In the corporate world, many of us do things as they have always been done. It's difficult to change these processes and the mindsets behind them. When moving to the SME space you have the opportunity and responsibility to constantly ask yourself if what you're doing today will help you achieve your end goal of tomorrow and, more importantly, you need to go back and make sure your solution is still relevant on an ongoing basis. This can be a great tool for personal growth as well.

Many entrepreneurs feel that they must focus on price and that their products or services must be as cheap as possible, but times have changed and many customers look at the service they receive as a distinguishing factor, rather than price alone. The point is that you need to offer something unique to the market and you will succeed if you can give better service than anyone else, even if your competition is cheaper.

It is critically important that you put a good credit system in place so that you know on a daily or weekly basis exactly who owes you money and when they are going to pay you. With today's technology, it is possible to automatically remind your clients to pay their bill by sending them a text message or email. With new clients, I would suggest insisting on a deposit a single piece of work happens, with the balance paid within an agreed time on completion. When customers' account fall into arrears, it is important to take action as soon as possible. Young businesses often don't want to annoy late - paying clients by nagging them and leave overdue clients until the last minute - and then it is usually too late to save anything.

Not all entrepreneurs are financial people. In fact, very few entrepreneurs are financial people. I'm not saying you should find an accountant on day one but you need to understand the basic mechanics of business in general and, more importantly, your business.

The kind of customer you need to find is a paying one. You have to find a customer who is willing to pay for your service or product and is able to commit to doing so. I said, COMMIT to it by PAYING for it. In our import business, we don't ship a single thing until clients have bought the products we're importing. If you REALLY want to mitigate the risks, and you are starting a business that can do it, put your products out online first to see who will really make the jump and put their money and put their mouth is before you produce a single thing. Test the waters.

The big lesson: being a great technical person won't make you a great entrepreneur. One should never confuse the two. Because of this, most successful businesses are built by two partners: one is the entrepreneur, the other is the technical person. The product may be crucial, but without the busit to sell it and support it, it's useless. If you are the technical person, find the right partner, or be prepared to do everything yourself.

The downside of registering a company is that you need to comply with more rules and regulations and it can be a costly exercise. So, what do you do? If you are serious about your business, then register a company and do it properly. There will be a cost but it should be outweighed by the tax benefits, reputational clout and the legal protection it offers.

Starting a business is risky enough without adding other unnecessary risks. Put simply, don't get involved in anything illegal, don't do anything that is ethically questionable and always pay your debts. Don't take short cuts.

The most important thing is to be realistic, even leaning towards pessimism.

"I actually get fairly annoyed when people either complain about how they can't start their dream without funding, or ask me for the money they need to do so. If a small - town boy from Harrismith could start a business with R37k in savings and a rented bakkie, and still manage to sell that business for millions, so can everyone else. Hustle!" - Marnus Broodryk

In a very complicated world, it is always great to simplify things - to have goals, a clear vision, a one - pager plan. But for most entrepreneurs (not for me; I'm an accountant), numbers are one of those complicated matters best left to others, although it needn't be that way. And when it comes to one particular number, it cannot be that way: that number is the break - even figure. It's the one number every entrepreneur must know. If you don't have a break - even figure, how will you know if you're succeeding or failing?

The one - pager will be your plan, your guide. Keep it with you all the time so it can be as flexible as you need to be.

New entrepreneurs are often under pressure to "show off". You started your own business and now you want to show the world how successful you are to justify your initial decision. To prove to your old boss that you've made it, to convince your friends that the missed beers and birthdays paid off. It's a slippery slope, all the way down to Broketown.

Don't let regret be the last feeling you have

You can't control many things, but you can control your own thoughts. And thoughts will become things. As an entrepreneur, how you decide to see the world will dictate how you experience it and, therefore, whether or not you succed in it.

History books are full of entrepreneurs and businesses who stuck to their guns and were soon out on the street. The most often quoted examples are Nokia, Blackberry, Kodak and Blockbusters, but there are thousands of others you'll probably never hear of. Conversely, some of the biggest companies that are still around today are almost unrecognizable from what they once were. Remember, Netflix started as a DVD rental business, and IBM now specialises in consulting and IT services.

There will never be a perfect moment to jump - it does not exist. The journey is not perfect, neither the start, nor process, nor the end. But making the jump is the only way to set out on the path less travelled.

Stop making excuses, stop planning, stop deferring and just start. Now is the best time ever. If you feel strongly about it, make it happen. Now. If you don't you will always look back at this day and wish you had made the decision earlier. Regret feels far worse than failure. Thanks for listening tune in next time

Rule 5 - The Trap of Employment You could just quit, and work like flamming hell to stay afloat. It may require downscaling, take calculated risks like the entrepreneur that you are.

On this episode the host shares great insights about the link between sacrifice and the entrepreneurial world. So many young brand owners are fooled by their ideas or imagination about business. ALL of us need to understand that as business people we live a small portion of our lives like others won't, so that we can live the rest of our lives like others can't. Thanks for listening. Stay tuned for the next rule.