In this week’s Views, Dr. Maraj shares some of the things he wished he had known before setting out on his path to becoming an entrepreneur.
1) The importance of office/secretarial type skills: university degrees are not big in this area!
2) In a small business venture be prepared to do it all, because many times you will have to.
3) The hours and days of work can be sometimes 24*7. There will be many times where you alone or with minimum staff will be in the business, especially during the early stages. However, one has to be there all the time. In addition, not expecting staff to work the same hours as you without some type of incentive.
4) Cash flow and budgeting: Everything costs and many times one has to extend credit to customers, many of whom will not pay their debts on time.
5) Marketing and customer service: Knowing more about your markets and more training in dealing with difficult customers.