Despite the enormous focus placed on encouraging entrepreneurial activities in SA, thousands of dreams continue to be shattered as SMEs falter and fail. The main reason for this, says business expert Catherine Wijnberg, is because entrepreneurs tend to follow their passion but often never stop to learn the actual nitty-gritty of running a successful business.

Wijnberg is a self-made entrepreneur and head of Cape Town-based Fetola, one of SA’s leading enterprise development companies, which is currently accepting applications for its sponsored Legends business development programme for 2013.

In the past five years, the Legends programme has helped hundreds of participating businesses – many of which went on to win awards for performance - become financially viable, grow, create jobs and increase profits.

Wijnberg says that while a good business idea, and a passion for and knowledge of the sector in which one operates are extremely important to ensure the success of SMEs, chances of survival are slim if it is not built on sound business fundamentals.

These fundamentals are pretty consistent across industries, and easily learnt with some commitment on the part of the business leader, she says.

“You may be the best ‘techie’ in the world, but if you are clueless about marketing, proper systems and human resources considerations, you are going to struggle to accomplish business viability. In any business, it is imperative that those steering the ship have a solid understanding of strategic planning, basic financial management, costing and pricing, marketing and sales, and people management,” says Wijnberg.

She says it is also very useful for young and growing businesses to become part of a community – like Legends which has been successfully operating for over five years - to get mutual support and access to opportunities.  Through Legends, for example, participating businesses that qualify can get access to lucrative corporate supply chains who are increasingly seeking to engage with emerging businesses.

“Our mentors and coaches are all experts in their fields, and they know how to give emerging businesses the support they need to get to the next level, because they have done so successfully themselves,” says Wijnberg.

“It can be very lonely trying to make a small business work, when you don’t have others with whom you can share ideas. Often people know where they should be headed, but they just need someone knowledgeable on their side as a ‘sounding board’ to test their ideas and get input from.”

Wijnberg encourages all SMEs and non-profits to apply for the 2013 Legends programme, which is sponsored by Old Mutual and other funders,  as soon as possible, as space for participation is limited. Applicants go through a selection process and those successful could have a suite of resources and mentors at hand to help them do better business in 2013.