ICB Entrepreneurship Courses

Starting a business vs working for one

Many people consider starting businesses if their own when they have a tradable skill or product. However, the failure rate for new businesses is incredibly high. According to an article in the Mail and Guardian, South Africa’s Small business failure rate is almost 80% within the first 3 years. Having a skill that or product that people are willing to pay for is not enough to build a sustainable business.

When you render a service within a business, the company has been structured in such a way that you don’t need to worry about with everyone else is doing. You’re able to focus on your work and only your work. There is a large structure built around the service you render which makes sure there are always clients who are there to buy it. No product is able to sell itself, which is a mistake made by many entrepreneurs.

The Institute of Certified Bookkeepers’ (ICB) Entrepreneurship Programme addresses many of the pitfalls new businesses often fall into. This programme covers a large amount of what you will need to know to succeed in whatever business venture you decide to pursue. Here are just a few of the pitfalls which you should be aware, which you can also learn to deal with using the information in this programme.

Pitfalls to avoid

There are a few pitfalls for new businesses which include access to finances, a lack of marketing knowledge to reach potential clients, poor financial management etc. In order to overcome these barriers, it’s important to understand the difference between doing the work and selling the work.

Research and Marketing

Before you go out on your own, it is important to do as much research as possible into your business as well as those you would consider to be competition. Knowing how to offer a unique product can often give you an advantage when trying to break into the market. Also finding the pitfalls of your competitions products will help you avoid the same with yours.

Many individuals fall into the trap of being able render a service, but not sell it. Marketing and sales are crucial to any new business start-up. No business can sustain itself without customers, no matter how amazing the product is. If nobody is buying it, then it doesn’t count for anything. You need to be able to get your product to the people who would want to buy it.

Failure to plan is planning to fail

A thorough business plan and business model are at the core of any sustainable business. You need to know where to start in order to reach your end goals for your business. Planning is basically deciding and defining how you are going to reach your goals for your business. It’s nearly impossible to reach your destination if you don’t understand the route you are taking to get there.

Poor Financial Management

Money is not always an easy thing to handle. As a business owner, you can’t rely on the consistency of a monthly salary deposit from an employer. You have to learn to manage money more effectively to make sure you don’t overspend or under-invest in your business. Learning the necessary accounting skills is crucial to successfully handling the cash-flow of your business.

In conclusion, starting off with the ICB entrepreneurship programme is a great way to learn the skills required before starting your own business venture as an entrepreneur. If you would like more information about the course, or wish to consider studying with us, simply contact us or complete the form on this page to request a call back, and we’ll get in touch with you as soon as possible. We look forward to hearing from you.