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3 Ways To Find Ideas For A New Business

Every business starts with an idea, a vision for a product or service that the business then brings to life.

Harald Merckel




Every business starts with an idea, a vision for a product or service that the business then brings to life. Sometimes, the greatest ideas and the most successful businesses can spring from some unlikely places. So if you’re hunting for some fresh ideas for starting a new business, try these tricks to get the wheels turning.

1. Ask People What They Need

A good product or service will fill a gap or meet a need that is not being met yet. So if you need a fresh idea, start by asking people what they need. Of course, you don’t just want to stop random people at the shopping mall and ask them what kinds of products they’d like to see. You need something a bit more targeted than that.

Related: 10 Business Ideas Ready To Launch!

So start by picking a niche group of consumers that you would like to reach. For example, you might decide you want to create a product or service to help make teachers’ jobs easier. So reach out to some teachers and ask them what kinds of problems the encounter most, and what kinds of things would help them. Odds are, they’re going to have a lot of answers.

Entrepreneur Sam Ovens started his first business out of his parents’ garage, and he did it by solving a problem for a very specific group — property managers. He reached out to this niche of consumers and learned that they spent a lot of time juggling notes and photos for the various properties they managed. So, Sam created an app that made it easy for property managers to take photos of properties, add notes, and send the documents out to their clients. The app, SnapInspect, was hugely successful and launched Sam into a multi-million dollar business career.

2. Find Something That Bothers You

If you don’t have someone else to ask, ask yourself what some of your pet peeves are. What’s something that you put up with, just because it seems to be the norm, but that you secretly wish you could fix? Find what that one thing is, and fix it. Odds are, there are other people who have the same problem, and they’ll pay you to fix it for them too.

Related: The 10 Best New-Age Business Ideas You Haven’t Heard About Yet

For example, one young college grad was irritated by something very simple; he didn’t feel like there was a quality no-show sock for men. As a young professional himself, he wanted something that he could wear with his slacks and dress shoes, but it seemed that the only option for professional socks were long. So he started a Kickstarter campaign, and he raised $50,000 to start producing quality no-show socks.

This simple desire to fix his own pet peeve led Kory Stevens to found Taft Clothing. The line now produces high-fashion men’s shoes, and the business now boasts millions of dollars in sales. Plus, Kory has those no-show business socks he wanted for himself.

3. Make a Cheaper Product

Certain products and services simply have a high price tag. But if you can find a way to take an existing product or service and provide it for a steep discount, you have a recipe for a successful business. Consumers always want to save money, and if you give them the chance to save money on a product they already use, they’ll take it.

Related: 11 Uniquely South African Business Ideas

One example of this is an eyeglasses company called Warby Parker, which was launched in 2010 by four friends who attended the same business school. They looked around and noticed that most prescription glasses were selling for $300 or more. So they decided to offer the same kind of product for just $95. Since the company’s launch, Warby Parker has grown to 100 employees and is still expanding.

The opportunities for new business ideas are all around you. If you know where to look, you could end up with the next big thing in the business world.

Harald Merckel is a freelance writer whose primary focuses are business, e-gaming and marketing. Although he loves tech gadgetry as much as the next guy, Merkel prefers to write with pen on paper. Merkel has a B.A. in Business and Communication from HWR-Berlin, where he was active in the Studentenwerk Berlin organisation. He has been a proud Berlin resident since the late 1990s.


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Reimagine The Use Of Technology

The phenomenon of ‘big data’ is rapidly catching up with the world of tax.






As tax professionals we live in a new reality, fueled by the blinding pace of change. The digital revolution is here. Reimagine the future of the tax function through the lens of analytics.

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Enter The 2018 Entrepreneur Of The Year® Competition To Win Prizes Over R2 Million

The Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS aims to honour, benefit and uplift South African SMEs. Now in its 30th year, the competition celebrates excellence in entrepreneurship, serving as an inspiration to others to succeed in the world of business.




Amid the current political optimism, entrepreneurs should be especially inspired by the continued commitment to SME support which emerged as a consistent theme in both the 2018 State of the Nation Address and the National Budget Speech.

This is according to Christo Botes, spokesperson for the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, who believes that this continued focus evidences Government’s recognition of the vital role played by entrepreneurs in enabling economic growth.

Continued celebration of excellence in entrepreneurship

Speaking in light of the launch of the 2018 competition in Johannesburg today, Botes says that this long-deserved recognition of the SME sector only further validates the competition’s unwavering commitment to celebrating excellence in entrepreneurship and fostering future economic growth.

“Now in our 30th year, this renowned competition continues to pay homage to the fearless South African entrepreneurs who dedicate themselves to their enterprises and businesses: driving growth, combatting unemployment and contributing towards the country’s economic development.”

“It is therefore wonderful to see the public sector taking the required steps to improving the environment in which these entrepreneurs operate in order to promote further growth in the sector.”

Related: Meet The 2017 Entrepreneur Of The Year® Winners

Botes, who is also executive director at Business Partners Limited (BUSINESS/PARTNERS) has been involved in the competition since its inception in 1988, “Looking back over the last 30 years, this competition has evolved from an internal competition that recognized BUSINESS/PARTNERS’ clients only, to a nation-wide search for outstanding South African-based entrepreneurs, with Sanlam as our valued partner.”

Rewards for successful local business owners

He says that the competition continues to reward successful local business owners for the valuable contributions they make to grow their local communities and economies, and aims to inspire others to do the same. “As our 30th- anniversary year, we’re hoping to see even more entrepreneurs enter.

The competition is open to all South African-based businesses and prizes are awarded for the following categories: Overall Entrepreneur of the Year®, Emerging Business Entrepreneur of the Year®, Small Business Entrepreneur of the Year®, Medium Business Entrepreneur of the Year®, Job Creator of the Year and Innovator of the Year,” says Botes.

Botes adds that this year, the 2018 competition will also recognize a South African entrepreneur for a Lifetime Achievement award.

Related: 4 Success Lessons From The Entrepreneur Who Quietly Grew Pinterest Into A $12 Billion Company

“The purpose of this specially nominated award is to recognize an entrepreneur who has made a significant contribution to the South Africa economy and has grown their business from start-up to large-scale, perhaps even multi-national corporation. We want to reward the individuals who have dedicated their lives to building our economy and inspiring others to do the same.”

What the winners can expect

The 2018 Entrepreneur of the Year® competition, sponsored by Sanlam and BUSINESS/PARTNERS, offers prizes valued at over R 2 million, which includes cash prizes of R 70 000 for each main category winner, and R200 000 for the overall winner.

Competition winners will also receive valuable mentorship support, networking opportunities and national media exposure.

Botes says that in celebrating 30 years of searching for entrepreneurial talent in all sectors of the economy, the competition remains fiercely committed to its cause in 2018.

What the judges are looking for?

“The judges are looking for entrepreneurs that have succeeded against the odds, either by carving out a niche market for their product or service offering, or by succeeding in a very competitive environment. Perseverance and endurance, innovation and agility are some of the qualities we look for in the entrepreneur.”

Botes adds that there are also a number of quantitative competition measures, such as turnover growth, profitability, owners’ equity growth, positive cash flows and job creation that play a part in the competition’s judging process.

Entrepreneurs are encouraged to enter the competition and can do so by downloading the entry form online at They can also interact with fellow entrepreneurs, past winners and entrants on the competition’s social media platforms and The closing date for the competition is 31 May 2018.

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This Podcast Interview Will Inspire Every Business Women On International Woman’s Day

Fumani Mthembi and Teresa Oakley-Smith, both MDs and founders of their own successful businesses, share their personal stories of fighting gender and racial stereotypes in pursuit of a dream. Mthembi and Oakley-Smith, spoke at an Investec Women in Leadership event, entitled, “The Courage to Change.” We bring you this inspirational podcast.

Investec Specialist Bank and Asset Management




International Women’s Day highlights the imperative role women play in business, the economy and households. Whilst women have come a long way in terms of recognising their worth, we’ve got a long way to go – and that starts in the boardroom. According to an EY study, there is overwhelming evidence that links gender parity to innovation and improved financial performance.

Businesses with women in top management roles experienced an increase in “innovation intensity” and were worth, on average, about US$40m more than companies with only male leaders. Yet on average, in SA, women earn about 73% of what men earn. (Ipsos 2017 survey)

In a frank and honest chat with Investec, two inspirational female leaders, Fumani Mthembi and Teresa Oakley-Smith, share their extraordinary business journey from having “a big dream” to surviving through the mean and lean times.

Fumani Mthembi, is a founding member of the Pele Energy Group – South Africa’s largest 100% black-owned independent power production and development firm – and MD of its research and development subsidiary, Knowledge Pele (KP), and Teresa Oakley-Smith, is the founder of Diversi-T, a change management consultancy with a focus on transformation and diversity training.

Listen to the podcast below for the full interview.

Here are some of the stand-out highlights from the interview:

1. Overcoming challenges female entrepreneurs face

Both Fumani and Teresa believe that, based on their respective experiences, men don’t take women seriously.

iwd_teresa_fumani_article-image-option-2“It’s very common in my industry to attend a meeting and have all the men address each other and not you,” says Fumani.“So I’ll be sitting there and they’ll all have their backs turned and they’ll be having a conversation amongst themselves.”

“I’ve had to work twice or three times as hard as male competitors to gain a contract; I’ve had to bend over backwards to actually make sure that my delivery is ten times better,” says Teresa.

2. Breaking down stereotypes

“In households of dual income, often the woman is bringing in more than the man, yet when we have to approach institutions of power, we feel somehow belittled, or we somehow lack our courage in an appreciation of the power we actually hold,” says Teresa.

Related: Feel Like Quitting? These 9 Women Prove Grit Can Lead You To Massive Success

“One of my clients is a very large retail company and they only have one woman out of a board of 40, and I was challenging them by saying: Who does the shopping? Women hold the purse strings, women go to the supermarkets, so why are they not represented? Why are their voices not heard?”

3. Encouraging diversity in the workplace

Teresa work centres around helping employers create work environments that encourage intersectionality, and recognise women’s unique needs.

“Does your company provide proper facilities for breastfeeding women and supply feminine hygiene products in case a female staff member is in need?” asks Teresa.


4. Educating about the need for empowerment

Fumani’s aim when starting her company was to transform society through knowledge and power and make a difference through a legacy that creates a new kind of context in which people like herself – a young, black female entrepreneur – could operate. “We wanted to spread the justice dividend and to use our privilege responsibly,” she says.

In her experience, banks struggle to recognise the need for women to seek finance for start-ups, because “they don’t need to take on that kind of risk. And that’s the thing about this dual economy, and as women we represent that second economy,” she says

“We’re a new risk; the things we want to do in this economy are new. Everything we do and present is new and we can be disruptive. So while we can ask for change, we can also be the change, and we can create these institutions that really understand us.”

 5. Seizing the power within you

Both women agree that recognising the challenge of being a woman in South Africa, should lead to women standing together and reclaiming their power. “We can only own our power if we join together as women of all races, ages and abilities and understand each other,” says Teresa.

Related: A Great Time To Be A Woman In Business

Out of Fumani’s 25-strong staff complement, only five employees are men. She puts that down to the talent and intellect shown by her women employees. But this female-male mix is far from the norm. Why? “What I’ve often seen is that women are very risk averse they’re incredibly bright.

We just don’t want to take a bet on ourselves,” says Fumani. “All these institutions are growing on the back women’s efforts. There’s a reason why 54% of graduate are women – we can do it, it’s just a matter of taking that chance on yourself.”

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