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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

Vital Stats

  • 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

Vital Stats

  • 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

Vital stats

  • 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

Vital Stats

  • 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

Vital Stats

“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+.

Lessons Learnt

(Podcast) ‘Bizarre Foods’ Andrew Zimmern: ‘I’m Addicted To The Hustle’

How this week’s ‘How Success Happens’ guest overcame personal struggles and built an empire.

Dan Bova

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andrew-zimmern

I didn’t know what to expect when we scheduled an interview over breakfast with today’s guest Andrew Zimmern. As you may know, the chef, writer, restaurateur and TV personality made a name for himself traveling the world and eating some, well, bizarre foods on his hit travel/food show, Bizarre Foods.

Turns out our breakfast was pretty normal – we didn’t dig into a fresh plate of scrambled brains or anything – but the conversation was anything but typical.

Over the past couple of years, Zimmern has built a true empire around his name with books, TV shows, restaurants (including his new Twin Cities joint Lucky Cricket), and a production company, but as he very candidly told me, the road to success has not been easy. He has gone through a lot of personal pain on his journey, and he says it is a daily endeavour to keep himself moving on the right track.

As Zimmern explained, over the course of his life, he’s had problems with substance abuse, depression – even homelessness – and he was very open about sharing the lessons he’s learned along the way about coping and finding redemption. We also spoke about his dear friend, Anthony Bourdain, and about the struggles of feeling overwhelmed that most of us face.

Related: Gareth Cliff Shares His Tips For Starting Your Very Own Podcast

But don’t get me wrong, he’s really funny, too! There’s nothing “normal” about Andrew Zimmern. Hope you’ll enjoy our conversation, thanks for listening.

This article was originally posted here on Entrepreneur.com.

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Lessons Learnt

How BrightRock Is Disrupting The Insurance Industry With These 2 Pivotal Strategies

Developments in technology, and clear communication are positioning BrightRock to disrupt their industry and transform the consumer experience.

Monique Verduyn

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brightrock

Vital Stats

  • Players: Sean Hanlon, Leopold Malan, Schalk Malan, Suzanne Stevens
  • Company: BrightRock
  • Est: 2011
  • Visit: www.brightrock.co.za

BrightRock was started around a dining room table in 2011 by four people with years of industry experience and — importantly — a diverse set of complementary skills.  They wanted to make changes to an industry with an age-old methodology by allowing customers to co-create a solution that precisely meets their individual needs, and adjusts as those needs change. Today, BrightRock is the fastest-growing insurer in the intermediated individual life risk market. It also provides underwriting management services to funeral parlour businesses and, more recently, has entered the group risk insurance market, offering its needs-matched approach to employees.

The founders of BrightRock, established in 2011, knew the life insurance industry all too well, and they found its methodology wanting. “Traditional life insurance lumps all the individual’s needs into one policy,” says CEO Schalk Malan.

“It’s a methodology that has been around for centuries. We started afresh and looked at how we could design life insurance based on individual requirements. Our cover is designed to exactly match each specific financial need. Because there is no waste, it’s more cost efficient and sustainable. And if circumstances change and our customer needs more cover, it’s easy to get it because needs-matched design enables the policy to change in line with changing needs.”

1. Embracing digital technology to provide needs-matched insurance

Suzanne Stevens, marketing executive director at BrightRock, points out that this type of innovation achieves efficiency (cost savings) and effectiveness (higher returns). “By harnessing digital technology, we have made our operations more efficient, and aggressively lowered costs by up to 30% for our customers. Every rand they spend with us works harder for them. That’s the benefit of a solution designed around the customer.”

BrightRock’s founders took a similar approach. ‘We ditched legacy thinking in favour of creating a product that is intuitive and easy to navigate. An enormous amount of time and effort went into writing and designing that system, and creating the optimal customer journey.”

Related: How BrightRock Is Rocking The (Industry) Boat In Only 5 Years Since Launch

Unlike clunky legacy systems, BrightRock’s platform is modularised, and was built according to the agile principle of rapid delivery cycles. The result is a technology stack with longevity, that is also flexible enough to be tweaked when needed.

“The advantage of the technology available today is that you can plug things in and pull them out as required,” says Suzanne. “That’s one of the enablers of a truly disruptive mindset. To step away from accepted norms and find new solutions requires curiosity and creativity, as well as a lot of courage to go up against large incumbents in the market. There is always resistance to new technology, although we are fortunate in this country to have one of the most innovative insurance sectors in the world.”

2. Effective communication is critical

These disruptors have set themselves above the rest through one surprisingly simple tactic —  effective communication. They agree that it simply doesn’t matter how world-changing your product or service is if you don’t communicate it to the right audience at the right time. New companies that fail to communicate their remarkable new development will quickly be pushed aside by other disruptors. Without a clear communication strategy that reaches the audience in the industry you’re trying to disrupt, you’ll set yourself up for failure. A key question to ask when you are developing your communication strategy is simply whether people understand what you do.

“Because the premise for our product was fundamentally different from anything on the market, communication and clear messaging were critical to convincing our clients to put their trust in us,” says Schalk.

“It was especially important to educate insurance advisors so they would understand what we were doing, why we were doing it, and how it was better than the other options available. That was key to disrupting the individual life market.”

Currently, BrightRock employs 380 staff, has experienced 40% year-on-year growth, and has an annualised premium income of more than R1,3 billion. The company has recently entered the group risk environment with a similar offering that addresses many of the same shortcomings of traditional group risk products. “The inefficiencies of the structuring of group products has meant that, to remain competitive, insurers have cut the benefits offered to employees, undermining their sense of financial security. Change is needed, and we believe our needs-matched philosophy positions us to change the group risk market too.”

‘We ditched legacy thinking in favour of creating a product that is intuitive and easy to navigate. An enormous amount of time and effort went into writing and designing that system, and creating the optimal customer journey.”

Unlike clunky legacy systems, the BrightRock’s platform is modularised, and was built according to the agile principle of rapid delivery cycles. The result is a technology stack with longevity, that is also flexible enough to be tweaked when needed.

Related: BrightRock’s 5 Entrepreneurial Tips For Start-ups

This iterative, modular approach typically begins with defining the strategy and programme plan upfront, delivering a core capability fast so it can provide benefits immediately, and then continuously improving with regular, incremental capability improvements to achieve the objectives of the strategy. It’s an approach that fosters closer collaboration between stakeholders, improved transparency, earlier delivery, greater allowance for change and more focus on the business outcomes.

“The advantage of the technology available today is that you can plug things in and pull them out as required,” says Suzanne. “That’s one of the enablers of a truly disruptive mindset. To step away from accepted norms and find new solutions requires curiosity and creativity, as well as a lot of courage to go up against large incumbents in the market. There is always resistance to new technology, although we are fortunate in this country to have one of the most innovative insurance sectors in the world.”

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Lessons Learnt

The 9 Obsessions You Need To Have To Become A Self-Made Millionaire

Here’s how to stay focused on your millionaire goals.

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elon-musk

The ones who succeed weren’t handed a golden ticket; it wasn’t chance that helped them cultivate their fortune. To reach millionaire status, you must be driven to reach your dreams. You must be obsessed in order to be successful.

These are the nine obsessions that give every self-made millionaire an edge in creating success and wealth.

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