Campaign to help SMEs reach 1001 days
It is known that entrepreneurial businesses that make it to 1001 days (three years) are likely to succeed and thrive long term. To discover what makes a successful entrepreneur and to help many more South Africans reach this milestone, Santam has launched the next phase of its 1001 days initiative.
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This month’s findings
This month explores the question, “Can anyone be an entrepreneur?”
The research takes a closer look at the traits, motivators and industries of successful businesses and finds:
- • The ability to cope under pressure, adaptability, self-confidence and people skills were viewed as essential traits to succeed. More than 90% of respondents cited these are vital traits to succeed.
• These were followed very closely by optimism, financial savvy, leadership and the ability to negotiate.
• Passion is the number one motivator for starting a business – ‘bags and bags and bags’ of passion motivated 47.6% of the survey group.
• The desire to ‘be your own boss’ was the second biggest motivator at 28.2% of those surveyed.
• Learning from your mistakes is vital – 57% of the business founders surveyed founded between two and six businesses, in addition to their successful operation.
• 60% of those surveyed are in service-orientated industries and 25.5% are engaged in selling products.
• Females are somewhat more likely to run service-orientated businesses (62% of females surveyed are in service versus 58.1% of males) as well as sales-orientated businesses (28.5% of surveyed females versus 22.7% of males). On the other hand, males are more likely to be in licensing or using another company’s products (3.5% of males surveyed versus 0.6% of females) or services or e-commerce (7.6% of males surveyed versus 3.2% of females).
Nature vs nurture
To delve more deeply into what traits make for a successful entrepreneur, Santam also asked two successful entrepreneurs whether ‘nature or nurture’ brings entrepreneurial success.
Well-known entrepreneur and investor on the popular ‘Dragons Den’ show, Lebo Gunguluza, owns Gunguluza Enterprises and Media, a group that owns 12 print publications, has stakes in a number of hotels and a car-hire business. “Not everyone can be an entrepreneur. You have to be independent and willing to take risks. Although people do have the potential and can be groomed into entrepreneurship, someone who is highly risk averse is likely to struggle with the uncertainty that comes with being your own boss.”
Luvuyo Rani, a Khayelitsha entrepreneur whose company, Silulo Ulutho Technologies, started selling refurbished computers from a car boot and now operates 18 IT training centres around the Western Cape, also believes entrepreneurship is a particular talent, which not all people have. However, he believes all individuals can learn to be an entrepreneur. “However, one should remember that it is a lonely life and a journey one needs to prepare for psychologically. It also means compromises in terms of family time and finances, and not everyone is comfortable with this.”
Broad initiative to support SMEs
Santam’s Fareedah Benjamin says the ‘1001 days’ research forms part of a broader initiative, which includes a website with tools and real-life stories to inspire business owners. “We are hoping that by allowing entrepreneurs to learn through the experiences of others, more businesses will reach and pass this critical milestone. The initiative provides guidance for both the first three years and the years that follow.”
Benjamin says entrepreneurship forms part of the DNA of the group. “Entrepreneurs represent one of the biggest future growth opportunities for a sustainable South African economy. As an insurer, we are committed to walking a path with our country’s entrepreneurs, ensuring that their financial stability on their journey is taken care of from an insurance perspective.
“Our aim is to help new businesses thrive, recognising that for any start-up business, the future is full of unknowns. Insurance then has broader implications for entrepreneurs, helping them get over unforeseen hurdles, but also freeing them from other constraints that would otherwise stop them in their tracks when they are most vulnerable."
For more information, go to www.santam.co.za/1001-days.
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