What skills and experience do you need to start your own business [2007]
- Date : (2007-09-27)
- Author : SAIE
What skills and experience do you need to start your own business?
Profile Patrice Motsepe began his career as a lawyer. Yet he wanted to start his own business and become his own boss. When choosing what type of business to create, he looked to his skills and experience. Top of his list was being a mining law specialist for a big law firm, so it was natural for him to stick with what he knew. Patrice left his well-paying job to set up a contract mining business. At first, he battled to keep his business afloat. He had no money and no experience in running a business. He couldn’t get a loan and it took him two years to get his first contract. However, he never gave up. He went on to launch a new company called African Rainbow Minerals (ARM) and purchased a number of mining shafts. His business became extremely successful and later merged with Harmony Gold Mine to become ARMgold. Today, Patrice is a billionaire and his business interests go well beyond gold.
What skills do you have? “What skills and experience do I need to start my own business?” This is one of those questions that many people ask themselves which stops them in their tracks. But to quote Yoda: “Already know you that which you need.” In other words, the skills and experience that are most important in starting a business are those which you already have. It’s all those things that you know and that you do well. Consider Ina Paarman and Mbongeni Ngema. They have become successful from doing what they know and what they do well. By looking at what skills and experience you already have, you can come up with many business ideas that do not require learning many new skills. To help you generate some practical business ideas, jot down a list of your skills in the box below or on a separate piece of paper. Write down everything you can do, no matter how trivial you think it may be. For example, you may be able to type fast, draw well, or organise efficiently. Next to each skill, jot down what experience you have in using that skill. For example, it could be doing secretarial work, drawing for a hobby, or organising meetings and conferences. From your list, pick five skills you would most enjoy using.
Skills Experience Business Idea 1 Business Idea 2 Business Idea 3
Take these five skills and think of types of businesses you could start involving each skill. For example, with typing, you could start a business which offers secretarial skills, or which offers to type up documents such as CVs, book manuscripts or university theses. With drawing, you could become a freelance illustrator, or Desk Top Publishing operator. Or you could start a business which offers to paint murals in restaurants or in people’s homes. With organising, you could start a business which sets up and manages large meetings for clients or organises conferences for other companies. Next to each skill and experience, list three business ideas you can think of. Keep thinking of ideas and add to your list whenever inspiration finds you.
Turning your skills and experience into a business idea. 1) Use your imagination. You may think that knowing something about movies, property or hair care products are insignificant to an entrepreneur. But tell that to Anant Singh, Pam Golding or Herman Mashaba. They all had to start somewhere. With a little imagination, your skills and experience can be turned into hundreds of business ideas. 2) Think big. No matter how outrageous your business ideas may be, don’t discard them. You may not have the money to start big right away, but at least you will have an idea of what direction you want to take. 3) Acquire new skills. If you have a business idea which requires some skills that you do not yet have, don’t give up. By signing up for part-time courses, reading books or browsing the internet, you can acquire additional skills which will contribute to making your business a success. Knowing what type of business to start is one of the major stumbling blocks for would-be entrepreneurs. If you want to create your own business but aren’t sure where to begin, try focusing on your skills and experience. Doing what you enjoy is a good place to start.
In the next issue, discover how you can identify business opportunities with our Business Idea Generator.
