Exhibitors Corner Issue 13

Exhibitors’ Corner

The platform to grow, connect and equip SMME businesses. August - September 2023 - Issue #13

ISSUES STRONG

MANAGING DIRECTOR (DIAMOND BERRY ENTERPRISES)

Nhlanhla Dabengwa

CHIEF EDITOR

Mellisa Tshuma

EDITORIAL TEAM

Jennings Chibike

Khayelihle Sibanda

Anittah Munyaradzi Chidonhwe

Loveness Mpofu

ADMINISTRATION

Charllote Mpofu

Gugulethu Ncube

MARKETING & SALES

Charllote Mpofu

Magazine Design

Arthur Musiyiwa

David Papayi

DIAMOND BERRY ENTERPRISES

The Property Center, L Takawira & J Tongogara St, Bulawayo, Zimbabwe.

MARKETING & ADVERTISING

TEL: +263 29 226 2993

CELL: +263 71 570 0593

EMAIL: newsroom.excomag@gmail.com, info.diamondberry@gmail.com

PUBLISHED BY DIAMOND BERRY ENTERPRISES

Exhibitors Corner www.diamondberry.co.zw / www.excomag.co.zw

EDITORS NOTE

Melisa Tshuma Chief Editor Excomag

e live in a global village and everyone you will meet will have something that you need or know something that you don’t know. Networking has become a great aspect in our business industry as it opens doors for better enriched ideas from various individuals. It’s about that time again where your favorite publication feeds and nourishes your heart and mind, we hope you will be enthralled by this issue. Many great leaders will attest that one of the preeminent and most effective ways to develop as a leader is to expand your network, of course it goes beyond updating our Linked-In and all other social media platforms. The upcoming and new entrepreneurs tend to think keeping boxed in their small corner offices protecting their concepts is a great trait of a leader. Little do they know that interacting should be one of your greatest agendas if you want to see yourself grow. Networking is not a stealer of time and finances and should be scheduled like any other activity by a trailblazer. Popular to the saying “if you want to go fast, go alone. If you want to go far go with others”, one should never underestimate where the company of others can lead. Recently we hosted an SME Indaba whose mandate was networking, growing your business and to inspire trough the different stories that are told by the unique speakers at the event. Delve

in and read pieces from Zimnat, Keith Heywood and Liquid Technologies amongst other names. In this issue, we profile Mercy Mabiza who has taken the saying “The question isn’t who is going to let me; it’s who is going to stop me.” To another level. Building a business during the covid era and taking over the industry by storm is testament to her entrepreneurial capacities.

The mix of content here is quite wide and diverse but, as a leader, it is vital to have a wide and diverse range of insight and knowledge. We hope you will find the nuggets here insightful, stimulating as well as valuable in your life and your work. It’s been a pleasure to know how some of these have shaped your journey. For comments and feedback please write to us on newsroom@ excomag.co.zw. Be inspired, be motivated!

Together we will conquer. Be inspired, be motivated!

→

BE INSPIRED

TEN SUCCESS TIPS FOR ENTREPRENUERS

MANAGER’S REMARKS

Entreprenuers are generally thought to be the backbone of any healthy economy; they drive growth, provide employment opportunities and open new markets. Entreprenuers already contribute massively towards GDP.

In Focus: Nhlanhla Dabengwa

Nhlanhla Dabengwa MD. Excomag

TEN SUCCESS TIPS FOR ENTREPRENUERS.

1. FOLLOW YOUR PASSION.

Startups can be quite a grind, so pick something that excites and motivates you. Avoid businesses or industries that you do not already know a good deal about, as the steep learning curve may hamper your success.

2. PICK A BUSINESS WITH A BIG MARKET OPPORTUNITY.

Make sure to carefully research if there is a big market for your product or service. Investors will typically only invest in your company if they see a large market opportunity and that the company has the potential to grow into something significant.

3. RAISE AS MUCH CAPITAL AS POSSIBLE.

It is usually harder and takes longer to raise startup financing than you think. You must ensure you have a cushion for all the product development and marketing expenses you will incur. In an ideal world, you will have sufficient capital for your operations to break even. Do not worry about diluting your percentage ownership in the company. Developing a great product takes time and money.

4. CONSTANTLY MONITOR YOUR FINANCES.

You must keep on top of all of your expenses, income and balance sheet. Many startups have failed because the entrepreneur was not able to adjust spending to avoid running out of cash. Maintain a low overhead. Be frugal with expenses and avoid unnecessary costs. Learn to live on a shoestring budget until meaningful revenues start to flow in.

5. RESEARCH THE COMPETITION.

Make sure you are thoroughly researching competitive products or services in the marketplace, and keep on top of new developments and enhancements from your competitors. ‎One way to do this is to set up a Google alert to notify you when any new information about your competitors shows up online.

6. SEEK ADVICE.

Advice from other entrepreneurs and business professionals (such as lawyers and accountants) can prove to be invaluable. Consider putting together an advisory board, and do not be afraid to motivate members by giving them stock options in your company.

7. DEVELOP.

You should have a succinct and compelling story about what your startup does and what problem it solves. Have this ready for potential customers and investors (although you will need to tailor it to the specific audience) ‎. Keep

it to 30 seconds or less.

8. HIRE THE RIGHT PEOPLE.

Hiring the wrong people is one of the biggest mistakes made by first-time entrepreneurs. You need to bring on employees who have the relevant background and experience. They need to fit into the company culture you are trying to build. They need to be hard working and flexible, as employees in startups often have to function in multiple roles‎. You must do thorough reference checks on them. Make sure your offer letter says they are “at will” employees and can be terminated at any time. Do not forget the old quote: “Hire slowly. Fire quickly.”

9. NEVER STOP NETWORKING.

Networking can land you a new investor, a great employee, a new customer, or a great mentor. Attend industry and startup events. LinkedIn can be a powerful tool to help you network, so make sure both you and your company have profiles on LinkedIn and that you are constantly adding new connections. When someone does a Google search on you, your LinkedIn profile will usually show up at the top of the search results, so be sure you are making a good first impression.

10. GET COMFORTABLE WITH PUBLIC SPEAKING.

The ability to communicate effectively can be critical to landing customers, inspiring employees, and pitching to investors to raise capital. Most people are not very good at public speaking and many are even afraid of it. You must work to overcome this fear. Consider working with a public speaking or business coach to practice, get professional feedback and improve. Some of the most recognized entrepreneurs were great public speakers.

Partnerships are critical for start-ups who usually encounter unique sets of challenges which need more than just tact in handling them

INTERVIEW COVER STORY

With Mercy Mabiza

MERCY M. – FOUNDER & CEO ROYAL INFINITY. The magazine took time to pay Mercy Mabiza the CEO of Royal In finity in Bulawayo, a visit to catch up and have an up-close interview

EC. Briefly, who is Mercy Mabiza and Royal infinity?

MM. Mercy Mabiza is a serial entrepreneur, a go getter who is very strategic and extremely ambitious. A woman whose intention is to break every bias of what can or cannot be done by women in business. She is a creative designer and director at Royal Infinity bags a unique Zimbabwean brand whose bags are designed by a relatable person, bags that tell a story that is unique to every woman allowing them to feel like royalty this is so loudly spoken by our tagline bags envied by queens.

EC. How did you get your idea or concept for your business?

MM. In the years 2017 – 2018 I worked for an International bag making company and won awards for having the biggest network which shined so much light on my abilities to be brilliant in selling, however, beyond that there were loop holes I noticed. I still felt there was a lack in the bag market for that bag that any and every woman could throw their entire world inside of.My desire was to have exactly that bag, and still have it within a price range that absolutely any woman could afford. I then thought, why not design those bags myself, so that easily followed the birth of this business.

EC. What was your mission at the outset/from start?

MM. Being someone who has such a full understanding of who I am, where I come from, my background the mission was clear as day for me. It was to break certain patterns of that background to be a very different version of my past in the process being a very strong support system for my family.

EC. How many employees?

MM. I would like to say we are a small extremely dedicated and hardworking team here at Royal Infinity.

EC. What services or products do you offer as a business?

MM. Our business is the Royal Group, which comprises of Roy -

I am a proud Zimbabwean.

I am a young entrepreneur with a passion for creativity.

Royal Infinity is a place where we have a vision to Inspire through creativity.

Navigating business is not always easy.

I

rely

on God’s Word for direction.

The Bible explains many principles about running a business successfully.

al infinity Bags, which offers unique custom designed bags, Royalty Skincare which is our powerhouse for specialized skincare treatments for various skin ailments and rare conditions, Acres Royal Harvest which is a farming business that is very much centered on poultry and horticulture. Lastly, Phoenix Wines a female black owned brand which will be hitting the shelves in Zimbabwe before the end of the year.

EC. To what do you attribute your success?

MM. My mother, who is such a hard worker and my role model instilled in me at such an early age that what I set my mind to do I will accomplish alongside with working hard and God who has kept his hand over my life.

EC. What’s your company’s goals?

MM. To give every client we encounter in our business an unforgettable experience / service.

EC. Any Uniqueness about your business?

MM. We cater to absolutely everyone from all walks of life no one is left out anyone can afford the products we offer while still making sure we never lose that quality element in everything we offer.

EC. What is your responsibility as the owner of your business?

MM. To make sure we never lose touch of what our mission as a business from the get go to continually show up with the standard of service we sought to give from day one whilst still making sure our team is strong and steady.

EC. What made you choose this type of business?

MM. . The dream has always been to create a bag that introduces an individual in their space: a bag that speaks for them - a bag that makes every woman feel like Royalty and when I failed to find that bag, I decided to go make that very bag.

EC. Does your company help the community?

MM. We recently started a young entrepreneurs’ boot camp that seeks to help young and budding entrepreneurs refine skills in whatever business they have chosen to embark on and also find different ways of showing those businesses support that in turn will help in their growth. Our previous bootcamp was held in the outskirts of the city of Bulawayo with a very vibrant group of 10 young business owners from the community who applied alongside with about 150 other great applicants and were then chosen from that

list. This is an initiative we will continue to undertake in our community.

EC. Is the customer, always right?

MM. Simply put no, the customer is not always right there are genuinely times when I have experienced a customer who may be wrong or unreasonable and the problem with assuming the customer is always right is automatically we are saying the employee is always wrong which can result in an unhappy employee who doesn’t feel safe in their working environment however that doesn’t mean we don’t fairly listen to customer feedback as a company.

In Conclusion Mercy Mabiza had this to say:

“I am someone with high respect for all individuals regardless of social class and with a very supportive family, who understand that I am such a hard worker who might not always be able to balance work and family life equally, I am a Christian who strongly believes without God my entire life story would not be possible.”

Mercy Mabiza is an award-winning entrepreneur with a number of accolades awarded to her.

5. Megafest Southern Region awards entrepreneur of the year 2022

6. Royalty Skincare 2nd place the BATA trophy, and the ZITF Gold medal industrialDevelopment Corporation of Zimbabwe 2023

1. Top ten manager of the year Avroy shlain 2016

2. Top seller and recruiter cazabella 2017

3. African Influencer woman of the year (Afriluencer) 2021

4. Gumiguru 30 under 30 class of 2021

Awards to note

TERRY TECHNOLOGIES.

About Us

Terri Technologies is a customercentric technologies company that delivers digital solutions to various industries. Incorporated in Botswana, Malawi, Mozambique, Namibia, South Africa, Zambia and Zimbabwe.

Our Vision

To be Africa’s number one technologies company in deploying digital transformation services to optimize business performances for our clients.

Our Mission.

We drive a team of dedicate individuals that delivers dynamic innovative business tracking technology solutions, tailor-made to meet client needs. We leverage data to make smart decisions for our clients. And we go all out to identify root causes to solve our clients’ problems.

Our Global Focus is.

To provide smart technologies that drive, enhance and support efficiencies to all our clients business eco-systems.

OUR KEY PRODUCT OFFERINGS FOR EASY PAY.

Buttercup Events ZW

FACEBOOK : -buttercup events zw

INSTAGRAM: -buttercupeventszw

TIKTOK : -buttercupevents zw

EMAIL: -buttercupevents@outlook.com

PHONE: - +263 71 731 4025

. Started off from savings and passion, Buttercup Events ZW understands what it means to want something with limited finances. This has been one of the driving principles of the company, that is, affordability. To achieve this while retaining quality, there exists various packages at certain prices so that one can afford to have an event done by BE-ZW at their budget.

Buttercup Events caters to all kinds of events including, but not limited to, birthdays, surprise parties, baby showers and welcomes, color and character themed parties, equipment hire, sale, and consultation services

(BE-ZW) is an events company that seeks to bring quality decorations and event transformations at a competitive price while retaining a top-tier market standard.

Business Address: Stand

Number 115 Main Street, Bulawayo

Corner 12th Avenue and J.M Nkomo Street

Contact Number: +263

778484084/ +263 773431408

Email: magniqgas@gmail.com

Website: www.magniqgas.co.zw (Under construction)

MAGNIC GAS CENTRE

About Us

MAGNIQ GAS is a gas retail company that specialises in LPG (Liquefied Petroleum Gas) supply to various individuals and entities in Bulawayo. The operating scope of the company mainly focuses on retail service and bulk orders.

Our Vision

To excel as the leading gas retailer/distributor in Zimbabwe, providing safe and reliable gas supply at affordable prices to our customers with excellent services.

Our Mission.

To be a reliable and reputable energy distribution and delivery company in the Bulawayo city of Zimbabwe, enhancing the lives of millions; focusing on enhancement of productivity, quality and profitability; caring for customers and employees; caring for environment protection and cultural heritage.

Actions & Values.

Execution with uncompromising Integrity. We are a team that walks the talk with a culture that is committed to Engage, Solve, Deliver and Enhance.

Services.

MAGNIQ GAS performs the function of buying and distributing/retailing LPG gas to different end-users in the market. We supply hospitality industry, industrial and home consumers and users. MAGNIQ GAS is an expert in LP Gas installation at homes and business premisses. We also offer LP Gas cylinder and cooker fixing services.

The main focus of the firm is to serve a unique niche of the economy and provide value to LP gas users.

Nomazulu Moyo founder of Zulu Fashion House is a 28-year-old self-driven, motivated, ambitious, goal-oriented, passionate and independent woman seeking to change the face of fashion in the nation. Apart from fashion, she is an entrepreneur with a variety of business ventures as she is someone who enjoys taking on challenges. Nomazulu, who is also a hands on farmer, is a holder of a Bachelor of Science Honors Degree in Sociology (UZ), a Bachelor in Arts Degree (UZ), a Bachelor of Science Honors Degree in Monitoring and Evaluation (LSU) and A Master in Strategic Management of Business (SMBA) NUST.

Zulu fashion House is an elegant and executive boutique located in Bulawayo at Imbali Mall that seeks to not only provide the best possible fashion pieces to our clients but seeks to make fashion a lifestyle that continuously creates clothes and accessories that aspire to a kind of perfection that transcends fashion . “Fashion with long term value” for both men and women. “ZULU FASHION HOUSE is my first brand, which I have been working on for the past two years.”

“This is a personal project as it meant and marked the beginning of the creation of my brand,” she adds.

Launched on April 30 2023, the Zulu Fashion House brand name was inspired and taken from Nomazulu the last part of the founders name. “I figured I had to create a brand i could be immensely proud of, a brand that can interpret the hard work, prayer and dedication that came with bringing it to life. What other way can I achieve that without inseminating my entire being into it.”

The self-driven entrepreneur has big plans and vision for herself and brand, which include growing and expanding to other cities in Zimbabwe, then sip into the bordering countries. She emphasizes that they will also be disseminating the brand into various other lines of Business like Charity homes, Air bnbs and restaurants.

This is a personal project as it meant and marked the beginning of the creation of my brand.

BUILDING STRATEGIC BUSINESS PARTNERSHIPS.

Excomag

TIPS

As cheesy as it may sound, collaboration really is key. When combining efforts with likeminded individuals you provide your business with the opportunity to expand.

1. TAKE TIME TO BUILD A RELATIONSHIP.

Get to know your potential business partner and their portfolio. Partnerships are strategic. Discover what they excel in and what their partnership objectives are. This allows you to get a feel for how compatible you may be working together and gauge whether they have the tools you look for in a strategic partnership. Seek to know and understand partners as well as they know and understand you. Investing in a relationship shows the partner that you are dedicated and value their efforts.

2. BUILD TRUST.

This is something that can be built over time and is fundamental in any partnership. Establishing a trust between partners develops a stronger, more powerful partnership that may potentially lead to more or larger opportunities with this partner.

3. SET CLEAR EXPECTATIONS.

Be clear when outlining your partnership objectives. Be precise when describing what you are looking for in a business partnership. Explain your business strength, values, and mission to allow the potential partner to gain a sense of how you do business and what you can offer in a partnership. By portraying a clear vision of your business, you allow them to understand whether you have common goals and can align with your business purpose.

4. STAY ACCOUNTABLE.

From beginning to end, communication is critical throughout a partnership. Take the time to learn how your partner best receives information and establish a process for

communication. Data to support the value you bring into a partnership is an effective way of communicating your efforts and accountability to the partnership. Some may feel valued by regularly sharing metrics on how the partnership is going. Providing an impact report not only allows you to review the success of a partnership together but also displays the value you each bring into a partnership.

CONCLUSION.

Strategic partnerships offer opportunity for exponential growth. They allow you to expand and scale your business with joint forces. No matter the side or age of your business, anyone can enter into a partnership.

A strategic partnership is a combined effort to collaborate in achieving mutually beneficial goals. Building strategic partnerships can strengthen brand value and growth for your business.

... Here are four factors to consider when establishing a strategic partnership:

6 THREATS THAT COULD DERAIL A FIRST TIME

ENTREPRENUER’S SUCCESS. TIPS

It is important to stay vigilant and avoid falling victim to one of the many obstacles in your path that could end your career for good.

SHOOTING TOO HIGH TOO QUICKLY.

When you start working on a business, it is easy to become overwhelmed, especially if it is your first venture. Having great ambitions is a good thing, but in order to accomplish greatness there are smaller steps to be taken. Set an objective that is significant, yet attainable. Once you reach that objective, you will feel empowered to reach the second objective, and so on.

GIVING UP TOO EARLY.

Do not quit! First-time entrepreneurs encounter so many obstacles, but so do successful ones. The key is to understand that every problem has a solution, and to be successful you need to push past every obstacle and setback with more gusto and positivity each time. Successful entrepreneurs will never give up, and continue to fight. Be smart, make good decisions, and solve problems.

LOSING FOCUS.

Unfortunately, there are many distractions both inside and outside of your business that can cause you to lose focus from the target objectives. Taking too long to make that first sale, delaying a product release due to feature bloat, exploring any of the hundreds of social media tools before settling on a defined strategy any of these can seriously hinder a startup in the critical first stages of your business.

:In this article, we will be sharing the biggest threats first-time entrepreneurs should avoid if they want to come out ahead.

As a first-time entrepreneur, taking all the right steps in the beginning is critical to your success in the end.

6 THREATS THAT COULD DERAIL A FIRST TIME ENTREPRENUER’S SUCCESS.

BURNOUT.

Starting something new is inherently difficult; otherwise, it would already exist. You can either have a can-do attitude that enables you to take on challenges and thrive, or you can lose steam and the next challenge will topple over you like a wave. Many first-time entrepreneurs think that they need to work on their startup 24/7 when ultimately that is unsustainable.

THINKING IT IS EASY.

It is easy to go online and read about other entrepreneurs’ success wherever you go. This is because no one likes to talk about the failures and endless hours of blood, sweat, and tears it took to get to where they are today. The biggest threat to first-time entrepreneurs is thinking that success comes easy.

DOUBTING THEMSELVES.

As a first-time entrepreneur, you will make mistakes and run into obstacles as part of your learning experience. The mental battles you will incur can be overwhelming and will make you question yourself and perhaps consider quitting. Seek guidance in a mentor and develop the strength to filter out all noise to help mitigate your biggest threat: yourself.

SME CORNER

INKAMIC QUNTWASI

About Us

QUNTWASI group of schools is the brainchild of Mr T Moyo and Mrs S Moyo who saw the need for the provision of quality affordable holistic education for a Zimbabwean child and particularly one in Bulawayo.

It was noted that parents and learners had to travel long distances in the quest for quality education which they then found at a few private institutions. While situated in high density areas Quntwasi strives to provide educational experiences, competitive with existing private schools. Education is a basic right for all children, hence Quntwasi deliberate initiative to be inclusive.

The name Quntwasi being in tribute of a visionary and hard working woman who worked diligently to raise a family. QUNTWASI seeks to provide the learner with an accessible and affordable private school experience. Quntwasi recognizes the importance of a girl child and the role women play in the society and as such a less privileged girl child/children will be supported by the group of schools.

QUNTWASI seeks to complement the efforts of the Ministry of Education in the establishment of an elite group of schools which ensure continuity there by producing well rounded learners strongly rooted in socially acceptable moral and behavioral conduct.

COHS.

” Centre for Occupational Health and Safety (COH&S) is a fully registered institution which is membership based. The institution offers its members training associated with safety and health issues at the workplace. Also the institution is an awarding body for diplomas and certificates in the following: HAZCHEM, HIRAC, DOSH, SHEMTRAC, OHSM, SHEM, First aid Covid 19 surveillance and management customer care and many more.”

”THE INKAMIC GROUP, registered as Inkamic Private Limited, was established in 2015 and officially commenced operations as a group in 2019. The group has undergone several changes recently such as rebranding and entering into strategic trading partnership with other organizations. The group is set up with several divisions, the main ones being, Inkamic Hardware & Services and Crafty Labs which is registered as an independent entity.”

NIKKOR LANE. IZAAPA.

”We are a Media Productions Company based in Bulawayo. We offer events photography and videography services, corporate and product profiling. We are happy to take your enquiries and chat about how we can help you get the best possible photo and videography services in Zimbabwe”

”Izaapa is a fintech company based and operating in South Africa which gives buyers loans and discount information on leading brands in malls.”

SME CORNER SOMESHA

GLOBAL PAINTS

About Us

Somesha is an education start-up, based in Zimbabwe and operating in a few schools. The platform collaborates with the students, parents and schools in Africa to optimize the learning journey using technology. Students can use the Somesha platform to prepare for examinations, watch educational videos, keep track of their records and interact with other students across the African continent.

Schools can manage student attendance, payments, timetables, academic records and reports. Somesha aims to reimagine how students across Africa are educated and ensuring fair access of education across the continent.

The company is available across all social media platforms and on their website www.somesha.io

COMRADES BEVERAGE.

”Global Paints is a paint manufacturing and distribution company with products ranging from interior/exterior multipurpose paints, gloss to steel prima paints. Global Paints aims to be the leading paint manufacturer with best quality products at best prices.”

BIG MANGO

Comrades Beverages is a Gin, Vodka, and Craft Beer manufacturer located in the City of Bulawayo. We are a small batch distillery committed to crafting the ultimate beverage experience.

Big Mango is a diversified solutions group of companies to the communities. Its solutions are anchored on the philosophy of simplicity, relevance to respective coordinates, tailor made and in a sustainable manner. “We make it happen so lets make it happen together as a community” is their mantra.

Being your own boss, hustling daily, doing things your way, high passion, and high spirit - all sound amazing. It is not so simple and easy, though. Entrepreneurship demands everything - money, time, life in excess. Yes, it sometimes leads to burnout.

An entrepreneur is struggling daily. The only thing that keeps them going is burning passion; some to-be-managed daily issues for entrepreneurs are funding, operation, personnel, inner management, clients, and so much more.

In addition, the wealth of the founder naturally depends on the success of the business, which, in case of the absence of proper setup, ends up being a tangled web.

COMMON FINANCIAL CHALLENGES FACED BY ENTREPRENUERS.

1. FUND SHORTAGES.

Cash flows are simply the “lifeblood” of your business. If there persists a lack of consistent cash flows, even the regular functions of the company would come to a halt. This is one of the main financial challenges faced by small businesses as well. This is mainly because they have limited financial resources and are dependent on a few key clients for their revenue. From payrolls, rents, and utilities to raw materials and inventory, cash flows are the prime requirement. Your business would survive for some time in the absence of reasonable profits, but it is the cash flow that ultimately keeps the door open. Try to tighten up your cash flow cycle.

Cash flow cycle is nothing but how the money flows inside your business - from paying off for raw materials, salaries, etc. to collecting receipts. This can be done by receiving your receivables faster and stretching out your payables further, or the best is, both together.

2. LACK OF CAPITAL AVAILABLE.

Entrepreneurship has become a driving force behind Africa’s economic growth and innovation, yet one of the most significant challenges faced by entrepreneurs in Africa is the lack of capital availability. Entrepreneurs in Africa face the challenge of lack of capital availability due to limited access to formal financial institutions, risk aversion among investors, and a complex regulatory environment. Many entrepreneurs, especially those from marginalized communities or remote areas, struggle to secure loans or establish relationships with banks.

3. MARKET CONDITIONS.

If the economy, on a broader level, is suffering or gaining, this will definitely affect your business, too. This is one of the common challenges faced by young entrepreneurs as they often enter markets that are already saturated

with established players. Established companies may have greater resources, brand recognition, and customer loyalty, posing significant barriers to emerging entrepreneurs.

The point is that these economic business cycles are inevitable. What you have to do is manage your business in a way that is always prepared to handle the downturns and take advantage of the upturns. Maintaining a strong cash flow, keeping financing options always ready, etc. will ease out the downturns and take advantage of the available credit upturn. You must encourage your business to take on expansionary activities.

4. MANAGEMENT OF BUSINESS vs PERSONAL FINANCE.

To prevent one of the problems faced by new entrepreneurs, it is important to follow this rule: Always keep your business finances and your personal finances separate. It is never a good idea to mix both. In short, always keep a separate bank account for your business in order to track the cash flows properly. If you do not do so, it can create problems for your business.

Lastly, make sure to pay yourself a set amount salary and track your personal finances instead of just paying yourself an ad hoc amount based on profits.

5. TAX COMPLIANCE AND AUDITING.

Now that you know that cash management is already challenging, make sure you do not worsen it further. Look if you are overpaying or underpaying your taxes - both are harmful for your business. It is always good to keep an accountant in your staff to maintain these records.

Additionally, to save on taxes and plan for such opportunities, do regularly meet your financial advisor along with the accountant.

CONCLUSION.

Handling a business is not the job of a faint heart - you need strong skills to run that. Upskilling is one of the challenges faced by entrepreneurs when starting a business. So, when establishing your own business, make sure to learn from the best, explore the field as much as you can, maintain good finances, and if needed, take expert help. The most difficult part would be the management of cash flows, and this should not be taken lightly. From receiving to dispersing, make sure that the process is not leaking anywhere.

FIVE COMMON FINANCIAL CHALLENGES FACED BY ENTREPRENUERS.

Entrepreneurship looks all shiny from the outside but there are financial challenges that entrepreneurs have to deal with throughout their journey

4 ASSUMPTIONS THAT LIMIT YOUR LEADERSHIP POTENTIAL

About Us

. Being your own boss, hustling daily, doing things your way, high passion, and high spirit - all sound amazing. It is not so simple and easy, though. Entrepreneurship demands everything - money, time, life in excess. Yes, it sometimes leads to burnout.

An entrepreneur is struggling daily. The only thing that

leaders.

...

Despite the widespread prevalence of leadership books and classes, many people think leadership is not for them. Maybe it is because they make one of these assumptions:

1) “I’m Not A Born Leader, So I Can’t Lead.”

Leaders are not born. Well, okay, they are born. I have never met an unborn leader. (In addition, I would not want to.) What I really mean is that your ability to lead is not set at birth. While it is true that some people are born with more natural gifts that help them lead at a higher level, everyone has the potential to become a leader. In addition, leadership can be developed and improved by anyone willing to put in the effort.

2) “A Title And Seniority Will Automatically Make Me A Leader.”

I believe this kind of thinking was more common in my generation and that of my parents, but it can still be seen today. People think they need to be appointed to a position of leadership, when the reality is that it requires desire and some basic tools to become a good leader.

3) “Work Experience Will Automatically Make Me A Leader.”

Leadership is like maturity. It does not automatically come with age. Sometimes age comes alone. Tenure does not create leadership ability. In fact, it is more likely to engender entitlement than leadership ability.

4) “I’m Waiting Until I Get A Position To Start Developing As A Leader.”

The last assumption has been the most frustrating to me as a teacher of leadership. When I first started hosting leadership conferences, people would say, “If I ever become a leader”—meaning if they were appointed to a leadership position—“then maybe I’ll come to one of your seminars.” What is the problem? As legendary UCLA basketball coach John Wood said,

“When the opportunity comes, it’s too late to prepare.” If you start learning about leadership now, not only will you increase your opportunities, but you will also make the most of them when they arrive.

... Next edition we focus on how to develop yourself as a leader.

More and more people recognize the value of good leadership, yet not many work to become better

Why is that?

ABOUT AUTHOR

John Calvin Maxwell is an American author, speaker, and pastor who has written many books, primarily focusing on leadership.

THE AGE OF SOCIAL MEDIA. TECHNOLOGY

The use of technology is widespread and a part of everyday life. Incredible developments have been made in the last couple of decades, leading to technology becoming a staple for businesses. Large companies are completely reliant on technology and using social media for marketing. Because of these developments, social media can make or break the success of a business and the same holds true for entrepreneurs. The use of social media provides entrepreneurs with access to resources they might not have otherwise. If you are looking to launch a new business, it is vital you understand the importance of social media and how you can use it to benefit your company.

A recent study showed that the use of social media for business increases traffic to websites. While this benefit is incredibly useful for a business, another study by the Social Media Examiner found that most marketer’s use social media, but the majority of them do not understand how to use it as effectively as possible. These results show that entrepreneurs must make an active effort to become well versed in social media in order to achieve success in their business ventures.

LOW COST.

For an entrepreneur that is starting a brand-new business, cost is usually a major consideration when it comes to marketing. Small businesses usually limit the amount of marketing they do in order to save costs and put more funds toward perfecting their product or service. Social media allows companies to get exposure they would otherwise pay for and a simple Instagram or Facebook ad can lead to new customers. You can spend money to reach a larger audience, but these costs are usually low. With careful planning and research, an entrepreneur can make the most of social media resources free, designing and sharing logos, news, and images.

INCREASED TRAFFIC.

A great aspect of social media is the ability to embed and share links. Entrepreneurs can simply add a link to a post and watch the traffic increase to their website or other social media pages. Having a small giveaway or something that draws people in goes a long

way on social media. Just make sure your website and company can handle it.

Lanyards are a great option if you are looking for a giveaway. The cost of lanyards is very low, but they have many uses. We can use them to hang keys, mobile phones, water bottles, etc. GS-JJ is a professional manufacturer of lanyards. You can design your own lanyard with your company name and logo in their free design system, or let their design team do it for you. Customization is simple and the price is affordable.

BRAND RECOGNITION.

Using social media allows entrepreneurs to get the word out about their new business venture and starts making the brand known to people. By regularly posting on social media and sharing quality posts, entrepreneurs create brand recognition amongst their target audience. A strong social media presence also increases the authority a brand has in their industry, because people recognize the brand and what it provides to consumers.

UNDERSTAND THE CONSUMER.

One of the best benefits of using social media as an entrepreneur is the opportunity to understand and connect with the consumer. Before launching your business, you need to identify your target audience. Once you know whom you are marketing to, you will be able to research what social media networks they use and how they interact with their favorite brands. Watch what successful companies do to market on social media and take tips from that!

By regularly posting on social media and sharing quality posts, entrepreneurs create brand recognition amongst their target audience.

Entrepreneurs must make an active effort to become well versed in social media in order to achieve success in their business ventures.