The journey of entrepreneurship is fraught with numerous obstacles that could crush many startups.
In a recent interview with eNCA, Chris Govender, COO of Rentoza, shed light on these challenges. He emphasized the crucial role of social capital in startup venture success, not just in South Africa but around the world.
Govender emphasized that social capital can give entrepreneurs an edge over their competitors, especially in the early stages of their businesses. Social capital refers to the networks of relationships that entrepreneurs have built with individuals and organizations that can provide them with resources, information, and support. These networks can include mentors, investors, business partners, and customers. By leveraging these relationships, entrepreneurs can access valuable knowledge, funding, and opportunities that can help them overcome obstacles.
Govender says building social capital requires a focused effort to cultivate and maintain relationships with key stakeholders. It involves attending networking events, seeking out mentors, and engaging with potential customers and investors on different platforms. By building trust and credibility with these individuals, entrepreneurs can establish a strong foundation for their businesses and increase their chances of success.
Despite the challenges of entrepreneurship, Govender believes it is a rewarding journey for those who work hard and persevere. In the same way that Rentoza is currently achieving its goals, startups can overcome obstacles with social capital.
Click here to watch the full interview.