For many, having their own business is a dream. It seems to hold out the offer of independence and the opportunity to do things your own way and ‘be my own boss’. However, for many this dream turns out to be one of hard work, loneliness, long hours and the need to be effective in many varied skills. Any business, no matter how small, is in reality the real task-master. So, could collaboration with other small businesses offer the opportunity for growth? This article is based on the true story of a plumber and his collaborative climb to success.

Microinsurance in South Africa is regarded as the next big thing, however there is still a lot to be learned about this growing area of insurance and how small businesses and their employees may benefit. Traditionally the microinsurance sector offered only funeral cover. However, since the Insurance Act of 2017 became effective on 1 July 2018, it now offers more options. On a practical level, microinsurance now offers life insurance, credit life insurance, risk insurance and funeral cover. In addition, non-life insurance categories of motor insurance, property insurance, legal expenses cover as well as accident and health insurance are available. However, SMEs run the risk of wasting money if they include these covers as employee benefits without doing their due diligence.

Starting a new business will force the owner to take on many roles and wear many hats. Having a broad range of skills, or at least a thorough understanding of just what is needed is essential for small business owners/managers where bad decisions and poor judgement can have a much quicker, and potentially fatal, impact on the bottom line than in larger organisations with checks and balances in place. From the outset a small business leader must keep track of every aspect of their business, but there are some areas that require a lot more focus than others if that business is to succeed. These are the five leadership skills every entrepreneur must have.