Gahno]

Yeah that's already being done, we only 4 people as it is.

OK

 

[Nefertiti]

Being an entrepreneur is more about the freedom than the money for me. But as I've gone along I have had a lot of challenges along the way, and can see why entrepreneurship is very difficult to accomplish in South Africa.

What are the difficulties in being a young entrepreneur in south Africa?

To name a few that I've dealt with:

Finance is almost impossible to get or very difficult.
Insurance is exorbitant for younger folks.
Tax is quite intimidating and burdensome, although turnover tax is somewhat less intimidating.
Making to many mistakes can put you out of business.
You can go out of business rather easily out of no control of your own.
People don't like to do business with younger people, especially professional services.
The schooling system prepares you for an 8 to 5 life.

I'm sure I could think of more.

My favorite bugbear is companies paying you as late as possible and its mostly the big companies too

 

[cupcake]

Family who think I don't work and am permanently available for whatever! If only people just put money in my bank account and I didn't have to do anything, that would be awesome.

Employees, sigh. When they are on sick leave you have to pay them and do their job it's hectic! And then there is annual leave I feel like taking a nap just thinking about it!

SARS is a nightmare so much paperwork blah

 

[acidrain]

My favorite bugbear is companies paying you as late as possible and its mostly the big companies too

Ah the ugly monster that eats away at your cash flow. Normally though these big companies have purchase agreements with how the payment structure works so at least you know, with them, whether you can front it or not. One of our clients is 3 months from invoice date and that's not even the bottom tier supplier.

The companies that don't have a purchase agreement though and don't follow the standard 30 days from invoice are the worst.

 

[Nefertiti]

SARS is a nightmare so much paperwork blah

We have someone to help us out with sars admin but they moved to australia so we'll have to go stand in the queues now

 

[Nefertiti]

Ah the ugly monster that eats away at your cash flow. Normally though these big companies have purchase agreements with how the payment structure works so at least you know, with them, whether you can front it or not. One of our clients is 3 months from invoice date and that's not even the bottom tier supplier.

The companies that don't have a purchase agreement though and don't follow the standard 30 days from invoice are the worst.

Yea, we are trying "the nicer the company is to us the nicer we will be to them" tactic to see if that works. Everything still within sla of course, it just means my good clients will get the best attention

 

[cupcake]

We have someone to help us out with sars admin but they moved to australia so we'll have to go stand in the queues now

RIP free time, please accept my condolences.

I am trying to work up the capital to expand with my growth so if I can do it myself no matter how painful I won't pay out to get someone else. Maybe one day!

People see the results but not all the planning and sacrifice behind the scenes.

The harder I work the luckier I seem to get.