Entrepreneurship and Small Business Management: Strategies for Success

This presentation explores the key challenges faced by small businesses in South Africa, with a focus on entrepreneurship and small business management. It covers the top challenges, case studies of successful local entrepreneurs, and actionable strategies for overcoming obstacles in a dynamic economic environment. The presentation is tailored for educators, business students, and aspiring entrepreneurs, providing insights and practical solutions that can be applied within the South African context.

1. MATLAKALA KARABO ENOCENT 19 AUGUST 2024 U-]]] Entrepreneurship and Small Business Management: Strategies for Success Practical Insights for Aspiring Entrepreneurs in South Africa

2. Learning outcomes: Understanding the definition and concepts of Entrepreneurship Recognizing common small business challenges in South Africa. Use strategies for effective financial management, marketing, and customer relations. Finding and using local resources and support systems for small businesses.

3. Not all Entrepreneurs are small business owners! Here are some Multi billionaire Entrepreneurs. They have been the inspiration for many young Entrepreneurs today.

4. ENTREPRENEUR An Entrepreneur is one who identifies new opportunities or gaps in the market and develops a visionary idea to create value and capture the opportunity by taking risk and responsibility of investing his/her own time, money, resources and effort to ensure success of the project or idea. ENTREPRENEURSHIP An Entrepreneurship is a process undertaken by an entrepreneur to pursue an idea involving high personal and financial risk and return, through effective and efficient managing available resources to support the success of the idea. It involves a range of actions and efforts pursued by an Entrepreneur to make an idea successful.

5. Challenges to small businesses ? https://youtu.be/7b0KC_N-AOw?si=4ohVJnxYkVrHOt5X https://entm.ag/KA3e2j

6. Challenges affecting small businesses: Financial constraints  Access to capital Market competition   Regulatory issues

7. Case Study: Lilly Loompa Hardware Background: Before 2016, Lizl Naudé, a young South African entrepreneur, faced severe financial difficulties. To support her family, she began crafting handmade jewelry, which eventually led to the creation of Lilly Loompa Hardware, an innovative upcycle business. The company repurposes discarded waste into homeware products, providing both a profitable venture and a sustainable waste management solution. Challenges Faced: Financial Struggles: Naudé's initial venture into entrepreneurship was driven by the need to overcome financial hardship. Resource Limitations: The business started small, with Naudé's home serving as the main collection point for waste materials used in production.

8. Case study continues... Innovative Solutions: Upcycling: Lilly Loompa Hardware specializes in transforming waste into valuable products, such as the My Africa Lap Desk, crafted from discarded wood. Community Engagement: Naudé plans to expand her business by establishing a larger collection point in Klapmuts , where community members will be paid for the waste they bring in. Impact and Growth: Sustainable Practices : The business is not only profitable but also contributes to better waste management practices . Social Entrepreneurship: Naudé’s mission to "transform trash" addresses both social and environmental issues, making her a role model for sustainable business practices in South Africa.

9. Case study continues... Key Lessons Learned: Innovation from Adversity : Financial difficulties can spur creativity, leading to innovative business models. Community Involvement: Engaging the local community can enhance both business operations and social impact. Sustainability as a Business Driver: Sustainable practices can be the foundation for both environmental responsibility and business success.

10. Are we still together?

11. Strategies for Success

12. Resources and Support Government programs and grants Business networks and mentorship programs Online resources and tools

13. Till Next Time!

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