Topic-icon Are u an Entrepreneur?

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14 years 3 months ago #14428 by NATE
Thought thats been playing over and over in my head, like a stuck record, is that i need to make a concerted effort in starting my own business. Firstly, im freakin tired of working for someone and secondly i need to make myself rich and not everyone else and lastly. i HATE being told what to do.

Because im a socialite and enjoy entertaining people, i hav found my passion in running a restaurant/bar/lounge (even tho its not what im in right now) that will cater for everyone, young, old, black, white, rich, poor etc....u get my drift......

Difficulty will be getting into the market and making yourself a reputable restaurant......:dry:

NOW, how many of you guys out there hav your own business, think u have entrepreneurial qualities to start a business, also fed up with working for someone and how are u gonna make your mark in this rat race we find ourselves in?

I think we all can if we believe in ourselves.......and we need to swing the ratios around of our people opening business or displaying these qualities
Like to hear your comments, views, advice etc.

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14 years 2 months ago #14922 by bhekza
bra if you have the pasion for business then you"ll succeed but you have to remember that it does not have to be about the money alone it should start with you and you pasion to succeed its going to be hard at first but the rewards wil show on you bank balance so keep your head up and stay focused dont get discouraged even if no one belliefs in you just bellief i yourself challie and good luck

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14 years 2 months ago #15856 by Cjoe
Nate, I won't make claims to knowing what I'm talking about, but I did look into it and I had a buddy that actually did it. for a restuarant the first thing and possibly the most important, is the chef, now you can either hire one or (and I prefer this option) go into partnership with one. the chef's menu will has the potential to make or break a restuarant. A chef (in partnership) also has the added advantage of understanding the restuarant business. Don't ever compromise on quality. Visualise what you are trying to achieve and work towards it, don't be clouded by greed and fast returns, the aim is to make it sustainable. Another thing, don't cater for Bruinou's. Now don't misunderstand me, but I've seen this. Being happy to support a Bruinou doing his own thing, we'd go and have a chow, lounge around the bar and chill a bit. Then he gave into some foolish notion that it would be cool to hire a DJ from a certain time, move the tables and... Well naturally, eating patrons weren't too cool with this and food sales dropped, although alcohol was doing well, but then, if you want to have a club, you have to live with the consequences...fights (inadequate security due to this being a restuarant), and short life span made it an inviable prospect. By the way, the food was excellent, even if a little pricey.

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14 years 2 months ago #15972 by NATE
Thanks for your input!!

every bit of info helps

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14 years 2 months ago #15978 by Tiger1
Nate my man, where are you from buddy?

I am from Durban.
I am a chef by trade and have managed several supper theatres.
I left because the hours were way too long and i didnt want to put in the extra effort like you said to make someone else rich.

I have been working on a business plan for a restaurant and i feel that it has a good chance of being successful. I know what people want in that field of work, i have many contacts with regards to supllies and i have reliable staff at hand for the business.

All i need to do now is make a final draft and submit for financing.
If you are in durban, then maybe we can get together and if you need any help with starting on your own or going into a partnership then i can definitely help you out there man.

Holla back if you are interested.
If not then i wish you all the best in your venture.

Make it big for yourself!!!

Peace out!!!

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14 years 1 month ago #17922 by Tokoloshi
Nate, you have received some really great comments from some of the guys already.

The big question is whether you understand what happens when you decide to move from one mindset to another.

Like with Neo in the Matrix, it really is red pill/blue pill time.

Deciding to own your own job seems easy, but the decision has permanent impact on your life.

ALL of business is about managing the flow of the money. ALL of it. There are many nice things along the way, but CASH IS KING is a song you have to sing all of the time.

If you can understand your market and they pay for your product and services and you can draw a salary and pay all of the expenses and have money over after all is said and done - and you can do this for the next 10 years and look forward to each day, then it is worth considering.

There are many tools that you can use to work out if it is worth it or not. You can download some of them of my website for free and it will help you think through the process more clearly.

When you are an employee you can blame everybody else for your woes, when you are the owner of your business, all the blame lands in your inbox and you need to deal with it.

I find the prospect immensely exciting and satisfying and I would recommend it to everyone, but understand that it is not just about finding the right chef, location or partners. It is about understanding what BUSINESS is ABOUT.

Once you are convinced that you know how to make enough money out of doing something that you love then it is a no-brainer - you do what you love and you make the money.

The first rule of making your dreams come true though is to wake up and act on the inspiration recieved from that dream.

I hope that you will decide to take your dream further, because every Bruinou that does that clears the path for those to follow.

Go clear a path for us.

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14 years 1 month ago #17959 by Ronald
You have touched on a subject close to my heart! I was thinking along the lines of a Jazz Club somewhere in the Jo'burg CBD. My passion though, relates to Empowerment deals.

Chew on this: Consolidate the many "Investment Groups" (or start your own!)and approach Spur, Nando's etc. for a stake.

Is this far-fetched? Only if we remain in our self-centred cacoons and if we insist on thinking small!

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14 years 1 month ago #17975 by Tokoloshi
Consolidating several investment groups/franchisors into a single group is a good idea, which is probably the reason why there are so many franchisors doing it.

For example, Spur, Debonairs, Vidoe Busters are all part of the same family.

Until Milky Lane was taken over by OLA they were part of the Pleasure Foods group, who also own the Wimpy and Whistle Stop franchises amongst others.

The question which any business owner asks when you fall in through their doors asking for a slice of their business in exchange for a pot of cash is "So what value are you going to add, other than the money you put on the table."

Believe, telling them that you will be "adding some colour" to their team is not necessarily seen as a business value.

Consolidating them is also not necessarily a good thing either.

You need to ask what new market you will be taking the consolidated offering to that they could not tap into without you sitting on their team.

This is obviously also something that you need to answer for yourself as well, otherwise you will be getting into immense debt without a clear idea of how to get out.

There are several funds available for BEE investment, and - surprise, surprise, Bruinouens are dark enough to qualify!

Before chasing too far down that road, though, stop and ask yourself what you could do to ensure that you can create value for you and your family by going down the Jazz Club/Steak House kinda concept.

Then ask yourself which if the current market offerings comes closest to what you have in mind - and then consider investing in them if they are a white owned company, using BEE schemes for the loan that is required to make the investment.

Remember that whichever route you take, it will involve a loan that needs to be repaid at a given interest rate. In other words, you will have to get into some serious debt.

My take on that has always been, so what's another decimal point ;) - let's make some moola...

oh, by the way - think small - be small.
You are only as big as you act - BE BIG

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13 years 11 months ago #21127 by DHimself
I've been toying with the idea of opening a Kauai franchise, but the startup capital for this would be R1,3mil... Of course, being that it is a franchise, everything will be supplied, from staff to location.

Another idea is a pretty morbid one, an undertaking service. Purely because business is guaranteed. Dammit, but I'm having a hard time dealing with how I'm going to be around all those dead bodies without going a little off myself:S :silly: :blink:

So, now, I'm back on the first idea, I've got everything ready....well...except for the money...

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13 years 11 months ago #21145 by Girl4Pmb
Dhimself,

What is the Kauai franchise all about? I haven't heard about it, probably because i've been living abroad for a couple of years.

With regards to the Undertaking service, it's HUGE in america. In the city, where i live, there are about 4 or 5 'funeral homes', which offer a variety of services. You could make it big, afterall every few minutes people are dying somewhere...

I personally would find it difficult to work in a funeral home / undertaking business, especially after i've watched Dawn of the Dead...

Theres a young college student who has a Chicken Wing corner store...His place is ideally located close to a university...so it's always packed. He just sells different flavoured friend chicken wings...BBQ, Spicey or Honey Mustard...you can order it with fries or hoagie rolls or with pizza...i don't know why americans love them wings so much, especially along the east coast. He definately is making money 'cause he was named Wing King of the East.
:S

Innovative Entrepreneurs can make $$$ if you offer something unique, target the right market and have an ideal location.

Wonder if Chuck E Cheese will be profitable in SA...mmmm

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13 years 11 months ago #21155 by DHimself
Heya, Girl4...

Kauai is a health food fast food outlet here in the Mzansi. They sell crazy-yummy health-orientated stuff like sandwiches, wraps, smoothies and such. Sort of like an improved Juicy Lucy.
The only thing is, the prices are a little higher than most fast food outlets, ie, your KFCs, Steers, etc...
I prefer eating at a Kauai whenever I get the chance, the food is great-tasting, fresh and good for your soul :)

Yeah man, the undertaking service is my dad's baby, I'm still doing a lot of soul-searching to figure out whether I'll be able to do it. After Dawn of the Dead, Resident Evil, The Sixth Sense, etc.. I'm suddenly not so sure anymore...:dry:

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13 years 5 months ago #35070 by HoneyBabe
I'm an entrepreneur :blush:

"He that waits upon fortune is never sure of a dinner"- Benjamin Franklin

We been going 3 years, and this is probably our make or break year. We've started importing from late November last year, and the Cash flow sukkel ma so 'n bietjie, because container freights don't come cheap. But we decided to do it properly or not do it at all. And our South African supplier was screwing us over.

Like its been said, its all about the cash flow.
Its about advertising, marketing, paying debts, dealing with customers (if I had to do it again I wouldn't sell a product, I'd sell a service)and everyone always turns to you.

But at the end of each day "I am the master of my fate; I am the captain of my soul" William Ernest Henley from "Invictus"

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13 years 5 months ago #35135 by B.J.Jnr.
honeybabe...some great thoughts there. you are heading in the right direction in my books. to me a service is far less hassle than a product.
i have a friend who started a garden services and in 8 months he had 82 customers and growing. he worked and his wife managed the business. he was clearing 8 to 9 grand net. now he tells me he sold the business cause his wife found a good job. WTH, dumb ass Bruinou. how can you compare running a business with working for a boss. i run a multifaceted business because i don't believe in putting all your eggs in one basket. one pillar of my business is a music studio. from it i produce, write, arrange and teach...the teaching part is obviously service orientated. i net 25 grand a month alone on that...service is the way to go.

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13 years 5 months ago #35155 by Tokoloshi
HoneyBabe, it is fantastic to know that you have stuck it out for 3 years.

By now you will have started getting into some routines that define who you are and what the business is about.

Do you still remember the period between the 8th and the 18th month? Wasn't that just the worst?

Don't regret having gone into a specific product and not into a pure service industry. There are pros and cons about each, don't spend you next 3 years thinking about what could have been. You are where you are because the market has guided you to that place - work from that position.

By now you will have learnt to manage your debtors, understand the kind of promotional activities your market expects from you and have started to understand your business sufficiently to know what it takes to get through each month.

The next 3 years is going to be about leveraging off that experience, diversifying your business and understanding both business and financial controls.

If you feel that this is going to be a make or break year, then by now you must have started planning to "Make It In 2007".

I would be very interested in looking at your business plan and marketing strategy.

Remember that the marketing strategy is not just about the sales or advertising process, but it is integral to ensuring that 2007 is the year that you make it.

That is not to say that other management disciplines are less important, but the marketing strategy talks to how you intend stabilising and increasing revenues generated.

The 4 P's of marketing are Product, Price, People and Promotion. If your are planning to diversify, then the you could be planning to diversify along each of these 4 P's as well as other possible areas of diversification.

I am certain that you will make it in 2007, only if you have a plan to do so. Similarly, I can guarantee you that 2007 is the year that will break you if you are not planning to make it.

The business planning process is not for the bank manager, it is not for other investors, it is for you.

Sun-Tzu, in the Art of War, said:

Victory belongs to the side that scores most
In the temple calculations before battle.

Defeat belongs to the side that scores the least in the temple calculations before battle.

Most Spells Victory; least spells defeat;
None, surer defeat.
I see it in this way, and the outcome is apparent.[/
i]

Planning and strategy development is about doing the "temple calculations".

I hope that you have started you planning process in December already, because your market will have started asking you to respond to their needs already.

I am looking forward to seeing you do well beyond your own expectations this year.

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13 years 5 months ago #35165 by lonelypixel
Wow guys!!! I must say that this has been one of the more "positive" and "inspirational" posts...

Reading about your determination to make things work!!!

Keep up the good work guys!!! I've surely been inspired by this!!!;) ;)

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11 years 2 months ago #180195 by lonelypixel
I can't belive it's been 2 years and a bit since I visited this thread. Now I look back and when I wrote my previous response I was inspired and the road ahead looked extremely hard.

Now I look back and I can't believe how much I've actually achieved. I could never have imagined things would take shape so quickly.

I can now hold my head up high as an entreprenuer. Though the road ahead is still long and uncertain. I have undertaken a journey few dare to tackle. The road ahead is paved with certain success.

I will revisit this thread again in some time. We'll see where I'm at then. ;)

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11 years 2 months ago #180197 by The South African
so when can the peeps above collect their commission from u? just kidding!

I am the man you do not want to see or why settle for a burger when you have steak at home.

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11 years 2 months ago #180213 by lonelypixel
:P Hows about I sponsor a big Bruinou party after I've made my second million...

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11 years 2 months ago #180219 by The South African
Great idea R, now we got it in writing from U2 somme.

I am the man you do not want to see or why settle for a burger when you have steak at home.

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6 years 11 months ago #202395 by The South African
Goldie for today

I am the man you do not want to see or why settle for a burger when you have steak at home.

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