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Lessons Learnt

10 Tips From The Dragons Of Dragons’ Den SA

SA’s Dragons offer top insights into the world of successful entrepreneurship.





Are you In?


I’m in is on shelf – get your copy today

Gil Oved, Lebo Gunguluza, Polo Leteka, Vinny Lingham and Vusi Thembekwayo have all spent decades in the start-up trenches.

Here they share some of the insights they gained along their steady climb to the top.

These tips have been taken from their new book I’m In: Essential Advice for Entrepreneurs.

The art of negotiation – Gil Oved


Gil Oved

“No is the beginning of a negotiation, not the end of one.”

First piece of advice is that negotiation is an art. There is science behind it, but mostly it’s an art. Like any technical skill, you can hone it. And you should, because everything in business is about negotiation.

Second piece of advice: Everything in business is negotiable, and so that’s how you should treat it. Never accept things at face value. No one is going to give you a badge for accepting blindly. Negotiate, negotiate, negotiate. What have you got to lose?

Want to know about The Creative Counsel? Click here.

Passion is not enough – Vusi Thembekwayo


Vusi Thembekwayo

“Many people still think passion is enough to be successful. The truth is that passion is standard.”

Your competitors are all passionate. Passion is no longer a differentiator. Passion is boring. Passionate businesses don’t reply to customer queries after 5pm.

They don’t care if you’re tweeting your bad experiences and they are forever delegating their customer responsibility to call centres.

If you are looking to stand out from the rest, then passion is not enough. You must be obsessed!

Read more on Vusi’s art of pursuing crazy ideas and turning them into profit here.

A good idea is just the beginning – Lebo Gunguluza


Lebo Gunguluza

“A great idea gives you the foundation for an opportunity you want to seize, that’s it.”

If you really want to make an idea work, ask yourself these questions: Is there a definite market for my idea? Is my idea going to benefit the customer? Will people be prepared to pay money for my idea?

From Dirt Poor to Self-Made Millionaire: Lebo Gunguluza on his business growth.

Follow the numbers – Polo Leteka


Polo Leteka

“Numbers tell the story – it’s as simple as that.”

They are a health check and will help you identify where the problem areas are in your business. When it comes to income projections or turnover projections, every entrepreneur thinks they’re going to start off like ‘this’ and it never happens like ‘that’.

In your projections, you always have to have a worst-case scenario, middle-case scenario and best-case scenario. You need to be satisfied that even with your worst-case scenario, you still have a business. Even with your worst-case scenario, you can still hold your head above water.

We recommend you read this: Advice: 2 Minutes with SA’s Top Entrepreneurs.

Don’t be afraid to fail – Vinny Lingham


Vinny Lingham

“I hate failing, but it spurs me to succeed.”

I could write a book on the mistakes I have made, but the important thing is to reflect on these mistakes and try not to make them again.

Root-cause analysis is very important, because sometimes the reason you think that you failed, is not actually the real reason. Don’t be fooled by randomness.

Regardless of the industry you are in, the mere fact that you have failed the first time and are willing to pick yourself up again, increases your chances of success. And if you fail again, your odds of success the third time are even better.

We recommend you read: This Entrepreneur Got Vinny Lingham To Invest In Him By Crashing His Party.

Protect your equity – Gil Oved


Gil Oved

“Equity is cheap when you start your business but years later, when your business is successful, it’s very expensive.”

Entrepreneurs are too quick to give away the equity upfront. Rather raise capital through debt as opposed to equity.

If you do give away equity, be tough about it, because every percentage counts – you don’t want to be the entrepreneur who is actually working for someone.

Find out more on Gil Oved and Ran Neu-Ner here.

Develop a network – Vusi Thembekwayo


Vusi Thembekwayo

“Develop a network not only for its ability to feed you, but for your ability to feed it.”

We often think of networks as people who can elevate us when we should be thinking of networks as people we can help elevate. Networks only exist when there is a mutual benefit in the relationship. When you figure out what you can ‘give’ you will get a very strong ‘get’ in return.

Want to know what Vusi thinks of Jugger-niches? Want to know what a Jugger-niche is? See here.

Be creative – Lebo Gunguluza


Lebo Gunguluza

“Be creative, be resourceful.”

You may at times have limited resources, but there is one thing that you must possess, and that is unlimited creativity. The power of creativity cuts across all business platforms, the minute you stop being creative is the minute that your business will start to suffer.

Read more on 10 SA Entrepreneurs Who Built Their Businesses From Nothing here.

It’s about the entrepreneur, not the idea – Polo Leteka


Polo Leteka

“In this space, you back the jockey.”

You want a jockey who can ride any horse and make that horse win, or has the best potential to make that horse win. So you look for character. You look for somebody with a clear vision. Somebody who is determined. Somebody who properly respects the process of being an entrepreneur.

We recommend: 9 Tips for Winning Investors in the 5 Minutes You Have Their Attention.

Know your business – Vinny Lingham


Vinny Lingham

“I invest in a person who understands their subject matter and has a strong passion to succeed.”

I need to see big drive and stamina to know they are in it for the long haul and won’t give up when there are hurdles, disappointments and difficulties.

We recommend: Silicon Cape: Vinny Lingham & Justin Stanford

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  1. Concerned Citizen

    Dec 16, 2015 at 10:10

    No Mr Thembekwayo do you research boet you will know the facts and benefit of being passionate ….

  2. Concerned Citizen

    Dec 16, 2015 at 10:14

    Mr Lebo you are on point there that worth a read though quiet short , you could have expanded there

  3. ntsatsana kenny phera

    Dec 16, 2015 at 10:19

    I’m still waiting for your answers of who to start a big successfully entrepreneur in my country in Butha bathe Lesotho a filling station with one stop shops

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Lessons Learnt

Nicolas Bereng Is Creating An Industry Where None Exists in SA

Nicolas Bereng is a young entrepreneur with dreams of creating not only a new company, but a brand new industry as well. Here’s his advice on pursuing big, audacious (and scary) goals.

GG van Rooyen




Vital Stats

  • Player: Nicolas Bereng
  • Company:Brand LAIKI
  • Est: 2015
  • About: Brand LAIKI aims to combine education and entertainment in order to create an interest in books and reading amongst South African schoolchildren. One of the company’s chief aims is to organise events where reading and learning can be promoted. These events will make use of modern technologies like virtual and augmented reality.
  • Visit:

Nicolas Bereng is trying to create an industry that doesn’t really exist in South Africa.

“We’re trying to establish the concept of edutainment locally,” says Nicolas. “It’s really not something that exists or that people understand at present. Even people who I would define as ‘edutainers’ don’t necessarily call themselves that.”   

So how do you create a new industry?

“It isn’t easy,” he says. “It’s driven me to tears at times, but ultimately, I’m so passionate about the  idea that I’m incapable of abandoning it. If you really care about something, it carries you through the hard times.”

Here is Nicolas Bereng’s advice on cultivating a winning mindset and pursuing audacious goals:

Passion breeds passion

I’ve managed to get buy-in from some large businesses and partners, despite the fact that I’m young and the company is still new. I think the reason people have been willing to meet with me is largely because of my passion. They might not quite ‘get’ the concept of edutainment yet, but my passion is infectious. They can sense that this isn’t a business idea I’ll simply abandon when things get hard. I’m determined to make this work, and people can see this, which increases their passion for it as well.

Related: 3 Questions To Guide You To Success In 2018

Change your perspective

My parents moved overseas in 2006, and after I finished school in South Africa, I spent quite a bit of time with them in Europe. Although I loved South Africa and knew that I wanted to return and build a business here, the experience was still immensely valuable. Travel changes your perspective — it makes you look at things in a new way. It’s easy to get trapped in your own environment and to believe that there is only one ‘correct’ way to do things.

Changing your environment can spark creativity, and can even make you think on a big scale.

In the age of information, ignorance is a choice


Thanks to modern technologies like the Internet, we have access to unimaginable amounts of information, so I always tell kids that there is no excuse for ignorance. We all have the tools needed to gain knowledge, we just need to embrace them.

Reading is everything

To me, reading is one of the most important activities anyone can engage in, which is why Brand LAIKI is focused on inspiring kids to read more using urban music and new technologies. Like travel, reading has the ability to broaden your horizons and to make you look at things in a new light. We might not all have the ability to travel regularly, but we can all read.

After school, I spent about a year just reading. I went through dozens and dozens of books. The knowledge I gained has proved invaluable. As an entrepreneur, you can’t afford not to read. There are so many brilliant books out there that can help you along your journey.

Related: What You Put In Is What You Get Out – Create Your Own Success

Be committed but flexible

I’m very passionate about the business, so I always say that I don’t have a ‘plan B’. I’m completely committed to making this work. However, I still try to be flexible in certain ways. I won’t abandon my dream, but I’m open to change. Business ideas change and evolve over time. You have to be willing to adapt. If you’re too married to your specific concept, you’ll struggle.

Be willing to walk away from opportunities

While it’s very important to be flexible and to adapt your ideas as necessary, you should also be able to walk away from opportunities when they become too constricting. Don’t allow your ideas to be watered down or changed entirely. This often means saying no to short-term success, which can be hard, but it’s important to focus on your long-term goals.

If you understand people, you understand business

When you get right down to it, business is ultimately about people. When you’re doing business, you’re dealing with people. Because of this, it’s important to try to understand people. What are their aims? What are their concerns? How can you help them? I think empathy is incredibly important. You can’t just use people. That’s not how you create a successful business in the long term.

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Lessons Learnt

How To Build A Billion-Dollar Brand

Being an entrepreneur is one of the most difficult tasks you can take on.

Lewis Howes




Being an entrepreneur is one of the most difficult tasks you can take on. In fact, some people find it soul crushing if not done right. When done properly though, it can be the greatest thing you can do in your life.

Starting as an entrepreneur means knowing what you really want to do, what your passion is and how to deliver that to consumers. It’s not about pushing it on them but listening and seeing how you can serve them.

Most entrepreneurs stop as soon as they hit success and sell off their company, but not all of them. On this episode, we are joined by Michael Mente, who has been a massively successful entrepreneur since 2003 when he helped create the incredibly popular clothing company: Revolve.

Michael Mente dropped out of an entrepreneur program at the University of Southern California to become an entrepreneur by profession. He’s Currently the CEO and co-founder of Revolve and is set to bring in $400 million in sales this year. His company is considered the one-stop shop for clothing items designed by some of the hottest emerging designers.

Over the years, Michael began developing organic relationships with bloggers to represent the brand on a more realistic level. To do so, Revolve regularly holds trips for influencers to gather, relax and recreate the lifestyle of an ideal Revolve customer.

Related: How DJ Dimplez Built His Brand And Business From A Passion

Michael saw a gap between affordable and high end items, which provided grounds for him to create an online shopping experience that falls in the middle. Supporting up-and-coming designers and digital influencers has become the core of Revolve’s growth and they decided to expand their digital offerings by launching a sister company, Forward, in 2008. Since then, Forward has grown to become a fashion powerhouse and go-to place for premier luxury fashion.

I loved Michael’s humble wisdom about what it has taken to create this kind of success in such a competitive industry.

Discover all of that and much more, on Episode 583.

This article was originally posted here on

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Lessons Learnt

What Top Venture Capitalists Are Looking For In Your Start-Up

Keet van Zyl, one of South Africa’s top Venture Capital investors unpacks what he looks for in a start-up, what your pitch deck should include, and the red flags that investors walk away from. Would your start-up make the cut?

Nadine Todd



keet van zyl

Vital Stats

  • Player: Keet van Zyl
  • Company: Knife Capital
  • Claim to fame: Keet is a Venture Catalyst with extensive high-growth investment experience. In 2010 he co-founded growth equity fund manager Knife Capital.
  • What they do: Knife Capital is an independent growth equity investment firm focusing on innovation-driven ventures with proven traction. By leveraging knowledge, networks and funding, Knife Capital aims to accelerate the international expansion of entrepreneurial businesses that achieved a product/market fit in a beachhead market. They have offices in Cape Town and London and invest via a consortium of funding partnerships, including SARS section 12J Venture Capital Company: KNF Ventures and Draper-Gain Investments.
  • Visit:

Why would you choose to back Gazelles over Unicorns, and what does this investment strategy mean for start-ups looking for investment in South Africa?

Unicorns are start-ups (sometimes without an established performance record), valued at $1 billion or more, normally pre-public listing (IPO).

Gazelles are young post-commercialisation phase businesses that are able to scale and maintain a high revenue growth rate off a decent base over a prolonged period. In the US, this is usually well in excess of 20% year-on-year for a period of three to four years or more, starting from a revenue base of at least $1 million. My view is that in South Africa this range should be a sustainable year-on-year growth rate of 30%+ for three years or more off a revenue base of at least R5 million.

Related: Is Venture Capital Right For You?

If I could know for sure that a start-up was going to turn into a Unicorn, I would obviously choose to back it over a Gazelle. But that is just the thing: The risk/return ratio of chasing mythical African Unicorns with a very low probability of actually achieving Unicorn status is not necessarily a viable investment strategy. There are enough entrepreneurs out there who are building sustainable high-growth businesses requiring opportunity funding to accelerate growth through access to knowledge and market access networks.

Many South African start-up investors require businesses to have proven traction to de-risk investments to some extent (and many of those who don’t, do so after gaining a few battle-scars). Start-ups looking for investment should first bootstrap to some extent or get enough funding from the so-called ‘three Fs’ (friends, family and fools) to gain some momentum in one or more key traction verticals before approaching the more formal early-stage investors.

As an investor, do profitable businesses that solve real, meaningful problems attract your interest? Why?

Absolutely — profitable businesses that solve real, meaningful problems attract our interest for investment as long as they are still in their growth phase (as opposed to maturity/ harvesting phase). At the core of any successful start-up lies a good product/service and a large addressable market for that product/service. This enables a start-up to grow or scale and become sustainable. Businesses that solve real, meaningful problems have a better chance of aggressively penetrating their identified target market and profitability is a great traction milestone. Too many start-ups focus on building a solution looking for a problem to solve — instead of the other way around.

What separates a good pitch from a great pitch?

I’ve seen thousands of start-up pitches through the years, and unfortunately most of them miss the mark by a long way. The better ones contain all the key components of a pitch, but the really great ones tell a brief but engaging story that follows a ‘Hearts — Minds — Wallets’ narrative in a true authentic way.

This includes first appealing to the ‘hearts’ of potential investors by taking them through a journey to get them excited about the opportunity. Then the entrepreneur has to augment the story with facts and a solid business case to win their ‘minds’, concluding with a clear ‘ask’ of the funding requirements and how this investment could positively affect their ‘wallets’.

How can an entrepreneur determine whether their business is funding ready or not?

Venture capital should not be the go-to funding choice for everyone starting a business. It is an inspirational metaphor at the bleeding edge of entrepreneurship. There are many other credible funding mechanisms out there across the debt/equity spectrum, and entrepreneurs should assess the criteria based on where they are in their business growth cycle, and then gauge their funding readiness.

A venture backable business has a high growth trajectory of at least 30% to 40% year-on-year for the foreseeable future with a clear exit strategy for investors to realise returns of at least five to ten times the money invested (in South Africa this is most likely a trade sale to a large strategic investor that can scale the product, intellectual property or team by utilising its already established distribution channels).

Entrepreneurs have to ask themselves whether their growth goals can be achieved without venture funding — in which case bootstrapping is the way to go. And lastly whether the current founding team can embrace trading ownership (and thereby some element of control) in the business for a financial partner.

In order to facilitate the funding process, it is advisable for entrepreneurs to always have the following elements at hand: A one-page teaser document containing a summary of the business and funding requirements; and a business pitch deck, with a detailed financial model and a virtual data room containing key business documentation for investor scrutiny. (See table)


Related: The Truth About Venture Capital Funding

What do so many start-ups not understand about funding?

The largest deal origination sources of start-up funding in South Africa come through warm referrals. It is simply not good enough to find the email address of a venture capitalist and send through a cold email expecting a positive outcome. Study the investment mandates of potential funders, build an investor universe of preferred partners and do some homework to figure out a way to get referred.

And then: The 8020 principle is as alive in entrepreneurship today as it was in Pareto’s pea garden. 20% of start-ups have 80% of the disruptive solutions and will receive 80% of the funding. One only has to watch one episode of Idols to realise that many people have an inflated sense of their own abilities. There is a very fine line between a tenacious entrepreneur who does not take no for an answer where success is inevitable despite the setbacks, and a lost cause. Start-up entrepreneurs need to figure out on which end of this spectrum they are.

Lastly: Like it or not, at some level all roads lead to the assumptions behind your financial model. We’ve heard it all from the ever-present ‘these projections are conservative’ to ‘real life won’t mimic excel anyway so what’s the point of building a model?’… Build a model! And make it granular. We know there will be pivots, delays, underestimation of costs, corporates who pay late, and so on. But we need to agree on the basic set of metrics that reflect the commercial DNA of the business at this point in time.

Do you believe most businesses can be bootstrapped?

Yes and no — to some extent and at certain stages of the business. The one thing that start-ups who believe in themselves must jealously guard is the management team’s equity ownership in the business. Risk funding will generally result in the start-up founders having to share this equity with outside parties. The more one can bootstrap while increasing value, the better in the long run for the founders — but not to the detriment of the business.

What is the role of bootstrapping versus funding in a vibrant market?

Bootstrapping is a viable option for most lifestyle businesses where growth is slower, but a start-up is a high growth potential company in search of a repeatable and scalable business model. If the business solves a real, meaningful problem and the business model is scalable, it’s a question of time before competitors establish themselves in the market. This means that the window of opportunity for growth and market penetration is closing, and while bootstrapping could be ideal, by the time the start-up gets to ‘Point B’ — the goalposts may have moved. Funding in a vibrant market can accelerate growth and ensure that windows of opportunity are not missed.

Related: How To Get Venture Capital

What red flags immediately warn you off investment opportunities/start-ups?

My number one red flag is a culture clash. Either between us as investors and the entrepreneurs, or subtle politics within the entrepreneurial team. We’ve learnt the hard way that the one thing that you can’t fix with money is a toxic corporate culture. Most other fundamental business gaps can be closed with enough investment. Knife Capital has an internal [subjective] measure for assessing corporate culture in companies called the ‘Speed of Climbing Stairs Index’. The theory is that there is a direct correlation between staff morale/corporate culture, and the speed at which employees will climb a proverbial staircase at the office. If it’s not fast enough, we will not invest.

Other red flags include questionable ethics, lack of product/market fit, cash flow management issues and entrepreneurs betting on a product as opposed to building a multi-product sustainable business.

What specifically do you look for in your investments?

  • A Solid Investment Case: This comprises a good product/ service with a competitive advantage; a large addressable market for that product, a strong management team, a scalable business model, funding to accelerate growth and an achievable realisation strategy.
  • Awesome People: Start-up investment is a long journey to success and we feel that we may as well embark on that journey with amazing people.
  • Strong Culture: The company culture needs to be solid in order to celebrate the successes as well as survive the setbacks.
  • Execution Capabilities: The value of an idea without execution capabilities is zero. So we look for the ability to execute.
  • Proven Traction: There needs to be some element of momentum that can be demonstrated or quantified.

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