The 12 women ICT entrepreneurs who are participating in an intensive three-week business training programme in the US are now in their final week. Consensus among the group is that they are learning as much from each other as they are from their outstanding trainers at the University of Maryland: Baltimore County.
When asked what would be their top tip for aspiring ICT entrepreneurs in SA, this dynamic group of women came up with the following:
Tip one: Use the Internet
The Internet is a fantastic resource for aspiring entrepreneurs who want to know what it takes to start up - and grow - a business. Use a search engine to research the competition, find relevant information from reference sites, entrepreneur hubs, online business forums and blogs. All it takes is a computer and a connection and the online world is your virtual oyster. - Lebo Motsohi, aspirant entrepreneur
Tip two: Network, network, network
If you stay inside your own sphere, you may miss out on potential leads and the support that is out there. In SA, there are many business networks to choose from so find out which will be most suitable and useful for you. How do you enter a conversation at a networking event? Put a brave smile on your face and say 'Hi' confidently - simple as that. - Shana Kassiem, Maxxor
Tip three: Form partnerships
One of the best things about the entrepreneurial sector is how supportive and collaborative it is.
Jo Duxbury, founder, Freelancentral.co.za
Identify what your strengths and weaknesses are and then find business partners who have knowledge and skills that complement yours. It's tempting to take someone on board who is just like you, but then chances are your finances will never get done, or you'll both avoid making sales calls! - Claire Burge, e2e
Tip four: Ask for help
One of the best things about the entrepreneurial sector is how supportive and collaborative it is. Simply ask someone who is already in business for their advice and you'll usually be amazed at how generous they are with their assistance. Just remember to pass it on when you feel confident enough to share your experience. - Jo Duxbury, Freelancentral
Tip five: Co-opetition
Ever thought that you'd collaborate with one of your competitors on a project? For many small businesses, competitive co-operation is a mutually beneficial and often lucrative way of being able to offer a wider solution to clients, with lower overheads. - Jerushah Rangasami, Impact Consulting
Tip six: Take risks
OK, we're not suggesting you do anything silly - but instead realise that business is all about calculated risk. If you believe in an idea, have done the research, have identified a market and are confident that it will work, then believe in yourself and make it happen. - Yanesh Ramiah, Swist Technology Solutions
Tip seven: No funding required
Think you need lots of cash to get a business off the ground? It would be nice, but it needn't stop you from launching your company. Once you have defined your proposition, get out there and start finding leads. Creativity and resourcefulness are two important qualities in an entrepreneur. - Telezita Dooling, Dooling IT Solutions
Tip eight: Get a mentor
Getting a business mentor early will offer your company a huge advantage. You can benefit from bouncing ideas and your business plan off someone who has been there and done that already - and their advice can potentially save you time, money and stress as you can learn from mistakes that they made in the past. Find a mentor through business and networking organisations (see tip four above). - Isabelle Rorke, Anamazing Workshop
Tip nine: Get with the programme
As an aspiring entrepreneur, it is useful to explore which large and established companies offer training or 'business academies'. Several large corporates in SA do this, such as the Louis Group, which pioneered this in Cape Town in 2003. Use the Internet to search for similar programmes or contact your local Chamber of Commerce. - Sibongiseni Dakela, aspirant entrepreneur
Tip 10: Teamwork is key
A strong team with an average idea will be more likely to succeed than a weak team with a great idea. Interview and choose your team carefully. Look for motivated people with great attitudes. When recruiting, remember that it is easier to teach new skills than to change mindsets. - Leslie Maliepaard, WineWeb
Tip 11: Go with your gut
A new business is like a new baby - everyone showers you with tips and advice on how best to look after it. Trust your instincts and go with what feels right for you - and with what suits your finances, principles and capabilities. - Zelda Poo, Mapoo Communications
Tip 12: Stay within your means
It's vitally important not to over-commit yourself financially when your business is starting out. Hold off on the fancy offices and glossy marketing materials until your cashflow is healthy and consistent. Instead, focus on revenue-generating activities that will keep your bank account in the black. - Helene de Ridder, Skillstrac
And one for luck...
Tip 13: Have a great elevator pitch
If you were stuck in a lift with your dream client or a potential investor, could you describe why your business is the perfect match for them in the time it takes to travel three floors? Being able to communicate your USP and key benefit in around 30 seconds can literally open doors for you. - Jill Sawers, Maxum Incubator at The Innovation Hub
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