Why should you start your business at a young age?

A lot of people want to become entrepreneurs and launch their own business. However, only a few actually take the leap to do so. One of the main reasons for abandoning this path is “It’s too late”. As people grow older, they tend to face various difficulties that can discourage them from starting an enterprise. This article lists some reasons why you should go for entrepreneurship at a young age.

1. Long-term profits

If you launch a business at a young age, you will be able to benefit from the returns for a longer-time period. Let’s say you start an enterprise now. It grows and grows to become a big success in ten years’ time. The long-term profits that you reap in this case are considerably higher than if you launch your start-up in your late forties.

2. Motivation and energy

Becoming an entrepreneur is hard. Startups demand a lot of work and focus. However, as people grow older, they tend to show a decline in energy and motivation. As such, you should start your business when you are still young and enthusiastic about your idea.

3. Youngsters are more adaptable

Young people have not been exposed to the professional world as much as their older counterparts. They are thus less committed to certain rules and norms and are a lot more flexible. For instance, a young entrepreneur is more likely to identify and implement useful technology into his/her business. You will not be as at ease with tomorrow’s technology as you are with today’s technology. So, the time to strike is now.

4. Lower Stakes

As a fresh graduate, teen or young adult, you are not committed to the responsibilities that come with looking after a family or partner yet. You are still free to try various paths without worrying about bills. If you open a startup and see that it is not doing well, you can still switch. You are not risking as much, which leads us to the next point.

5. The ability to take risks

Young people can take more risks and bear the effects of said risks a lot more than their older counterparts. Realistically speaking, startups can either fly or flop. In case of the latter outcome, youngsters have more time to make up for the lost money. Also, if you try your hand at entrepreneurship and see that this path is not for you, you can easily change careers.

6. Future prospects

After setting up their business and overcoming the difficulties in their path, many entrepreneurs think about launching themselves into other ventures. This leads to serial entrepreneurship, with each new startup being better than the last. This is due to the constantly improving skills of the entrepreneur. The younger you are, the more time you will have to get better and launch increasingly successful businesses.

 

Another phrase which stops young people from launching themselves into entrepreneurship is “It’s too soon”. Being young may have its disadvantages, but these can be gradually overcome as you gain more experience. There is in fact no reason why you should not start your business at a young age. Work on your idea, gather your funds and take the leap. The rest will come, eventually.

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Important Steps before Launching Your Start-up

A start-up begins with an idea, which then slowly expands with the addition of other ideas. Still, the process to actually transform the idea into a start-up is significantly more difficult. Many aspiring entrepreneurs give up or do not succeed due to the obstacles they meet prior to launching their business. The common mistakes can, however, be avoided via careful planning and education. Below are some of the most important steps that precede the debut of a start-up.

1. Round up your ideas

As said above, the initial idea which motivates you to begin a start-up can be quickly surrounded by other ideas. While all of your ideas will seem interesting, some may be good and some may be detrimental to your progress. Deciding what to keep and what to discard is a very important step in the path to launching your business. It will help you define your target market and refine your idea so it is fit for generating income.

2. Test your idea, product or service

Before investing all of your savings in a start-up, you might want to test your idea. Validating your product can save money on unprofitable ventures. It will also give you a better idea about the reception of your service. Tests of this type can be conducted in several ways. One of these is to create ads about your product and to see if people click ‘BUY’. If customers are not tempted to buy your product before it launches, chances that they will do so after are thin.

3. Create a business plan

Creating a business plan is a step that many business starters skip, which in most cases results in their downfall. A business plan can be helpful in many ways. For instance, launching a start-up requires funding. To access the necessary money, you are likely to look for investors of some sort. These investors are more likely sponsor a business which has a clear-cut, realistic and profitable plan than a blurry idea. Also, drafting a business plan is not difficult. It is but an elaborate summary of your business’s estimated growth during its first 3-5 years. It should also include ways in which you plan to take your start-up from point A to point B.

4. Join an incubator

An incubator is a good option, one of the best even, if you are a new entrepreneur. To give your business a better chance of survival, you need to surround yourself with the right people. This includes lawyers, potential associates, and investors. In this sense, incubators allow plenty of chances to network. Your start-up is bound to benefit from an environment in which you can communicate and exchange ideas with like-minded individuals. The support from the incubator can also be helpful when contacting investors so as to secure funding.

5. Get started with branding

Another mistake that business launchers make is to skip branding. Making your brand known to your potential clients even before you start selling to them is very important. It will build the foundations for your customer base and will give a good boost to your launch. You should make sure that your brand reflects your product/service and that it is catchy enough to be remembered. Once you launch your business, you can then grow your brand via social media networking and blogging.

6. Create your website

Nowadays, having an online presence is as important, if not more so, as having a physical location for your start-up. Indeed, your business needs to appear on browsers when people search for keywords on the internet. This is very important as it will increase your credibility, help in your branding and ultimately lead to sales. However, websites take time to build and take even more time to get viewers and clicks. Getting started on the creation of a website for your business before its launch is therefore crucial.

 

It goes without saying that the six steps mentioned above are merely the tip of the iceberg. There are countless other procedures that you will go through prior to launching your start-up. That will also only be the beginning. Even more work awaits you after the opening of your business. Maintaining the upward curve of your start-up’s growth can be as hard, if not harder, than getting it started. Therefore, if you wish launch a business, the time to start working on it is now.

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Most promising upcoming start-up ventures

When considering start-up ventures in 2019, innovation seems to be one of the central keywords. People want something good, something better or something new. Following this logic, some businesses have a higher chance of success than others. This article lists some of the most promising start-up ventures. These may or may not seem very exciting right now. However, they have the potential to be highly in demand in the future.

1. Social Media Management

The right time to launch a business in the field of social media management is undeniably now. Advertising trends are shifting drastically and the world is more connected than ever. Businesses want to increase their online presence and take advantage of the exposure that social media sites offer. However, the number of websites that need to be kept track of and animated is enormous. It is enough to create job and start-up opportunities that have a very high probability of success. Starting a business in this field also does not require much capital and presents a variety of advantages, including flexibility. This, along with other benefits, can make for a smooth but satisfying start.

2. Online Coach/ Consultancy

There are various ways in which a start-up in online coaching can be made into a successful business. For instance, considering the rise in healthy eating awareness, a lot of people would be willing to spend money on solid advice about their food. Gyms are also currently popular, which means that the fitness market is rising. As such, online fitness coaches might be highly in demand soon. One other way would be to take advantage of the competitive employment market. Giving advice and teaching clients skills that will enable them to land jobs are bound to financially succeed.

3. Online Teaching

In line with a pattern of online jobs, this start-up follows the same logic as the others. People are more connected than ever and they go online for services that they would otherwise have physically sought. Teaching is one of these services. Whether it be learning languages or specific subjects, online platforms such as Skype can be incredibly useful. Time also plays a crucial role in making this venture promising. People do not have time to physically attend courses. However, they are already connected to the internet for work or leisure. It is much easier for them to log in for an online course. Simultaneously, it may also be easier for an online teacher to get more students and therefore, more money.

4. Web Development

The website market is booming and web developers already are and will surely still be in demand. Opening a start-up in this field would therefore mostly guarantee success, depending on the skills of the web developers. This is, after all, sensitive and time-consuming work that not everyone can commit to. The only alternative is to pay for it. Another way to go about becoming an entrepreneur in this field would be to build a series of niche sites. These would then be connected via affiliate links in order to earn passive income. In any case, web development is one of the top start-ups to consider in 2019.

5. Eco-business / Plastic Alternatives

With the decreased use of plastic across the country and the global sensitisation campaign on the matter, people are less and less willing to use the material. There is no reason to keep using plastic if there are good enough alternatives. As such, this field has potential to grow into a flourishing market. An idea and investment in the idea are all it takes for a business to thrive. This field is no different. As mentioned above, people always want something good, which would be an original idea; something better, which would be an improvement over the original idea; something new, which would be an innovation.

 

As the markets continue to evolve, more start-ups will emerge and succeed according to the trends. Picking the right time to launch a business is therefore crucial. There is a common factor in most of the above-mentioned start-up ventures and that is connectivity; technology. Whether to take advantage of this era of online importance or not is a decision that is up to future entrepreneurs.

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The challenges of building a start-up

Entrepreneurship is not an easy road and the more you grow the more challenges you face. From awareness and sustainability of businesses to regulations associated with legality and enforceability, the list of challenges is long.

Entreprenariat: A challenging world!

Given these challenges, it can be hard to get started on your entrepreneurial journey without guidance and assistance. So how does one move forward and get ahead? Where do entrepreneurs get their dose of skill and know-how supplements to turn their startup ideas into reality? Incubators have an answer to the problem.

Whether you are just getting started or are looking to startup, incubators can serve as a great platform to give you that much-needed support and push to build a solid foundation. Many people confuse incubators and accelerators. However, the difference lies in the name. Similar to an incubation chamber, incubators help the seeds of startup ideas germinate and evolve into the beginnings of future organisations.

Start-Up: A Story

As a former startup founder and someone who works with small business owners every day, I know every success story is a huge personal achievement. We need to look at those accomplishments in aggregate, because from an economic perspective, it’s a numbers game: the more businesses that start and ultimately thrive, the stronger our economy.

Young Mauritians are highly entrepreneurial, but they need more help than we’re currently providing, particularly in the technology space. To help pave that proverbial road, governments and the private sector need to continue working together. One way they can do this is by funding incubators, which provide young startup businesses with a variety of services from funding, mentorship and business assistance, to education and training, to rooms to work from – and even sleep in. They’re the one-stop-shop for startups.

Incubators in Mauritius

Incubators have played a critical role in the success of companies across a range of industries. They’ve been pivotal in creating an entrepreneurial culture that has enabled companies to develop. Without support, we risk leaving ideas on a whiteboard, or seeing them find success elsewhere.

Our country is at a crossroads: the “new economy” simply hasn’t generated enough jobs to offset the losses in stagnating traditional industries. This disparity is largely responsible for the explosion in young people seeking their own opportunities. Yes, they are armed with good ideas, but turning them into a reality and creating a viable business around them, is a far greater challenge. That’s where incubators come in.

Nurturing innovation creates jobs, attracts investments, and boosts our small island’s standing on the world stage. We’ve reached a critical moment and we need to keep thinking big.

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Why should an entrepreneur make use of Digital Marketing?

In view of our mission to help our incubated start-ups geared up with the best practices, tools and advice from experts, Turbine held a workshop on the Introduction to Digital Marketing. We were honored to have Noor Sheriff, the Digital Marketing Executive of ENL Property,  as our guest speaker, accompanied by Bénédicte de Comarmond, the Communication Manager of ENL Property.

Digital Marketing is a very vast field which is constantly updating. This term frightens many, however, after this workshop, the objectives and context of Digital Marketing was not only clear and easy to understand but also fun!

Noor broke down the components of Digital Marketing step by step, sharing with us insights from Digital Marketing Gurus and free tools that we can use to enhance our online marketing. Entrepreneurs are guaranteed to be happy with all the learning we got through this workshop.

The workshop: An Introduction to Digital Marketing

Noor Sheriff, Turbine, Incubator, Workshop, entrepreneurial event, entrepreneurial workshop, ENL Group, ENL Property, Benedicte de Comarmond

Digital Marketing for entrepreneurs and beginners

Ever thought whether having a website will be a good means to connect with your stakeholders? Wondering if it actually works and how? There are a few components in digital Marketing that actually can help you track the performance of your website, identify the active pages on your website, your audience and many more.

One of the tools that permit you to track and understand what is going on your website is Google Analytics.

According to Noor Sheriff “Google Analytics is the first must-have on your website. It is Google’s free analytics tool to measure data from all your website traffic to give you insights.” Google analytics helps you understand your online audience and how your marketing strategies are performing. He explained the various components of Google Analytics, referring to the terms being used and how to best use its features.

Noor Sheriff also explained the concept of Search Engine Optimization (SEO) and Search Engine Marketing (SEM). SEO allows the website to rank top on google search based on various keywords used on various pages of the website. He introduced a few effective free tools such as Yoast SEO and demonstrated how it really enhance the website.

Noor used a few tools to vet the website of our incubated start-ups, giving them real and concrete advice accordingly. He further explained how SEM can be used for adverts. SEM is actually one of the most effective ways to grow your business in an increasingly competitive marketplace. Noor made our incubated start-ups get acquainted to the different ways of conversions using the digital marketing.

Inbound Marketing which involves content and context forces one to be client centric. Nowadays, in order to compete, a business need to be different and provide as per clients’ demand. As per Noor,  inbound marketing is focused on attracting customers through relevant and helpful content and adding value at every stage in a customer’s buying journey, empowering the customer.

Digital Marketing is not so complicated after all

To be honest, this workshop went on for more than 3 hours without any break, it was that intense and fun. The above mentioned topics were not the only ones that we covered, there were also Google Adwords, CRM etc. Noor not only tackled each question of the start-ups but also gave a lot of tools, insights and advice. Each person who attended this workshop is sure to have grasp the context and we can see that our start-ups have already started to work accordingly.

Seeing the importance, intensity and quality of this workshop, Turbine wishes to extend it to other entrepreneurs and digital marketing intrigues in Mauritius. Let us know if you wish to attend the workshop.

Drop us an email on hello@turbine.mu with reference to Insightful introduction to Digital Marketing workshop.

 

Mauritius Conscious, Mauritius, Startups, Fundkiss, Digital Marketing, Turbine, Incubator

 

 

 

 

 

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What business angels look for when investing in a start-up

“Start-up pitch to Business Angels”

Turbine organized a start-up pitch to business angels event with funding opportunities. The event was held at Turbine last week whereby start-ups could meet, pitch and discuss with business angels. Start-ups who seized the opportunity and came to pitch are at different stages of the business life cycle.

Startup pitch to Business angels

Turbine Incubator, Business angels, Mauritius, Investment, Start-up, funding, pitch

Based on this experience, we understood that entrepreneurs coming to face Business Angels need some prep. This article is to help entrepreneurs understand what they need to prepare before meeting Business Angels.

We interviewed a Business Angel regarding his expectations from start-ups and their pitch.

The Business Angels who came over for this meetup prefer to remain anonymous. With respect to their request, we will not mention their names.

What attracts a Business Angel the most in a start-up?

The most important factor is often the entrepreneurs themselves. We can have a good idea, a good business model but the most important is to believe in the ability of the team to deliver. We invest more in people than in the idea itself.

What is a perfect pitch for you?

Simple, that goes straight to the point. The pitch needs to be clear about what problem is being worked on and how the solution provides a unique way to solve it. The pitch must be clear how to generate income and what is the potential. The perfect pitch must be understandable to both my mother (elderly people) and my daughter (young children).

What do you expect from the start-ups when they come to pitch?

I want people who believe in their ideas but who are open minded enough to rotate if it turns out that their assumptions were wrong. I am waiting for them to do their job; define their business model, define the hypotheses and validations, define the potential of their products. I’m not waiting for market studies, but rather Lean startup methodologies to help build a good record at a lower cost.

Is a pitch enough for you to invest in the start-up?

No. At the end, we talk about business. Even if we like pitch, we need to validate ideas, investment conditions, potentials. Sometimes it’s very fast, especially when you invest more in people than in ideas.

What do you think the next immediate stage of a start-up should be after a pitch?

I’m waiting for the start-up to come back to the questions with answers. They should share their assumptions and plans to validate them. I am also waiting for a plan of action such as what will they concretely do in the next 100 days after my investment.

We attended a pitch event

We attended the Bean Tree Capital event: How to pitch in front of investors. This event was carried out at The Irish. The speaker was Jovin Hurry, strategist for small enterprises, writer, speaker, mentor and coach on sustainability, strategy and entrepreneurship.

The way of how to best pitch may evolve with time, we were pleased to know that we are very well aligned.

Every pitch starts with a hook and that hook is a compelling story that catches the attention of the various stakeholders.

There are various online tools of how to pitch in front of investors or even customers.

If you want to get our version of a perfect pitch, stay tune! We will soon bring out a pitch event and an article. Let us know which one you prefer! Contact us on hello@turbine.mu with reference to this article. Also check out our event page for upcoming events, you will need to send us an email if you wish to participate. Many are reserved for Turbine’s Incubated start-ups.

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Welcome to Turbine Matina! CEO of SAYNA, best social enterprise awardee of Madagascar!

Turbine has the pleasure to receive 20 years old Matina Razafimahefa, CEO and founder of award winning best social enterprise of Madagascar, SAYNA. The competition was organized by “l’Organisation Internationale de la Francophonie” in March 2018 and a Madagascar incubator, Incubons.

Matina is spending one week at Turbine as part of her prize, the aim being for her to know better the entrepreneurial ecosystem, meet key people and make partnerships.

We bring you her exclusive interview with Turbine!

1. Hey Matina, tell us about you and what best describes you.

I am a young Malagasy woman, student in sciences politics at Sorbonne and a social entrepreneur! If I have to choose 3 words to describe me, I would say : fearless, crazy and adventurous ! I love having new challenges, being out of my comfort zone and I am not afraid of the unknown.  I am passionate about meeting new people and knowing their story so that i can help them or learn from them.

2. Tell us about your start-up, SAYNA.

SAYNA means intelligence. I launched SAYNA in November 2017. However, SAYNA has been on my mind since 2013  when I discovered the educational system of France, which compared to Madagascar, is free and of great quality. Back then, I thought that being a woman and that too so young, I cannot do this project. I changed my mind last year when i met Emma Rosman who built the Welcome app which helps immigrants to find jobs, friends and family in Sweden, who also happens to be young and a woman. Inspired, I decided to go for my dreams and launch SAYNA. I am so happy I did. Sometimes, just a single step and a little encouragement lead you to dare and break barriers.

SAYNA help young people rise out of poverty by training them to be a web developer. We have 12 students finishing their 4 months intense training this week. They will each be joining a company, notably Acces Bank, La Star, Axian, P4H among others.  We have 12 more trainees joining us as from Monday 18th June, pre-selected by the companies who will be recruiting them. The company pays for their training,  which is 800 Euro per student, the most affordable code training in Madagascar.
SAYNA has educational partners such as the Hacking Project and hopefully very soon Simplon, who train the students at our premises in Madagascar.

SAYNA exists because I want be part of that generation that will make this world a better place and provide better quality education.

3. Tell us about the competition you won.

I am here in Mauritius and  at Turbine because SAYNA won the competition of the best social company of Madagascar 2018 awarded by the « International organization of Francophonie» and « Incubons » a local incubator in Madagascar. Out of 30 projects, only 10 reached the final destination; the pitch. SAYNA came out as a star project. Check out the sneak peak of the award night here.

4. What brings you to Mauritius?

The prize was a business trip in Mauritius with Turbine so that I will be able to meet new clients, build new partnership and help create a good atmosphere of collaboration in our beautiful region, the Indian Ocean!

The things that I want to achieve here is simple : have new clients and partners  & give the opportunity to the Mauritian firms to have a huge social impact beyond their borders by working with our students !

How is your journey in Mauritius so far?

It is totally crazy. I am meeting interesting people, potential big clients and partners. Turbine is really an incubator with a vast network. They planned all my visits, gave me contacts, invited me to their events and even gave me a Mauritian welcome lunch!

Turbine is really such a beautiful place, the atmosphere is so fun yet productive. People here are so helpful, constructive and amazing.  One week here is too little. I am coming back for sure!

What is your vision of SAYNA?

I want to see SAYNA grow and have 10,000 digital workers all around the world in the next 6 years.

A tip?

Yes! Imagine what you would do if you get an unlimited credit card? And when you know what you would do, set your goals, plan, find the ways to achieve your goals and just go for it!

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Creative Economy and Social Entrepreneurship

The Turbine had the chance to host Dasha Kelly Hamilton, American spoken word artist and social entrepreneur though a fabulous event organised by the US Embassy!

With Dasha’s guidance, we learned tools to use our creativity in exciting and productive ways. Thanks to an imaginative and empathetic group of participants, we could come up with new ideas by going out of our comfort zones.

We were quite impressed to see how newly formed teams could draft comprehensive solutions to tackle civic, economic and social challenges!

At Turbine, we hope to keep contributing to connect creative people from different industries to build collaborative communities of entrepreneurs who will make Mauritius, the region and the world a better place!

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