Page 11 - Nine Yards Magazine 2021/2022 - Old Mutual Corporate

What all
successful
businesses
have in
common
Refilwe Moloto
is an independent strategic and economic adviser with a passionate commitment to Africa and emerging markets. She is also the host of Breakfast with Refilwe Moloto on CapeTalk 567.
nine yards tv the warm-up
While recording Season 1 of Nine Yards TV, all
the entrepreneurs I interviewed articulated these nine things in
one way or another. By Refilwe Moloto
1 Show up. It’s not always easy, but
you can’t play if you aren’t on the field. Every entrepreneur recognised that, even when circumstances are against you, the small, repeated habit of facing the day is critical to success.
2 Know what you don’t know. Knowing your expertise is smart but knowing what you don’t know is wisdom. Partnering and outsourcing were key winning strategies.
3 Stay surrounded. Entrepreneurship is a lonely business: most startups begin as sole proprietorships. I was encouraged by the personal support systems each entrepreneur had in addition to their professional networks.
4 Speak up. Each of the nine founders’ success stories involved a moment when they asked for or sought help.
5 Just start. The best-laid plans can go awry. There’s no better teacher than your market. Get out there with bite-sized pilots and test your theories as often as possible.
6 You don’t need insurance, until you really need it. Risk can be exploited and
mitigated. Get insured by those who can assess a balance of probabilities.
7 Keep your word. Consistency leads
to confidence. A well-founded track record of delivery to clients, honesty to investors and candour with creditors fosters trust. Be consistent in the good times – it goes a long way in the tough ones.
8 Overcommunicate. Business is ultimately about relationships. All our entrepreneurs demonstrated respect for their relationships with their partners, suppliers and clients by managing expectations, setting boundaries and being sincere. Overcommunicate – early, and often.
9 Fail fast. Market dynamics change constantly. Fail fast doesn’t mean that you should throw in the towel, it means being willing to be flexible and to move nimbly with the market.
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2021/2022 7
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