So, you are ready to launch your own business?
Perhaps you know you were meant to be an entrepreneur, and having a business is the next step in your career development. However, you are unsure of the steps you need to take to start and grow your business.
REGENT offers a Higher Certificate in Entrepreneurship that gives you the foundational business skills you need to start your business and manage its various areas, including management, marketing, finances, and more.
In this article, we will look at what entrepreneurship truly is and the steps you need to take to start your own business.
What is entrepreneurship?
Entrepreneurship involves starting and growing a business by developing an idea, securing venture capital, and setting up a company offering products or services.
While entrepreneurship can be an exciting journey, it also involves risk-taking and requires individuals to be willing to experience several ups and downs.
Often, starting a new business involves offering new products or services instead of simply offering what the market already has available.
In other words, your business should aim to fill a gap in the market by either offering a brand-new product or service or by offering existing products in a market where these products are not readily available.
How do you turn a business idea into a reality?
Generally, entrepreneurship starts with a small business but often has a bigger and more significant long-term vision to progress into a more prominent company. Here are the steps to turn your idea into a profitable business.
1. Get a Higher Certificate in Entrepreneurship
Getting an HC in Entrepreneurship will make starting and growing a profitable business much more accessible. With it, you will learn key business, marketing, management, and financial skills to help you set up and manage your business.
This knowledge will give you an advantage over others navigating the entrepreneurial world without formal training since you will have a clear roadmap of what needs to be done at each stage of business development.
This certificate gives you all the foundational skills and knowledge you need to manage different areas of your business, allowing you to operate independently without the need to hire staff immediately.
2. Write down your ideas
First, you need to come up with the right business idea. This can be as simple as taking a piece of paper and writing down all your ideas.
It is essential to consider your passions and skills here. For example, perhaps you have always been passionate about finances and math. In this case, you can write down several financial business ideas, such as financial consultancy or tax planning services.
After writing down a list of things you are passionate about and skilled at, you need to determine whether the idea is profitable or not.
You can do this by conducting market research, examining competitors, and determining whether people are willing to spend money in this industry.
3. Create a business plan
After determining a business idea, you need to create a business plan that outlines the business goals and how you plan to achieve them. Things you need to cover in your business plan include the following:
- A SWOT analysis, where you consider your business’s strengths, weaknesses, opportunities, and threats.
- Your business objectives (they need to be specific, measurable, attainable, realistic, and time-bound).
- Market research to gather information on your possible customers, competitors, and industry trends.
- Clearly defined target audience, including age, gender, income level, behaviours, and habits.
- A rough marketing plan that outlines your marketing objectives, strategies, and budget.
- A financial plan that details your business’s monetary projections, budget, and cash flow.
4. Secure funding
Once you have a detailed business plan, you can use it to help you secure venture capital (startup funding) from a financial institution or an independent source. Many banks, such as First National Bank, offer business loans.
Depending on your financial situation, you may be eligible for different loan amounts. You can even apply for loans at various financial institutions to see which offers the best deal.
5. Build your brand
After you have your business plan and funding, it is time to build your brand identity. This includes:
- Choosing a business name
- Designing a logo
- Crafting a brand story, including mission, values, and goals
You also need to establish a consistent brand tone that you can use across all your marketing platforms, including social media, your website, and your product packaging.
6. Determine legalities
Before launching, ensure your business complies with all the legal requirements. This may include:
- Registering your business name
- Choosing your business structure (LLC, sole proprietorship, etc.)
- Getting the proper licenses and permits
You can also look into tax obligations and hire an internal or external accountant to help you handle all your taxes from the get-go.
7. Create a marketing strategy
Finally, it is time to launch your business. You must develop a marketing strategy by determining which platforms your target audience uses most, such as social media, email, or Google.
From there, you can create content for those platforms to attract customers. For example, if you realise your customers are avid Instagram users, you must make weekly Instagram posts, including Carousels, Stories, and Reels, to attract them.
You can also consider using networking and paid advertising platforms, like Google, Facebook, or YouTube ads, to initially boost your visibility when you do not have a big following.
As mentioned above, the Higher Certificate in Entrepreneurship will provide you with foundational marketing skills to get your business out there in front of your audience as soon as possible.
FAQ
What are the specific skills and knowledge I’ll gain from an HC in Entrepreneurship?
You will gain several skills to help you start and manage your business effectively. These include leadership, management, marketing, finances, and business communication skills.
These skills can be used to manage different business areas, meaning you can work independently when starting your business without immediately hiring staff.
What are the admission requirements for the Higher Certificate in Entrepreneurship?
Admission requirements for the HC in Entrepreneurship depend on the institution. However, at REGENT Business School, entry requirements are as follows:
- A National Senior Certificate with a minimum Higher Certificate admission
- A relevant NQF4 level qualification
Study an HC in Entrepreneurship with REGENT
Starting a business involves many steps and several skills. Not only do you need to come up with an excellent business idea and write a stellar business plan, but you also need the skills to manage your startup effectively.
This is where a certificate in entrepreneurship comes in. With it, you will learn all the foundational skills you need to start and manage your own business—without spending thousands on hiring staff members initially.
Instead, you can start and grow your business independently and hire staff members as you begin to earn profit. Have a more in-depth look at REGENT’s Higher Certificate in Entrepreneurship here.
