Category Archives: Entrepreneurship
Most new businesses need initial capital to get established. This capital may be quite high because of the cost of adapting and fitting out premises and the cost of stock (working capital) or equipment. The cost of initial stock or equipment is likely to be a real problem – for example in the case of […]
Your business is a combination of different processes coming together. The better you get these processes to work together the better your business will perform. Business is not a micro-organism that can be left alone on its own to simply multiply, expand and evolve on its own. Business is something that has to be nurtured, […]
Before starting, every new business should prepare a cash flow projection. However superficial this may sound at least this will provide you with a visual representation of what is to come. One thing to note, please do tone down on your revenue expectations. It is usually the case that you over estimate your revenue resulting […]
Can’t we just all keep our money under our pillows? Then we do not have to deal with this thing called a bank and the bureaucracy that comes with it. Well unfortunately not. Banks are part of our ecosystem and we rely on them for handling our cash flow as well as funding our businesses. […]
Trading as a sole proprietor If you trade as a sole proprietor your business name will be your name and surname. You can however decide to trade with another name. It might, for example, be Frankie Figs t/a The Corner Shop. Trading as a company If you decide to incorporate a company you will have […]
So, you’re looking to start up something official, but which type of legal entity would be best suited to contain the magic? Here’s your options and a bit about each:
Here are four good reasons why you should keep records: 1. Preparing tax returns for SARS All businesses are required to register for tax and submit tax returns during the year. For sole proprietors and most companies, the tax year runs from 1 March to 28 February each year. Companies can however change their year-end […]
Wow, what a serious topic but let’s not get too technical here but rather give a brief overview of the more pertinent issues relating to taxes. You or your company are taxed on your net profits. In other words: sales less expenses. This sounds easy enough however it is much more involved and technical than […]
How VAT Works VAT is a consumption tax. It is only levied once a product or service is consumed. VAT is additional revenue raised by the government by requiring certain businesses to register for VAT and then levy VAT on taxable goods or services. In essence, vendors act as agents on behalf of SARS. Businesses […]
Mahatma Gandhi who in a speech in South Africa in 1890 said: “A customer is the most important visitor on our premises. He is not dependent on us. We are dependent on him. He is not an interruption of our work. He is the purpose of it. He is not an outsider of our business. […]
Selling your product or service on credit results in debt that are owed to you. If you sell on cash on delivery (COD) then you will not have any outstanding debts or risk of debts not being recoverable. Always try and mitigate the chances of having to provide credit to your customer or client, even […]
Franco Cronjé points out why he believes many entrepreneurs don’t build sustainable businesses
Franco Cronjé shares what he sees as the single biggest requirement to making a business work.
Franco talks about the hard truths in hiring and working with people as an entrepreneur.
Urban myth has it that if you put a frog in a pot filled with tepid water and gradually heat it, the frog will adjust its body temperature accordingly. When the water is about to reach boiling point, the frog decides to jump out. At this stage, it has lost all its strength and eventually […]
I currently have the pleasure of reading a book written by Viktor Frankl titled Man’s search for Meaning. In this harrowing account of his survival of the Auschwitz concentration camp during World War II he comes to one very specific conclusion as a result of his ordeal. He summarises it as follows: “Forces beyond your […]
One of the biggest value destructions is the inability of people to empower others and command beyond themselves. Sure, time spent on what you are good at is directly proportional to the value you create. The more time you spend, the better you become at it and the more you can leverage your own skills […]
“We see people and things not as they are, but as we are.” Anthony de Mello Your perspective of your surroundings is how your mind interprets it and what you ultimately believe it to be. Your brain selects and modifies all input and makes its own, subjective sense of things based on your own frame […]
INSIDE THE BUSINESS As a leader, nothing is more sobering than bringing to mind a quote attributed to Napoleon, “There are no bad soldiers, only bad captains.” Napolean When it concerns people in your business, consider them un-blameable. You hired them, right? You trained them? You clearly conveyed what was required and followed up, right? […]
“The man on top of the mountain did not fall there.” Vince Lombardi It was Sir Edmund Hillary who in 1953 became the first person to conquer Mount Everest. What is not told, and is so easily forgotten, is the story of a lifetime of effort and sacrifice preceding this accomplishment. You see, Sir Hillary […]
Franco Cronjé and team Fitt.ai managed to secure: Best SME Tech Solution Provider Middle East presented by @entmagazineme. Congrats to Ian Rothmann and Ederic Stander for a truly amazing product. This is only the beginning
We do not fear the unknown. We fear what we think we know about the unknown. Teal Swan Some of us live in fear. Fear of the unknown, the unseen, the “What if…?”. We fear events that have not even occurred yet. We are blinded, overwhelmed by emotion, unable to enjoy the here and now. […]
Except for some fear, which is normal, and subsequent adrenalin there are no legal obligations when you are planning to become self-employed. The safety net is gone. No salary at month-end. It is you and you alone who are now responsible for bringing in the sales and paying the bills. If you shy away from […]
When and Why a Business Plan is Necessary Yikes, really? A business plan? You must be kidding me. Who still takes time and effort spending hour upon hour scribbling down some details which are bound to change and will most probably never see the light of day? Especially in a world where change is constant […]
The tagline for Dubai seems to be that it is a “Tax Haven” as employees can pay no taxes on their salary and companies are not required to pay any corporate income or capital gains tax. Not paying any tax is a very topical discussion amongst friends and colleagues alike. The term “Tax Haven” is […]
No single factor is a clear indicator of whether you are suitable or not. Being suitable for self-employment requires consideration of numerous aspects. One of the most indicative qualities is whether you have an internal locus of control as opposed to an external locus of control. In other words, Are you in charge of your […]
For the onlooker, the title of leader seems glamorous, almost red carpet-like. But for the leader, the reality is sometimes far from it! Carrying the weight of the business and the ambition of every employee are taxing and all-consuming. Getting the business to move forward and the team to progress in the same direction whilst […]
Nowadays it seems that we are continuously in a state of hardship, difficulty, or misfortune. Mankind of which ever race, or social or economic standing, has most probably not endured such hardship since the great depression or world wars in the mid-1940’s. We as a people, whether we are employees or business owners, are constantly […]
Travelling in a pandemic has taught me one thing – stop complaining and get it done. Imposed travel restrictions related to the COVID-19 pandemic are making travelling around the world freely almost impossible. On my most recent trip I, as a South African, had to quarantine in Namibia for 15 days before I was able […]
Today we received the news of the death of a family friend. Funny how news like this always reminds us that no one lives forever – as if we don’t know it. We at nomad.cloud strongly believe that why you do something is much more important than what you do and that the journey is […]
I read this quote by Christopher McDougall and it absolutely nailed it: “In Africa an Impala awakes knowing that it must outrun the fastest lion if it wants to survive. In Africa a Lion awakes knowing that it must outrun the fastest Impala if it wants to survive. It does not matter who you are, […]
“The future belongs to those who believe in the beauty of their dreams.” Eleanor Roosevelt When last have you dreamt? When last have you made time to conceive something better, something that can make a difference, that can change lives. Better yet, when last have you acted on those dreams, planned the way forward, setting […]
An interview is a very unreliable method used for making big decisions. Usually, for an hour a prospective candidate is bombarded with questions and whilst candidates try their best to make a favourable impression, recruiters are making up their minds on whether the person in front of them is the right person for the job. […]
Our minds are much more inclined to follow a good story, a story with a happy ending that we enjoy or benefit from. A brand is the story you tell. The story you want people or clients to believe about you, your business or your products. If you do not tell a story, there is […]
Ever wondered why a giraffe has such a long neck? I suppose that if you can reach where no-one else can, then you can eat like no-one else can. In the wild, these beautiful creatures stretch their necks beyond those of antelope, kudu and even elephants to strip leaves from the untouched upper reaches of […]
Digital assets, blockchain, crypto, bitcoin, ethereum, altcoins, exchanges … There is a revolution that is taking the world by storm. Cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same methods as cryptography (the science of hiding information). Cryptocurrencies use “decentralized control”, which means that […]
“You don’t hire for skills, you hire for attitude. You can always teach skills.” ~ Simon Sinek Appointing for skill only, clearly indicates that an organisation lack culture and do not consider the relevant soft skills required to enhance the business. I believe enabling your business for success requires that you considered recruitment based on […]
As I sit in one of my Nomad offices, I look down at the bottle of hand sanitizer on my desk. How did we get here? I wonder. How did we get to a point where we wear masks all the time and sanitize about everything? In this split second it dawns on me that […]
How often do you hear people say: “I do not have time”? Have you ever considered that you do not own time? Time was never yours to begin with. If so, how is it possible for a person to state that they did not have time to do this or that? Simple, it is referred […]
For far too long business owners of businesses large and small, have neglected succession planning only to be exposed when it is too late. The inconvenience of dealing with the difficulties of ensuring successful transitions, either to the next level or the next generation, is what will ensure wealth preservation and successful generational transfer. “Avoiding […]
In a sense 2020 was needed. Not because of Covid-19 and the lasting negative impact this had and continue to have on families and businesses all round, but rather to force us human beings to reflect and start acting differently. “The inflection point was reached. There is no returning to the normal you knew. “ […]
Failure has been branded by the majority as embarrassing and weak, resulting in reputational damage and adversity. Some people are so scared of failing they don’t even try! And those who try keep seeking certainty instead of accepting that not all information will be available when the journey is started. Instead, requiring clarity should be […]
If it is too easy, you are in your comfort zone. A very bad place to be. Maybe it is time to shift. To move to the next level and onto the next challenge. “Avoid comfort, challenge yourself constantly.“ Comfort is the first step of stagnation. Avoid comfort, challenge yourself constantly. As human beings we […]
“Make yourself free to work on the business, not in the business.” Make yourself free to work on the business, not in the business. Be pro-active now in finding out about better ways of working, there are tons of online tools and cloud-based solutions that can reduce man hours on paperwork, and give you access […]
The world is ever more connected, online and cloud-based. Holding on to analogue processes and paper-based methods will mean you can’t link with client, suppliers and other businesses who are adapting to new digital norms. “If your business doesn’t have a discoverable online presence, and your back-office functions are not cloud-based then you simply won’t […]