In trying to improve the SMEs sector; before we talk about things like funding, equal opportunities to participate in business, the introduction of an SMEs bank, etc, it is important to look at the person of the entrepreneur to see if they are ready to be in business.
There are two factors that influence SMEs business.
Endogenous – internal to the enterprise – entrepreneur has control
Exogenous– external to the enterprise, entrepreneur has no control but in some instances can exercise some degree of influence.
In that regard, most SME failure in the country is not a result of lack of funding (which is an Exogenous factor) but lack of grooming and training on the part of the young entrepreneur (which are Endogenous factors) and fear is one big challenge that if not tackled, most budding entrepreneurs, even those with brilliant ideas, will not live to see their ideas come to fruition.
Most small company owners are afraid. They are afraid of the future, afraid of losing money, afraid of literally anything and everything.
Giving a speech at the launch of TV personality Makosi Musambasi`s book ‘Self Love – The Ultimate Choice’, prominent businessman, Nigel Chanakira, commended the author of her boldness and lack of fear in getting things done (which is the total opposite of most budding entrepreneurs around).
Said Chanakira: “Makosi is an intelligent young woman who has tremendous vision and is not afraid to on knock doors. I applaud her for that. She has achieved something at a young age that I have failed to do even up to this day.”
On the other hand, this is what goes on in the minds of most young business people who end up failing: “If I hire another person, how then will I pay him, what if business slows down,what if this, what if that.”
One common thing in most of these SME owners is that they are afraid to approach seemingly bigger people than they are because they fear to be turned down. They often ask themselves what if he refuses or what if her guards push me away.
They are also afraid to approach bigger companies for synergies. Their decisions are based on their fears and their actions are determined by their fears and in turn they end up mediocre or they lose touch and they fail.
This partly prove why statistics show that only 1 in 12 Small to Medium Enterprises see the light of the day in the country.
They are afraid to start new things and champion new ways of doing business. They are oblivious of the fact that one can’t do today’s job with yesterday’s methods and be in business tomorrow.
In the book “Rich Dad, Poor Dad” Robert Kiyosaki said something remarkable about how important it is for entrepreneurs to make up their minds and not be jittery in making decisions.
Said Kiyosaki: “If you cannot make up your mind decisively, then you will not learn to make more money anyway.”
Definitions of fear
- feeling of anxiety: an unpleasant feeling of anxiety or apprehension caused by the presence or anticipation of danger
- frightening thought: an idea, thought, or other entity that causes feelings of fear
one who is fearless to tread any path wins the appreciation and gains a lot of confidence and courage. Fear is the first hindrance towards for all your actions.