Financial Consultant & Coach
Considering the current state of the economy and challenges in South Africa, more people turn to entrepreneurship. Some because they want to, others because they have to because of retrenchments, unemployment and financial strain. Entrepreneurship can provide a solution to many challenges though
Becoming an entrepreneur was challenging for me – moving from a structured, controlled and deadline-driven type of environment to an environment where there is little structure and control, where you need to adapt to change and go with the flow. It is vastly different to manage or account for somebody else’s money and to make your own money. Moving from the comfort of earning a monthly salary to building a business is also probably one of the most difficult aspects to get used to. Studying marketing and sales in textbooks and practically applying it in your own business where the profits depend on it was another steep mountain to climb. Suddenly you are responsible to ensure the business generates sufficient income to pay salaries because the families of your employees depend on you. There are multiple scenarios of trial and error, and success is never a given.
I, however, treasure the opportunity to be innovative, think outside of the box and implement new ideas. There are no limits to entrepreneurship. I can do a variety of things that are of interest to me. I now have exposure within the hospitality, tourism, catering, fitness, wellness, financial, property, media and beauty industries. To be involved in all aspects of the business – strategic, finances, marketing, sales, brand building, human resources, legal, client relations, networking, technology, etc. I also find challenging yet stimulating.
Entrepreneurship gives you the ability to create jobs and develop people and in the process contribute positively to our country. Creating multiple income streams, the flexibility of working hours, building a big network, strategic thinking, learning to embrace change, and becoming comfortable operating outside of my comfort zone are other benefits entrepreneurship is offering me. Entrepreneurship taught me to have faith and patience. Being in charge of my own time and having the luxury to plan my meetings around my fitness routine and spending time with my loved ones is another blessing.
I cannot describe that feeling experiencing how my businesses are growing from start-up phase into profitable, sustainable businesses. You literally see your baby growing. My heart is filled with pride and joy seeing how my team is busy developing into confident leaders working together towards achieving our bigger dream and vision for our businesses. Looking back at my journey, I can confidently state that all the tears, hard work, late nights, failures, uncertainty and stress were worthwhile. I love being an entrepreneur!
There was always something special about being an entrepreneur owning multiple businesses that appealed to me. When the opportunity arose in 2015 to pursue my entrepreneurial aspirations following a career in the corporate world spanning more than a decade, I didn’t think twice. The definition of entrepreneurship refers to ‘the activity of setting up a business, taking on financial risks in the hope of profit’ – reasonably contradicting to my career as an accountant where I considered myself being risk averse and reporting on group profits as opposed to hoping for profit. The entrepreneurial journey is tough but extremely rewarding.
So, whatever your age …
- Understand your financial planning framework and objectives for each class of asset.
- Don’t ‘bet the house’ on your business with your retirement investments.
- Protect your business assets and personal wealth with appropriate assurances for when ‘business or life happens’.
- Invest the wealth from business assets prudently whether for business growth or building personal or retirement assets.
- Evaluate the legal structures, estate planning, tax planning, and cash flow planning options available to you.
- Have a clear understanding of the value of the business you own and your exit strategy.
- Seek professional financial advice in each category.
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