A "New Money Master" is a person capable of generating funds through a business. In other words, a New Money Master is an entrepreneur. In Africa there are many opportunities to allow entrepreneurs to create and earn money from their business ideas. In their search for the best opportunities however, African entrepreneurs can easily make mistakes - mistakes already made by others before them.
Sylvanie Beukes has many tips to help you avoid repeating the same mistakes that others have made before you, and to help you grow your business in Africa.
1. First, pick the fruit at hand.
Sometimes one might instinctively think that the bigger the business idea is, the better. However, if you embark on pursuing a large-scale dream, it is easy to become impatient and start losing sight of your initial goals. Instead, focus on realistic goals that involve less inherent risk and require fewer requirements to penetrate the market. As the metaphor illustrates, you can reap the same benefits by starting with small and simple.
2. Be an entrepreneurial conqueror
As an entrepreneur, you must always keep an eye on your business and be always attentive, in order to make the best possible decisions for your business. Abraham Lincoln once said that "patience bears fruit - but only the fruits that the conquerors had not first harvested.” An excellent entrepreneur misses any valuable opportunity that comes up to him.
3. DO NOT borrow too much
A good businessman knows that too much debt can cause serious problems to business management. If you get to a stage where your main motivation for generating funds is to pay off your debt, then you may have missed the mark. Aspiring entrepreneurs can too easily get caught up in a vicious cycle of debt-repayment. Always seek good advice to avoid imprisoning your business in debt - never borrow more than what you can repay.
4. Be bold, and implement your plans
Successful business leaders will tell you that fear is a major factor of entrepreneurial failure. As an African entrepreneur, you face many uncertainties. In order to succeed, you must be smartly courageous, and carry out your business plan in order to move forward, because the future smiles at the bold.
5. Keep your goal in mind at all times
It is easy to be attracted by the prospect of great profits. Be careful not to lose sight of your goals though. Sometimes, in the race for financial success, you can forget your initial goals. Take your time. Plan your goals. And stay true to your ambitions.
6. Collect gold
Success defines the entrepreneur. You will not become an entrepreneur if your businesses fail. It is also true that success calls for success. The more entrepreneurial you do, the more you learn, and so the more confidence you have. The African continent is going through rapid transformations and you have to adapt to reap gold - get the success!
7. Define what you need to achieve your goals.
As an entrepreneur, it is you who define how to turn your ideas into successful businesses. You, and only you are able to control how you do it. True, at first you have a certain conception of what it will take to succeed; it is by putting your hand to the dough, you discover what works and what does not. Building your first "success story" step-by-step will make you discover what works and so, the best approach to achieving this successful outcome.
8. Use the resources at your disposal - paying attention to the conditions imposed.
Sometimes, everything you need to build a business in Africa is at hand. In fact, it may even be that the best resources are those that present themselves to you without you having to make any effort. The key point in this case is to know which resources have a significant potential liability. As an entrepreneur, what you should avoid at all costs is to find yourself stuck by a bond that pulls you down.
Africa is often described as a market with great potential for budding entrepreneurs. You have in your hands the power to transform your ideas into successful companies that have a place on this promising continent.