Ideas on Starting and Maintaining A Business in 2019
21 Jun 2019 FINANCE
By Zuko Komisa
Statistics show that youth unemployment in South Africa is a “national crisis”; and a big focus at President Cyril Ramaphosa’s state of the nation address earlier this year. As we celebrate youth month we share stories from young business practitioners who are creating opportunities for themselves.
The Law Report invited a panel of black entrepreneurs to share some of their lessons in the spaces they operate.
Micheal Motsoeneng-Bill spoke to Teboho Tsekoa – MD of Hashtag Property, a property agency operating in Johannesburg. Tsekoa says the company stemmed from the lack of participation of black people in the real estate industry. His business gives the tools to run a real estate one-fourth of the cost.
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“The cost of getting into the real estate industry is very high, that could also be seen as the barrier to entry in the industry. You might find people that leave their traditional real estate industry to start their own, the challenge I’ve come across are compliance and cost.”
Guests Nomfundo Vilakazi – Founder of Blushed Diamond Natural Skin Care, started her business when she was experiencing skin problems. A passion that launched this year after 3 years of research and development.
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Also on the panel was Dexter Mabaso – CEO of Okubabayo Atchar, and Thuli Radebe – from Franchise Forum. Radebe’s business helps businesses get into the franchise space in order to scale and grow. She says there are still not enough black people turning their businesses into franchises.
“There are still a lot of people who don’t know about franchising… Sometimes you never know you can franchise your business until you read more about it.”
[ON AIR] @MotsoenengBill is joined by several business owners including Dexter Mabaso of Okubabayo Atchar and Nomfundo Vilakazi of Blushed Diamond Natural Skincare#YoungGiftedAndBlack #KayaFMTalk pic.twitter.com/Vah8keXGxA
— Kaya FM Talk (@KayaFMTalk) June 19, 2019
Yolelwa Sikunyana – Founder and Director of Sikunyana Incorporated spoke about people buying into other business and the trust factor that exists in the majority of partnerships.
“The common thing we tend to see in a business where entrepreneurs only think about bringing in partners mostly arises when there is a tender or a big contract. In the end, they omit to have the proper paperwork, there’s no shareholder’s agreement, no joint venture signed. To me a joint venture is a start, a way to say we trust each other, we take joint liability, joint risk.” She says this is the start of any future collaborations.