1 I think about the slip-ups referenced in the video of Patrick Bet-David’s 12 slip-ups are important and would apply too all individuals that needs to begin another business in my nation. His mix-ups are normal mix-ups numerous individuals make regularly when they claim a business.
2 1I believe that a great many people in my nation would need to set aside cash where they can and by that they will commit the error by doing a large portion of the undertakings in the business without anyone else. Having a bookkeeper, financier and lawyer with whom you’re good friends guarantees you will fabricate a solid establishment for your business and won’t commit errors that will cost you more to fix down the line. I would likewise say that a misstep ]to maintain a strategic distance from is to work with loved ones. For the most part you will neglect things that turned out badly in light of the fact that you are to apprehensive that you will offend your companion or family . To be fruitful, colleagues can’t fear hurt sentiments.
OTHER DISCUSSION IDEAS
1 I feel that an American business person would have the option to maintain a fruitful independent company in my nation in light of the fact that there is a great deal of requirements that the individuals have in my nation. In the event that he could sell an item that is something our kin need and the individuals can bear the cost of it, he will have the option to be fruitful. There is additionally many individuals that is searching for employments so he won’t battle to discover individuals to work for him.
2 I figure you will have the option to, however it will be difficult to do it. America is first world class land and in the event that you have a splendid thought, you would have the option to do it. There is a ton of work openings in America on account of there extraordinary financial.
" Trying to sell many products as an entrepreneur" because in South Africa, selling a lot of products show how versatile the entrepreneur is and selling too many products would generally mean that the revenue the entrepreneur makes is better than of an entrepreneur selling an item at time. Provided that the many items sold generate a profit, that’s how an entrepreneur would invest the revenue into the one specific business venture he wants to take. As it is a business rule that investing in yourself is smarter than people investing in you.
Yes, most entrepreneurs tend to confuse knowledge and education. Most entrepreneurs believe that the sustainability and survival of an organization depends on what good qualification(s) you have obtained and in which good tertiary institution. Reality is that knowledge is the reason being entrepreneurs being consistent regardless of what happens in the macro environment. So you can have the best degree but without knowledge then chances of your organization being successful are slim. So entrepreneurs must seek knowledge in all aspects and perceptions in order to end up having good conclusions regarding the business situations they are going to experience.
Other discussion ideas
Yes, the forth industrial revolution is a concern in the world regarding business and with statistics on how the American government has implemented most artificial intelligence products, I highly do believe that an American entrepreneur would successfully run a small business in South Africa. America is also a developed country and South Africa is still developing so their products and services would help grow South Africa as a country both economically and socially. In addition, all the business mistakes stated above by David, they would apply to any entrepreneur who wants to have a business in South Africa.
Yes, a South African entrepreneur would run a successful business in America because most raw materials are in Africa and that is what they do not have. For example, KwaZulu-Natal is a land that is wealthy in sugar cane so a sugar cane related business would be a success in America because that is not their strength as a country. All basic business rules apply to every entrepreneur regardless of the country of origin.
1.The mistakes Patrick mentioned would also apply in my country , actually almost in every country.
No,there are no specific mistakes that would apply in my country but the one mistake that pops up in my mind is doing business favors for friends, which will affect the business in the long run.
Yes, he/she would be successful if only the entrepreneur focuses on a specific needs within that particular area since most areas in SA have lack of specific needs.
Yes, because the market in USA is always ready to try something new if only it’s innovative even if the business is small. I believe innovation is what makes a business successful whether it is a small business or not.
1.I think all 12 mistakes Patrick Bet-Daviid are relevant and would appeal to all people wanting to start a business in a new country. The mistakes Patrick made are common mistakes that most entrepreneurs make that is why it would apply to a wide variety of individuals.
The mistake would be that Patrick has not considered the best business to run in my country, I say this because in my country it is very hard to start some businesses due to the high inflation rates, constant political problems and the infrastructure of the country which chase most aspiring entrepreneurs away. In my country in order to start a business one must ensure that it is able to adapt quickly, have back up plans in place to generate income in a wide variety of ways and be sustainable.
other discussion ideas
1 Yes an american entrepreneur would be able to run a successful business in my country. An American entrepreneur would come to my country with a lot more money due to the high exchange rate so starting capital would not be a problem for the entrepreneur. Another point would be the simple fact that if the American entrepreneur could find find a product from America that is cheap and that their is a need for then the business could be successful as often people want to try new things from other countries.
2 Yes i think you would be able to run a successful business in America as long as you have a very good idea that people will want. Americas infrastructure and good economy would be your greatest advantage.
All mistakes are general and not Geo-location specific mistakes for an entrepreneur.
2)No as stated above they are all general mistakes that applies to every entrepreneur. If I had to state one mistakes that entrepreneur should avoid is that thinking social media is not that important for your business as it is indeed extremely important in this day and age.
Other discussions
1)Yes especially if they are as informed as the one who presented the video.
2)Yes because if you apply good entrepreneurial skills in your business you can succeed anywhere in the world.
I don’t think there is any point he made that would not apply to starting a new business in any country. Everything he said will play a roll no matter where you are, everyone should just recognize these mistakes when the start a business.
In my country people tend to trust businesses the know, and think new businesses aren’t as good and trustworthy as the businesses the know. Therefore i would say don’t stop and get ways to attract people to you and go more on the advert of spreading of world. People tend to raleigh on others opinions more than a add.
Other discussion ideas:
Yes, because the they we run businesses here aren’t very different then how they run businesses. All the points made by the American can be applied here.
Yes, because as states in 1, the way the run businesses in america is not as different as how we run businesses.
There aren’t any mistakes that would not apply to starting a new business in my country, South Africa, as these mistakes are made by any startup entrepreneur, whether you are starting your business in the US or in South Africa, as they are sometimes overwhelmed or lack sense of direction and knowledge
Yes, there are mistakes:
being afraid to ask for financial assistance from close individuals. It is expected that when a business is still new it may require proper financial support and most people find it hard to ask for that assistance from close people and opt to go take out loans when they could have avoided the hefty interest rates charged by banks.
entering a market without the sufficient knowledge. Most individuals venture into businesses without knowing much of what happens within the market, they enter very fast because of the trend they would be seeing, they would be more focused on “what it has done for someone else and how much that person made” instead of focusing on the operations
not doing something that fits your passion. If you do something that you have a passion for then you are destined to face more challenges than someone who is in the similar field of operations who has a passion for it. Someone with a passion for what they do is most likely to succeed than someone who is just in it for the money.
Trying to sell too many products as an entrepreneur: it wouldn’t apply because if you would try selling too many products, it would be hard to get it out there. It would also depend on affordability as there is a lot of unemployment in SA so the entrepreneur would have to know his/her target market well, where to locate the business and what product would be needed in that community.
Avoid starting the business at a high level with high prices: as we don’t have a stable economy as inflation, exchange rates and interest rates fluctuate a lot.
No, because they wouldn’t know the local market well and there would be a lot of criterias to consider as America and South Africa are 2 way different countries.
Not yet, because I don’t have the knowledge and skills needed as yet. It would also be hard to get the product out considering that I’m not from America and there could be substitute products which could make Americans doubt your product. I stated this because they would prefer a product that’s made from home(America)
1. All the problems that he encountered are relevant and can be made by anyone in any country . 2 .Living the dream to early , Not having a schedule and Acting like a boss instead of employee : many people are gonna spend too much of their money , not plan correctly , stop acting and taking responsibility for their own actions making the workload harder and more for their fellow employees . 3. Yes if he investigates the local market and what influences it for his product else no . 4. Not yet as I still need the necessary skills and knowledge to run , create and maintain a business.
1.) Everything that was said by Patrick Bet- David was relevant and can apply to any person starting a business. Those are mistakes many people do but do not realise soon or in the moment.
2.) Yes, the mistake to not doubt yourself and abilities. In my opinion, when someone starts a business in my country, a lot of people put their self-esteem down and make them doubt their abilities and choices regarding the business, making them second guess every decision and that tends to lead them into getting bad advice and risking their business.
OTHER DISCUSSION IDEAS
1 .) Yes, because the currency rate from dollars converted to rands is high in my country, so the American entrepreneur will have more capital when s\he converts their dollars to rands and therefore s\he can sell their products at a cheaper price in order to make more profit because the lower the price, the higher the demand and revenue.
2.) Yes but it would be very challenging. It would depend on where the business is situated, if its in the CBD where there are a lot of medium income earners and the rich, or in the poorer areas , then I can sell my products according to their affordability and reach.
1.) Not knowing the value of a business plan: As a young entrepreneur from Zimbabwe; a country faced with numerous economic hardships, it became apparent to me in my first year of business that investors or potential future stakeholders in such a country would only show interest in new start-ups once they see tangible written proof that the business would show promise to reduce risk on their behalf. Not saying that i do not agree with Patrick that daily routines and habits are what actually makes ups your business plan but it also dependent on the nature of your potential investor/ source of income such as banks, financial institutions or micro-finances. In most cases it may also be dependent on the type of business as well.
2.) Ensuring that your business or start-up company is not licensed: Most, “successful,” companies, businesses, organizations or cooperatives in my country are mostly state owned. barriers to starting a new successful firm are incredibly gruesome with the intention to eliminate competition. We very much often observe cases whereby due to corruption most start-up ideas are stolen innovative practices are halted due to fines or penalties due to the absence of proper permits or licensing.
OTHER DISCUSSION IDEAS
1.) YES. An American entrepreneur would definitely be able to run a successful small business in my country based on the fact that business practices exercised in America are far more superior to ones of a third world. Furthermore, from an economic perspective. The currency value of the US Dollar would allow him/her to acquire more capital utilized for start up operations. Ideally most entrepreneurs in any country regardless as long as they are satisfying a need or want in that specific region.
2.) YES; however, It would be relatively difficult considering the amount of mass innovation observed in first world countries. Due to this factor the competition of small to medium enterprises is extremely gruesome. Nevertheless, if I were to enter the American market with a unique, one of kind product, solving a fundamental problem that undercuts all possible competition then success including long-term survival would certainly be assured. #BMAN111
1.a) All mistakes mentioned by Patrick are quite relevant in S.A and they would apply.
b) I think one mistake to avoid that could be specific to my country would be not to lend money to people early on in your business specifically people in your neighborhood because it probably won’t be returned, it could also be part of the “Living the dream too early” mistake but i think this one applies to entrepreneurs located in the townships(eKasi).
2.a) Yes an American entrepreneur could be able to run a successful business in S.A but it depends on where that business is located. If the business were to be located in the flashy parts of S.A then it could be quite easy. If it was located in the township then the particular entrepreneur would have to overcome the language barrier first, and also familiarize themselves with the neighborhood and also get to know the community around them.
b) Yes I will be able to run a successful business in America because I’d like to believe that there are sufficient resources available that could allow me to start a business compared to the sufficient yet limited resources we have in S.A.
1 No, I think all the mistakes that he highlighted there are relevant to any type of business and anywhere in the world.The entrepreneurs must ensure to avoid such in order to be successful at the end.
2 The mistake of not taking the issue of a business plan serious. I think when you start a business you firstly need to come up with a business plan which will guide you and tell you what is it that you must do. A business without a plan won’t go further because it won’t have a vision, mission, strategies and goals which are part of the business plan.
Other considerations
1 Yes anyone would do well in my country as there are many opportunities here, we already have people from China, India and etc who are running successful businesses in South Africa.
2 Yes as long as am motivated and willing to hold on.
No, all the mistakes made by Patrick would apply to every entrepreneur, regardless of the the country they are in. These are mistakes any entrepreneur could make.
Taking care of your employees is part of being a successful entrepreneur in my country. Both entrepreneurs shown in the previous two videos have taken good care of their employees and made sure that they have a stable financial security.
Other discussion ideas
Yes, even though small businesses thrive in townships. An American entrepreneur can still conduct research on the standards of living in my country and figure out which products are needed and are rarely provided to the people.
Yes, there are many opportunities to run a small business in America, a small business like a “spaza” shop. In the States you wont be able to find one around every corner in their under developed areas.
1.yes all the mistakes are relevant to starting a business as they all apply to starting your own business in our country.
2. yes not having a specific goal when starting a business . but all the mistakes named by Partick Bet -Davids were relevant to starting a business in my country .
1.Yes an American entrepreneur would be able to run an successful small business in my country as their economy is more advanced than in my country.
2. yes i would be able to i would be able to get use to the economy that side and i would be able to deal with the challenges that i would have to face that side
The mistakes mentioned on the video are common mistakes that could be done by any new entrepreneur no matter which country is it.
In the current generation, people are more into partying a lot. Therefore that the first mistake to avoid and make sure to focus on the goal.
OTHER DISCUSSION IDEAS
1.An American can run a successful business in my country as long as he/she gets the information on what costumers they’re looking for to get their product going.
I think I can run a successful business in America if I can get the needed info about the industry of business in the country.
Taking advice from many people- People in South Africa especially in the lower level of making business work are too lazy to think and Come with effective and efficient measures on making their SERVICE unique up and running, rather they accommodate and test every IDEA they come along from people that have different set of Knowledge.
Trying to sell many of the products- Loosing Focus along the way, thinking to add and change the strategy you Organised and planned when you started the business just because of observing another business doing good with their specific product they Service.
Answers from other Considerations.
Yes, it will be easy steps for an american entrepreneur to run Small business in my Country because from their set of tools they use for business they mostly “MAKE IT”
as they can meet the demand of my society as my society will be exposed to the different, Unusual and new Strategy of Attraction from the business world.
No, it will be a high quality business for an amateur to maintain especially to the side of the world where people have been exposed to high standard of living for years, so the business will Certainly die because of not meeting the budget.
I certainly think partick mistakes are strictly relevant , every entrepreneur undergo or experience this kinds of mistakes non of partick mistakes would stop anyone from starting a new business . other mistakes to avoid when starting a business is to not do illegal things which will lead the business to fail ,
other discussion
an American entrepreneur can surely run a successful small business in my country because the law allows them to do so , there are currently many foreign businesses in my country running , this also sever as an advantage in my countries economy and employment chances. our citizens will get a chance to work and the economy will grow .
same goes to America I can run my small business there and grow their economy and create job for unemployed people this serves as an advantage to both of us
1.An American entrepreneur would be successful in opening a small business in South Africa because then s/he would be able to adapt quickly as America is more developed than South Africa.
2.I would be able open a small business in South Africa because business is business, it does not really matter where you come from. If you know what you want and why you are there in the first place then your business will be a success no matter where you are.