Passion is the key to entrepreneurial success
Recent Company News
- Understand the difference between voidance and cancellation of an insurance policy
- Making money from your baking hobby
- The entrepreneurial case for a co-working space
- Safe driving depends on safe braking: 5 tips to keep you safe
- Health and Safety: The recipe for a better logistics industry
- MiWay sponsors Wally Hayward Marathon for third consecutive year
- Vehicle overloading: Don’t put your business at risk
- Your employees are your greatest asset – manage them well
- Keep your cover in check – important insurance points to ponder
- Passion is the key to entrepreneurial success
- Is your tracking company tracking you correctly?
By: Morné Stoltz, Head of MiWay Business Insurance
Marine Louw chose to leave the relative security of a professional corporate career to go out on her own 28 years ago. What lessons can we learn from this successful entrepreneur as we kick off our feature on women in business?
It’s important that we understand what motivates an individual to start a business, because the small business sector is the biggest current employer of labour, and is widely considered to be our best chance of tackling our current high levels of unemployment.
According to BANKSETA, small, medium and micro enterprises (SMEs) are estimated to provide employment to up to 60% of the South African labour force. No surprise then that the National Development Plan says that “most new jobs are likely to be sourced in domestic-orientated businesses, and in growing small and medium-sized firms.”
And yet, despite their importance to the economy and society as a whole, the truth is that entrepreneurs have to overcome many challenges – and 70% to 80% of them fail. South Africa, in particular, has one of the highest failure rates for new businesses.
In other words, creating and sustaining a successful business is rare.
With an Honours in Industrial Sociology and a Higher Diploma in Education, Marine Louw could have built a corporate career. Instead, some 28 years ago, she elected to build her own company in the fashion sector. Her company, Bonufusion, imports high-end ladies’ fashion from Europe and wholesales the garments to boutiques around the country.
The unique value proposition is that the garments are imported in small quantities to maintain exclusivity. Garments are often modified here with perfect finishing touches, and to suit local tastes.
Marine explains her motivation for leaving behind the safer corporate world: “It was key for me to find my passion, completely believing in my talent and abilities and then choosing to create a business where I could live my passion.”
She also makes it clear that to a certain extent she was actively retreating from a workstyle that did not appeal to her, especially corporate red tape and the time wasted in meetings. If you are running your own business, she says, there are no boundaries or ceilings, and you can choose how you spend your time – in her case, growing the business, selling and keeping customers happy.
When it comes to obtaining finance, the entrepreneur’s passion and commitment are also paramount, Marine believes. The entrepreneur is the business, so the financier will be investing in him or her, essentially. “It’s up to you to be so passionate about your dream that you will inspire the investor to invest not just in the business opportunity, but in you as a person,” she explains.
This passion and commitment are also essential to overcome the inevitable setbacks and challenges that will arise. “In all circumstances, maintain a positive attitude – yes, it’s hard to achieve, but it can be done,” she advises.
Marine says that a key success factor in any business is networking based on word of mouth referrals from happy customers. Customers that are happy are always ready to share the good news that they have a supplier that delivers.
“Good service, great product and a positive attitude equals good business. It will only happen if customers believe they are dealing with a reliable business,” she says. “There are four key points to remember when you start out: Find your passion, believe in your ability, work 24 hours a day when necessary, and be prepared to give everything up to live your dream – or don’t bother to start!”
Date Posted: 2017-11-30
Posted By: MiWay Insurance Limited
Listed under these Business Listing Categories: Financial services,
More Company News
- Is your tracking company tracking you correctly?
- Top tips to protect your child's identity
- Stay safe on the roads
- Time is money: Tips to help you use yours well
- Don’t be a statistic: 4 tips to avoid motorcycle hijacking
- Own the open road: Tips for trucking owner-drivers looking to improve their bottom line
- Car hire: read the fine print
- Understanding your blue light rights
- Small business deserves to be a bigger priority
- MiWay’s BusinessAssist service set to promote growth in the SME sector
- The Car Wash Conundrum: How to avoid South Africa’s latest crime trend
- MiWay launches disaster relief fund
- How to avoid buying a water-damaged car
- What happens when you neglect your home maintenance?
- Tips to improve your safety on the roads
- The fine print: Understanding the rules of the road
- The risks of business ownership
- Cover your assets: Things to consider when buying a car
- Shaping tomorrow's leaders
- MiWay backs a winning team
- New MiWay App feature that no road user should be without
- MiWay sponsors 40th Wally Hayward Marathon
- TREAD collaborates with MiWay on MiWayMTB TV show
- MiWayMTB and TREAD team up to offer MTB skills clinics
- Want to improve your MTB performance?
- MiWay keeps its promises
- What should a biker insure? A motorcycle insurance checklist for your peace of mind.
- MiWay Insurance creates jobs in Bloemfontein
- Customers show their support for MiWay
- MiWay and Tracker SA tie the knot
- Insurance innovation: MiWay fixes premiums for three years
- Car Insurance - Parts used to repair insured cars may not compromise safety!
- Useful tips for finding cheaper car insurance!
- MiWay clients benefit from Europ Assistance SA's highly equipped call centre.
- What to consider when deciding on Car Insurance.
- Home Insurance from MiWay
- MiWay.co.za - A South African Insurance Provider
- Miway to Profile Driver Behaviour for More accurate Premiums
- Insure your Boat with MiWay
Fax 2 Email
Study IT Online
Work from Home