FINWEEK (English) Page 6
SOME WELCOME ADVICE I'm responding to Wilhelm Dreyer's letter “Entrepreneur stymied at every turn” from the 3 November issue. I thought it would be a good idea to give him some pointers. I noticed you said that you are starting “with 80 new jobs on the 1st of December”. I would suggest that, unless you are contractually bound and can't amend the contract, you cut down the workload in an attempt to grow your business organically – free from debt – until you can afford to get debt. The advantage of this is that you will have a proven track record when you apply for expansion debt, and chances are you'll find that you didn't need the debt in the first place. If you do this, I strongly recommend that you get some form of intellectual property protection – be it through patenting your product or getting a licence to be the sole distributor of your product in South Africa.