I believe that the mistakes that the American made are applicable to any country as they are mistakes that can be made by anyone without full knowledge of what it means to be an entrepreneur.
The first mistake for myself is not knowing how to spend and allocate funds efficiently. The second mistake would not enough research on the type of industry you will be going into.
Other discussion ideas
No, as he does not know what is actually the need for the people of South Africa and the development of the USA is different from the one of RSA
No, for the reason that I do not know what the demands of the USA for a type of product are and I also donât have knowledge of the needs of an average American for goods and services
âTrying to sell too many productsâ In South Africa you need to sell different products at the same time, just to be on save side , maybe when something fails you might be able to balance yourself with something else.
2 . Telling people your plans before hand When you tell people what you want to do for business, they steal your ideas and try and make it their own. Other discussions
Yes, because the American entrepreneur seems like a person who knows what to, how to do it and when to do it.
Yes. Being a good entrepreneur has to do with courage, being BRAVE and DETERMINED so you need to ready for anything and I am all that person that is why I think I would be able to work in another country. #BMAN111
1.No. I believe that the mistakes made by Patrick are most likely to happen to every aspiring entrepreneur, not just the ones in my country because that is how they learn and grow their businesses.
Capital. Not having enough capital to get your business off the ground can be one of the setbacks one may encounter in the early stages of entrepreneurship.
Other discussion
South Africa is a diverse ârainbow nationâ country. An American entrepreneur may not fully understand who their target market is, as one needs to first understand who their customers are, their background and also put yourself in their shoes and view your product/service from their perspective.
Yes I would, but it will also be a challenge for me to be up and running just as much as it will be for an American entrepreneur in my country (point mentioned in the answer above).
All the ââmistakesââ on the list would apply to starting a business in my country, this is because those are some of the challenges most entrepreneurs(especially young ones) are faced with and can sink any business regardless of which country its situated in.
Yes
One of the most common mistakes to be avoided in my country is the lack of thorough research. Doing proper research when starting a business can help your venture to be a success as you will be able to know beforehand the type of challenges youâll be faced with. Thorough research includes finding out the type of products and services which are still relevant in the specific industry and how you can make your offer different from what your competitors are offering. A lot of businesses in my country sell the same products leading them to be unsuccessful and that is why proper research is important!
Other discussion ideas
YES, America is a developed country which means that they are ahead with most business ventures which is an advantage because they can bring forth something that is world class and has never been seen before here or an idea that can close a certain gap in a developing country like South Africa and that is what would make an American entrepreneur run a successful small business in my country.
YES, although it will be difficult to start a business as America has almost established a lot of ideas, I would offer them something that I know is very rare to find in such a country such as South African Cuisine and fashion. A lot of Americans are very interested in Africaâs traditional ways of doing things and not many of them are able to travel abroad so I would bring South Africa to them and in that way my business would be more likely successful as I would be providing something uniquely different.
No, I believe that all of the mistakes do apply in the context of my country and the list of the mistakes continues.
Yes. One very important mistake to veer away from is that of not taking into account the possibility of competition that an entrepreneur may encounter in their line of business. The entrepreneur should be very well informed about ways of keeping their business afloat in spite of their competitors.
Other discussions
Yes, an American entrepreneur would be able to run a successful small business in my country because in terms of capital, they would be at a great advantage as the American currency greatly outweighs my countryâs currency.
No, I would not be able to run a small successful business in America because I am not well accustomed to their environment. Another reason is that, as a black man, I might lose my life at a routine police traffic stop and my business would collapse immediately.
All the mistakes mentioned by Patrick Bet-David apply to business owners.
One mistake might be to consider the region of your country and its economic and financial state for instance you cant sell high-priced tech in a poor region.
1.NO , it might work but considering the Rand to Dollar ratio they whould not make as good a provit as in their own country .
2.Yes, Again the dollar to rand ration would bring in a lot of profit
No , all identified mistakes do apply to starting a new business in my Country. if one decides to start a new business while following the identified mistakes the business might fail.
2.Starting up a business without financial support .business owners usally start a business which is planned incorrectly and often find out that the money needed to start a business is not enough.Costy trial in the use of capital often results in business failure.
Other discussion ideas
1.Yes, Americans are technologically powerful and has a low unemployment rate compered with my Country ,if they use their knowledge,skills and experience they can run a successful small business in my country
2.No. since America has the largest and most technologically powerful economy in the world I would struggle to come up with excellent Ideas to compete with other business within their country wich result to failure
All Partick Bet-Davidâs mistakes are applicable to all businesses in my country and therefore i would apply all of them in my own business.
knowing how to separate personal life from business. An entrepreneur must avoid giving free products/services to people just because they close to them in their personal life as this leads to a shortfall in profit and this might lead to failure of the business.
OTHER DISCUSSION IDEAS
Yes, with the relevant skills and experience in a high demand market and the necessary capital an American entrepreneur will succeed in SA.
Yes, with all the necessary requirements to start a business and knowing how to speak English my chances of succeeding as an entrepreneur in America are very high.
1.I think the mistake of trying to become the CEO to early would not apply to starting a new business in South Africa , because most entrepreneurs start from the bottom building up their business and themselves as entrepreneurs before trying to become the CEO of a new business.
2.a Mistake to avoid when starting a business in South Africa is sitting on your idea for far too long.Taking your time on market research is good, but carrying your idea around for too long without making much progress is not. One crucial success factor that is overlooked often when doing business in South Africa is to have a sense of urgency.When too much planning is done, you as entrepreneur start to doubt yourself and start to think what youâre contemplating wonât work. When procrastinating,you tend to lose your enthusiasm.
Equally important is to develop that sense of urgency when doing business in a new emerging market,because South Africa has a pool of opportunities, but their is increasingly competition that will cause challenges for you as entrepreneur.
No, all the mistakes mentioned can be related to the same mistakes made in South Africa.
Yes, avoid the lack of provision for funding of working capital and running costs.
Yes, with the thorough research and the skills and knowledge of an entrepreneur, an American would be able to run a successful small business in South Africa.
Yes, the same applies to someone in South Africa who wants to run a small successful business in America.
I personally feel that as humans we all make mistakes for example he start spending a larger amount of money thinking that money will coming in future without thinking about the money he is spending which was a good thinking but can also be viewed as bad thus we never know what the future holds.I feel that if you open a business do not rush into anything take your time, analyse and know the business plan therefore you can have a long lasting business.
not having a business plan is common in many situations and it can make or break a business.
2.Not having a schedule i chose this due to the fact that if you do not plan out your strategies and make time for your business you will not see where you are going and what you taking to achieve basically every human being needs to plan a schedule in order to succeed in a business so they know exactly what needs more of there attention.
Yes, an american would be able to run successful business mainly because they have the experience and more resources to run it but they may feel that their process is too slow due to the money they will be making in South Africa is less than what would be made in America.
I genuinely feel that i would be able but i would need to gain more knowledge from what other entrepreneur do to succeed because the way America and South Africa funtion is not exactly the same.
1.Most of these mistakes that Patrick mentions are common mistakes in any country that most people will make. Entrepreneurs will eventually make these mistakes.
2.Most people in South Africa make the mistake of thinking that their business will be successful from the beginning but thatâs not true. Some are also not willing to do the effort to make their business a success and that is when they give up.
All the mistakes that were listed by Patrick-Bet David are relevant to all businesses around the world.
2.Mistakes to avoid making in our country is that once people have established their business and they see that there is an increase in sales, the quality of the product/service usually declines because now they become greedy.
My view is that once your business becomes successful maintain the same standard of quality
1 no all of these mistakes would be applied in my country because they are possible mostly to people who just started a new business
2 Thinking you have no competitors because in my country many people are trying to start businesses but only few succeeds.
other discussions ideas.
1 yes they would because our country is still a developing country we depend on successful business to be able to get employed. in the skilled sector and unskilled.
2 I think i would be able to , if I put hard work and determination to my work. If I first succeed in my own country before expanding to other countries.bma111
After going through all the ââmistakesââ I see no mistake that would not apply to starting a new business in my country as all of them are relevant to starting a business venture.
In my point of view, I would include partnering with friends as they cannot be trusted. Other discussion idea
Yes, because in our country we have many kinds of resources that one would need to run a successful small business as an immigrant or international entrepreneur and with the help of the resources, the business might expand. And the job creation or job opportunities are a lot for one to help others gain skills or they could help themselves gain knowledge on how to run a business.
Yes but I would first need to have connections or enough resources thatâll help me run the business. I might take long to expand it as there is a lot of competitors who are running big competitive businesses that people support more than small businesses.
I believe that having a business plan in South Africa is important , because the are many people people in this country ,who are trying by all means to make a jobs and start a business.So Investors will be interested in investing in your company if they see that you have a solid plan and your intentions are clear and the most effective way to do so is through paperwork.
The mistake of not uplifting others when you are now on top , most people don,t give people advice as to how they made it and they succeed and it is important to uplift other people , because at the end we uplift the economy together.
OTHER Discussion
1)The American man would be able to run a small business , RSA is not the same as USA ,so the man would struggle to come into terms the social disadvantages of RSA,.
2)It would be much easier because america is a developed country
S.T Ngakane
-Almost everything that Patrick encountered are relevant to any country. Business is a business no matter where you are in the world and they would definately apply here in South Africa. Entrepreneurs need to learn from such in order to have a successful business.
-Not having a schedule and the part of living the dream to early that has an effect of staying in a business in a long run. OTHER DISCUSSIONS
Knowledge is key and for one to have a successful business in another country you have to first understand the needs and wants in a specific country.for an American it would be a bit simpler financially and would have leverage over a South African who go start a business in America
I think the âmistakesâ mentioned in the video would apply to just about any entrepreneur because entrepreneurship, in my opinion, is universal.
The mistakes that South African entrepreneurs should avoid are going into industries that are overpopulated with the fear of failing if they donât. This is because thereâs so much space for new ideas and finding more efficient ways of doing existing tasks. Another mistake is not doing the necessary research on the various avenues of funding, especially those offered by the government, entrepreneurs as a result, find themselves drowning in the debts of loans they canât afford to pay.
Other Discussion Ideas
I think an American entrepreneur would be able to run a successful small business in South Africa. The American entrepreneur would have the advantage of having had exposure to a different environment and they could use that to develop a business that South Africans didnât even know they needed. Another thing is that capital would probably not be a problem because of the strength of the US dollar in comparison to the SA rand.
As a South African, coming from a third world country to a first world country such as a America, it would be difficult but not impossible. This is because capital would be problem because of the exchange rate. The American markets are also so diverse and advanced. I do however, believe that with the appropriate market research, I would be able run a successful small business in America.