5 tips that every entrepreneur needs to apply in their business
It was while working for a transportation company as an operations supervisor that Oscar Magudulela realised he could start a removals company. Magudulela now runs L&M Removals, an office and household furniture removal company he started with his wife.
When Magudulela started the business in 2013, he noticed that there was a lack of black-owned moving companies which left gaping need in the market. It took over R650,000 to kick-start the business. By 2016 Magudulela needed R2.5m for capital expenditure and operational costs. Luckily the business got NEF (National Empowerment Fund) funding.
The business now celebrates nine years of making “the best moves” for its clientele which has grown thanks to a social media presence. With the experiences he has earned over the years, Magudulela shares how he has taken inspiration from author, Adam Grant, to keep his business bustling.
Have an idea
“This should be a starting point. You must have an idea of what you want to start. It must be solution-oriented and also you need to figure out if you will be able to take that idea forward and convert it and make it something feasible. “
Aspiring entrepreneurs should be able to do a feasibility exercise to test how idea the business is and it must address the need.
Have a clear blueprint
There should be business plan that will address who are your competitors or what your market is like.
Show your commitment
There needs to be a strong commitment from aspiring entrepreneurs. You need to sacrifice what you have, it might not be monetary and it can even be time. I find creativity more in the early hours of the morning in terms of putting in extra hours than required. You should be willing to work beyond the norm and be flexible.
You need to be resilient
You need resilience to see the idea from inception to the final end product. It’s a journey that you need to be very passionate about.