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Successful SA Entreps Share Their Most Valuable Business Advice Ever Received

Top South African entrepreneurs on advice that’s helped them build their business.

Nadine Todd

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Ryk-Neethling

A winning strategy is as much about choosing what not to do as it is about choosing what to do.

Abey-Mokgwatsane-Ogilvy--Mather

Abey Mokgwatsane

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  • Expert: Abey Mokgwatsane
  • Position: CEO
  • Company: Ogilvy & Mather
  • Visit: www.ogilvy.co.za

“My uncle and mentor, Ken Modise, gave me this piece of advice. In business we are faced with an abundance of choices. A winning strategy is as much about choosing what not to do as it is about choosing what to do. With so many choices, it’s important that you choose which things to let go of so that you have the resources available to focus on the few really important things. Sometimes doing so can be a tough call — it’s often tempting to try and be everything to everyone, but that can’t be your strategy. I have found that asking yourself what is really important to the business and choosing to focus your energy on that, automatically helps you to eliminate other potential strategies and choices.”

Gut feel and people can tell you much more about a business than graphs can.

Dawn Jones

Dawn Jones

Vital Stats

  • Expert: Dawn Jones
  • Position: CEO
  • Company: Imperial Car Rental-Europcar
  • Visit: www.europcar.co.za

“Bill Lynch was a great teacher. At board meetings if you put up a presentation or a graph, he’d tell you that didn’t tell him about what was really going on in the business. He’d tell you to talk to him about what your gut said. I’ve tried to continue that — to talk to people and to listen when they talk back, and through those interactions get a real sense of what’s happening in the business.”

Related: 10 Tips From The Dragons Of Dragons’ Den SA

Success, like failure, is just a point in time.

Allon-Raiz

Allon Raiz

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  • Expert: Allon Raiz
  • Position: Founder
  • Company: Raizcorp
  • Visit: www.raizcorp.com

“I once spent half of one session with my mentor telling him how well things were going in the business. He sat very quietly and listened to me and then asked me if I had any intention of making the session valuable in any way, or if I was just there to talk about how great I was. It was a real wake-up call. Success, like failure, is just a point in time. You have to bring the same perspective to success as you do to failure. It could change. Always pay attention to everything that’s happening, and be constantly looking for solutions and ways to do things better.”

To be successful is to be the best in the history of your life.

Ryk-Neethling

Image credit: www.valdevie.co.za

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  • Expert: Ryk Neethling
  • Position: Marketing Director
  • Company: Val de Vie Estate
  • Visit: www.valdevie.co.za

“My coach gave me this advice, and it became my mantra for success. You need to set your own goals and not measure yourself against others. I think this is as important in business as it was for me in sport. But it’s a very tough thing to get right when you’re competitive.”

Related: 10 People Who Became Wildly Successful After Facing Rejection

Inspect what you expect

Onwell-Msomi

Onwell Msomi

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  • Expert: Onwell Msomi
  • Position: Head Franchise Capability & 5BY20
  • Company: 2010 FIFA World Cup
  • Visit: www.coca-cola.co.za

“I used to work for a guy whose motto was ‘inspect what you expect.’ He was right. I’m the type of manager who trusts his team. While some thrive under those conditions, others become totally lost. As a result, I had a few critical things fall through in the planning process. When you work on a project as huge and time-bound as this one, you must stay close, walk with your people every day and give all the help you can.”

Education is not just about getting your foot in the door. It should be an ongoing process.

Anton-Ossip

Anton Ossip

Vital Stats

“My grandfather came to South Africa from the Ukraine, with no education, not speaking the language, and managed to build a successful business that is still around today. He taught me about the importance of education and putting 100% into what you do. There is no replacement for hard work. It’s what builds success.

“It’s also incredibly important to make sure you are always learning. It doesn’t have to be an MBA – every opportunity is a learning opportunity. I try to learn the different jobs of the people I work with so I can understand their challenges and how best to resolve them. Just because you are a leader doesn’t mean you know everything. Don’t be afraid to admit what you don’t know, and sit down with an individual to learn from them.”

Related: Surprising Things 5 Entrepreneurs Do in Their Lunch Breaks

Knowing when to push through a closed door and when to walk away is part of the skill of running a business.

Mark-Frankel

Image credit: shandukablackumbrellas.org

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“When I was working as the financial director at Master Currency, the sign on the Boardroom door said, ‘The last hurdle’ and, although this doesn’t constitute a piece of advice per se, it has always stuck with me.

In business you never know what the last hurdle is that you will have to overcome, so you need enormous reserves of tenacity to keep facing the obstacles that are in your way. But while that tenacity is important, I think it’s also important to balance it with knowing when to let go.

Sometimes we become emotionally attached to ideas or plans and are unable to let go of them even when it’s clear that they are flawed. This just leads to a wasteful expenditure of energy that might be better channelled to areas of the business or new ideas that hold better promise.”

Be Self-Aware

Steven-Cohen

Steven Cohen

Vital Stats

  • Expert: Steven Cohen
  • Position: Managing Director
  • Company: Sage Pastel Accounting
  • Visit: www.pastel.co.za

“I have breakfast nearly every Saturday morning with a friend who also happens to be a clinical psychologist, and he gave me this advice. I find it informs every aspect of how I manage people and the business. At a most basic level, self-awareness helps you to understand why you react in the way you do, assisting you in identifying your own emotional ‘stuff’ so you can separate this out from the real issue at hand. This helps you to respond to criticism better so that you can actually use it to grow, instead of getting defensive. People who are self-aware also tend to manage other people better, whether those people report to you or are at a senior level to you.”

Related: How to Become a Millionaire by Age 30

Don’t change what works

Bob-Skinstad

Bob Skinstad

Vital Stats

  • Expert: Bob Skinstad
  • Position: Ex-Springbok rugby player, Supersport presenter and entrepreneur

“I was a keynote speaker at a conference with Kevin Roberts, the ex-CEO of Saatchi & Saatchi, and I didn’t want to give the same talk two days in a row. It was a different group of people, but I was very aware that Kevin had already heard the address, so I changed it. Afterwards he asked me why I had changed something that was working. He told me that repetition of a good thing is the secret to success, and I’ve never forgotten that advice. It’s informed a lot of what I do today.”

Two things are fundamental: Performance, and living the organisation’s values.

Pfungwa-Serima

Pfungwa Serima

Vital Stats

“When I joined the business and Leo Apotheker was SAP CEO, he said to me: ‘There are two things that are fundamental to SAP. One is performance, the other is living our values.’ He made the point that while individual performance is crucial, a person who performs well, but is unable to live out the company values is not the type of person we need in the organisation.”

Related: 9 Things Rich People Do Differently Every Day

Nadine Todd is the Managing Editor of Entrepreneur Magazine, the How-To guide for growing businesses. Find her on Google+.

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Lessons Learnt

10 Gary Vaynerchuk-Approved Success Strategies

The VaynerMedia founder gets real about drive and ambition.

Nina Zipkin

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Gary Vaynerchuk

Perhaps the best way to describe Gary Vaynerchuk is “nonstop.” The founder of VaynerMedia, VaynerSports and Vayner/RSE is also an author, host and vlogger who records just about everything he does.

He is known for being relentless in his pursuit of the hustle and has a loyal audience of millions (2.4 million on Instagram, 1.58 million on Twitter and 2.3 million on Facebook) who take his advice to heart.

We took a deep dive into his blog archive to find some of his best tips and advice for making it as an entrepreneur.

1. On why failure shouldn’t scare you

“It’s the lack of fear of failing that has allowed me to make decisions so quick. People don’t make decisions because they are scared to lose. I make decisions because I want to know what’s going to happen, and then I use that information to help advise what I do next,” Vaynerchuk writes.

“The one thing I know for sure, is the outcome of what happens if you don’t decide. If you never make a decision, or deliberate for too long, all the upside or potential opportunity could be lost.”

Related: 5 Vital Keys To Success From The Likes Of Tony Robbins And Gary Vaynerchuk

2. On the value of patience

“The game is LONG. There’s so much opportunity. Optimism is the secret to capitalizing on this opportunity and that’s where you need to live. You need to figure out how good it really is and how much opportunity you have,” Vaynerchuk writes.

“Patience is practical. I push patience because I know life is long. Everybody around here is running around like it’s not. 24 year-olds running around like it ends tomorrow. Like they need it now. What’s wrong with being 26 or 41 or 73?”

3. On why age has nothing to do with ability

gary-vaynerchuk-entrepreneur

“The youth are the future of everything. They are the future of business, of society, of law and of government. We better pay attention, and empower them to be the best that they can be,” Vaynerchuk writes.

“My hope is that we lose the sentiment of age makes a difference in skill. There are plenty of 22 and 24 and 26 year olds in my office right now that work harder and smarter than some of the 50 year olds I know. It’s just the truth and we are going to continue to see this trend adopted in the marketplace. You can’t deny results.”

4. On how to build a lasting legacy

“I think my actions map to my ambitions. Because my ambition is to have legacy. I treat it that way. I treat everybody I interact with, with kindness and respect. These days, as my notoriety has grown, I still treat people just the same. I look them dead in the face and I’m just in it with them for that one minute or two or three or 10, and really care about they have to say! Because I am very appreciative and humbled for their attention. I will never get over it. I will never get over the fact that people actually care.”

Related: 8 Pieces Of Sage Advice From Ernest Corbett of Tintswalo Safari Lodges

5. On the importance of an open door policy

“I don’t think one can win in business without having the proper teammates and empowering them to play their role. Ideas can come from anywhere but the fact of the matter is you need an offensive line, you need a receiver, you need a quarterback, you need them all and I think any leader that doesn’t recognise that will ultimately not succeed in the long term. Obviously you can have a company that runs for six months and you sell it but over a 10, 20, 40 year period, there is no other strategy that will actually work.”

6. On why you need to prioritise your own happiness

“To truly be selfless, you have to give without expectation. It’s the mindset of giving with expectation, which kills everything. It just doesn’t work at all. Being selfish is the gateway to selflessness, because you learn to take care of your own personal needs first in order to use that as collateral later so that you can really, truly help.”

7. On why you shouldn’t think about how things “should be”

gary-vaynerchuk-entrepreneur-quote

“Navigating our society and our lives with the hope of how it ‘should be’ versus the way it actually is, is the quickest and least practical way to create success. This is something I say to myself every single day,” Vaynerchuk writes.

“I am in control of my destiny. Nobody else. I get to decide how I react and how I respond, and the greatest motivator to inspire perspective is the simple statement ‘What’s the alternative?’”

8. On why you must value the perspective you bring to the table

“Why are you taking somebody else’s opinion about yourself greater than your opinion about yourself? It’s the single greatest mistake that will keep you from finding happiness and confidence in who you are,” Vaynerchuk writes.

“And it’s not that their opinions don’t matter. You have to have an equal amount of respect for yourself as for others. It’s a democratic society and everyone gets a vote. So beyond the thought leaders, and politicians and school systems you have to have respect for yourself. You need to put yourself on your own pedestal and then start weighing the opinions of others proportionately to how you actually feel about yourself.”

9. On why the competition doesn’t matter

“I am and always have been consumer focused. The reason I don’t pay attention to my ‘competition’ is not because I’m brash or cool. It’s because it doesn’t matter when you’re obsessed with the end consumer,” Vaynerchuk writes.

“Because it starts and it ends with the end consumer and where the attention actually is. I will always do actions that bring you the most value because then I get value in return.”

10. On why your goal should be to keep working

“I didn’t need to get mine at 25. Heck, I don’t even need to ‘get mine’ at 41. This is the long, long game. I’m driven by the climb. It could be because I’m an immigrant and I just have this chip on my shoulder. Or maybe it’s in my DNA. I don’t like winning. I like losing. I like the struggle. I like people telling me that I can’t,” Vaynerchuk writes. “I don’t give a shit if my payday comes tomorrow. I want the game. The game is my life. There will never be a moment to quit. There’s no dollar amount. Nothing you can do to make me stop.”

This article was originally posted here on Entrepreneur.com.

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Lessons Learnt

7 Motivational Habits That Drive Millionaires

Habits seem to rule us. They can hold you back, or you can adapt the right habits and prosper.

John Rampton

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wealthy-people

Have you ever been awed by the motivation of a successful entrepreneur, leader or athlete? I have. It’s not jealousy, either. Far from it. It’s respect for how motivated they are. Even though I consider myself fairly motivated, their examples encourage me to become even more focused and driven.

The good news is that by adopting the following seven habits, anyone can become more motivated:

1. Find your why

“Highly motivated people start with their WHY. WHY do you do what you do?” asks J.D. Meier in an article for Time.

“If you climb a mountain simply because it’s there, that’s probably not enough to keep you going when the going gets tough. If you know WHY you do what you do, and it matters deeply to you, then you will find your strength in any situation,” adds Meier.

Why do you want to start a workout regiment? Because it was suggested by your doctor? Did your spouse mutter a comment? Are you tired of feeling lethargic? Once you find your why, you can use that to motivate you to follow through with exercising.

2. Get your morning started on the right foot

sleeping-habits

One of the easiest and most powerful habits that drive motivation is kicking off your day correctly by having a morning routine. Think about it. Getting your day started on the right foot makes it a lot easier to stay motivated throughout the entire day.

To ensure that you wake up on the right side of the bed, try these tips:

  • Have a reason to get out of bed. It could be anything from walking your dog, making sure your kids are off to school, or squeezing in a workout before work.
  • Stretch and breathe deep. This gets the blood and oxygen flowing to your brain, and helps you get up.
  • Do something simple to start the day. I make my bed immediately once I’m up. It’s not because I want the bedroom to look presentable. It’s because it’s an easy task that makes me feel like I’ve already accomplished something — even though I’ve only been awake for a couple of minutes!
  • Create rote tasks. As explained by Due’s Miranda Marquit, “Look for ways you can make mornings easier by creating rote tasks that are easy to accomplish. We don’t like to face a day that starts hard. Do what you can to make it easier. Once you’re up and moving, you’ll feel better and eventually be awake enough to tackle the
    hard stuff.”
  • Set goals for the day. This doesn’t have to be lengthy. Just list your top priorities for the day.

Related: 20 Things Millionaires Aren’t Sharing With You

3. Change it up

There’s an old saying: Variety is the spice of life. Variety keeps you motivated to meet goals when you haven’t yet made much progress and risk falling into a rut.

Changing things up is like your workout routine. You can’t just work on your legs. Other parts of your body need some loving too. Keep doing the same exercises and you’ll soon plateau.

The same is true for any aspect of your life. Changing things up gives you a chance to break up the monotony, try out new skills, and have new experiences that can lead to new ideas or develop a new passion.

4. Chart your progress

This is a simple way for you to see how far you’ve come along. Sounds simple, but think about when you set a reading goal. Maybe you want to read more books. Your initial goal is to read for just five minutes a day, but once you start you’re reading for ten minutes and then 30 minutes and soon you’re flying through books.

If you can do 30 minutes, then why not bump up to 40? Just imagine all the books you’ll be able to read. Mark this on your calendar each and every day.

5. Create environmental anchors

working-environment

This is simply writing your goals or inspiring quotes on a Post-it or 3×5 card and placing it on the wall of your office, the inside of your car, bathroom mirror or calendar. A daily reminder of your goal will push you to accomplish it.

6. Develop gratitude

Just by identifying the one thing every day that you’re grateful for is powerful enough in helping you achieve both mini-goals and your big goals, since it develops the ability to look for a daily opportunity that you can grow from.

For example, if you’re grateful that you just landed a new client today, use that feeling and experience to secure two new clients tomorrow.

Related: The One Habit of Self-Made Millionaires

7. Discover your passion

Obsession can be an extremely powerful motivator since it creates its own motivational might. In fact, the most successful individuals are those who chased their passion and are doing what they love to do.

When you become passionate, whether it’s at work, exercising, or volunteering, it no longer becomes laborious. It becomes something that you enjoy, look forward to, and want to get better at.

This article was originally posted here on Entrepreneur.com.

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From Local To Global: Bruce Mackenzie CA(SA) Shares Top Tips On Being A Successful Entrepreneur

Managing Director of W.Consulting, Bruce Mackenzie CA(SA), has done exactly that and shares his top tips.

SAICA

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bruce-mackenzie

How do you grow your own SME into a global consultancy? Managing Director of W.Consulting, Bruce Mackenzie CA(SA), has done exactly that and shares his top tips.

“I started W.Consulting with the aim of providing an independent, high-quality alternative for corporates and audit firms looking for advice on International Financial Reporting Standards (IFRS). The business has grown substantially to more than 40 people working globally, providing advisory services on IFRS, audit risk and corporate finance, training and IT product development.” These are Bruce’s five top tips for achieving growth.

1. Take the risk as soon as possible

It was a nerve-wracking decision to go on my own, as CAs(SA) are taught to be risk-averse. It’s very tough to throw away a CV, but rather than spend a life regretting not taking a chance, if you have thoughts of running your own business, do so sooner rather than later, as the decision only gets tougher with each passing year.

Related: Better Thinking For A Better World

flights-to-london-long-day2. Work hard and persevere

One point seldom emphasised enough when talking of entrepreneurs is that it is very hard work and requires a great deal of energy and perseverance. I attribute my success in large measure to high energy levels. You need that.

It’s exhausting — long days, early flights to London to deliver training, and sometimes back again the same day. So, yes, you need a surplus of energy.

3. Know how to sell yourself and your business

You also need a predisposition towards selling, as any business requires sales in order to expand. Selling is something that’s in my DNA.

Especially when selling advice, it requires persistence because I know that a potential client will at some point need services like ours, so I make sure W.Consulting is top of mind when that day comes. I achieve this by keeping up the relationship, sending new ideas with no sales angle connected, mailing interesting books, and checking on how things are with the client. It’s a matter of having genuine interest. 

4. Hire trustworthy people who share your passion

There are many risks in establishing your own business and one of the first challenges stems from the need to expand beyond a one-man operation. There’s a certain comfort in doing all the work and seeing all the cash in the business as yours, but it puts a fairly low ceiling on the business’s prospects and potential income.

The decision to expand and hire your first employee is both a big decision in itself and important as to the individual you select. It’s the biggest single decision most entrepreneurs have to make — and one that most don’t make early enough. You need to scale up a business to release resources at the top. That process never really ends — whatever you’re currently doing, you have to continually ask yourself: “Could this be done down the line?”

In an SME, each hire, but especially your first, has to be somebody you can trust, someone with the same objectives as you. Instead of having 9 to 5 people, rather employ someone who will do whatever is necessary, regardless of what time of day it is.

My philosophy is to hire people with passion and who preferably know what they’re doing, and then pay well to get them.

Related: 10 Things Successful People Tell Themselves Every Day

5. Continue to innovate

Most businesses fail not for want of an entrepreneurial idea, but because of management and accounting basics like cash flow. CAs(SA) already understand these basics and so arguably can concentrate on the actual operations of the business. However, because CAs(SA) can earn good money in the corporate world, most opt for the easy route in the corporate environment.

The future and success of any business is to keep on doing what it’s doing well. Bruce attributes the success of the business to its culture of continuous innovation: “It’s easier to sell something new,”  he concludes.

Visit www.saica.co.za

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