Tag: Tommy Makhatho

It’s never too late to start your own business

Posted on by Webmaster

50 is the new 21 age for entrepreneurs

There is a common misconception among many budding entrepreneurs that starting a business is a journey that is best initiated at a young age. Entrepreneurship is however not just for the youth, and can be embarked upon at any stage of life.

This is according to Kobus Engelbrecht, spokesperson for the 2016 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, who says despite the success stories about young individuals pursuing entrepreneurial ventures – such as  Facebook’s Mark Zuckerberg (then 20) and Airbnb’s Brian Chesk co-founder (then 26) –  these individuals are the exceptions rather than the norm. “The average entrepreneur tends to be a middle-aged professional who, through experience, has identified an opportunity to establish a business and fill a gap in the market.

He points to research conducted in the US by Kauffman Foundation titled the Anatomy of an Entrepreneur. Surveying over 500 high growth founders, it revealed that the typical successful high growth entrepreneur is 40 years old, and that there are more than twice as many successful entrepreneurs over the age of 50 compared to under the age of 25.

Our experience with the competition confirms that there are still are a number of ‘older’ entrepreneurs making a name for themselves – those that have had a successful career and have since developed a business after identifying  a gap in the market, says Engelbrecht. “Our 2013 Emerging Entrepreneur of the Year® category winner, Jonathan Pepler, spent 30 years in the corporate retail sector before embarking on his entrepreneurial journey in the construction industry.”

Engelbrecht adds, the 2013 Entrepreneur of the Year® overall winner, Tommy Makhatho – owner of BiBi Cash & Carry – is another example. “While he had entrepreneurial aspirations from a very young age, Makhatho’s business only thrived later in life due to the experience he had accumulated. Having left school after standard nine in 1976, he went on to pursue many avenues from hairdressing to a distributing of hair-care products. In 1998, Makhatho opened the first Bibi Cash & Carry Family Supermarket and subsequently Bibi Wholesaler and Bibi Cash & Carry. The retail group has grown in profit and size significantly, and today, Makhatho  employs over 500 people.”

The average age of an entrepreneur in South Africa is between 22 – 45 years, according to the latest Global Entrepreneurship Monitor (GEM) South Africa 2014 report. Although there is no prescribed age to pursue entrepreneurship, each age group has its advantages, explains Engelbrecht. “Young entrepreneurs benefit from their propensity to take risks, a characteristic that is synonymous with entrepreneurial traits, as well as a youthful energy to persevere should a risk not pay off at first.

“However, in contrast, older entrepreneurs have the advantage of experience, as well as the ability to take more calculated risks given that they are likely to have more weighing on the risks they opt to take, such as family or investment responsibilities. Older entrepreneurs, those with more working experience, also tend to have more skills in running a business and wider networks to utilise for business gains.”

Engelbrecht says that the fear of ‘being too old’ to start a business shouldn’t be a reason that aspiring entrepreneurs don’t take the leap. “Some aspiring entrepreneurs shrug off the idea of owning a business out of fear that their internal clock has long ticked past the proverbial deadline. This mind-set needs to change.

“There are many successful business men and women who, after years of experience in the workplace – whether near to or far from retirement – find that their minds and bodies are still active and fit enough to begin a new venture, even well into retirement years.”

Engelbrecht concludes with a reminder that it is never too early or too late to start a business – with calculated risks, sufficient research, a good business plan and the right support – opportunities for success are always in sight.

Competition to inspire SA’s next entrepreneurial generation continues to evolve

Posted on by Webmaster

South Africa’s premier entrepreneurial showcase going strong since 1988

Entrepreneurial prospects are plentiful in South Africa as every sector has a product or service that can be improved upon. Entrepreneurial endeavours therefore depend on the individual’s determination to not only notice the particular gap in the market, but act on the opportunity in order to capitalise on a potentially lucrative business opportunity.

The history of the Sanlam / Business Partners Entrepreneur of the Year® competition, now in its 27th year, demonstrates the opportunities available in the country. Since 1988, the competition has produced 51 winners across various categories and of these winners, at least 18 have set up businesses that were started in competition to their previous employers, which were large established brands or businesses.

Christo Botes, spokesperson for the Sanlam / Business Partners Entrepreneur of the Year® competition says that this illustrates that a ‘million dollar idea’ doesn’t need to be a new creation for a business to be successful. “The benefits of taking the first vital step from being employed with a large corporate to becoming a small business owner can be boundless, not only for the entrepreneur, but for the business’ potential future employees. Throughout the years, we have been privileged to witness firsthand the pivotal role entrepreneurs play in job creation and GDP contribution in South Africa.”

Botes points to three previous winners that today form part of sizable stock exchange communities:

  • Greg Petzer and Ken Fletcher of Diverse Labelling were the 1992 Entrepreneur of the Year® winners, and today form part of the Astrapak Group listed on the JSE;
  • Dedreich and Ryan Otto of Megatron were the 2004 Entrepreneur of the Year® and today form part of the Ellies Group listed on the JSE;
  • Ben Levitas of Astore Africa was the 2003 finalist of the Entrepreneur of the Year® and his company is now a subsidiary of Hudaco Industries listed on the JSE.

“A few others have also sold their businesses to large corporations for sizable amounts, such as the 2001 Lifestyle Entrepreneur of the Year® winners, Liyaqat and Soraiya Parker of Foodworld and Saveworld Stores, who sold their business to the Shoprite Group. These achievements highlight the possibilities that could transpire based on a simple business concept that is executed well.

In terms of job creation, one of the competition’s past winners, Pierre Conradie of the Alpha Group, Job creator of the Year now employs more than 1 200 employee, while many others have significant numbers employed in rural and semi-rural communities, such as the 2013 Entrepreneur of the Year® and Job Creator of the Year® winner, Tommy Makhatho. Owner of BiBi Cash & Carry, a retail group situated in the rural area of Qwa Qwa in the Free State, Makhatho currently provides jobs to more than 800 employees.

“The 2014 winners alone, which consist of six entrepreneurs, have created employment opportunities for 414 people,” says Botes.

The competition, which embraces local entrepreneurship by offering an opportunity for entrepreneurs to showcase their achievements, includes an overall Entrepreneur of the Year® winner, as well as various category winners ranging from small business, medium business, emerging entrepreneur to a job creator and innovator award winners.

Of the 51 titles awarded over the last 26 years, over 30% (16) were awarded to female entrepreneurs, of which five were for the overall Entrepreneur of the Year®. More than 37% of all winners are from previously disadvantaged backgrounds. “In the past five years the competition awarded eight black entrepreneurs and seven female entrepreneurs, which clearly shows that there has been a positive improvement in the success of female and previously disadvantaged entrepreneurs in the country,” adds Botes.

Botes says that it is also interesting to note the regional demographics of the overall winners over the years. “The entrepreneurs are relatively evenly split between the provinces, indicating thriving business throughout the country and that there isn’t necessarily a benefit to those that operate in South Africa’s main large metropolitan areas.”

He says that the competition’s judging panel looks forward to ‘unearthing’ the next group of entrepreneurial talent in 2015. “In particular we will continue to share the inspirational stories of the entrepreneurs, not only to acknowledge their feats and role in uplifting South Africa’s economy but also to inspire others to follow in their footsteps,” concludes Botes.

The 2015 entries will open in February 2015. For more information, please visit www.eoy.co.za

Top business tips for 2014

Posted on by Webmaster

Our 2013 Sanlam / Business Partners Entrepreneur of the Year® winners share their top business tips

Education is an on-going process and according to Christo Botes, spokesperson for the Sanlam / Business Partners Entrepreneur of the Year® competition, this is especially true for entrepreneurs, who are faced with new challenges on a daily basis. He says that seeking guidance from fellow entrepreneurs is vital for both the business’s and entrepreneur’s growth.

Botes says that a successful entrepreneur should never stop investing in the most powerful, trusted and best business tool at their disposal – themselves. “Running a business can be challenging and it takes hard work and perseverance to achieve success. However, by continuously networking and seeking guidance and advice from fellow seasoned entrepreneurs, one can obtain valuable advice from those who have walked, or are walking, a similar path.”

The 2013 Sanlam / Business Partners Entrepreneur of the Year® winners share their best business tips for entrepreneurial success in 2014 with local entrepreneurs:

2013 Small Business Entrepreneur of the Year® and co-founder of The Daily Buzz, Chris Brown:

Employees are a key asset to the success of any business. Ensure you put the correct people in the correct positions and look after them accordingly, as they will then in return take care of your business.

Anton Rossouw, owner of Life Path Health and 2013 Medium Entrepreneur of the Year®:

Conduct a detailed and thorough viability study and research financial projections. Identifying project scenarios will allow business owners to plan for the worst case scenario. While it may never play out in practice, having done these forecasts will proactively prepare the business for the future and will assist in recognising and dealing with any pitfalls that may come about in the future.

Margaret Hirsch, owner of appliance chain group Hirsch’s and the winner of the 2013 Lifetime Achievement award:

Master your trade. Instead of being an all-rounder, find your niche and become the expert that everyone needs – specialised skills are in high demand, so rather remain focused and become a specialist in a specific trade.

Jonathan Pepler, owner of Silverline Group and winner of the 2013 Emerging Entrepreneur of the Year® award:

Develop a strong business plan. The key to any successful business is to create a firm foundation, which can be achieved by establishing a concrete business strategy. Business owners must have a realistic strategy and action plan with set timelines in place. This will assist entrepreneurs in staying focused on what they want to achieve, when they want to achieve it and provide guidelines on how they going to achieve it.

Tommy Makhatho, owner BiBi Cash ‘n Carry and overall winner of Sanlam / Business Partners Entrepreneur of the Year® and Job Creator of the Year:

Do not go into business for the sake of money. Business owners should focus on creating wealth that will be built over time. The value in business is not what you get every day, but what you are investing over time.

Botes adds that whether entrepreneurs are already in business, or looking to start a business, it is beneficial to continually network with fellow entrepreneurs. “Top entrepreneurs attend networking seminars and workshops, even if they feel they have already ‘mastered’ the subject. They do this because they realise that the key to being a successful entrepreneur is on-going learning and networking with fellow entrepreneurs, which provides a great opportunity to learn the secrets of success from other established business owners.”

2014 Sanlam / Business Partners Entrepreneur of the Year® competition open for entries

Posted on by Webmaster

Fostering the culture of entrepreneurship in SA since 1988

The 2014 Sanlam / Business Partners Entrepreneur of the Year® competition was today launched on 4 February, and organisers are calling for entrepreneurs who are striving to contribute positively towards South Africa’s economy and increase job creation – the heroes of the country’s economy – to submit their entries.

Now in its 26th year, South Africa’s pre-eminent entrepreneurial platform, which embraces local entrepreneurship by offering an opportunity for entrepreneurs to showcase their achievements and elevate their profile, as well as their profits.

According to Nimo Naidoo, project manager at Sanlam / Business Partners Entrepreneur of the Year®, the competition aims to recognise, profile and reward entrepreneurs, as well as foster a culture of entrepreneurship in the country. “The competition celebrates and acknowledges entrepreneurial accomplishments and talent, and in turn inspires fellow entrepreneurs to take their business to new heights, as well encourages others to consider their entrepreneurship as a viable career path.

“It is truly inspirational to listen to entrepreneurs share their journeys, and it is important for these stories to be shared – not only to provide acknowledgment to the entrepreneur for their constant hard work and dedication, but also to inspire others to follow in their footsteps.”

The overall 2013 Sanlam / Business Partners Entrepreneur of the Year®, Tommy Makhatho, owner of BiBi Cash & Carry, says that the most interesting stories in business involve entrepreneurs and that these need to be shared, especially with the youth. “In my opinion, the number of entrepreneurs in the country is slowly declining, and one of the reasons is because the youth are not exposed to inspirational success stories.

“Countries such as the United States tell their stories, and while South Africa has stories to be told, they are not told enough. These stories need to be exposed to the youth, and competitions such as the Sanlam / Business Partners Entrepreneur of the Year® does exactly that.”

The competition provides entrepreneurs with the chance to win prizes worth R1 340 000, which includes cash prizes to the value of R350 000, as well receive valuable mentorship support, networking opportunities and associated marketing and national media exposure.

Makhatho (55) says being recognised for his business’ achievements has motivated and given him the confidence to review his business’ goals. “Winning this award has made me aware of where the business has come from and what we have survived thus far. It has also provided me with the strength to pursue another 25 years. This recognition makes me realise that this is only the beginning of our journey and that people should never stop dreaming, no matter their age.”

Makhatho says that he has also noticed an increase in interest towards his business since receiving the award. “I have been approached by many companies wanting to take my business to the next level. Thanks to the awareness generated from the awards, opportunities are now presenting themselves.”

The competition is open to entrepreneurs from all industries and businesses of any size. A series of national workshops will also be hosted leading up to the competition, which enables business owners to gain valuable entrepreneurial knowledge and lessons from a variety of speakers.

“Entrepreneurs truly are the heroes of our economy. The individuals that are providing positive knock-on effects for those around them, whether it is through business growth and development or job creation, should be recognised and rewarded. It is therefore vital that we equip these individuals with the tools and information that they need in order to grow their businesses further,” says Naidoo.

Turning Passion into Profit

Posted on by Webmaster

TommyMakhatho

Tommy Makhatho on winning the 2013 Sanlam/ Business Partners Entrepreneur of the Year® competition winner

We chat to this year’s overall Sanlam/ Business Partners Entrepreneur of the Year® competition winner, Tommy Makhatho, owner of BiBi Cash & Carry, about his entrepreneurial journey and experiences post winning the title.

1. What was your reaction to winning the overall Entrepreneur of the Year® award?

Every time I get asked this particular question I always have a different response. The reason for this is that I experienced a range of emotions, all of which were extremely positive. Overall, I felt overwhelmed and incredibly blessed to have a team such as mine – as the award would not have been possible if it wasn’t for them.

2. What does it mean to you to be recognised for your business achievements?

I never really thought about being recognised for my business achievements or sought to be recognised. Instead, it has always been about pushing the envelope and exceeding my own expectations. However after winning this award and being recognised for my business’ achievements, it has made me aware of where we have come from and what we have survived thus far. It has also provided me with the adrenaline and strength to pursue another 25 years. This recognition makes me realise that this is only the beginning of our journey and that people should never stop dreaming, no matter their age.

3. How was business been after winning the title – have you noticed more interest in your business post the awards ceremony?

Business has been great – especially the working environment! My team realise they are a part of a bigger dream and this has boosted staff morale and contributed to a motivated working environment. I have also been approached by many companies wanting to take the business to the next level. This had in the past not happened on such a large scale, but thanks to the awards, opportunities are now presenting themselves.

4. Any future plans for your business?

Yes definitely! As mentioned before, I am constantly dreaming whilst other people my age are preparing themselves to cash out, retire and play golf. I however, plan to stay strong so my dreams and goals can still be achieved. The best way to achieve these goals is with a steady mind and healthy body so that I can chase after them, and still be the first at the office and last to leave.

Ultimately my future plans is to grow my business to the point that my business rivals Shoprite, mention my name at every Shoprite board meeting due to my understanding of the market like no other retail company.

5. What is your advice for business owners considering entering the EOY awards?

I strongly advise that entrepreneurs and business owners, no matter their business size, take as many opportunities as possible, because a business is all about taking risks – both good and bad. There will always be that one shot that hits the target, so consider entering awards such as the Sanlam / Business Partners Entrepreneur of the Year® competition, as the exposure and confidence it gives you and your business is tremendous.

Top South African entrepreneur named

Posted on by Webmaster

Tommy-Makhatho

2013 winner of premier entrepreneurial competition announced

After navigating a grueling judging process and competing with 13 other finalists, Tommy Makhatho, owner of BiBi Cash & Carry, a retail group situated in the rural area of Qwa Qwa in the Free State, has been named the 2013 Sanlam / Business Partners Entrepreneur of the Year® at an awards ceremony which was held in Johannesburg on Wednesday, 4 September 2013.

Due to the significant contribution he has made in his local community by providing jobs to more than 680 employees, Makhatho has also been named the 2013 Sanlam / Business Partners Entrepreneur of the Year Job Creator of the Year®.

In addition to his job creation achievements, Makhatho also assists fellow entrepreneurs by allowing smaller retailers to make use of the BiBi Cash & Carry brand name, in exchange for support and access to company information. The retailer also offers an in-house learnership programme to its staff, which transfers critical tools and skills to employees of all levels.

Makhatho presently owns seven BiBi Cash & Carry stores, which is currently South Africa’s largest entirely black owned retail operation, and is involved with 32 express stores, which he actively assisted in starting. Since the first store was launched in 1984 this retail group has grown in profit and size significantly.

According to Kobus Engelbrecht, a member of the judging panel of the 2013 Sanlam / Business Partners Entrepreneur of the Year ® awards, the success and perseverance Makhatho has displayed in a very competitive market makes him a truly worthy winner and an inspirational role model to aspiring entrepreneurs both within his community and the country as a whole.

“It is clear that Tommy understands the needs of the market segments in which he does business very well. This, coupled with his meticulous attention to detail, and an unrelenting will to continuously seek ways to add to his bottom line, makes him a worthy winner,” says Engelbrecht.

Born and raised in Soweto, Makhatho is a true example of an entrepreneur, having only been an employee for two years of his life. After starting his career as a waiter in Johannesburg many years ago, he made the bold decision to start his first entrepreneurial venture, which was a hair salon, and has not looked back since.

He says that the business has a competitive advantage over the bigger retail chains in the area due to his team’s superior local knowledge, its flexibility as a smaller regional player, as well as its determination to operate close to the townships and communities where most of its consumers reside.

“Being recognised, especially in a sector as competitive and fast as ours, which happens to be dominated by giants such as Shoprite and Spar, brings us great joy and inspiration. Winning the Sanlam / Business Partners Entrepreneur of the Year® award gives us an opportunity to display how an organisation can grow from nothing into a flourishing business, and all it takes is love, hard-work and most important, passion, to achieve it,” concludes Makhatho.

Visit www.bibicashandcarry.co.za for more information on BiBi Cash & Carry.

2013 Sanlam / Business Partners Entrepreneur of the Year® winners named

Posted on by Webmaster

group

Following an intense judging process and assessment of the 14 successful entrepreneur finalists, the 2013 Sanlam / Business Partners Entrepreneur of the Year® competition winners were announced at an awards ceremony held this morning in Johannesburg.

The overall 2013 Entrepreneur of the Year® winner is Tommy Makhatho, owner of BiBi Cash & Carry, a retail group situated in the rural area of Qwa Qwa in the Free State. Makhatho was also awarded with Job Creator of the Year® title due to the significant contribution he has made in the local community by providing jobs to more than 680 employees.

According to Nimo Naidoo, project manager of the Sanlam / Business Partners Entrepreneur of the Year® competition, Makhatho was awarded the overall title because of his ability to build, and grow, a sustainable business despite facing strong competition from established supermarket chains in the area, as well his determination to continuously seek ways to increase his bottom line.

The competition, widely considered to be the pre-eminent of its kind in South Africa and now in its 25th year, celebrates excellence in entrepreneurship and aims to honour, benefit and uplift South African small and medium enterprises (SMEs).

Naidoo says that the competition is committed to playing a crucial role in elevating the standard of entrepreneurial activity in the country, as well as fostering a national entrepreneurial spirit. “Our goal is to promote entrepreneurship as a viable and exciting career path.”

Other 2013 category winners include Jonathan Pepler of Silverline Group, who was awarded the Emerging Entrepreneur of the Year® award, Andrew and Chris Brown, co-founders of The Daily Buzz, who took the Small Business Entrepreneur of the Year® award home and Anton Rossouw, founder and owner of Life Path Health, who won the Medium Business Entrepreneur of the Year® award.

The Innovator of the Year® title was awarded to Dr. Conrad Smith and pharmacist, Mariaan du Plessis, founders and owners of Medical Nutritional Institute (Pty) Ltd because of their innovative product range for a South African company, and the fact that they are able to compete internationally among other successful products.

The competition provides prizes worth R 1 340 000, which includes cash prizes to the value of R300 000. Naidoo says that beyond the monetary prizes, the winners’ businesses will also benefit significantly from the competitions various networking opportunities and associated marketing and national media exposure.

An additional award that was handed out this year was the Lifetime Achiever Award which was awarded to Margaret Hirsch, Chief Operations Officer of national appliance store, Hirsch’s. “This award serves as recognition for those entrepreneurs who have continually contributed towards the development and growth of South African entrepreneurship,” says Naidoo.

Xolani Meva, a member of the 2013 Sanlam / Business Partners Entrepreneur of the Year ® judging panel, says that while the quality of entrants improves each year, this year revealed a significant increase in the quality of businesses entering.

“If we were to compile graphs with statistics of the combined revenues, net profits and the number of jobs created by the entrants annually, this year would reflect a spike in the graphs. In spite of the economic climate they have had to trade in over the past couple of years, SMEs are continuing to make a serious contribution to the economy.”

Meva says that it is vital that the country continues to celebrate these individuals. “Being an entrepreneur is no walk in the park, no matter how long someone has been an entrepreneur. These individuals wake up to a different kind of a challenge every day, and with their never-say-die attitude, they soldier on and continue to make their businesses bigger and better, and the spin-offs to the economy are invaluable. We need these individuals to keep going, so we need to continue celebrating their successes with them,” says Meva.

Naidoo says that not only do entrepreneurs generate much wealth, but they also provide a substantial number of jobs for the citizens of South Africa. “Entrepreneurial excellence should be promoted as the norm and not the exception. By promoting and supporting these entrepreneurs as role models we hope it will serve as an inspiration to others to succeed in the world of business,” concludes Naidoo.