Herman Mashaba and his wife Connie started Black Like Me with virtually nothing. They became the first South African company to produce hair care products specifically for black customers. Demand for Black Like Me products grew rapidly and they soon had to move from their tiny premises to a much larger factory. However, a few years later, tragedy struck and the new factory was totally destroyed in a huge fire. They lost everything and were faced with bankruptcy. Yet, Herman never gave up. He rebuilt the business from scratch. Today, Black Like Me is a multi-million rand business, with products distributed throughout Africa and in the UK.
Are you a potential entrepreneur?
Take our Entreprometer quiz to see whether you have the qualities needed to be a successful entrepreneur.
Entreprometer quiz
You have a great idea to help your company make more money. What would you do?
a) Talk to your boss and convince him/her to use your idea
b) Send your boss an email telling him/her how great your idea is
c) Say nothing as it probably wouldn’t work anyway
Your customers often complain that their orders are delivered late. What would you do?
a) Call a meeting with colleagues who process orders and deal with the problem immediately
b) Send a memo to your boss requesting that he or she solve the problem
c) Tell your customers that there’s nothing you can do about it
Your boss asks you for suggestions for how to improve production. What would you do?
a) Excitedly reel off a list of your ideas
b) Tell your boss you’ll get back to him/her and ask your colleagues for their opinions
c) Tell your boss you don’t think you’re qualified to make any suggestions
You encounter a problem at work. What would you do?
a) Think about it and try lots of different ways to solve the problem
b) Inform your boss or supervisor so that they can handle it
c) Ignore it and hope the problem will go away
A customer phones you requesting a product that your company doesn’t stock. What would you do?
a) Call all your suppliers and try to locate the product yourself
b) Send an email to your stores department and ask them to find the product
c) Tell the customer you can’t help
For every “a” answer, you score three points.
For every “b” answer, score yourself two points.
For every “c” answer, you score no points.
If you scored 11-15 points, you are a born entrepreneur! If you scored 6 - 10 points, you display many entrepreneurial qualities and will learn more as you go along. If you scored 0 - 5 points, you still like your comfort zone and need time to face your fears and get used to the idea of taking risks.
Five common qualities of successful entrepreneurs.
Passion. Loving and believing in what you do is very important to success
Self-starting. Taking initiative is vital to ensure that whatever needs doing gets done
Self-confidence. Belief in yourself gives you the courage to take risks and overcome your limits
Determination. Perseverance and commitment enable you to overcome hurdles and never to give up
Flexibility. Being able to adapt to any situation will help you to face and solve any problem or challenge that comes your way
Many entrepreneurs share similar qualities, yet you may not possess all of these qualities yourself. What’s important is how your qualities can help you to achieve success.
This is brought to you by South African Institute for Entrepreneurship
South African Institute for Entrepreneurship (SAIE) Mission is to develop an entrepreneurial culture and mindset in youth and adults, and to assist in the creation of entrepreneurs. South African Institute for Entrepreneurship develops innovative materials that utilise original, creative methodologies, and trains educators and trainers to convey business skills and uncover entrepreneurship qualities.
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23 August 2006
South Africa : Alive with possibility?
That South Africa post 1994 is a country alive with possibility is indisputable. That it is also a country lacking in sufficient numbers of entrepreneurially minded individuals is, unfortunately, equally so.
Since South Africa first participated in the Global Entrepreneurship Monitor (GEM) Report in 2001 it has almost consistently declined, year on year, in terms of its level of entrepreneurial activity relative to all participating companies (see block below). Most importantly, the GEM Reports from 2002 to 2005 all report that in all measures of entrepreneurship South Africa ranks lowest of all developing countries.
Many years ago I was involved in a project to change the cultural patterns of a company that was a client of mine. The details of this project, which had nothing to do with philanthropy (at that time I was in the advertising field) I don't remember, but at the end of a long discussion, someone came up with a phrase that I would never forget: 'You cannot find new routes by looking at old maps.' It came back to me years later, in January 2005. After creating the Social Stock Exchange programme for BOVESPA, Brazil's Stock Exchange, the Brazilian government invited me to present the idea to other stock exchanges to encourage them to replicate the model.
Have you ever dreamed of owning your own business, but were too afraid to try? Have you ever longed to work from home and become financially independent? Well, the time has come to confront your fears and explore your options. In the next nine issues of Jet Club Magazine, we will introduce you to the exciting world of entrepreneurship. You will read about some of South Africa’s most enterprising business leaders. And you will find out what it takes to be your own boss.
When Raymond Ackerman started Pick ’n Pay in 1967, he was no stranger to the retail industry. From a young age he started working at his father’s family store, Ackermans and its sister company, Greatermans. When Greatermans opened a new supermarket called Checkers, Raymond was transferred there and promoted to manager. He was then sent to America for nine months to learn all about supermarkets. While in America, Raymond learned a great deal about customers and the retail industry. He returned to South Africa all fired up with wonderful ideas. However, his ideas were rejected by Checkers’ management who said that his “American” ideas would not work in South Africa. Raymond fought hard to get his ideas implemented but was eventually fired for being at odds with the company’s management. Left with no job and a family to feed, Raymond set about raising finance to start his own business. A year-and-a-half after founding Pick ‘n Pay, the company made R300 000 profit and was listed on the Johannesburg Stock Exchange. Today, Pick ’n Pay is one of the most successful retail supermarket chains in South Africa.
16 May 2006
What skills and experience do you need to start your own business?
Profile
Patrice Motsepe began his career as a lawyer. Yet he wanted to start his own business and become his own boss. When choosing what type of business to create, he looked to his skills and experience. Top of his list was being a mining law specialist for a big law firm, so it was natural for him to stick with what he knew. Patrice left his well-paying job to set up a contract mining business. At first, he battled to keep his business afloat. He had no money and no experience in running a business. He couldn’t get a loan and it took him two years to get his first contract. However, he never gave up. He went on to launch a new company called African Rainbow Minerals (ARM) and purchased a number of mining shafts. His business became extremely successful and later merged with Harmony Gold Mine to become ARMgold. Today, Patrice is a billionaire and his business interests go well beyond gold.
16 May 2006
What type of business will suit you?
Profile
KK Kombi is one of South Africa’s most inspiring entrepreneurs. Born and raised in Gugulethu township, Cape Town, KK rose from rags to riches thanks to his ability to turn his interests into businesses. His first business was a small but successful spaza shop in Gugulethu. He saved his profits and used his hard earned cash to invest in property. The profits from his property trading were then poured into property development. The profits from the sale of a large development gave him the capital to start a business that he was truly passionate about, Master Currency. He got the idea for Master Currency when travelling overseas and exchanging travellers cheques for cash. KK became the first independent and black dealer to be awarded a foreign exchange license by the Reserve Bank. Today, Master Currency has 16 branches throughout South Africa and employs more than 200 people.
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