One of the most crucial keys to success for a budding entrepreneur is a comprehensive business plan. It is a tool that can be used to develop a clear vision for the business, define goals, prove the viability of the business for potential challenges, identify strengths and weaknesses, outline the path your business intends to take to make money and grow revenue, and track progress.
Santam is passionate about supporting and developing entrepreneurs – the drivers of a new economy. Through our 1001 days series, we’ve brought you lots of insights and advice from business owners who have made it through their first three years of business. Here is a collection of 10 of our all-time best pieces of advice to help you make it as an entrepreneur.
Have you ever heard the saying “practice makes perfect”? That’s not necessarily true; if you’re practicing incorrectly, you’ll never get better. Perfect practice makes perfect. In the same way, just getting any traffic isn’t valuable. Targeted traffic is where the value comes from. You can have millions of visitors hitting your site on a daily basis. But if none of them ever purchase your product or service, then you’re just paying a lot of money for pretty Google Analytics numbers.
There are a couple of phrases that people in business know and understand. “If you build it, they will come” is a common one – but is it accurate? Having a great idea is all well and good, but if your idea is one without a market for it, it is not going to become the million-dollar startup you are hoping for. So how can you validate your business idea to see if it is viable?