Kaya 959 Reporter
Almost every day, a new startup emerges, and some entrepreneur somewhere has the notion to disrupt something.
But how many of these concepts make it past the first year, second year, or third year?
Kaya Biz with Gugulethu Mfuphi spoke to Toniah Khumalo – Professional Consciousness Coach and Start-Up Entrepreneur coach about what entrepreneurs need to pay attention to in the early stages of their business.
LISTEN TO THE FULL CONVERSATION HERE:
Khumalo gave cautionary lessons he’s learned from working with entrepreneurs and how new businesses get it all wrong from the onset.
He also advised that it’s all about vision, passion, and enthusiasm in the first few years. and that the entrepreneur employs his first team, and concepts are sold to investors; as a result, everything revolves around discovery and investigation.
“I think the first thing people do wrong when starting a business, is that they start a business copying someone else…”
“A lot of businesses that I work with think that they are going into business to make a lot of money, and they get very frustrated when the money is not coming, this is when they realise that their cash flow is constricted for at least 18 months to 2 years.”
“Whatever it is that you are doing-especially if you didn’t have a flush of capital, you are essentially paying off your dues.”
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He also shared how the only focus for the first thousand days of an enterprise’s development should be on acquiring customers and earning cash to meet the system’s survival demands. There can’t be any other pressing goals.
This he says is because the only thing that matters here is getting the company to the next level, these two goals should take precedence over everything else.
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