What type of business with suit you? [2006]
- Date : (2006-10-27)
- Author : SAIE
What type of business will suit you?
Profile KK Kombi is one of South Africa’s most inspiring entrepreneurs. Born and raised in Gugulethu township, Cape Town, KK rose from rags to riches thanks to his ability to turn his interests into businesses. His first business was a small but successful spaza shop in Gugulethu. He saved his profits and used his hard earned cash to invest in property. The profits from his property trading were then poured into property development. The profits from the sale of a large development gave him the capital to start a business that he was truly passionate about, Master Currency. He got the idea for Master Currency when travelling overseas and exchanging travellers cheques for cash. KK became the first independent and black dealer to be awarded a foreign exchange license by the Reserve Bank. Today, Master Currency has 16 branches throughout South Africa and employs more than 200 people.
How can you turn your interests into business ideas? When it comes to running your own business, it is essential that you enjoy what you are doing. The more you enjoy what you do, the more effort you put into it and the greater your chances for success. So how do you find a business idea that you will enjoy? First, think about five interests that you are most passionate about. List them under the “interests” column in the table below. For example, you may love fashion, watching movies, writing, soccer or collecting things.
Interests Business Idea 1 Business Idea 2 Business Idea 3
Next, think of kinds of businesses you could start involving each interest. For example, with fashion, you could sew your own clothes and sell them at a market, or you could import clothes and open a clothing store or you could start a modelling agency. With soccer, you could sell soccer memorabilia at soccer matches, or open a sports shop or open a soccer school to teach young children how to play. Next to each interest, list three business ideas you can think of. But don’t stop there. Look around you at existing businesses and try to think of more business ideas you find exciting. Don’t be afraid to be adventurous. Don’t give up on a great business idea that seems a bit daunting. Skills and knowledge are important. But imagination, perseverance and guts make all the difference.
Linking your dreams and goals to a type of business. 1) Make a list of your dreams. Jot down what you want to achieve in life. It could be living in a big house, going on an overseas trip every year or putting your children through university. Knowing what you want is the first step towards reaching your dreams. 2) Make a list of your goals. Write down a list of goals you want to achieve by owning your own business. Perhaps you want to earn a certain salary within a year, or you may want to earn enough money so that you can stay at home to be with your kids. You may also aim to own a chain of stores one day, or to own a large corporation. 3) Identify types of businesses which may help to achieve your goals. When linking your interests to a business idea, it’s helpful to choose a business which will generate the profits you need to achieve your dreams and goals. For example, owning a boerewors stand at the taxi ranks won’t enable you to buy a big house or to go overseas each year, but owning a chain of take-aways or a large butchery will. You may need to start small, but in the end, you need to think big.
Before starting your own business it is really important to know where you are going and what you want to achieve. By linking your dreams and goals to your business, you will have a sense of purpose and will receive greater fulfilment and satisfaction from being your own boss.
