According to Statistics South Africa, the country’s official unemployment rate during the fourth quarter of 2020 rose by 1.7 percentage points from the previous quarter to a record high of 32.5 percent. According to the African development bank, 22% of Africa’s adult population segment are starting their own business. Yet, many individuals have business ideas but lack the knowledge and skill to implement them. Mancosa’s Bachelor of Commerce in Entrepreneurship provides individuals with these attributes to start or manage a venture.
This article will provide you with guidance regarding the entrepreneurship course as well as well as the avenues to pursue in order to achieve your entrepreneurial goals.
Entrepreneurship in South Africa
The South African economy took a severe knock in 2020 with many businesses having to either downsize or shut their doors. However, it’s not all doom and gloom in 2021 as the economy is showing signs of recovery. South Africa has many young individuals that are interested in becoming entrepreneurs but, in order to be successful they need to be inculcated into an entrepreneurial culture.
The world is ever-evolving and the jobs you are doing now may be redundant in a few years’ time. The need to adapt to the latest business models and commercial trends gives entrepreneurs the opportunity to embrace the entrepreneurial landscape.
Why should you even consider entrepreneurship as a chosen career choice? Well, entrepreneurs are the catalyst of innovation, creativity and economic growth. The career path also allows you to be your own boss and work according to your particular management style. Entrepreneurship teaches you to be driven and to reach your growth potential that you may never realise while working for someone. Working for yourself motivates you to reach higher goals and pursue greater challenges. Many successful entrepreneurs become wealthy or even multi-millionaires. This is because, given the right strategy, product or service line, and motivation to succeed, you can define your income. You have the opportunity to impact positively on your community by creating employment opportunities for those in dire need.
What exactly is an entrepreneur?
An entrepreneur is a business owner. They are a person who develops a business or enterprise based on their own innovation. They do so by assuming the risk for its success or failure. If the venture is well planned and lucrative in its particular market, the entrepreneur stands to gain huge profit and return on investment. When you mention the word entrepreneur, most people think of rich individuals owning businesses but there’s much more to being an entrepreneur. Entrepreneurs are hardworking, tenacious and are risk-takers. These individuals have a vision, passion and drive in what they believe in. An entrepreneur is a person who seeks to make a change either in the community or country. They are optimistic risk-takers who believe in their abilities to achieve the desired results.
The most influential entrepreneurs from South Africa
- Pretoria born entrepreneur Elon Musk founded companies like Zip 2, X Com, PayPal, SpaceX, and Tesla. In January 2021 Musk was named the richest man in the world.
- Mark Shuttleworth founded Thawte in 1995 which specialises in digital certification and internet security. He was the first African in space.
- Patrice Motsepe is the founder and executive chairperson of Africa Rainbow Minerals. He also started a mining service to clean gold dust from mine shafts which created more jobs in this industry.
- With an initial investment of $10 and with two other investors Anton Rupert started manufacturing cigarettes in his garage which he eventually built into the tobacco and industrial giant The Rembrandt group.
- Tokyo Sexwale founded Mvelaphanda Holdings. His main investments include oil and diamond mining.
- Sol Kerzner created one of the most successful hotel groups in Africa ,Sun International.
- Raymond Ackerman was fired from Checkers and then started his retail supermarket Pick n Pay which is today one of the largest retail chains in Africa.
- Rapeleng Rabana is a co-founder of Yeigo Communications, a software company based in Cape Town.
- Iqbal Survé is a South African general practitioner, philanthropist and entrepreneur. He is the Chairman of Sekunjalo Investments, and Executive Chairman of Independent Media, one of South Africa’s largest media companies.
The 10 best ways to become a successful entrepreneur
Entrepreneurship is a challenging journey that many have undertaken. Some individuals may have the resources like money or property as starting points, but lack the necessary knowledge and skills to become successful entrepreneurs. It takes more than just passion and hard work to thrive in a challenging entrepreneurial world, which is why a entrepreneurship course is a starting point for those starting out in this field. Consider these 10 key traits to keep in mind if you’re looking to become a successful entrepreneur:
- Persistence – many entrepreneurs failed with their start-ups the first, second or even the third time but continued to get up and try again.
- Innovation – not all entrepreneurs possess this trait but develop a creative aspect to their traits through nurturing their strategic thinking skills
- Long-term focus – most people focus on the start but great entrepreneurs have an end-goal in mind.
- Risk-takers – entrepreneurs put all they have into the business venture. On some occasions they may lose what they put in.
- A wise decision maker – selecting the correct course of action at the appropriate time is key to any venture
- Planning – entrepreneurs who set objectives and plan effectively are more likely to succeed in their business ventures.
- Hard worker – entrepreneurs work long hours, weekends and public holidays. The harder you work the luckier you get.
- Have a clear vision – successful entrepreneurs know exactly what they want to achieve and how they plan to achieve it.
- Build a good reputation – many good things build a good name but one mistake brings it down. Reputation in business is critical to its survival.
- Ongoing learning- entrepreneurs that keep learning new skills and acquire updated knowledge will enhance the growth of their business.
Entrepreneurship: how to get started?
Entrepreneurship encompasses a variety of task functions and skills, which is the very reason we recommend you pursue a entrepreneurship course or qualification in this particular discipline. Entrepreneurs are required to understand all aspects of a business from General management, human resources, marketing and finance.
Mancosa’s Bachelor of Commerce in Entrepreneurship responds to the needs of business by providing an industry relevant qualification to students. It empowers students with the necessary competencies to either start or manage a small business. Students will also acquire key skills with this entrepreneurship programme:
- Business communication
- Computer literacy
- Accounting
- Operations management
- Supply chain management
Students will gain knowledge on how to turn their business ideas into opportunities and run a viable enterprise.
Study a Bachelor of Commerce in Entrepreneurship with MANCOSA
Mancosa offers an industry acclaimed and accredited Bachelor’s Degree in Entrepreneurship that equips students with the skills, knowledge and business acumen to succeed in a challenging economic environment. Create your own job security and reap the rewards by enrolling for a world class Bachelor of Commerce in Entrepreneurship at Mancosa.
Author: Calvin Paltooram MANCOSA Academic