Wayne Zwiers | CEO & Founder | Basalt | mail me |
It is no secret that entrepreneurship and business creation is the lifeblood of economic growth and innovation. Research out of the United States by the Kauffman Foundation, for example, underscored that entrepreneurship is integral to job creation and economic progress.
The report, The Importance of Young Firms for Economic Growth, highlighted that the best way to revitalise a city’s economy is through entrepreneurship and the creation of a vibrant startup ecosystem.
A critical need for entrepreneurial activity
In South Africa, which is facing severe economic stagnation coupled with high unemployment, the critical need for entrepreneurial activity has been recognised and elevated at the highest levels of leadership.
Indeed, speaking in Soweto during the final leg of the second annual Investment Conference in 2019, President Cyril Ramaphosa said that he wanted to see entrepreneurship taught in schools to develop a culture of self-employment from an early age.
“I have long said that entrepreneurial skills should be included in the basic education curriculum. Far too often our citizens are risk-averse when it comes to entrepreneurship, preferring the so-called comfort of gainful employment to the perceived insecurity that comes with self-employment.”
– President Cyril Ramaphosa addressing the media
While such statements from the President are encouraging and positive for the business community (and country at large), the question naturally arises: can entrepreneurship actually be taught?
Empowerment starts within
Strictly speaking, I believe the answer would be ‘no’, as many of the world’s most successful entrepreneurs have drawn on creativity, instincts and strong networks to innovate and build veritable empires.
Perhaps the more relevant question in the South African context should be: Can we give young people the skills, guidance and mentorship that will enable them to develop an entrepreneurial mindset – and thus reach their full potential?
Here, the answer is a resounding yes, and it also speaks directly to the ‘culture of self employment’ that President Ramaphosa highlighted as being critical to lifting South Africans out of poverty, unemployment and debt.
So, while not everybody can ‘become’ an entrepreneur, anyone can develop their own personal culture of entrepreneurship and innovation. This culture will enable success within formal employment, or within one’s own business or startup venture.
Critical elements
Having worked with many business leaders and successful entrepreneurs over the years, I believe there are three critical elements to instilling this culture in oneself, in your students, or in your employees.
Develop grit
When the pressure is on and cash flow is running dry, no amount of financial wizardry can replace the importance of sheer grit. Recent research has shown that grit—holding steadfast to a goal through time – is highly predictive of success.
Angela Duckworth, arguably the world’s foremost expert on grit, defines it as ‘passion and sustained persistence applied toward long-term achievement’ (with no particular concern for rewards or recognition along the way).
In her view, true grit combines resilience, ambition, and self-control in the pursuit of goals that take months, years, or even decades to materialise. There are various strategies to develop and strengthen personal grit.
For example: create tasks, projects or goals that challenge you and take you out of your comfort zone. Commit to completing the task or project, no matter how difficult or arduous the journey becomes.
Seek dynamic mentors
The value of mentorship cannot be understated. Whether you are an aspiring entrepreneur, an employee or a student about to enter the business world, make sure that you seek out an inspiring and experienced mentor.
This is a direct way of learning about the complexities and demands of business and entrepreneurship from people who have gone through it many times – and their lessons, wisdom and feedback can help you to make smart decisions from the get-go.
When seeking out a mentor, or mentors, the key aspect is to make sure that you can be honest and brave in your questions, and similarly, that your mentor can provide honest and
intelligent feedback.
Also, good mentorship is about asking the right questions that expose the weaknesses or inexperience in your own thinking – so make sure that your mentor is challenging you, while still being encouraging.
Along the way, keep a daily business journal in which you document what is working and what is not, as well as the lessons learned each day – this is a powerful way to cement your growth and also reveal the progress you are making.
Act with integrity
Ultimately, success in business mirrors success in life – in that it is fundamentally about the quality of your relationships.
Whether you are the CEO of a technology juggernaut or the marketing manager of a fashion brand, every job is essentially about dealing with people. This means that your interpersonal skills and emotional intelligence (EQ) is paramount.
It also means that everything you do, and every interaction, should come from a place of respect and integrity. In the South African context, where widespread corruption has almost crippled many businesses, it is arguably even more important to make sure that transparency and integrity is instilled within the culture of every team, department and organisation.
Without integrity there can be no trust and openness – which are vital aspects to internal
innovation and a vibrant business ecosystem.
