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Tsogo Sun Entrepreneur Of The Year Finalists Announced

Focus on entrepreneurial growth continues to increase in South Africa as unemployment climbed to 27.7% in the second quarter of 2017.

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Focus on entrepreneurial growth continues to increase in South Africa as unemployment climbed to 27.7% in the second quarter of 2017. The Global Entrepreneurship and Development Institute’s 2017 report, The entrepreneurial ecosystem of South Africa, states that while bottlenecks do exist, such as large-firm dominance, cultural perceptions of entrepreneurship, and structural inequality, “evidence suggests that several targeted actions could address key bottlenecks and further improve the entrepreneurship ecosystem in South Africa”.

It is within this unfolding environment that the Tsogo Sun Entrepreneurs programme was established in 2005, to contribute to employment creation, and towards the growth of the South African economy. The programme comprehensively supports emerging businesses in the tourism sector and other industries throughout the country.

Tsogo Sun Entrepreneurs holds an annual Tsogo Sun Entrepreneur of the Year Award competition for entrepreneurs and alumni benefitting from the development programme – this year 200 were eligible to enter.

Entrants complete a comprehensive entry form, which then goes through a stringent evaluation that includes 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.

Related: How To Start A Business With No Money

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Five 2017 finalists were selected:

  1. Devina Dawkinum, Gemkids Catch-up Programme, from KwaZulu-Natal
  2. Hezron Louw, Sumting Fresh restaurant and gourmet street food, Gauteng
  3. Nicole Msibi, Before Time Indlondlo Events, catering and events equipment and décor hire, Gauteng
  4. Noli Mini, Relax Spas mobile health spa company, Western Cape
  5. Ronnie Nemukula, Ronem Maintenance Solutions, engineering services in construction, repairs and maintenance, Mpumalanga.

Candy Tothill, Tsogo Sun’s GM of Corporate Affairs, congratulated the finalists and wished them luck for the next stage of judging, which will be done by a panel of influential South Africans in business and society, who will rate the finalists using a process that evaluates business performance, self-confidence, presentation, professionalism, knowledge, and overall impression.

“Our finalists represent a diverse range of businesses and come from four different provinces, illustrating the growing reach and impact of our entrepreneurs programme. It is encouraging to see the innovative and industrious methods that they have employed to succeed in their businesses in these challenging economic times, and we are excited to be able to give them this wonderful Tsogo Sun Entrepreneurs Award platform which promises to place them squarely on the map for future success.”

The 2017 winner will be announced at the Tsogo Sun Entrepreneur of the Year Awards dinner on 26 October at Southern Sun Pretoria. Prizes for the winner include R50 000 from Tsogo Sun and a bursary valued at R30 000 from Tsheto Leadership Academy. In addition, the winner will fulfil the important role of being an ambassador for Tsogo Sun Entrepreneurs for the year.

This will involve travelling around the country with the Tsogo Sun Corporate Affairs team delivering empowerment and citizenship seminars, public speaking engagements, mentoring other small businesses, and serving as a role model for young entrepreneurs and emerging enterprises. The 2016 winner of the Tsogo Sun Entrepreneur of the Year Award was Nqobile Nkosi, owner of NQ Jewellery Design Services, based in Soweto, who has spent an active and successful year as an ambassador.

Related: New Ways SMEs Can Find Funding

“Our far-reaching national enterprise and supplier development initiatives provide business and leadership skills, various business benefits such as equipment and advertising, and preferential procurement opportunities to qualifying predominantly black-owned small enterprises and emerging micro-enterprises. As far as possible, the percentage of black-owned businesses supported is aligned with the country’s economically active population statistics,” says Tothill.

200 emerging businesses are enrolled in the Tsogo Sun Entrepreneurs full-year development programme, which delivers business foundation skills training, leadership coaching, mentorship, and business benefits such as equipment, discounts, and television advertising. Additionally, 125 SMMEs are supported with business benefits through an ESD programme called the HCI Supplier Club which Tsogo Sun runs in partnership with majority shareholder, HCI Limited.

Of the enrolled Tsogo Sun Entrepreneurs, 63% have successfully completed University of Cape Town Business Management Courses presented in collaboration with education company, GetSmarter, co-funded by programme partner CarlsonWagonlit Travel and Tsogo Sun.

Vusi Dlamini, Tsogo Sun’s Group HR Director, says, “We’re very proud as a group of the extent of the progress and achievements of Tsogo Sun Entrepreneurs.  The value of the programme is significant – to the entrepreneurs, to the group, and to the greater economy.”

He adds that 25% of the businesses enrolled in the programme have expanded their operations as a result of Tsogo Sun’s interventions, and that each small business employs between one and 50 staff, and reaches up to 30 people in the value chain.

“The programme showcases good work by the entrepreneurs, while also assisting participants with skills development and exposure to the markets that Tsogo Sun serves; and it helps them build self-confidence and success. It’s a worthwhile programme that empowers entrepreneurs to hold their own in the business world.”

Tsogo Sun’s portfolio includes over 100 hotels and 14 casino and entertainment destinations throughout South Africa, Africa, the Seychelles and Abu Dhabi. For further information, visit tsogosun.com, follow on Twitter and Instagram @TsogoSun or like on Facebook /TsogoSun.

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The Sky Is The Limit For South Africa’s Top Women Achievers

High-powered women achievers from across the private and public sectors, academia and diplomatic spheres gathered for a charged two-day conference in Johannesburg this week to share experiences about empowerment, achievement and the role that women are destined to play in a competitive global environment.

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Several hundred women attended the 15th Annual Standard Bank Top Women Conference which, with the Top Women Awards, has become one of the premier events for women on the national calendar. The objective of the gathering at the Maslow Hotel on the 17th and 18th of October, was to showcase the achievements of South African women and reignite their passion as they have major roles to play in all arenas of endeavour, says Ethel Nyembe, head of Card Issuing at Standard Bank.

“The delegates to the Top Women Conference were inspired by speakers such as Yvonne Chaka Chaka, singer, songwriter and an entrepreneur in her own right; Phuti Mahanyele, executive chair of Sigma Capital, a black-owned investment group, and political and academic stalwart Geraldine Fraser-Moleketi, now Chancellor of Nelson Mandela University and other women who are playing leading roles in many of the nation’s listed blue-chip corporations.”

“The overall message is that women are playing a central role in growing all facets of our economy and are helping to build a future from which other women can benefit and, in turn, inspire others. Women, regardless of whether they are entertainment icons, professionals engaged in helping shape the minds of future generations, businesswomen or scientists are part of building a new global reality.”

Related: 13 Female Entrepreneurs Rising To The Top In SA

To inspire delegates about the breadth and depth of the future for women, the conference examined all facets of economic life from the impact that IT and scientific research is having on building businesses, through to the development of entrepreneurs and leadership skills. Insights were offered through the contributions of speakers and roundtable panel discussions in which leading women offered observations and advice gathered from their vast experience.

“Standard Bank is proud of the role it has played in enabling women achievers to reach their full potential within its ranks. The bank also recognises that women across society have a broad role to play in the future of South Africa. It is through support for events like the Top Women Awards and the Top Women Conference that this approach is made visible and tangible.”

“We expect this year’s conference deliberations to deliver insights and inspiration that will not only spur established women to new heights of achievement, but also stimulate young women starting new careers,” says Ms Nyembe.

More information on the Top Women Conference can be found at https://topwomen.co.za/ and it can be followed on the #SBTWConference conversation on Facebook and Twitter  

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The Ins And Outs Of A Good Exit Strategy

The thought of parting with a business you’ve grown from the ground up may be unsettling, but Gugu Mjadu, spokesperson for the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, says that it is better for both your business and yourself to plan for this as early as possible.

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“The challenge that business owners often face in this respect is comparable to the difficulty that many new parents have with imagining their children grown up and leaving for university. Imagine, however, if parents did not plan ahead for the cost of their education – that would be detrimental to the future of their children. The same could be the case for your business.”

Mjadu says that a good exit strategy is about sustainability and being able to measure your business performance against the goals you have set for it. “It’s really about being able to say, ‘this is when the work is done and I can exit the business or take on a different role – this is what success looks like in terms of monetary return on investment and other business growth indicators’.

“The lack of an exit strategy could be telling of a fundamental lack of measurable business goals and this needs to be addressed,” she says.

From immediate liquidation to liquidation over time; family succession; selling to staff or external investors; the open market or another business; or the gruelling but profitable exercise of taking your company public – there are many different ways in which an entrepreneur can exit their business, but Mjadu says that whatever the process, a strong and solid strategy is essential.

She shares five key points of a good exit strategy:

1. It tells you when you are done

Mjadu says that a good exit strategy should reflect a core understanding of all the intricacies of your business and should be able to tell you when the lifecycle of your business (or of your involvement in the business) should come to an end. This is usually done by including a set of tangible measurables or objectives so that it is easy to ascertain when these have been achieved.

Related: When Do You Know It’s Time To Sell Your Business

2. It sets out the right environment within which to exit

A good exit strategy considers the economic, social and political environment at the time of your exit. Mjadu says that this is important in order to plan for a secure financial future.

“Failure to think about this could result in short-changing yourself by exiting during a tough economic climate when the risk to buyers reduces the value of your business.”

She references the case of Victoria’s Secret when founder, Roy Raymond, sold the failing business for $1m unknowing that it would later grow into the multi-billion dollar empire it is now. “While Raymond’s exit was ultimately necessary for Victoria’s Secret’s growth, he sold it in 1982 during the global recession of the early eighties – one of the world’s biggest financial crises and this influenced the selling price at his exit”.

3. It compensates those who have contributed to the life of your business

It is important to consider the impact your exit could have on investors and staff, says Mjadu. “Closing shop for example, means that your staff no longer have employment at your business. Selling could mean the same.” She adds that it is important to consider ways in which your exit could also benefit these stakeholders – for example, selling to a bigger business could mean more career opportunities for your staff, as well as continued job security.

4. It compensates you

Mjadu says that entrepreneurs often struggle to recognise their own true worth, especially when this involves attaching a monetary value to what has been achieved. “The time of exiting a business is no place to short-change yourself. You need to get out the full worth of what you put in,” she says, explaining that this means ensuring that you are financially secure before and while you go into your next venture.

“Your needs for retirement and medical insurance, as well as the maintenance of your living standard, should be met at your exit.”

Related: Want to Exit the Company? Here’s Your Shareholder Exit Strategy

5. It sustains your entrepreneurial drive

Mjadu says that while you may be nearing the end of one journey, your exit should enable and encourage you to continue to be an entrepreneur – and to look forward to the next journey. “Your entrepreneurial skills and capacity do not end when you exit your business and whatever your strategy, it should egg you on to more entrepreneurial activity including becoming a mentor to aspiring entrepreneurs.”

Mjadu says that exiting your business should allow you a good retrospective look at what you have done over the years – and so planning the strategy early on in your business lifecycle will set you up in regards to what you hope to achieve. “Upon exit, you should be able to say that you have done what you set out to do, financially and socially, and you have some energy left to do more elsewhere.”

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Search Is On For SA’S Online Retailer Of The Year

World Wide Worx in partnership with Platinum Seed, Visa, Heavy Chef and the Ecommerce Forum of Africa, launch new awards to recognise online stores that promote shopper trust.

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World Wide Worx today announced that it was launching a new awards programme — called the Online Retailer of the Year — to honour online stores in South Africa that grow trust amongst digital shoppers. The awards are part of a broader project to boost online shopping by World Wide Worx in partnership with Visa, Platinum Seed, the Ecommerce Forum of Africa and Heavy Chef.

“Online retail in South Africa has consistently grown above 20% since the turn of the century but only passed 1% of overall retail in 2016. Research shows that trust is a big factor in ecommerce growth, which is why we want to recognise online retailers who help to grow the entire sector by ensuring the kind of ecommerce standards that engender trust with online shoppers,” Goldstuck says.

“But once online retail passes two per cent it crosses an essential psychological barrier and this often leads to a tipping point in emerging economies. That’s when we see online retail snowballing. It gathers real momentum and everyone in the sector benefits,” Goldstuck explains.

To be eligible for entry to the Online Retailer of the Year, owners of digital stores are urged to participate in an essential survey of local online shopping being run by Goldstuck’s World Wide Worx, together with Visa and digital growth agency Platinum Seed.

To participate in the research, local online retailers can go to www.surveymonkey.com/r/OnlineRetailSA

All online retailers who participate will be entered into the award. However, participation in the survey is not a precondition for entry to the awards. However, only online retailers who operate from within South Africa’s borders are eligible for this local award.

The awards will be made at a Heavy Chef event in Cape Town on Thursday, October 01 2018. At the same event, World Wide Worx’s Arthur Goldstuck will lay bare the state of local retail, with Brad Elliott, CEO of Platinum Seed, and Visa.

Related: Up To R1 Million In Funding For Tech Solutions To Early Childhood Challenges

Goldstuck, who is judging the awards, will present the following awards:

  • Online Retailer of The Year
  • 1st runner-up – Online Retailer of the Year
  • 2nd runner-up – Online Retailer of the Year
  • Best New SA Online Retailer of the Year.

The winners of the Online Retailer of the Year awards will be given a digital badge that the online store can display online. The winners will have bragging rights for a year — until the next award is made in 2019.

Judging criteria for the awards include trust, innovation, customer service, digital excellence, customer engagement, product excellence, and the online reputation of the digital store. Visa, Heavy Chef, and Platinum Seed will oversee the judging of the awards. The Ecommerce Forum of Africa will audit the results.

Retailers or entrepreneurs who want to attend the awards and presentation of the research results by Goldstuck can purchase tickets from Heavy Chef.

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