- Investing a lot in creating a new product
I have made this mistake many times, i.e. overly investing a lot of money in the development of new a product at once. Obviously ‘a lot’ is relative. My ‘lot’ can be less to yours.
The danger with this is, if the product doesn’t work, the loss is greater.
When developing a new product, entrepreneurs should strive for ways to do it in tiny bits and not expose all of their capital, and thus allowing them a safe feasibility test. Read more
Whenever the economy is not going so well, I often observe the blame being laid on consumers. To the contrary, I believe we South African consumers do save. I understand the reserve bank has to curb things or encourage them, by stepping in now and then.
To farce a bit, my cousin is still waiting for my response on an invitation to join their ‘wedding fund’ stokvel. You see, South Africans save. I speak for my black community, I don’t totally know of white folks. Definitely Indians save.
Below are some reasons I say South Africans save, some are a bit outlandish, but I will interject with reasons as to why. Read more