Are you an entrepreneur? Louis Nhlapo – Seda & Catherine Young - Thinkroom

Meet Louis Nhlapo | @Seda_thedti ‏ Programme Manager- EMPRETEC Seda, agency of the Department of Trade & Industry Specialising in Small Enterprise Development Background Seda has been in existence for 10 years 43 Branches nationally Co-locations

Meet Catherine Young | ‏@CatherineHYoung Owner – Thinkroom Consulting SME development across all industries and sectors SME development strategies for corporate organisations Background Corporate companies: Shoprite, Chevron, Deloitte, Ariba Twenty years experience in various positions held relating to supplier and small business development

What is an entrepreneur? Small business anthem song: “Complete freedom, unlimited opportunities, and dreams realised”… or not?

So how do I know if I am an entrepreneur or not? Ask yourself – are you willing to invest your whole life savings or risk of losing them Are you willing to change your standard of living? Do you like to discover innovative and creative ways of doing things? Do you like working in the team? Do you have friends who have entrepreneurs? Does your family support what you are going to do? Do you feel comfortable in your role as a boss?

What makes an entrepreneur? 1 2 3 4 Opportunity Persistence Fulfilling of commitments Demand for quality and efficiency 5 6 7 8 Calculated risk taking Goal setting Information seeking Systematic planning and monitoring 9 10 Persuasion and networking Independence and self-confidence

How do I know if I have a viable business idea? Need to have conducted the marketing research Do you have the skills for the business? Must understand the market, are there other similar businesses operating in this area? Understand the competitive landscape Will your business be a standalone or part of a business network, such as a franchise? Must understand what your customer wants, and if they will pay for it Talk to family and friends about your business, they may have some free ideas!

How do I conduct a viability study? Speak to and visit the owners of similar businesses Do market research – do a it of homework! Look at your competitors Do rough financial calculations 1 2 3 4

How to SWOT a pie shop! SWOT Strengths: Weaknesses: Threats: I have worked at a bakery in a supermarket and have a good feel for the pie industry Weaknesses: I have very little capital and startup costs are high Opportunities: There is only one other pie shop relying on passing trade and people have to wait for their orders at that one Threats: Business will only be brisk in the morning and evening as people come from and to the station, during the rest of the day, the are is quiet SWOT

Where to from here? Business exhibitions Business seminars Websites Small business networks Seda branches

Seda website: www.seda.org.za

Biz4Afrika website: www.biz4afrika.za