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Seven SA Star Entrepreneurs Recognised At Premier Competition

Mining engineer, Samuel and Motlapele Molefi – founders and owners of Modi Mining CC – were named this morning as the overall winners of the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS. Modi Mining provides contract mining services to companies specialising in the South African mining sector.

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Mining engineer, Samuel and Motlapele Molefi – founders and owners of Modi Mining CC – were named this morning as the overall winners of the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS. Modi Mining provides contract mining services to companies specialising in the South African mining sector.

Speaking at the event that celebrated three full decades of discovering and cultivating the best entrepreneurial talent that South Africa has to offer, spokesperson for the 2018 edition of the competition, Gugu Mjadu, said that the Molefi couple was selected as the overall 2018 Entrepreneur of the Year® winners because of the remarkable growth and expansion their business has exhibited, in spite of a harsh economic climate.

“Despite operating within an industry that continues to face significant challenges, Modi Mining has experienced average growth of over 30% per annum since starting operations in 2011, increasing net asset value from below R1 million in 2012 to over R80 million last year. This is truly impressive!” says Mjadu.

Other 2018 category winners are:

2018 Emerging Entrepreneur of the Year®: Louw Barnardt, founder of Outsourced CFO (Pty) Ltd

A financial management company that renders technical and visionary CFO services to emerging tech and innovation businesses, Outsourced CFO helps businesses in the start-up and scale-up phase, who require the time and skills of a qualified CA or CFO, but don’t have the resources or capacity to take one on full-time: www.outsourcedcfo.co.za

Related: 10 Businesses You Can Start Part-Time

2018 Small Business Entrepreneur of the Year®: Kerry and Craig Motherwell, founders of Foxolution Systems Engineering cc

Foxolution designs and builds on-site gas generators of all sizes for various industries using its own home-grown technology. Their generators separate out oxygen from the air and are used by industrial clients – typically for applications like gold recovery, waste water treatment, water purification and odour control: www.foxolution.co.za

2018 Medium Business Entrepreneur of the Year®: Pepe Marais and Gareth Leck, founders of Joe Public United

The entrepreneurial duo was named as a finalist last year when they wowed judges with their innovative business model, which was positioned as a simple take-away menu of advertising offerings at inception. They went straight back to work and re-entered this year with a stronger business and more purposeful approach, which saw them become winners: www.joepublic.co.za

2018 Job Creator of the Year®: Phillipa Geard, founder of RecruitMyMom (Pty) Ltd

When Phillipa Geard became a mother, she never imagined that the business of motherhood would be the brainchild behind her very own business. Today, her online recruitment agency, RecruitMyMom.co.za fills a unique gap in the market and provides moms all over the country with the opportunity to juggle both parenthood and a successful career: www.recruitmymom.co.za

2018 Innovator of the Year®: Muhammad Simjee and Sofiah Docrat, co-founders of A2D 24 DOT COM (Pty) Ltd

This digital consulting and implementation company was founded in June 2015 when Muhammad discovered a gap in the South African tech market for low-cost innovative solutions which can be readily available and rolled out at a fraction of the cost of the usual operating models of big corporations: www.a2d24.com

Beverley Gumbi, the founder and owner of Isivuno Container Business (“Isivuno”) was awarded a special Judges Prize in this year’s competition

The judges prize was introduced in 2014 and seeks to acknowledge a business that may not yet be at the same level of the other entrepreneurs (in terms of size and turnover), but makes an impression on the judges due to the business’ social impact and future potential and the business owner’s attitude and positive entrepreneurial outlook: www.isivunocontainers.co.za

Related: The Myth About The Relationship Between Entrepreneurs And Taking Risks

Mjadu says the judges believe that Gumbi has the entrepreneurial attitude and determination required to go far. “Beverley’s energy is just contagious and, while she is a female with no engineering experience or technical training, she is tackling a traditionally male-dominated industry and making a success of it!”

As part of this year’s 30-year celebration of the annual competition, the judges also recognised the illustrious South African entrepreneur and property developer, Dr. Richard Maponya, with a Lifetime Achiever award.

“Dr Richard Maponya is an entrepreneur par excellence and his family name is synonymous with entrepreneurship in South Africa. He did not only make a success of business in an era when black entrepreneurs faced many obstacles that prevented them from being successful but has built a formidable business empire in the democratic South Africa which should remain for generations to come. Dr Maponya is a legend and excellent role model for entrepreneurs in South Africa across all genders and races. It is a true honour that he has availed himself to accept our Lifetime Achiever Award.”

The competition provides prizes worth R 2 million, which include cash prizes of R70 000 per category and R200 000 for the overall winner, towards further growing their businesses. Beyond these monetary prizes, Mjadu adds that each winner will also receive valuable mentorship support, networking opportunities and associated marketing and national media exposure to further drive their business’ success. “Past winners have also gone on to win other prominent national and international awards as a result of their success in the competition and form valuable partnerships with fellow winners and finalists.”

Now in its 30th year, this competition and others like it serve a particularly important purpose in South Africa, concludes Mjadu. “Entrepreneurial competitions of this calibre serve a dual purpose – they are a celebration of the hard-working self-starters in the country, and also act to inspire budding entrepreneurs who have the potential to create employment and economic growth at a time where the country is facing numerous challenges in this regard.”

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

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Global Guide For Entrepreneurs, Innovators Launches In Johannesburg

Startup Guide partners with SAP Next-Gen, Tshimologong Precinct to bring global guidebook to Johannesburg innovation ecosystem; calls for nominations.

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Calling all entrepreneurs, accelerators, innovators, co-working spaces and experts in the City of Gold: Startup Guide, the leading global guide for start-ups in high-growth innovation hubs in Europe, the US and Middle East, is open to nominations in Johannesburg.

Founded in 2014, Startup Guide is a creative content and publishing company that produces guidebooks and tools to help entrepreneurs to connect to communities and resources in the leading start-up cities around the world. Its global footprint covers some of the most innovative and thriving start-up ecosystems in the US, Europe and the Middle East, including those of London, New York, Berlin, Tel Aviv, and Stockholm. After launching in Cape Town earlier in the year, Startup Guide now moves to Johannesburg.

According to Sissel Hansen, Founder and CEO of Startup Guide, South Africa’s largest city is emerging as a key innovation hub for start-ups.

“Johannesburg has recently emerged as a growing ecosystem for start-ups and entrepreneurs in Africa, particularly in the tech industry. We’re thrilled to have the opportunity to create a comprehensive guide of resources for aspiring founders wanting to do business in South Africa’s largest city.”

Startup Guide Johannesburg was launched at Wits University’s Tshimologong Precinct, one of Johannesburg’s newest high-tech addresses in the vibrant inner-city district of Braamfontein. Tshimologong, which means “new beginnings” in Setswana, focuses on the incubation of digital entrepreneurs, commercialisation of research and the development of high-level digital skills for students, working professionals and unemployed youth. Lesley Williams, CEO of Tshimologong Precinct, says: “South Africa is fast-becoming a go-to source for innovation, especially in the tech sector. We believe the introduction of a dedicated resource for the startup ecosystem in Johannesburg will unlock significant opportunities for innovation hubs such as ours to more easily connect with entrepreneurs, experts and other roleplayers, ultimately providing a more supportive environment for growth.”

Related: Watch List: 50 Top SA Black Entrepreneurs To Watch

Startup Guide has partnered with SAP Next-Gen, a purpose driven innovation university and community for the SAP ecosystem enabling companies, partners and universities to connect and innovate with purpose linked to the UN Sustainable Goals for Development. Ann Rosenberg, Senior Vice President and Head of Global SAP Next-Gen says:

“We strive to connect digital innovators in an open innovation community to drive the future success and growth of industries through the use of technology. As we have witnessed in other high-innovation cities around the world, the introduction of knowledge resources – supported by opportunities for collaboration and partnership in an open ecosystem – enhances the overall success of entire start-up communities. Johannesburg’s world-famous energy and business acumen will greatly benefit from the launch of Startup Guide Johannesburg and the support of industry partners, including SAP Next-Gen and the Tshimologong Precinct.”

Cathy Smith, Managing Director of SAP Africa, adds that the partnership with Startup Guide aligns well with the company’s commitment to the UN Sustainable Development Goals. “As an organisation we are committed to achieving the high ambitions set out by the SDGs. However, it is virtually impossible to do so alone: the concept of partnership with likeminded purpose-driven organisations and initiatives is vital not only to realising the SDGs but to foster a greater and more inclusive innovation ecosystem in Johannesburg and across the African continent.”

Nominations for the Johannesburg edition of Startup Guide are now open. If you know a start-up, entrepreneur, programme, space, accelerator, or experts and would like to see them featured in the book, please visit https://startupguide.com/shop/startup-guide-johannesburg and submit your nomination.

Visit the SAP News Center. Follow SAP on Twitter at @sapnews.

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Aspirations For SMMEs In South Africa

Research released earlier this year, revealed that there are only 250 000 formal SMMEs in South Africa.

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Entrepreneurs who have started up a business over the past 10 years have done so in an environment that has been largely negative, with slow economic growth and an unstable political landscape. “So, all in all, a very difficult setting to launch, grow or even maintain a business,” says Bizmod MD, Anne-Marie Pretorius.

Pretorius says that many entrepreneurs who operate in South Africa can be forgiven for often wondering if the slog is worth it. Yet they continue – despite economic uncertainty, strikes, retrenchments and downscaling.  “It is this tenacity that sets entrepreneurs apart, and I often wonder how much more successful they would be in an easier and more supportive environment.”

Below, Pretorius shares her ideal pro-entrepreneur outlook for the future:

  • Greater policy certainty on all key government policies from land reform to regulations surrounding labour broking.
  • Being able to do away with bad policy faster. An example of where this did not happen was in the changes of visa requirements; leading to an unnecessary dent in our tourism industry, an industry that should be targeted for growth.
  • Lower compliance requirements for companies with a turnover under R50 million. The cost of compliance for smaller enterprises is significantly higher in comparison to their income and the cash they have available. Smaller companies need simpler frameworks where compliance is required. A portal similar to SARS e-filing, which makes compliance across various pieces of legislation clear and simple, would be ideal.
  • The Labour Relations Act is a key piece of legislation that has done a lot to protect the rights of the employee. It has attempted to balance the power relationship between employee and employer. Some innovation is however required in labour practices, allowing for mutually beneficial flexible working relationships that keep pace with the changing work environment.
  • Buy small, buy South African! A framework whereby large corporations and government would have to allocate a certain minimum percentage to buying from smaller local companies. There are encouraging signs that this is happening more, however this is still not an ingrained practice. In addition, consumers should be more informed on what items are South African produced, in order for them to be encouraged to purchase locally.
  • Easier access to funds enabling entrepreneurs to grow their businesses. There are currently a few options available, but all of the options require significant governance and red tape. Whilst this is understandable from the lenders perspective, it does hamper the agility and growth of companies.
  • Make good financial governance aspirational, attractive and easily accessible.
  • The process for tenders to be corruption free and fair, enabling more companies to add value.
  • Pay SMME’s on 30 days or less. Enormous pressure exists on smaller companies when not paid on time. They simply do not have the cash flow to carry a debtor’s book of 90 days and this inevitably hampers their growth.
  • Tax SMME’s at a lower tax rate. Profit tax should be lowered in order to drive entrepreneurship.
  • Creating a platform that makes it simpler to employ young individuals with potential and create support programmes for SMMEs to upskill them. There is a significant financial and time investment required to train a young person, which can make SMME’s sometimes wary to do so.

“If we are able to make only some of these ideals a reality, there is no doubt that we would see economic growth, entrepreneurial growth, and more employment opportunities,” concludes Pretorius.

Related: A – Z Easy Small Business Ideas

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South African Students Win R50 000 In The Universities Business Challenge

Students from Mangosuthu University of Technology beat 500 students from 13 different universities across South Africa.

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The Overlings from Mangosuthu University of Technology are the 2018 winners of Cognity Advisory’s Universities Business Challenge (UBC), sponsored by General Electric (GE). The winning team of four students are walking away with R50,000 to turn their business idea into reality.

Launched in July this year, the UBC has seen 500 students from 13 different universities across South Africa participate in a business simulation competition designed to develop entrepreneurship skills.

When the competition launched, all teams were challenged to form virtual companies and to virtually manufacture and sell bicycles.

The final 10 teams were from the University of Limpopo, Mangosuthu University of Technology, Vaal University of Technology, University of KwaZulu-Natal and North-West University.

During the two-day final, the teams played six rounds of simulations. Each simulation gave the teams a chance to re-evaluate their progress and better certain areas that needed improving. The winning team realised during one of their simulations that in order to maximise profits they would need to introduce two new products and market it differently from their initial product. They paid special attention to their customer’s needs. 

The aim of the UBC was designed to tackle South Africa’s high level of youth unemployment. Statistics South Africa (Stats SA) announced that South Africa’s official unemployment rate increased by 0.3 of a percentage point to 27.5% in the third quarter of 2018.

Nkosinathi Sokhulu from the winning team said, “Even though we didn’t have a great presentation we made the most profit. This experience taught us a lot about ourselves and business. Most of the decisions that we made came from serious debates. We learnt that market research is crucial when starting a business. We learnt that marketing starts and ends with the customer.”

Related: 20 South African Side-Hustles You Can Start This Weekend

“Based on this market research information we realised that it was important for us to introduce two new products and this, in addition to the main product we were selling, helped us to maximise profits. We saw an opportunity to add more products and it paid off” said Mbali Tshozi.

Tope Toogun, development advisor and CEO of Cognity Advisory said, “All the teams showed tremendous promise and I was very impressed by their levels of engagement with one another and their tenacity.”

“We really want to ensure that students are equipped with the necessary skills to not only start a business but to run it effectively. While we have selected one winner, our hope is that each team has benefitted by having learned the skills needed in the workplace.”

“The competition is designed to develop the ‘soft skills’ that are important for those wanting to set up their own business or simply be successful at work. With rising unemployment and ongoing talent shortages, having these skills is crucial for those wanting to get a job.”

The UBC, now in its second year in South Africa, will continue into its third year in 2019 and will run as the Africa Enterprise Challenge (AEC).

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