BMAN111 Does country context matter when starting a new business?

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#BMAN111

  1. I do believe that all the mistakes Patrick Bet-David’s made are applicable globally since all entrepreneurs experience more or less the same difficulties in their businesses.

  2. I believe a certain mistake that would be relevant to South Africa is that of employing only certain people without consideration regarding race etc. Businesses in South Africa that ignore the fact of race and gender when employing people tend to receive heavy criticism from government authorities and the public who are supposed to buy products from the business. Businessed should thus ensure to have an equal employment ratio to ensure of a business’ clients are satisfied.

Other considerations:

  1. I do believe that an American entrepreneur will be able to run a new business in my country since South Africa as a country lacks many products and also has many needs. Since he is American, he would thus bring knowledge different to that already available in South Africa and by doing so will be able to solve many problems.

  2. I believe that running a business in America will be a challenge for a South African since the state of development in South Africa lacks behind that of America. America is also not in desperate need of a new development considering any new discoveries & advancements have already been made in America while these products only arrive years later in our country.

  1. All of the mistakes mentioned by Patrick Bet-David are applicable to the South African entrepreneurship market, and is mistakes that are relevant everywhere.

  2. The number mistake I can think of is probably putting your financial trust in a relative/family member as a way to save money by not getting a professional financier. By investing in unregulated investment schemes.

Other discussion ideas:

  1. No. Because of the uniqueness of South Africa, one would have to study the way on which people live and go about their lives here. South African born entrepreneurs already know what the South African consumer wants and is capable of paying for a specific product. Because SA is a developing country, with underdeveloped resources, Americans will struggle to really find THE PERFECT fit for that SMALL GAP in the market.

  2. Most unlikely. On the one hand yes, because resources are much readily available because of America being a first world county. On the other hand no, because I too don’t understand what they want, have or need.

  1. All of Patrick Bet-David’s mistakes apply to my country, because they cover basic concepts of being an entrepreneur. Any new entrepreneur could make these mistakes, as well as benefit from avoiding them, in my country.

  2. In my country it would be a mistake not to invest in the training and welfare of your human resources, as there is a large skills gap in the workforce and many people are exploited for cheap labor or have disadvantaged backgrounds.
    Due to the unstable and fluctuating economic environment in my country, I think it would be unwise to put all your eggs in one basket, despite Patrick Bet-David’s warning of trying to sell too many products. It might be better to invest in at least two separate things once your business is established and you could afford the expense thereof.

Other discussion ideas

  1. I don’t think that entrepreneurs from a first world country would be prepared for all the obstacles faced in a developing country, where nothing is as efficient. The same opportunities simply aren’t available here. Perhaps if they were already established entrepreneurs with enough capital to withstand a rocky start-up phase, you could be successful, but I think that if you are starting from scratch, it would be very difficult.

  2. Yes. Even though starting a business is tough all around, the resources and opportunities are far more ample in America, making it much easier to achieve success, if you have the right approach. While America is strict about not letting job opportunities being taken by foreigners, you would be creating jobs, not taking them.

1.All the mistakes mentioned by Partick Bet-David apply in a new business in my country as a matter of fact all new businesses in the world because all the mistakes he mentioned were relevant and we as the community members, citizens etc see many businesses close due to this silly mistakes they make.

2.yes, a big mistake that entreprenuers make in my country is that once their business becomes successful they hire their family members not necessarily looking at the skills they have, because it is said that they should not forget where they come from and this damages the business in the long run because you will find that those family members or friends are not fit enough to actually do the job

  1. I think that all of Patrick Bet-David’s 12 mistakes will also apply to a country like South Africa, because all the mistakes he made is still relevant to entrepreneurs in South Africa.

  2. A mistake that I would include that should be avoided when talking specifically about my country is not having a diverse personnel in your business. People of South Africa are very diverse and everyone should be included and empowered in a new business.

Other discussion ideas:

  1. I believe that an American entrepreneur will be able to run a successful small business in my country if he knows what type of market he wants to approach and have done enough research about South African households.

  2. I think I would be able to run a successful small business in America if I do enough research on the specific needs of the people and create an idea that would benefit their needs.

“BMAN111”

We are all human and when we get stressed we overthink and sometimes make mistakes like Partrick said he asked to many people for advice. The mistakes he shared can be relevant to some people because not everyone think the same, or handles situations the same.

Other discussions ideas.

I have heard that to be an entrepreneur you need to know your country because then you will know what to sell to people. I think an American can start a business in my country but its going to be a challenge at first because he first needs to know and understand what the people need or want.

If i know what my reason is and i can follow my business plan then my chances would be more than 50%. I just think when you set a goal for yourself and you follow your plan to success then all you need is the right attitude to get through the tough situations.

1 Like

I agree. If you set goals and you know what you want its possible. What kind of a business would you like to open someday and where? Also do u have a blog? :smile:

Firstly, I would state that all the mistakes as listed by the entrepreneur are relevant to anybody starting a new business venture. If people would lose all arrogance and start listening to others with more experience, much less mistakes would be made which would finally contribute to factually any economy because so many more businesses would be successful.

To answer the second question, I would like to consider the following as a possible mistake which could commonly happen in my country which could be totally avoided. BUDGET STUBBORNNESS. It is easy to consider doing everything yourself in order to save money making it look as if your profit has spiked. However, burning yourself out to save money is not worth the emotional, spiritual or physical energy that is lost in the process. Get the help that is needed to run the business successfully. Do this in such a way that it’s not overboard or unnecessary.

Other discussion ideas

  1. I believe anybody has the ability to run a small business if they are determined to do so. The main thing in South Africa is that a product should have a certain amount of exclusivity whilst still remaining locally affordable and familiar. Entrepreneurs in my country should have the ability to market a business so effectively that people would actually travel just to see it.

  2. I personally think that I would indeed be able to run a business in America because I am always up for a challenge and determined to make a success of even the finest things in life. I love learning new ways to complete tasks and improve any possible skill-set of mine.

1)No, the mistakes from Partick Bet-David’s video will apply when starting a new business in your own country,because most business owners makes the same mistakes when running a business.Most new owners of a business loses focus because they only focus on ways to make money instead of focusing on the goal to keep the business up and running.
-The only mistake that would not apply to some business owners is the mistake of partying to hard because some business owners stay motivated and they have high standars to keep.

2)Yes,you have to focus on competitors and what you can do to make your products be more demanded by consumers and not only focus on making money.The consumers will buy our products instead if your packing or prices are beter than other businesses who sell the same product.

Other discussion ideas:
1)Yes, he would if he does enough research about the market,demands of consumer and the economy of South Africa.The people of the country will also be very happy if he opens a company because it will create job opportunities for them that will lead to economic growth.

2)Yes after I finished my studies at the NWU I should known everything about opening a business and with a little reseach about the market and demand of America my business can only be successfull.

  1. Patrick Bet-David mentioned mistakes that anyone with a business mind can come across at any stage of entrepreneurship. They would apply to myself, people in my country and people in other countries in general. I feel like the natural way in which the human mind works would contribute in these common mistakes being made.

  2. In South Africa it would be wise to study the people and the markets as we are a very diverse land. A mistake one would make is generalising their business idea according to what they see from other businesses, doing this means they are unable to cater for their audience which will create a loss for them. South African culture and tradition differs immensely so you should know your people before you know or create your product

Other discussions

  1. Yes they would. They would have the knowledge, skills and experience that South Africans probably haven’t seen or indulged in. They can easily have something new to offer which will work highly in their favor.

  2. Yes. The diversity we have here is a big advantage for anyone who would have the right skills to make something out of it. If I take that to America in a business idea that means bringing a whole new world to them. Also the ability to deal with different people and backgrounds learnt from my country is a real way maker.

1.All the mistakes mentioned above apply to every entrepreneur starting a business.
2.Most entrepreneurs lack understanding. When starting a business persistence is key and passion also plays a role.

OTHER DISCUSSION IDEAS

1.No
Because Our economy does not have much resources as the ones of the American economy.
2.No
Business requires a hard worker and patience and there is none that i have.

1.No, there are not any mistakes mentioned that does not apply. Most of these mistakes are relevant to all people and any person who starts something new will sometimes fall victim to these mistakes.

  1. A mistake that were not mentioned in the video was ;lack of market research,but it is not particularly related to a specific country. Sometimes people have a product or service but the do not know how or what to do further. South Africa is a country where there are a lot of opportunities especially community wise and a mistake could be not to do thorough research on the people and there needs.

Other discussion ideas

1.Yes, i believe a American entrepreneur would be successful in South Africa, because they might have other perspectives and other ideas. They may also be more knowledgeable because they come from an outsiders background.

2.No, i do not think that i would be successful as a small business owner in in america, because our Economies are so different and our cultures are so different . Even if it were possible to make a success of it it would be a lot of work to achieve a name in america.

  1. no , all the mistakes that were mentioned would apply if one were to start a business in our country.

Other discussion ideas

  1. yes, having less capital would make it difficult to start a business in south africa.
  2. yes, i would be able to start a successful. Reason being that the 12 mistakes that were mention are all applicable when starting a new business. And the principle of starting a business is the same.
  1. all the mistakes are relevant to our every day lives.

Other discussion ideas

  1. Being a efficient with the resources you have and still make profit is the difficult thing in south africa.
  2. yes they would.

1.Out of all the mistakes that were posted by Partick Bet-David’s I believe they all relevant in todays life. they make sense and valuable.
2.yes there are, as an entrepreneur you need to know that before starting a business in South Africa your company needs to be registered, and I believe that most people start making their mistakes from that initial point.

OTHER DISCUSSION IDEAS:
I believe that an American entrepreneur can be able to run a successful small business in South Africa if only he/she has right and suitable connections/networking they need.
he can have an business idea, but he will need someone that can show him around and that is also business minded who knows about the rules and regulations.
2.Same applies to me I would need a good networking for me to be able to run a business in America, Networking would help me to learn more about the country, and get to know more what the customers would need before focusing on the market.

  1. Yes if they are selling a product that caters to the needs of the country then the business is guaranteed to succeed.

  2. Yes. Firstly I already know the kind of mistakes I should avoid and selling new authentic products from my own country will help my business succeed.

1.All mistakes stated by Patrick are all common and can be made by anyone who’d like to start with their own business in my country.

2.Planning only for success, every entrepreneur dreams big, but planning a business is all about taking risks and possibilities of failing must be considered and being able to learn and grow throughout the journey brings out a successful business.

  1. Each of those mistakes listed by Patrick would be applicable in my country and are relevant to every person wanting to start a new business.

  2. The mistake South Africans can avoid is to only focus on your business and not give attention to your competitors. Competitors can motivate you to improve your business plan and thus leading to a expanding business and better trained employees.

Other discussion ideas:

  1. Yes, Americans would successfully be able to run a small business in my country. They would have enough resources such as capital to start the business. They should however, also work hard as all the people in my country.

  2. Yes it would be able. I would just have to adapt to America and their habits and surroundings first to determine what products or services are scarce and who my target market will be.

  1. All of the mistakes apply in my country because there a lot documentaries and article on upcoming entrepreneurs who lost a chance in becoming successful due to one or two of the mistakes. Some do not do out of things intentionally but it is due to the drastic change in their lives that builds a change in character.

  2. Mixing business with pleasure is one the mistakes to avoid when starting a business in my country. People tend to want to please their friends in the process of becoming sucessful then they lose focus and the drive to reach their main goals and objectives.

OTHER DISCUSSION IDEAS:***

  1. Yes an American entrepreneur can run a successful business in my country. With a clear vision and mission anything and everything is possible anywhere in the world. If the person is hungry for success then they will enjoy the fruits that came with taking the risk of starting a business in a different country.

  2. At this day and age young and upcoming entrepreneurs are not given the platform to express their creativity and skills in a working environment. It is all about qualifications and experience which I do not have. Not to belittle myself but well and established business in America would crush my small business to nothing with new innovations and creations.

  1. All the mistakes that Patrick Bet-David mentioned is applicable to any entrepreneur in any country. The basics of all that has to be known to successful is the same concept. Any by knowing these basics all or most common mistakes, like the one’s he mentioned, will be avoided.
  2. Well, maybe that your business should comply on the BEE and you should have a specific BEE status. If that isn’t done you won’t be as successful and may not get any benefits.

Other considerations:

  1. I think it is possible for an American entrepreneur to run a successful business in my country if he/she knows the basics of our country’s rules en laws about businesses an so on.
  2. Yes, I would. If my mindset is right and I have a good mentor anything is possible!