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Entrepreneur Competition Top Five Heading For The Finish Line

One more workshop, the workshop for the final five followed by the contestants’ last chance to pitch their businesses, and then the winner will be announced on 13 September 2018.

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The five finalists in an entrepreneur competition run by co-working operator The Workspace and MiWay business insurance have been chosen.

One more workshop, the workshop for the final five followed by the contestants’ last chance to pitch their businesses, and then the winner will be announced on 13 September 2018.

The finalists are cloud based loyalty management platform and app for SMEs, Loyal 1; finance solution company, Matla Risk Management; events and catering business Sindi’s Best for All; mining tech integration partner, Dwyka Mining Services; and Minatlou Trading 251, supplier of general and women-specific protective personal equipment/clothing.

CEO of The Workspace, Mari Schourie, said it was vital to support and recognise entrepreneurs and small businesses as a prerequisite to growing South Africa’s economy. While competitions such as this helped give emerging businesses a leg up, it also fell to corporates and consumers to do their bit too.

Phakiso Tsotetsi – entrepreneur, Ambassador of the Branson Centre of Entrepreneurship and co-founder of the Hookup Dinner and one of the judges – said a pitch-readiness workshop helped whittle down the top 10 and deciding the top five businesses.

“It helped the entrepreneurs in developing concise, repeatable sales pitches for their businesses, which afforded them the opportunity to get closer to being chosen into the top five,” he said. “As it stands we are very excited about the decision we have made and looking forward to the rest of the journey in this competition,” he said.

Related: A Comprehensive List Of Angel Investors That Fund South African Start-Ups

The workshops and pitch interventions have been invaluable, personally and professionally.

What the finalists said

“Personally I have grown in self-confidence,” said Mpho Mpatane, managing director of Minatlou Trading 251. “I’ve learned I should learn to listen more and be open to learning from other people’s experiences. Business wise, I have learned how to pitch better so that my value proposition is clearer and is more attractive to possible investors. I have learned that I have much to learn from my peers and I can get business from my peers as well. We can procure business from each other and start improving our skills and expertise.”

Dwyka Mining Services’ Rethabile Letlala said the competition has been a “rather uncomfortable yet extremely exciting experience overall. I was forced to confront my public speaking insecurities and even more, learn how to enjoy it and use my own personality to influence and improve my presentations”, he said.

“Entrepreneurs are the true drivers of the economy. Competitions like this not only give entrepreneurs a chance to grow, but plainly the confidence to know that they are noticed, they are making a difference. That affirmation alone is all that someone needs to keep pushing and working towards their dream.”

Thabo Moodie, who runs Matla Risk Management, said he’d learnt how to structure his pitch. “It’s much more crisp and precise. You may have a lot to say and you may know about your product and service, but knowing how to translate that to your potential investor or partner is crucial,” he said.

Besides being an invaluable networking opportunity, the entrepreneur competitions such as this one help entrepreneurs get an edge on the bigger competition, said Sindi’s Best for All founder, Sindiswa Beverly Gqogqonyeka.  “When we are groomed and mentored correctly at an early stage of a business, our success rate becomes higher as we end up knowing what good business practices are. And then we can become profitable,” she said.

Loyal 1 creator, Tshireletso ‘TY’ Hlangwane, said he had been given the opportunity to learn from judges, as well as a shot at prizes that would help grow his business and become a “well-oiled machine”. “Many entrepreneurs in South Africa need such skills in order to improve the business and grow their businesses,” he added.

Related: Government Funding And Grants For Small Businesses

The prizes

The prize, worth over R350 000, includes 12 months free office space for up to four people at The Workspace’s Village Road premises, free Wi-Fi, free phone rental, free business insurance and business advice, as well as all risk equipment insurance, free tea and coffee, free usage of meeting and board rooms, free security and 24-hour access, free parking and a new laptop.

There’s also a brand new responsive design website and content management system plus training in how to keep digital collateral updated; a share portfolio from Opulentus Wealth and a complete brand communication strategy and two strategic sessions from Oxigen Communications worth over R50 000.

Beyers Müller, a judge and CFO of the Intespace Group, said The WorkSpace and MiWay Entrepreneur Competition was a great initiative that “showcases the hunger and spirit of up and coming entrepreneurs in South Africa. I’m thrilled to see how every entrepreneur is a broker between ideas and resources”.

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Entrepreneur Today

Use The December Shutdown Period To Do Just That: Shut Down

by Greg Morris, CEO, Sebata Holdings

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Most businesses – retail and entertainment excluded – resemble ghost towns during the first and last weeks of the year. Energy levels are low in December, and employees daydream about cocktails on the beach. Come January, it takes a few days to get back into the swing of things. Before we know it, South Africa takes another extended holiday in April.

We’re accused of having a “holiday culture” in South Africa. That’s a fair comment. We get 12 public holidays a year, which is more than most countries. And many people use their annual leave strategically in April and December to maximise their time off. As a result, we only really work for 10 months of the year, while other countries work for 11 months.

There’s no doubt that public holidays affect the economy. One extra public holiday in 2011 resulted in an estimated R7 billion loss in turnover. But there’s also a lot to be said for taking time off. And when we know the holidays are coming, we can prepare for them, so employees make the most of their downtime and start the new year on a strong footing.

Burnout is not good for business…

Productivity and motivation are like fuel tanks. While driving, the fuel dries up. At some point, we need to fill up, otherwise we’ll break down. People are the same; we can’t run on empty. Weekends are one thing, but in our culture of always-connected busyness, we don’t get a chance to recharge over weekends. That’s why we need the longer break in December.

A Pulse Institute study found that, when employees are not rested, they experience:

  • 23% reduced concentration
  • 18% reduced memory function
  • 9% increased difficulty in performing tasks

Fatigue-related productivity losses amount to R26,000 per employee per year. Sleeplessness can also result in mistakes and increased absenteeism, accidents, or injury.

Well-rested employees, however, are happier and more creative, engaged, and productive. They get more done in less time than their sleep-deprived, low-energy colleagues.

Related: Year-End Doesn’t Have To Be A Pain For Your Business

… but if you’re going to burn the midnight oil…

Businesses often think of December as a slow period that will harm the bottom line. Yes, it can be disruptive and there will be financial impacts. But if you’re going to keep the doors open til the end, this is the perfect time for internal housekeeping. Even the most efficient and streamlined businesses can improve some internal projects or processes.

Allow teams to be inwardly focused during this time, so that you start the new year with less to worry about. Whether that’s planning for 2019, reflecting on what worked and what didn’t in 2018, cleaning up databases, servicing air cons and office machines, connecting with customers over coffee, updating your website, or creating new marketing campaigns, employees can achieve a lot when they’re not focused on the day-to-day grind.

Our best ideas come to us when we’re relaxed and not thinking about them. (If you’ve ever scrawled on the steamed-up shower door, you’ve experienced downtime creativity.)

Make the most of skeleton staff time in December. Host fun creativity sessions that have nothing to do with work. Pay for your people to complete short online courses that will give them skills and motivation boosts. When they do go on holiday, perhaps their new knowledge will result in a major ‘a-ha moment’ around the family braai.

Gone fishing

My best advice for businesses that are shutting down in a few weeks is this: shut down. Since the business is not generating income, everything that’s left running – that one employee watching the phone that never rings; that one light left on – hurts the bottom line.

Encourage teams to disconnect. Don’t expect them to answer mails and don’t contact them about work while they’re on holiday – unless it’s an emergency. Block access to mails if you have to, Volkswagen style. Give your people time to think, reflect, and sleep.

When we respect employees’ time and give them freedom to work when they’re most productive, we develop motivated, positive workforces who are enthusiastic about achieving the business’s goals. They work harder to get the job done and, in our experience, actually finish projects ahead of deadline because they want to be able to switch off and go fishing.

Related: Year-End Reviews Are Not Always A Positive Experience

Power down

Downtime is often seen as wasted time. We don’t take breaks, we eat lunch at our desks, and we work when we’re sick and should be at home. But working longer hours doesn’t mean that we’ll get more done. In fact, it can be enormously counter-productive.

Neuroscientist David Levitin cautions against the “false break”, when we feel guilty for taking time off and compulsively check emails. Napping, daydreaming, and “taking true vacations without work”, he says, is biologically restorative and essential for rebooting cognitive energy. So, if you’re going to shut down, do it properly. The same business challenges will be there when you get back. But you could solve some of them while you’re sleeping.

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Entrepreneur Today

Seasonal SMEs: Don’t Spend Your Extra Cash All At Once

Save a portion of festive season profits for an emergency fund.

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The festive season is a time when many seasonal small and medium enterprises (SMEs) reap the rewards of increased consumer spending, such as additional sales and accommodation bookings from the influx of holiday makers and festive season shoppers. This spike in earnings offers the ideal opportunity for these businesses to save some of the extra money that they make for an emergency fund.

This is according to Jeremy Lang, regional general manager at Business Partners Limited (BUSINESS/PARTNERS), who says that a major risk faced by many businesses is their vulnerability to an unexpected financially-draining mishap such as a big client loss, a lawsuit, or any accident that is not covered by insurance.

“Despite this, few SME owners have an emergency fund in place to deal with such unforeseen events,” he says.

“This is understandable since a growing business tends to require a lot of cash to move forward. Another likely reason for this is because most SME owners are more focused on the immediate practicalities of building their business, rather than on vague risk assessments and planning. By nature, entrepreneurs also tend to be chronically optimistic about the future good luck of their business,” adds Lang.

“However, considering South Africa’s underperforming economy and rising consumer price inflation, it is essential that all SME owners save for a rainy day. Those that have boosted seasonal business have an advantage and should capitalise on this by putting aside a portion of their seasonal profits,” he explains.

Related: 5 Small Business Money-Saving Myths

When saving towards an emergency fund, it is key to set a goal, Lang points out. “A good rule of thumb is to have three to six months’ worth of overheads set aside, but even just one month’s expenses are better than nothing.”

The next step is to decide what constitutes an emergency, he says. “If an emergency fund can be dipped into every time you want to avoid an awkward phone call to the landlord to say that the rent will be slightly late this month, it won’t last long. A true emergency is one that threatens the survival of the business.”

With this in mind, thinking through and writing down a list of possible emergencies that would justify the use of the fund is a good risk-assessment exercise for any business, suggests Lang.

Finally, some thought needs to be given to where an emergency fund should be kept, he says.

“Gambling with the money on the stock exchange defeats the purpose. A money-market account is a better option, but it may be worth considering an account where the funds aren’t too easily accessible, so there’s no temptation to dip into it on a whim. On the other hand, it should not be so inaccessible that you cannot access it fairly soon when an emergency does strike.”

As such, Lang recommends a set of notice deposit accounts with varying notice periods so that a limited amount can be accessed immediately, and some a little later, which allows for some interest to accrue while the money, hopefully, will not be used any time soon.

“However, ultimately the will on the part of the business owner to attain these savings is critically important. The cash demands in a business are so constant that any vague or half-hearted attempt to establish an emergency fund will fail. It will have to be a conscious and disciplined effort by the business owner,” Lang concludes.

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Documentary Filmmaking As A Career Is On The Up In South Africa

The Wavescape Surf and Ocean Festival will offer a free Filmmakers’ Masterclass this Wednesday, 5 December to boost several initiatives to position Cape Town as a key film destination and location.

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Wavescape Filmmakers Masterclass

  • Date: 5th December 2018
  • Time:  6:00pm for 6:30pm
  • Venue: Invest SA One Stop Shop, Western Cape
  • Address: Cape Sun Corner, 46 St. George’s Mall, Cape Town
  • Parking: Picbel Parkade, 58 Strand Street, Cape Town Centre (For own account)

The Masterclass, which is presented by Wesgro and aimed at aspiring filmmakers, producers, film students and those in the film industry, will focus on what it takes secure funding, produce and distribute a documentary film.

The documentary genre has seen a resurgence in popularity, owing in part to increased accessibility via the growth of Video On Demand platforms like Netflix, and an audience response to ‘Block-buster fatigue’ which has seen renewed interest in the documentary format and meaningful stories that reflect the nature and reality of our present lives.

The recent launch of F/LM Cape Town – a joint initiative between the City of Cape Town and the local film industry to promote the City’s amazing locations, diverse talent and world-class infrastructure – solidifies Cape Town as a world-class centre for filmmaking.

Besides its raw natural beauty, the city is rich in culture, diversity and heritage, which offers filmmakers an abundance of content. Curator of the Wavescape Masterclass Christopher Mason, who is co-director of Mason Brothers’ Films, said that you were halfway there if you had a good concept: “These days anyone with a unique idea, a DSLR camera and a laptop, and enough desire can be a filmmaker. The trick, of course, is understanding how to get your foot in the door in a very competitive industry.”

“What makes a good documentary and how does one become a good documentary filmmaker? How has the genre evolved and what are the possibilities for young South Africans interested in the genre? The Masterclass aims to give aspiring filmmakers the answers to these and other questions,” Mason said.

Related: How Netflix Is Now Disrupting The Film Industry By Embracing Short-Term Chaos

From developing a good idea into an award-winning film; to funding and distribution models; and case studies on the best this genre has to offer, this year’s masterclass aims to provide filmmakers with an immersive roadmap to success.

Steve Pike, co-founder of the Wavescape Surf and Ocean Festival said that the platform laid by F/LM Cape Town and initiatives such as the Wavescape Masterclass could help boost the already booming film industry, and thus reduce the 27.5% of South Africans who remain unemployed. The Wavescape festival, and in particular the Masterclass spoke directly to the F/LM initiative, Pike said.

“Cape Town has it all: Amazing scenery and epic locations for adventure sport. Our festival is a key platform to showcase Cape Town as the Adventure Capital of the World while also celebrating the wild ocean and raw beauty around us.”

The CEO of Wesgro, Tim Harris, said that in the 2017/18 financial year, Wesgro’s Film and Media Promotion Unit “managed to secure nine declarations to creating 2,499 full time equivalent jobs – this shows the potential for job creation in this sector”.

“There are many job opportunities in the film and media industry due to the breadth and depth of skills required across the value chain of this fourth industrial revolutionary industry,” he said, also highlighting massive potential for the cutting edge gaming industry.

Several top speakers will talk at the Masterclass, including Jolynn Minnaar, an acclaimed documentary director; Cliff Bestall, who made16th Man for ESPN 30 for 30 (produced by Morgan Freeman); Karen Slater, a Director / DOP in Sisters of the Wilderness that is eligible for an Oscar;  Khalid Shamis, editor of Strike A Rock; Liezel Vermeulen, producer and film finance expert; Izzette Mostert from the Documentary Filmmakers Association; and Monica Rorvik, Head of Wesgro Film and Media Promotion Unit.

Parking at Picbel Parkade, 58 Strand Street, Cape Town (For own account), refreshments will be served.

Please visit http://www.wavescapefestival.com/wesgro-blue-ocean-master-class/ for more information.

Related: How to Bootstrap a Movie: Seven Entrepreneurs; 11 Days; R10 000… And a Whole Lot of Passion

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