Dear South African Youth Entrepreneurs,
I, the Business Doctor Keitumetse Lekaba, hope this letter finds you well on your entrepreneurial journey. Despite the challenges you face in running your businesses, I write to you today to offer words of encouragement and support during these demanding times of load shedding, high-interest rates, unemployment, and inflation. Remember, within these challenges lie opportunities for growth and innovation, and your entrepreneurial spirit can lead the way. Every day we concentrate on the negatives, and I want you to focus on the opportunities today!
Load shedding has become an unfortunate reality that affects our businesses negatively. It’s disrupting operations, delays production, and hinders the ability to serve customers. However, I urge you to remain resilient and not lose sight of your vision. Embrace this challenge as an opportunity to find creative solutions, such as alternative energy sources, backup systems, or shifting your business model and hours to adapt to the circumstances. Let this experience build your resourcefulness and teach you how to navigate obstacles in an ever-changing landscape. Covid introduced a new normal for businesses and we should view load-shedding through the same lens. Based on the load-shedding schedule……you should be able to define your new normal and introduce your customers to it. New operating hours? Working remotely? Meeting customers at their location? Introducing multiple locations that have different load-shedding schedules? The options are endless.
The burden of high-interest rates has probably placed a strain on your financials (business and personal), making it challenging to access capital or manage cash flow. However, don't let it discourage you. Seek out financial literacy resources and experts who can help you navigate this terrain. Explore alternative funding options, such as grants, competitions, or angel investors who believe in your vision. Remember, the value of your business lies not only in the present but also in its long-term potential for growth and scale.
Unemployment remains a significant challenge in our society, and as a young entrepreneur, you have the opportunity to contribute by creating job opportunities. Despite the odds, stay committed to your vision and provide meaningful employment to others. Your business has the potential to make a difference in people's lives, not just through job creation but also by empowering individuals with skills and opportunities for growth. Let your business become a beacon of hope, showcasing the positive impact that entrepreneurship can have on society and communities.
Inflation can increase business costs, making it crucial to manage expenses wisely. Conduct a thorough analysis of your business processes and identify areas where you can optimize costs without compromising on quality. Seek partnerships and collaborations that can help you leverage economies of scale or negotiate better deals with suppliers. Embrace technology and automation to streamline operations and increase efficiency. By adopting these strategies, you can mitigate the impact of inflation and maintain a competitive edge. It’s not an easy task to do but necessary.
As young entrepreneurs, you possess a unique blend of passion, creativity, and resilience that sets you apart. Embrace these qualities and let them guide your journey. Surround yourself with a network of like-minded individuals who can offer support, mentorship, and guidance. Join entrepreneurial communities like “I AM AN ENTREPRENEUR”, attend networking events, and participate in industry-specific gatherings to expand your knowledge and build meaningful connections. Remember, entrepreneurship is not a solitary endeavour but a collaborative journey that can be enriched by the wisdom and experiences of others.
It is natural to feel overwhelmed or doubt your abilities in challenging times. But please remember that entrepreneurship is a journey filled with ups and downs. Embrace failures as learning opportunities and celebrate your successes, no matter how small. Stay focused on your long-term vision and adapt your strategies as needed. Seek inspiration from successful entrepreneurs who have faced similar challenges and emerged victorious. Let their stories remind you that resilience and perseverance are essential ingredients for entrepreneurial success.
Stay determined, believe in your abilities, and never lose sight of your entrepreneurial dreams. The world is waiting for the impact you will make.
Yours in Development,
The Business Doctor, Keitumetse Lekaba
16 June 2023
Thank you for these words. The entrepreneurship journey is ardous and lonely, and such serves as guide posts to remind us that we are on right path and we have support.