Connect with us

Entrepreneur Today

The Tsogo Sun Entrepreneur Of The Year Winner Announced

The 2016 winner of the Tsogo Sun Entrepreneur of the Year Award is Nqobile Nkosi, owner of NQ Jewellery Design Services, based in Soweto, which was announced on 20 October at a gala banquet at the group’s Riverside Sun Resort on the banks of the Vaal River in Vanderbijlpark.

Entrepreneur

Published

on

nqobile-nkosi

nqobile-nkosi-tsogo-sun-winner

The 2016 winner of the Tsogo Sun Entrepreneur of the Year Award is Nqobile Nkosi, owner of NQ Jewellery Design Services, based in Soweto, which was announced on 20 October at a gala banquet at the group’s Riverside Sun Resort on the banks of the Vaal River in Vanderbijlpark.

The event was attended by Minister of Tourism, Derek Hanekom, who gave the keynote address and attended the Tsogo Sun Entrepreneurs National Supplier Showcase Exhibition on Friday 21 October.

rebone-sesoko-candy-tothill-nq-and-marcel-von-aulock

Rebone Sesoko, Candy Tothill, NQ and Marcel von Aulock

Says Candy Tothill, Tsogo Sun’s GM of Corporate Affairs, “Our wholehearted congratulations go to Nqobile on his worthy win. In his role as the Tsogo Sun Entrepreneur of the Year, Nqobile will serve as an inspiring role model to other entrepreneurs, and set an example of what can be achieved when one perseveres to overcome obstacles and challenges. Our Entrepreneur of the Year winners become ambassadors for the programme for the following year; they talk about their experiences, their secrets to success, as well as the programme, and they promote their own businesses. We welcome Nqobile as our seventh ambassador and we have no doubt he will be an inspiration and contribute to the development of other SMMEs in South Africa.”

Among the prizes that Nqobile won were R30 000 from Tsogo Sun, a business bursary from Tsheto Leadership Academy valued at R20 000, and a professional business image experience from tweak&STYLE valued at R15 000.

Related: Become A Master Of Entrepreneurship Through Wits Business School

A turn of events saw Nqobile launching into jewellery design and manufacturing. He originally had plans to become an electrical engineer, but when funds ran out, he started a two-year course in jewellery design and manufacturing at the Soweto Jewellery School – and so started on the path to establishing his own jewellery design company. He registered his company in 2013 and subsequently attorney Jerry Nkeli invested in it and became chairman of Nqobile’s company, and his mentor. NQ Jewellery Design Services is Soweto’s first jewellery manufacturing and retail business. It employs six people, all from Soweto, including two disabled interns who are being financially supported by HopeFund in France.

Nqobile joined Tsogo Sun Entrepreneurs last year. Tsogo Sun is working with him to establish a more sustainable and consistent income stream, determining the feasibility of opening a jewellery outlet for his company at Gold Reef City Theme Park, and assisting with other potential plans to grow market access.

The awards dinner is part of the Tsogo Sun Entrepreneurs conference that includes an intensive business workshop as well as a National Supplier Showcase where the entrepreneurs exhibited their products and services to potential customers, giving them access to new markets.

The four-day conference represents the successful completion of a year-long programme that started in November last year when the new intake of businesses was inducted into the full year development programme. They were each allocated a business coach and a personal life coach to help them close the gaps in their businesses and to develop themselves as the people running them. This one-on-one coaching is customised according to each entrepreneur’s needs. In addition, business foundation skills training was given to the entrepreneurs in their provinces.

Tsogo Sun delivers the Entrepreneurs programme with the support of several strategic partners. These include Carlson Wagonlit Travel, which has been a long time contributor to the beneficiaries of the programme for the past seven years and funds some of the bursaries for the University of Cape Town Guesthouse Management and Small Business Management courses; and Queen Ramotsehoa, whose company, Tsheto Leadership Academy, provides a repertoire of coaching and business mastery services for personal and enterprise development to the entrepreneurs. Adds Tothill, “Coaches from Tsheto Leadership Academy work with our entrepreneurs throughout the year. We’ve been impressed with the powerful impact that this coaching has had on the entrepreneurs’ confidence and thinking, leading to exciting development within many of their businesses.” Colour Accounting gives financial management training to the entrepreneurs.

To enter the Entrepreneur of the Year competition, the eligible entrepreneurs, which included a total of 152 Tsogo Sun Entrepreneurs and Alumni who are benefitting from the development programme, were required to complete a comprehensive entry form.

Related: Is Entrepreneurship Dying In SA

These were shortlisted and five finalists were selected, using a stringent evaluation method that included assessing performance in the programme, financial performance, customer knowledge, marketing, innovation efforts, job creation, contributions to the greater community, potential for growth, and overall sustainability.

tsogo-sun-finalists

Tsogo Sun 5 finalists waiting for the announcement

The finalists were then interviewed by a panel of nine judges: Marcel von Aulock, CEO of Tsogo Sun; Vusi Dlamini, Group HR Director of Tsogo Sun; Laurelle McDonald, Corporate Finance Manager of Tsogo Sun; Ravi Nadasen, Tsogo Sun Operations Director; Ella Bella Leite, Founder of Generation Earth; Adriaan Groenewald, CEO and Co-founder of Leadership Platform; Carol Sanderson, 2014 winner and owner of Casambo Exclusive Guest Lodge; Emmah Makatu, 2013 winner and owner of Zwinoni Lodge; and Salome Tshungu, 2012 winner and owner of The Orchards.

Tothill says participation in the programme is open to all South African businesses with an annual turnover of less than R50 million. There are three channels through which businesses can join the programme: the HCI Supplier Club (Hosken Consolidated Investments Limited is the key shareholder of Tsogo Sun); Tsogo Sun’s Supplier Showcases, where entrepreneurs with potential for growth are identified by Tsogo Sun and invited to join the programme; and the Department of Tourism and tourism agencies that nominate businesses for evaluation for inclusion by Tsogo Sun.

“It’s essential for big business to get involved in small business development in order to boost job creation and the economy,” Tothill notes.

“We’re proud of what our Tsogo Sun Entrepreneurs are accomplishing, often against the odds, and of what we can do to help them grow. The Entrepreneur of the Year Award is our way of acknowledging their hard work and significant achievements.”

Tsogo Sun Entrepreneurs by numbers

  • 180 beneficiaries are supported nationally by the programme
  • 152 are enrolled in development
  • 82% are black South African women
  • 74% have graduated to the Alumni phase and have trained to become mentors to new entrepreneurs
  • 47 businesses in the Alumni phase have expanded their operations as a result of the programme
  • 126 have successfully completed the UCT Business Management Course funded by the programme
  • R84 million was the group’s combined spend on enterprise and supplier development for the past year, of which R14million was spent on enterprise development beneficiaries and R70million on supplier development beneficiaries

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.

Entrepreneur Today

What Franchises Need To Lookout For From Budget Speech

Franchise business owners are waiting with bated breath for the outcome of the 2019 National Budget Speech to be delivered by Minister of Finance, Tito Mboweni, as they seek more opportunities to increase their contribution to GDP.

Entrepreneur

Published

on

2019-south-african-budget-speech

Morne Cronje, FNB Head of Franchising, says the Budget Speech is an important economic indicator that franchises can use to gain insight on the government’s plans on spending and economic growth for the year ahead.

He highlights potential National Budget Speech outcomes that could boost confidence of franchises:

Relief

Any form of relief that is likely to bring positive change, rebuild confidence and address some of the key challenges impacting consumers will be welcome by franchises.

Cronje says consumer spending contributes a significant portion to the profit margins of franchises especially in the food sector.

Economic growth

Rating agencies are keeping a close watch on South Africa’s performance and prospects for growth, which will impact our Sovereign ratings for the rest of the year.

Measures that the government puts in place to promote economic growth this year will be of interest to franchises.

Regulation

Franchise owners will be looking to benefit from regulatory changes that aim to improve growth, operating environment and enhance participation in all facets of the formal economy.

Tax

Based on the Mid-Term Budget Review in October 2018, there’s likely to be no major shake up from a business tax perspective. The anticipated relief in tax will go a long way to boost the profit margins of franchisees.

Infrastructure investment

Spending on infrastructure creates vast opportunities for franchise business owners, as well as job creation in the country. The government has signalled an intention to partner with the private sector to develop an infrastructure fund to increase investment in public infrastructure.

“Franchises that operate in South Africa should prioritise the National Budget Speech as key decisions announced by the minister have a direct impact on their growth,” concludes Cronje.

Continue Reading

Entrepreneur Today

5 Businesses You Should Start in 2019

Here’s the lowdown on consumer and technology opportunities in 2019 and beyond.

Entrepreneur

Published

on

starting-a-business-in-2019

Savvy entrepreneurs should keep a close watch on consumer and technology trends in 2019. This, according to Silvertree Internet Holdings Co-founder and MD, Manuel Koser. Having invested in and grown a number of highly successful South African brands (among them Faithful-to-Nature.co.za, UCOOK.co.za, Pricecheck.co.za, CompareGuru.co.za, Petheaven.co.za, Cybercellar.com, and CarZar.co.za). Silvertree’s management team sees several business opportunities set to grow exponentially over the coming decade.

Here’s the lowdown on consumer and technology opportunities in 2019 and beyond.

1. Indigenous and ethical: Personal and home care products

2019 Sees growing potential for personal care products – ‘Those with local and indigenous ingredients, ethical sourcing which is kind to nature and the body,’ Koser explains. ‘There is a lot of room to play in the African haircare market particularly, as it’s often overlooked by the major FMCG companies.’

The Silvertree MD also sees increasing room for innovative natural home cleaners as consumers become increasingly environmentally conscious. ‘Until now, it was all about the well-known cleaning products the major chemical manufacturers put on the shelves. Now, there’s increasing space for new, exciting entrants.’

2. New beverages

‘Locally-sourced ingredients and an earth-first mindset will also play an increasing role in the consumer beverage market. Add to this the fact that major soft drink manufacturers will struggle to produce drinks for increasingly health-conscious consumers. They’re often just not quick enough to adjust to changing consumer tastes – particularly the tastes of millennials. Think less about a standard fizzy drink, but rather one that’s kind to the body, with natural ingredients. Non-alcoholic: water plus, say, cucumber, or another indigenous ingredient. The market for this will grow.’

3. Ethical snacking

Plant-based, vegan, ancient grains, ethical, protein-rich snacks – these are just some of the trends Koser sees dominating in the snack segment in 2019 and beyond. It’s about unique, tasty, functional foods that cater to the modern, time-starved consumer, Koser explains.

4. Buy, sell and compare online

In the technology space, marketplaces, e-commerce sites and classifieds will all gain momentum in 2019 and beyond. This encompasses aggregators as well as more unusual online businesses, which are increasingly able to find and reach consumers interested in niche products and services.

‘Consider an online ice-cream business. Once, something like that would have been unthinkable,’ Koser explains. ‘But as consumers demand greater choice, room for niche products like this grows.’

Yet, dabble online and seamless execution and delivery become make-or-break factors. ‘Many South African consumers use services such as Google, Amazon, Uber and Spotify daily – world-class products that function on a global scale. You can call an Uber and wait for just two minutes before getting a ride,’ Koser explains. ‘It’s quick and totally seamless. Consumers have come to expect that level of service across the board. Aligned to this is the fact that the millennial wave is currently hitting Cape Town right now, and Joburg secondarily, meaning a number of opportunities are opening up. Go after products and services in the right space and consumers will follow.’

5. Reinvent the wheel – and make it better

The final type of business entrepreneurs should keep an eye on is those that currently have low Net Promoter Scores. ‘This means that very few people like them, or the services they provide are of very poor quality,’ Koser explains. ‘Think of postal service providers or telecoms companies. With any monopolistic or oligopolistic structures, the service is often terrible because the heavyweights hold so much power. There’s a huge gap here.’

An allied approach for entrepreneurs is to assess opportunities for automation, or cutting out the middleman with technology. ‘Once, many markets – such as real estate were opaque, meaning you needed a middleman to help you transact. However, as the capabilities of technology have grown, markets have become far more transparent – making it easier for buyers to match with sellers safely. Today, a lot of this is easy to automate services – think about connecting a homeowner to a prospective renter through a digital solution where renters can be qualified, for example, in terms of their finances, personal information and criminal records. Quick and simple. And no middleman.’

The biggest opportunities here centre around where consumers spend the greatest amounts of time and money, Koser notes. ‘Housing and rent are always major costs. In terms of where consumers spend their time, on the other hand, much of it is, on a mobile phone, or PC.’

However, entrepreneurial success is never down to any one magic formula, Koser emphasises. Nor does Silvertree invest in prospective entrepreneurs solely on the basis of the product or service they offer. ‘It’s about passion, perseverance and tenacity as much as it is about the quality of the product.’

Silvertree Internet Holdings is an investment growth partner who aims to understand, grow and scale business, consumer and digital brands to unlock the brands’ exponential growth.

Continue Reading

Entrepreneur Today

What To Watch For In Tito Mboweni’s First Budget Speech

By Rob Cooper, tax expert at Sage, and chairman of the Payroll Authors Group of South Africa.

Entrepreneur

Published

on

rob-cooper-sage

Finance Minister, Tito Mboweni, delivers his first Budget Speech on 20 February at a difficult time for the South African economy. Even though President Cyril Ramaphosa has done much to restore business confidence in his first year in office, GDP growth remains weak, government finances are in relatively poor shape, and renewed load shedding is hurting business confidence.

Judging from his Medium-Term Budget Policy Statement in October last year, I expect Minister Mboweni — backed by the team in the National Treasury—to deliver a relatively cautious budget. Much of the focus will be on refinancing the state-owned enterprises and putting them back on to a sustainable footing.

We probably won’t see much in the way of radical thinking since the room for manoeuvre is so limited. Click each header below for an indepth video on the upcoming topics.

National Health Insurance (NHI)

Renewal of the country’s public healthcare system with a mandatory health insurance fund and free healthcare at the point of need has been the ANC government’s policy for years, but progress has been slow to date. There isn’t much money in the country’s coffers to fund something as ambitious as NHI, yet the government will want to show that it is advancing the concept ahead of the elections.

With an NHI bill to be tabled in Parliament soon, we could learn more about how NHI will be funded in this year’s Budget Speech — it’s still not clear whether we will pay for it through payroll taxes, VAT increases or other fundraising measures. As an initial step, we could see medical aid tax credits reduced (or at least not adjusted for inflation) to free up some funding for the NHI.

The Employment Tax Incentive (ETI)

The ETI Act came into effect on 1 January 2014; as a fan of this incentive, I was delighted that President Ramaphosa announced that it will be extended for 10 years another decade in his state of the nation address. However, I have also long argued that the scheme is not performing to its true potential because it is so complex for payroll managers to administer.

The introduction of the national minimum wage adds even more complexity— until and unless the ETI Act is amended, SARS is of the opinion that the National Minimum Wage will not qualify as a “wage regulating measure”. I hope the Budget Speech will announce steps to align the ETI with the national minimum wage and take other measures to simplify administration.

Tax hikes

I don’t expect any major increases to corporate or personal income tax this year since the taxpayer doesn’t have much more to give. I think the top 45% rate will remain unchanged, while tax bracket creep relief (to compensate for inflation) will be limited to lower income earners. It seems unlikely that the Minister will increase VAT again this year, given last year’s increase.

That means the Minister is likely to look at ‘moral’ taxes (sin and sugar taxes) to raise more money; we can expect another steep increase in the fuel levy. Perhaps we’ll also hear about efforts to improve SARS’ revenue collection after several years of under-performance. The agency seems ripe for a turnaround strategy, with high-powered team looking for a permanent chief to take the reins at SARS.

Follow us on @SageGroupZA on 20 February 2019 for LIVE expert insights from the annual Budget Speech.

For more information about Sage’s annual tax seminars, please visit: https://get.sage.com/PRL_19Q1_C4L_ZA_EVCU_NPS_AnnualPayrollTaxSeminar2019

Continue Reading
Advertisement

SPOTLIGHT

Advertisement

Recent Posts

Follow Us

Entrepreneur-Newsletters
*
We respect your privacy. 
* indicates required.
Advertisement

Trending