The entrepreneurial approach to solving #FeesMustFall

This week, Pavlo and Bruce looked to entrepreneurs to ask them to come up with solutions to the university funding crisis.

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Morphing your passion and purpose to grow your business to the next level

Last night Bruce & Pavlo spoke about the two critical ingredients at every point of the business development life cycle - passion and purpose.

All businesses grow through a lifecycle of development.

They start, establish, build, grow, accelerate, hit prime and either glide or reinvent, mature and then plop down dead!

Every entrepreneur needs passion and purpose behind their actions…

Passion is the petrol and purpose the destination (which should always be an Asset of Value). 

Both of these will change as you traverse the levels in the business lifecycle.

At the start – passion is a product/service, purpose is to get your first customer.

When you're established – passion is about the customer and the purpose is to understand the problem.

When you're building – passion is about building commercial systems and the purpose is to scale your ability to deliver

When you're growing – passion is about people; purpose is about releasing your time from operations

And when you accelerate – passion is about innovation; purpose must be to have it be customer led

Listen to the full show here.

Digitising your business

Digitisation is converting information into a digital format – but why is it important?

Listen to the show here. But why is digitisation important for small business?

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How to set your pricing

So how do you know when the price of your product is right? Pavlo spoke about what you need to consider when pricing your product and provides a number of strategies that may be appropriate. Listen to the full show here.

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Don’t be a victim

After listening to Bruce's interview last night with Astral and all the news of the past few weeks from Brexit, to the upcoming US elections, to  tightening credit, to low growth and poor paying corporates. It's very easy to find reasons not to succeed!

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Accelerate your growth through the power of the media

American academic Ralph Emerson said that if a man makes a better mousetrap than his neighbour, the world will beat a path to his door to get it. I don’t agree. Regardless of how brilliant your products or services may be, if you don’t let people know about them, your growth hopes are a fantasy.

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How to build (when everyone is scaling back)

I seldom go to shopping centres but was at one of the bigger Joburg centres last weekend. It was heaving – filled with consumers dressed to the nines but they were all empty handed. They are not spending!

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Entrepreneurial insights into Juno’s mission to Jupiter

On Monday, at 5.47am, Juno entered into the orbit of Jupiter.

The five-year journey culminated in Juno burning 18 000lbs of rocket fuel to slow down from 150 000mph to the exact speed needed to orbit Jupiter.

On board, three Lego men and women made of space-grade aluminium hope to withstand the perilous radiation of Jupiter for 18 month before Juno crashes into Jupiter’s surface.

Pavlo shared his entrepreneurial insights from Juno's voyage on the Money show last night. Listen to the show here.

1. Juno will get closer to Jupiter than any previous spacecraft ever has 

Jupiter is surrounded by an intense "radiation belt." 

The probe will circle the planet 37 times over 20 months, traveling between Jupiter and its radiation belt. 

Juno, however, will come as close as 2,600 miles from the tops of Jupiter’s clouds.

GET CLOSER TO YOUR CUSTOMER TO BETTER UNDERSTAND NEEDS BOTH PHYSICAL NEEDS AND EMOTIONAL NEEDS

2. Data collected by Juno can help settle a debate about how planets, including Earth, are formed 

Formation theories always begin with a collapsing cloud of gas and dust. Most of that material goes into forming a star, like our Sun, and the remainder can be used as building blocks for planets. Its not clear exactly how this is done: do planetary cores form first, and then accumulate their outer layers of gas just through gravitational attraction? Or do particularly large instabilities in that collapsing gas cloud collapse separately to form planets?

Learning more about the makeup of Jupiter’s core can help differentiate between these two scenarios

YOUR MARKETING MUST BE CUSTOMER NEED LED AND INNOVATION MUST BE DATA LED

3. Juno will attempt to measure the water in Jupiter’s atmosphere 

Because Juno will be able to travel so closely to the planet, the probe will determine the composition, structure, and motions of the atmosphere below the cloud tops for the first time. In particular, the spacecraft will measure the water and ammonia in the gas giant’s atmosphere.

CONDUCT PROPER ANALYSIS ON YOUR CUSTOMERS OR PRODUCTS OR PEOPLE; WHO MAKES YOU MONEY AND WHO COSTS YOU MONEY

4. It’s Broke a Speed Record

Over the past few weeks, Jupiter’s gravity has been reeling Juno in, accelerating the spacecraft to breakneck speeds. By the time it arrives, Juno will be one of the fastest human-made objects in history, moving approximately 260,000 kilometers per hour relative to the Earth. That’s roughly ten times the top speed of the Space Shuttle.

When it enters Jupiter’s orbit on the evening of July 4th, Juno will shed some of its velocity in 35-minute main engine burn. But even after slowing down to a paltry 210,000 kilometers per hour, it’ll still be the fastest spacecraft ever to enter orbit around a planet. The reason for Juno’s incredible speed? Getting the spacecraft as close to Jupiter’s cloud tops as possible.

BUILD IN THE GRASS BUT SPRINT IN THE OPEN FIELDS WITH YOUR INNOVATION

5. Juno launched aboard an Atlas V rocket from Cape Canaveral Air Force Station on August 5th, 2011

BUILD OFF YOUR REFERENCE CLIENTS AND PIGGY BACK ON THE BIGGER ONES

6. It’s a Nuclear Fallout Shelter

A 180 kilogram titanium box roughly the size of an SUV trunk, the vault will reduce ambient radiation exposure approximately 800 fold. By the end of its mission in February 2018, it’ll have been dosed with the equivalent of 100 million dental x-rays.

PROTECT YOUR IP, STORE IN THE CLOUD, FORECAST WHAT CAN GO WRONG AND LIMIT YOUR DOWNSIDE RISK; NOT EASY FOR ENTREPRENEURS

7. It Runs on Renewables

Juno is the furthest solar powered mission ever conceived, built to run on the sun in an environment 25 times dimmer than the Earth. Even with state-of-the-art solar technology and energy-efficient electronics, the spacecraft needs to catch a lot of sunlight. Spanning 20 meters (66 feet), its three solar arrays contain approximately 18,000 solar cells in all. Total number of individual solar cells: 18,698.

INVEST FOR TOMORROW, ENSURE YOU HAVE RESERVES, IT’S A TURBULENT JOURNEY

Build while you Fly

Last night Pavlo and Bruce spoke about how it is very hard to build a business when you are busy with the day to day operations.

You can listen to the full show here and watch a summary of a recent presentation of Pavlo at Nedbank Business Accelerator breakfast in collaboration with Cape Talk. 

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Small Business Focus on The Money Show (702 and Cape Talk)

Weekly chance to promote your business during the Small Business Focus on The Money Show (702 and Cape Talk)

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Jobs created in SA while all else fails

In the same period that saw the South African economy contract, the Rand depreciate, the Consumer Confidence Index plunge, and Eskom gear-up load-shedding, 63 jobs were created by 27 start-up and early-stage businesses located mainly but not only in Gauteng.

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Building a brand through a branch network

This week Pavlo Phitidis talks about building your brand by building a branch network. Listen to the full podcast here.

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Every business is a service business

The increasing battle for customer attention, loyalty and pocket makes every business a service business. Listen to Pavlo chat about this here.

The product is there to create traffic towards the business through its use and value but once a customer is there, the product is backed up by service promises. The experience a customer has with the product determines the success of the products future. Of course, the higher the price tag of the product, the more so this holds. Wrapping service around your product also brings very interesting additional revenue streams.

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How to determine what your business is worth?

Last night Pavlo spoke about valuing your business. He'd attended an event with 250 entrepreneurs and when he asked who was building a business that will be sold, only five people put their hands up. Remember that 94.6% of businesses started, don't get sold.

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Building a business I can sell

Why is growing a business I can sell important?

A hard-hitting fact that entrepreneurs should know is that 94% of businesses started never get sold. This is a crisis; the sale of your business is inevitable be it for your retirement or to fund your next venture.The ultimate pay-out for a business owner of many years is the sale of his/her business in return for substantial funds. Therefore you should be building a business into an asset that you can sell for more tomorrow than it is worth today. Prospective buyers will look at your profits in the past and the potential of your business in the future.

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The business lifecycle (explained by looking at political parties)

Everything created goes through a lifecycle. In business it is called the business development lifecycle and its full of traps and opportunities. Understanding this can offer some compelling ideas, actions and momentum to building your business to the next level. Pavlo looked at the three leading political parties in these elections to explain the structure of the business development lifecycle. EFF represents start-ups, DA is going through the growth phase and the ANC are mature. The way that you deal with particular elements of how you build that business over that lifecycle is going to be different, read more below and listen to the full show here

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Build a good partnership to build a successful business

Last night Pavlo and Bruce spoke about partnerships in business. So often these can make or break a small business. You can listen to the full show here.

So what are the benefits of the right partnership?

  • Shared risk
  • Two sets of eyes on the ball
  • Focus
  • Play your strengths
  • Double your resources and networks

So how should you approach finding a partner?

First, ask who your partner is. You'd be astounded at the number of clients who literally know nothing about their partner’s background, their approach to business, and their vision for the partnership. They rush into the relationship so quickly that they don’t even gather this fundamental knowledge about their partner.

Secondly, trust is essential. Talk is cheap. Do your research and check them out. Then understand their values. Know their approach to family because of time, how they view money because of investment direction, and what their purpose is because of vision.

And finally understand their skill set. These should ideally be different to yours. Every business has two main elements - promotion and delivery. Decide who will be accountable for which and who is best suited to which. It doesn't work if you both are doing the same or want to do the same and will be put pressure on the business and relationship.

So you think you've found the right partner? Pavlo suggests the following when entering into the partnership:

  • Date before you…marry Divorce is expensive and a waste of time, energy and potential.
  • Test for compatibility, capability, skill match
  • Structure the partnership Consider the following:
    • Roles and responsibilities
    • Delegation authorities
    • Contributions of resources
    • Rights to remunerations
    • Dissolution or exit strategy.
    • A buy-sell provisions
    • Non performance or delivery.
    • Non competing & confidentiality.
  • Sustain the partnership
  • Work harder than if you are on your own. You're accountable to someone other than yourself.
  • Ensure that your bookkeeping, accounting and compliance is in order.

Fire your customer

There comes a point in every growing business that you reshape, restructure and reposition your business!

Bruce and Pavlo chatted last night about if there is ever a time when you need to fire a client. Listen to the full show here.

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Build a sales engine - not a sales team

Getting sales right is one of the most difficult tasks an entrepreneur faces, it is the ultimate testament of business understanding and sophistication.

Great salespeople don’t build a sustainable business - they do deals.

Last night Pavlo chatted about the need to build a "selling engine" in your business. You can listen to what he had to say here.

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Nedbank Small Business Seminars with Pavlo Phitidis

Entrepreneur, Pavlo Phitidis, shares his insights on how to build your business into an asset of value.

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Weekly chance to promote your business during the Small Business Focus on The Money Show (702 and Cape Talk)

Make sure you tune in to The Money Show on Radio 702 and Cape Talk every Thursday evening at 19h30 when presenter Bruce Whitfield talks to CEO of Aurik Pavlo Phitidis about entrepreneurship in South Africa in a feature called Small Business Focus.

Business owners can share their experiences relating to the topic under discussion. Call +27 (0)11-883-0702 shortly before 19h30 on Thursdays only.

It’s also a chance to punt your business to over one million listeners.

Start with the end in mind

Start with the end in mind

Plans don’t always work out – that’s life. Starting a business is no different, especially when you need to work closely...

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Negotiating the family business deal

Negotiating the family business deal

76% of family businesses don't survive through a second generation. It's a scary statistic and one that affects many private...

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Building a pricing strategy to grow your business

Building a pricing strategy to grow your business

“The pricing game is emotional”… this is how a tweet from a listener began, and he’s right. A challenge to your pricing feels...

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NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

How often have you heard the terms "Next-level growth" or "Getting to the next level" bandied about? It's become more business...

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Our past determines our approach to the SA economy

Our past determines our approach to the SA economy

Carl Jung said “We are trapped by the images of our past”. Meaning that our past experiences affect our perception of reality....

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White Knights, Silver Bullets & False Prophets

White Knights, Silver Bullets & False Prophets

The exhaustion of running a business can make us vulnerable to the allure of a cure-all solution. But if it sounds too good...

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Help Pavlo to #NameTheBook
namethebook

Help Pavlo to #NameTheBook

Pavlo Phitidis has just completed a book about the ideas, thoughts and more valuably, his direct experience in building successful...

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How to build a retail empire very, very slowly

How to build a retail empire very, very slowly

Retail is notoriously difficult, but if you have a great product targeting consumers - you need to get it right. Pavlo Phitidis...

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Immigrating talent for a quick but enduring economic boom

Immigrating talent for a quick but enduring economic boom

If we can attract 100 000 STEM qualified immigrants, we can not only bridge the skills gap that is stagnating our growth,...

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EMIGRATION: Its cost and opportunity to a business owner
Business Growth

EMIGRATION: Its cost and opportunity to a business owner

Over the last month, I have had two same, but different meetings with two different business owners. They were the same because...

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Creating opportunities that didn’t exist before
Growing business value Business Growth

Creating opportunities that didn’t exist before

Creating economy is a key entrepreneurial skill. Its something that is entirely possible irrespective of the environment...

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Why waiting to act becomes the only act and how to ‘snap’ the bad habit
Asset of Value

Why waiting to act becomes the only act and how to ‘snap’ the bad habit

With the South African elections now come and gone, it feels like we have passed a milestone that we were all holding our...

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Winning mindsets turning thought into action and action into results
Building your Business Business Growth

Winning mindsets turning thought into action and action into results

The distinguishing feature between business owners who crack it and those who drift along, and fail… is mindset.

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How to structure the offer of a Management Buy Out
Business Succession Succession planning

How to structure the offer of a Management Buy Out

A hardworking, smart professional presented me with a scenario on an offer she had received to conclude a management buy-out. She...

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Position your business for success and maximum impact
Positioning your Business Business Growth

Position your business for success and maximum impact

Wing Chun Kung Fu, a style of martial arts, requires that you have a secure footing on the ground in all its defensive and...

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Building a business is like sailing a ship
Asset of Value Building your Business

Building a business is like sailing a ship

Analogies are very useful to simplify thinking and action. As a #businessowner, building a #business in a challenging environment...

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What’s your business worth?
Business Growth

What’s your business worth?

Firstly, this only matters for 5.4% of all #businessowners since 94.6% of all business started fail to sell. They close at...

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Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

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Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

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Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

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Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

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What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

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How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

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Why Collaboration is a Critical Skill for Every Business Owner
The Money Show Building your Business

Why Collaboration is a Critical Skill for Every Business Owner

We’ve entered the age of collaboration. Despite current events, like BREXIT, that showcase the opposite, collaboration remains...

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