ENTERPRISE54 – While entrepreneurship presents massive opportunities to curb youth unemployment, many young entrepreneurs are ill-prepared for the realities of doing business. This is according to expert speakers set to hold entrepreneurial workshops at the upcoming Business Opportunities and Franchise (BOFE) expo, to be presented in partnership with Eskom at the Coca Cola Dome in Northgate, South Africa, next week.

Experts in the field of business development say Generation Y’s aspiring entrepreneurs have been raised in an environment where things move quickly and gratification is instant. Therefore, many of them lack the endurance to stay in business when the going gets tough.

Success doesn’t happen overnight

Young entrepreneurs are handicapped in that they ‘don’t have the patience gene’, says Tshepo Phakathi, Group CEO of Phakathi Holdings, whose KAELLO initiative promotes entrepreneurship and mentors thousands of young aspirant entrepreneurs.

Phakathi says times have changed: where business once took around 20 years to achieve substantial success, technology now makes it possible to penetrate markets faster. However, it still takes years to achieve success, a fact that escapes too many young entrepreneurs. “Too many young entrepreneurs want it all yesterday. They see successful business people, and don’t realise what they are seeing is just the end result of years of sweat and tears. So when they launch a business and they have not achieved the expected levels of success in a year or two, they give up, or they launch a new business in a different sector.”

Click the link to read the points http://enterprise54.com/phakathi-group-ceo-others-explain-why-young-entrepreneurs-fail-in-business/

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