It is important for aspiring

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1 Thursday 23 August 2018 Adapting to the wholesale game. Weekly wholesale supplement brought to you by The Citizen. Don t let fear stand in your way Entrepreneurs are sorely needed in a country with a dire shortage of them. It is important for aspiring entrepreneurs to not let their fears stand in the way of starting a business. This is according to David Morobe, regional General Manager at Business Partners Limited, who says there is a need for more South Africans to take the leap into entrepreneurship. This is highlighted by the results of the 2017/2018 Global Entrepreneurship Monitor Report, which reveals that while 69% of South Africans perceive entrepreneurship to be a good career choice. Only 11% have entrepreneurial intentions, says Morobe. He points to a report released by Old Mutual in 2017, which reveals the top reasons that South Africans do not put their entrepreneurial ideas into action. The reasons cited in this report include a lack of funding (46%) and a lack of confidence (16%), as well as the struggle to come up with a good idea (16%), not having enough time to start a business (15%), and the fear of losing a steady income (14%). With this in mind, Morobe unpacks the most common fears of starting a business and suggests ways for aspiring entrepreneurs to overcome them: Lack of funding 1. There are numerous investors and financiers in the country eager to invest in viable innovative business concepts. There are also various alternative avenues that can be explored when it comes to business funding, such as crowdfunding or bootstrapping. When considering the most suitable type of financing, it is imperative to do research and consider the pros and cons. Lack of confidence 2. There is a well-known quote that says: Courage is not the absence of fear, but the ability to persist in spite of it. This is true for entrepreneurs, who need to understand that failure is part of starting a business. New business ventures take an incredible amount of perseverance, so do not be disheartened by the need to constantly rethink the offering. This should not be taken as a sign of failure, but rather as a predictor of future success. Not having original 3. ideas for a business A common misconception is that in order to start a business, one needs to come up with an entirely new idea. More often than not, being an entrepreneur is improving on existing concepts by offering a service or product that is better than that offered by competitors. Not having enough time 4. to start a business Starting a business can be daunting, and it is advisable to set realistic goals from the very beginning. Set the goal of completing one task towards building your business each day. These could include finalising a section of the business plan, or starting a social media page.

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24 24 Buy in bulk Thursday 23 August 2018 SA businesses face disruption A wave of innovation is sweeping the retail sector, both abroad and in South Africa, and Deloitte is addressing this trend with the creation of a Connected Retail experience at its Greenhouse innovation space in Cape Town. According to Mike Vincent, Consumer Industry Leader at Deloitte, the changes will manifest themselves in shorter queues at checkout, improved shopping experience, much better selection of goods and traceability thereof, personalised and relevant special offers and the ability to have out-ofstock items delivered to customers doors. Retailers globally are being disrupted by digital, yet less than one-quarter of retailers are actively doing anything about it, Vincent reveals. The changing retail landscape is driven by exponential changes in technology, innovative business models and changing customer expectations. This disruption is both an opportunity and a threat for retailers. Operating in South Africa does not mean that our industry will not be disrupted digital disruption is already here. They have been working with retail clients to get the most out of digital improving efficiencies, driving down costs and creating a better understanding of the entire value chain from suppliers right through to customers. Digitalisation and the store of the future have been topics of discussion in various forums, but at Deloitte, we believe it s now time to make the concept real for the clients in our market and link business value to practical solutions, says Neville Hounsom, Director at Deloitte Consulting. The offering provides emerging market retailers with the opportunity to experience real-world digital solutions and explore the opportunities presented by digital transformation. To this end, the firm recently strengthened its South African retail team with the addition of a number of individuals with extensive expertise in the international and domestic retail sectors. It has also established a physical retail experience at its greenhouse innovation space in Cape Town. This immersive, interactive experience allows visitors to gain practical, tangible insights into every aspect of the Connected Retail ecosystem. New outlook on life ROBERT KIYOSAKI: THE WORLD S SCHOOL SYSTEM NEEDS TO BE REVISED Real financial education is not money; money is corrupt. Robert Kiyosaki, businessman, entrepreneur and author, visited South Africa last month and conducted a workshop at Sandton Convention Centre for the first time. He was joined at the investors summit by market strategist Sandy Jadeja; tax expert and Kiyosaki s advisor Tom Wheelwright; the world s No1 wealth coach JT Foxx; social entrepreneur DJ Sbu; online wealth creation expert Peng Joon; Bitcoin and cryptocurrency expert Conray Labuschagne; mind power and personal mastery guru Robin Banks and others. The dollar is corrupt said Kiyosaki at the summit. Our academic elites that went to Preston, Harvard, they actually think that they can keep printing money to solve the problem. Kiyosaki further explained that they are three kinds of money. God s money, which is gold, silver and platinum; paper money like the dollar, the rand, the yen and the euro which is government money; and cryptocurrency, which is the people s money. When government money failed, cryptocurrency appeared. Kiyosaki was asked what motivates him and what keeps him going. I do not like the school system ripping us off. It s failing people. They are still teaching people stuff that doesn t work. I m not after the school teacher, I m after the mindset of education. I do not like the fact that you have brilliant young people and each and every one of them can be an entrepreneur. Instead our school system is teaching them to look for a job and work for government money, he said. Kiyosaki feels entrepreneurs If you want to run your own business, the Engen Pitch & Polish is the platform you need to launch you on the path to success. Pitch & Polish offers you the opportunity to win R for a business. In its ninth year, Engen Pitch & Polish is a national entrepreneurial workshop and competition that so far has helped around entrepreneurs improve the way they pitch their businesses to potential investors. A perfectly polished pitch is are not being taught further than selling on the side of the street. Real financial education is not money. Money is corrupt, gold is corrupt and governments are corrupt. Academic and finance are opposite worlds. Kiyosaki said the rich play by a different set of rules because of their understanding of the rules of money. The law is written against doctors and lawyers they pay the highest taxes, The A students pay the highest taxes and they struggle financially. If you re an entrepreneur, you have a better chance of getting richer than an employee these days. Kiyosaki concluded by saying: I am an entrepreneur. I am a real estate guy. I am a gold and silver guy and I use debt. Those are my games and I pay no taxes, some people play the game of survival. Citizen reporter A perfectly polished pitch is the key to succeeding key to growing and succeeding in business. Magic always happens when investors hear a well-rounded pitch, as seen at the 2017 final where the winner was offered R2.5 million in potential funding. This year s programme is hosted in partnership with Engen Petroleum Ltd, Nedbank and Raizcorp, with the Durban workshop taking place on Saturday, September 8. You can register to attend as a delegate or if you feel you have what it takes you can complete an online entry form to be considered as a contestant. During one exhilarating, exciting and fun free day, participants undergo comprehensive and interactive entrepreneurial training on how to pitch like a pro. The session is facilitated by Justin Cohen, best-selling author, international speaker and TV talk-show host. After the training session, the pre-selected contestants can pitch their ideas or businesses to info Durban Date: Saturday, September Time: Starts at 9am and ends at 5pm Venue: Olive Convention Centre, 81 Somtseu Road, Durban the whole audience who, together with the facilitator, will provide feedback.

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