Self-awareness is key contributor to entrepreneurial growth

The question on every entrepreneur’s mind is: how do I ensure that my business succeeds? There is really a lot invested in an entrepreneur’s business; the majority of entrepreneurs take the risk and give up their security to pursue their dream of creating a successful business. However, the desire for a successful business is just one of the things needed for the entrepreneur to have the courage to start their business. The high failure rate of SMME’s is a subject that is constantly explored due to the important role that they play in the growth of economies.

One of the challenges in South Africa that leads to business failure is the lack of information, knowledge and skills. This often leads to the mismanagement of the business, poor decision making and ultimately the inability to grow the business sustainably. A lot of emphasis is placed on technical and business management skills required to ensure an entrepreneur builds a successful business. In my view, the lack of knowledge and skill is just one of the factors that lead to SMME failure.

Another contributing element that is seldom discussed is the lack of self-knowledge and development as a key contributor to SMME failure. There was recent research conducted to assess the traits that the most successful entrepreneurs possess. The first trait that contributed tremendously to the success of entrepreneurs is ‘’Self-Awareness’’. Self-Awareness refers to conscious knowledge of one's own character, feelings, motives, and desires. Having a good understanding of who you are is the first step to developing yourself.

So why is it important for entrepreneurs to also focus on self-awareness?

• The business depends on you as the entrepreneur. A good understanding of your strengths and weaknesses will assist you leverage on those key strengths and to align them to businesses’ core competencies
• Entrepreneurs who know themselves well, have the ability to perceive others accurately which leads to the alignment of their business to the strengths of others in the team
• Successful entrepreneurs know how to master who they are and harness their inner strength
• If you know yourself, you have a good understanding of what makes you unique, which enables you to develop an authentic personal brand
• Decision making is improved through the better understanding of oneself.

 It is important for an entrepreneur to have a good understanding of who they are in order to start developing themselves and to leverage off their strengths. The business resembles the character of the entrepreneur therefore if you would like to succeed; the journey starts with you.