An entrepreneur should know all the sources of income in your country, province and district. How do people in your area get money? Where does it flow from? You also need to be knowledgeable of spending patterns and habits. What are the top areas the government is prioritizing in terms of expenditure? What are the top priorities of NGOs or NPOs in your area? What are companies prioritizing in your area. This is a simply study which helps you to effectively plan and strategically place your business. You cannot be expanding or borrowing funds to invest in an area where the major source of income such as a mine is planning to close down. At the same time if the government intends to open up new projects in your area, then green light for you to follow the money and be the first one to establish business before others.
We are compiling our second book and we believe this will be one of the best entrepreneurship book for South Africans. The book has a lot of interesting analysis and key insights and also provide a good number of opportunities and resources which will help entrepreneurs in Mzantsi.
One of the areas we have covered is ‘Opportunity Identification Skills for South Africans’ . An entrepreneur need to have more than 10 universal skills for identifying opportunities and one of the skills is ‘following the money‘ or following the spending habits of people in your area. You need to check how priorities are changing and what is causing the change. You reduce your risk of failure by investing in top priorities for most consumers. Information comes courtesy of Statistics South Africa and is for the last survey carried out in 2016.
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