Do’s and Don’ts for Young Entrepreneurs

Samsung encourages South African youth to make use of the power of the Mixed Talents engagement platform, as well as follow these useful tips for the best chance of success

Developing South Africa’s young entrepreneurs can play a key role in turning unemployment around, but would-be entrepreneurs should take note of some important ‘Do’s and Don’ts’. This is according to Carol Koffman, a senior manager at Deloitte, who is playing a key role as expert behind the Samsung Launching People – Mixed Talents initiative.
 

Koffman says, “The Samsung Mixed Talents initiative was designed to offer millennial entrepreneurs, as well as those with great ideas, an engagement and mentoring platform to help them build creative business solutions. The innovative Ideas Bank portal has been created to bring people together using technology.”
 

Dr.Michelle Potgieter, Director of Corporate Marketing and Communications at Samsung SA, says, “The Ideas Bank filters and vets entrepreneurial ideas according to different categories, then channels and matches these to the right business partner, coach, funder or business collaboration.”
 

Koffman says, “We are creating a highway to match up entrepreneurial ideas and resources. Entrepreneurs are those who see opportunities where others do not, and who initiate solutions to solve a problem or fill a gap. Most importantly, they don’t give up but keep trying. And so, when they do achieve success, they will create jobs as a result, or have some kind of social impact that connects a broader base, for example a community or group. It’s not always about creating something completely new – sometimes it’s more about seeing the gap and connecting the dots.”
 

Koffman offers the following five ‘Do’s and five Don’ts’ for young entrepreneurs in South Africa today.
 

Don’t:
 

…Assume that money is the answer to everything. It is important to have a bigger vision of the idea’s purpose or impact.
…Expect quick success. Successful entrepreneurs put many hours into their ideas.
…Be attached to your idea. If it doesn’t work then look for a different way to do it and be open to the idea’s evolution. Keep testing it.
…Wait for anything to be perfect. With every action or prototype there is evolution.
…Think you can do it alone. Ask for help.
 

Do’s
 

Do your homework. Research your idea to find out what makes it different and what its target market would be.
Take action. You cannot be an entrepreneur without taking action. Even talking to people means you are doing something.
Be involved in what you know. There needs to be some kind of emotion invested in what you do, whether it is something that you love or a response to a frustration.
Do ask for help. Assistance comes in many forms, not only monetary.
Keep it simple. What do you want to create, how will you do it and how will it make a difference to your life? The benefit needs to be immediately obvious.
Koffman says the value of the Samsung Mixed Talents initiative helps young entrepreneurs by allowing plausible ideas to experience exponentially creative growth. “The platform allows us to immediately match, group and compare ideas. In this way we have a collaborative space in which a lot of the ‘homework’ that you need to do – to see if an idea will fly – is already done. The platform forces the entrepreneur to think the process through and start dispelling all the ‘Don’ts’ mentioned previously.”
 

Dr. Potgieter adds, ““The portal helps people get an audience with experts; their ideas are vetted, compared and even enhanced, and in this way the original idea can grow exponentially. We are also able to provide exposure to internships and actual job opportunities: support is not only monetary.”
 

Koffman concludes, “When Samsung began the Mixed Talents initiative, one of the main challenges for young entrepreneurs trying to turn their ideas in to reality was knowing where to go and who to talk to.
 

Millennials use technology constantly to engage in their social networks. Therefore crafting a solution via a technology platform was a given. We have therefore created something that plugs into the space where Millennials are already spending their time and energies. Having seen and accessed this gap, we are confident that it will continue to morph. We’ve issued an open invitation to everyone to join in and be part of a community that is helping to create a desired change.”
 

For more information on the campaign visit:www.launchingpeople.co.za and follow #MixedTalents