Expert Financial & Business Insights for South Africa
Strategic analysis from Idea Accelerator and ready-to-publish content from Financial News Daily.
Do you just fall into doing something you love or do you visualise it and plan it?
It’s got be one of the most difficult things to do. Deciding on pursuing what you want to do in life. Some people never seem to know what they want. They just carry on and accept whatever fate is handed out to them. Others, a minority, just seemed to know where they are headed and even if circumstances change they redirect and move on.
Some official was supposed to be inspiring young men and women about small business but ended up making nasty, unkind remarks about the origin of business people in the country. Sadly, this official was just displaying typical ignorance. The official even made some off hand comment about certain people having “business in their blood”, which was a sweeping generalisation. Continue reading “Does business have to be in your blood?”
On the third last Friday of November Americans celebrate a shopping phenomenon called Black Friday. Over the years Black Friday has spread to other countries such as the UK and last year in South Africa it was introduced in large supermarket chain stores. Consumers went crazy for bargains and the crowds at some outlets was overwhelming with shoppers scared of entering into the fray. But those who couldn’t resist a bargain came away with some great specials.
The popularity of Black Friday and other special promotions shows just how hungry consumers are for buying product at knocked-down prices. Many will buy as many of the bargains as possible. They work themselves into a buying frenzy and it’s understandable because we don’t often see such deep price cuts. Continue reading “How do you take advantage of customers’ frenzy for bargains in your small business?”
Don’t just come up with an idea that you think is a promising business opportunity; look for a problem that needs solving and set to work solving it
It is easier to look for a solution to a problem for a source of a new business idea than it is to set wracking your brain and forcing artificial ideas. You are likely to be more successful with your start-up if the idea is based in a rock-solid problem that someone or yourself is experiencing.
Let me demonstrate this to you. Continue reading “The number 1 way to find new business ideas”
You’ve got to stay current. It’s no use using the information you’ve got in your head when it’s out of date. You’ve got to seek out new information, fresh insights, and new concepts that are relevant for today and that people are using right now.
One thing that is standing out in these rough times is how strong the demand among consumers is for bargains. On a recent Saturday morning I went to rate charity book sale, which is held once a month. My interest is in the reading topics whether it is on knot splicing, coastal fish, lighthouses and even marine art. Continue reading “Where do you find new opportunities?”
An Internet marketer was saying on his podcast that the original business ideas don’t work. A start-up just doesn’t have the deep pockets to advertise an original product or service. Far better, he said, is to copy something that is already working.
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Is it really as simple as this? Well, for one thing if you see what is already available on the market and is being advertised, there is a good chance that the product or service has found a target markets and is bringing in revenue for the start-up or small business. The veteran Internet marketer’s advice was to go for niche markets that are already proving themselves. The trick is to check out the product or service, find its holes, flaws and shortcomings and then to produce something better. Continue reading “Original ideas — do you think they have any legs?”
You eat a delicious meal that tastes so good that you want to prepare it yourself. But how do you go about replicating the success of that dish you’ve tasted? How are you going to do it?
A few months back I tasted delicious Dahl made by a local curry restaurant. I told the owner, a young man who had come out of the food catering business for an airline in the UK, that I enjoyed his Dahl. “No problem,” he said. “I’ll give you the recipe.” Now, Dahl is not something that you can buy in supermarkets except in tins. But canned Dahl tastes awful and it’s best to stay far away from it. Continue reading “Why some start-up ideas will leave egg on your face”
For most people generating new ideas is the exciting part. But the next phase which is idea selection, pilot testing and gathering resources to put behind the prototype or sample can be challenging.
A McKinsey multi-year study involving in-depth interviews, workshops, and surveys of more than 2,500 executives in over 300 companies found that innovation involves a set of “crosscutting” practices and processes to structure, organise and encourage innovation. Continue reading “No matter how brilliant your idea if you don’t have resources, you won’t be able to get it off the ground”
A few weeks ago I met a small business person who I haven’t seen for some time. He was successful at one time in the financial services sector but through personal circumstances he eventually overextended himself and lost almost everything.
It’s hard to pull yourself back from financial disaster. Second acts are not easy. After you have got a real good hiding out there in the marketplace, a bloody face and a dried out bank balance, it takes special character to pick yourself up and start anew. Some people may simply give up. Others may even take drastic measures such as turning on themselves – one small publisher I knew got into deep financial trouble and turned a gun on himself. An even smaller group of people will decide to try again and give it their best. Continue reading “Can you make it second time around?”
If you want to form and run your own start-up business, you won’t find it landing up on your doorstep ready to turn the switch. It will take acquiring new knowledge, experience and time and effort. If you’ve never started or run a small business before, there is no other way but to put in the hours.
Where do you start? It all begins with a seed of an idea. Some instant experts claim that an idea is 1% of what it takes to start a new product or service and the other 99% is execution. It’s probably 20% idea and 80% execution. Why do I say this? It’s because you’re unlikely to come up with one promising idea and use it straight off the bat. If you have a look at my book “Breakthrough Ideas”, you’ll see that you need to generate or find several ideas before you come up with something that matches your potential market, your passion and your own skills and knowledge. Continue reading “Passion is not enough – compact guide in business and entrepreneurship for college and university students”
