Contract?? No Problemo! January 27, 2011
Posted by youngpioneer in : Uncategorized , 1 comment so farAnother highlight of last year was Marc Ashton’s thought-provoking article “Definitely no lawyers” on Fin24.com which started a debate about three times longer than the actual article on whether Lawyers should be able to charge such high fees. Personally I think Marc did well to throw the tiger amongst the pigeons and I am sure many other entrepreneurs would agree.
So it was with no surprise that I had a big smile on my face when I was told about Richard van Helden’s Lawunlocked website. They offer an online and much cheaper alternative to sitting in a lawyer’s office. They allow you the luxury of feeding all the relevant information into an online questionnaire and presto you are sent a customised legal document in PDF format. Lawunlocked also notes that all documents are kept secure using industry-leading “SSL” security like that used for all internet banking which means for contracts are kept confidential as they would be in your lawyers office.
Many might ask if these contracts are as legally sound as one you would receive from your lawyer. The MD Richard van Helden is an advocate of the High Court and a member of the Cape Bar and the rest of his team to quote their website have “invaluable experience as admitted attorneys in South Africa’s top commercial law firms or as advocates in High Court contract and commercial litigation matters”. That seems an impressive enough CV for me.
So have a look at their website and check out their video by following the links below this might be the biggest cost saving your company has this year. I really believe that this will open up some extra doors for SME’s.
Cheers
Adrian
Events for the Start of 2011 January 22, 2011
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1. Networking – you are dealing with people!
2. Getting your business featured in the media
3. Social media (Blogs, Twitter and Facebook) for beginners
4. Podcasts and video for your SME
5. Brainstorm me an idea – Tell us your restrictions and we’ll try and give some ideas to get your marketing ball rolling
It is a lot to squeeze in but hopefully you leave with just one idea that appeals to you.
Details
RSVP: Adrian (adrian@rivalmoney.co.za)
When: Wednesday, 26 January 2011
Time: 6:30pm – 8pm
Where: Old Mutual building, Grayston Drive, Sandton
Cost: R100 if you book in December, R125 if you book in January
Remember this is a networking event so bring your business cards!
Banking details:
Rival Industrial cc
Standard Bank
Fourways Crossing, 9953
Acc: 422148636
For further information please contact Marc Ashton on 082-561-1585 or Adrian Bain (072-368-3305) – e-mail adrian@rivalmoney.co.za
MBA Connect one of our advertising partners is hosting their one day Thought Leaders event in Bryanston on Saturday 19 February 2011. Below are some more details
The money value of time October 4, 2010
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In finance we always speak of the time value of money… i.e. money I have today is worth more to me than money I receive next year…
What I have noticed in the realm of start-ups and entrepreneurship is that time can be more valuable than money. Hence the title The Money Value of Time.
I had the privilege of joining a start-up weekend with the Johannesburg Centre for Software Engineering (JCSE). It was a weekend filled with innovation however one problem that all the groups had was to complete their goal of having a prototype ready by the end of the weekend.
The problem I believe is in people in general. We struggle to know ourselves well enough to set attainable goals and thus get discouraged when we do no achieve them. The knock on effects has the potential to do even more harm to the business than is actually realised. Whenever an entrepreneur doesn’t meet a deadline it pushes there diary latter and this might be fine if you not too busy but have you considered what you could have done with that time had you met your deadline?
Something I have appreciated since leaving my job and working on my terms was all the extra time I have created and how this time has allowed me to meet and interact with more people. Working efficiently means more face time with other people i.e. more chance of finding a business opportunity.
In a recent video post Bruce Wade of Entrepreneur Incubator noted that one should classify tasks in order of difficulty and the need of attention to detail. This would enable you to do the difficult tasks when you are focused say early morning and the easier ones when you have a gap between meetings or in the afternoon when you have less energy. Bruce also mentioned that an entrepreneur should only handle a task once and complete it. It is not possible to do every task in your business it is therefore important that all entrepreneurs are able to delegate.
George Manning and Kent Curtis in there book The Art of Leadership have noted how Bill Gates has increased his effectiveness through the use of others. They go on to quote Gates as saying “Develop your people to do their jobs better than you can. Transfer your skills to them. This is exciting but can be threatening to a manager who worries that he is training his replacement. Smart managers like to see their employees increase their responsibilities because it frees the managers to tackle new or undone tasks.”
The value add by using your time effectively will is instrumental in improving your business by spending time too much time on tasks doesn’t allow you the opportunity to grow your business. During the start-up weekend time was not always used effectively and thus the participants were not able to use the whole weekend to develop their prototypes as much as they would have liked. This means that the people and resources they had available on the weekend will not be at hand when they want to continue the project. This small inefficiency will lead to these projects taking longer and thus the project will only start making revenue at a much later stage.
The key for any entrepreneur is good time and project management. If you can master this you will begin to notice how your free time will add more value to your business and social life.
Rival Pioneers: Entrepreneur Speed-Dating September 11, 2010
Posted by youngpioneer in : Uncategorized , 1 comment so farRival Pioneers will be hosting a networking event for entrepreneurs. The event is based on the speed-dating concept. Depending on the size of the audience entrepreneurs will get 3 to 5 minutes to introduce themselves and their business before moving around a table to the next person. A great way to meet a lot of interesting people in a short period of time and none of those awkward silences trying to make small-talk. 
Date: Tuesday 21 September
Where: Sandton
Time: 6 for 6:30 and networking wrapped up by 7:30
Costs: R125 per person. Includes snacks and drinks
Bring your business cards!
RSVP: Chrizel (c@rival.co.za)
Supporting sponsors always welcome!
Banking details as below:
Rival Industrial cc
Standard Bank, Fourways Crossing
Acc: 422148636
Branch Code: 9953
Contract?? Service first please!! August 30, 2010
Posted by youngpioneer in : Uncategorized , 3 commentsI am really fed up with companies that tie you into a long term contract and then are happy to provide rubbish service.
I have had the unfortunate experience of entering into contracts with both Vodacom and CellC.
My first was with CellC and after 8 months of dropped calls and having to stand outside in 5 degree weather with my left foot in the air and my right hand pointed to the sky I tried to cancel it. I was advised to chat to the top brass in the complaints department and told I would have to pay out my contract to do so. Why? If they not providing their basic service why should I pay?
So I let my contract expire and went back to Vodacom and took out a contract and got this awesome machine called a BlackBerry… only problem is it also needs reception to work.
So I called the guys at Vodacom and asked why I have no signal. That was on 17 June 2010… since then I received a few sms’s saying we are dealing with a high level engineering problem in your area. They own the freaken network surely they could spare a call? So more than 2 months later I still wait…
So my point in all of this is if you are going to charge people for just using your service, provide it. Use a contract to stabilise income from a good service don’t hide behind a contract when you are unable to meet basic expectations.
My father has always said to me that I should never sign anything… “everybody is out to screw you.” And yes he is old school so I am a little more tolerant but getting less so the more I get screwed.
If you are running a business focus on your service or product make sure you can meet your clients’ expectations and needs and how you will sustain your offering and commitments and then provide contracts.
People are getting smart and realise when they are being screwed a lot earlier and your business will suffer unless you have a monopoly like my buddies I mentioned earlier.
PS I won’t bitch much more after this just needed to get that off my chest. I was bottling it in and I don’t like to do that. It makes me feel pressurised like a 2l coke that the packer at my local retailer dropped from a 2km height into the bag I paid 75cents for. Oops there I go again… haha
Can microfinance be both moral and profitable?-Fortune August 21, 2010
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FORTUNE — There’s a debate brewing in the world of do-gooder banking, pitting the father of microfinance Muhammad Yunus against a few entrepreneurs who have put an unlikely spin on Yunus’ model of lending to the poor.
Earlier this week, India’s biggest microlender, SKS Microfinance Ltd., made its debut on the Bombay Stock Exchange. Shares surged 18% on their first trading day
An IPO is a rare and controversial step for a major microfinance company to take, since these lenders typically rely on donations, governments and international organizations such as the World Bank for funding. Only a handful have raised public money on the idea that helping small entrepreneurs like farmers and basket weavers gain access to financing is not only the right thing to do, but also a profitable venture.
But after SKS’s strong reception, others will likely follow its lead to the public market. SKS founder Vikram Akula says going public is perhaps the only way to shore up more capital to serve more of India’s poor. He wants to prove critics wrong, including Yunus, who argues an IPO would essentially mean profiting off the poor. The Bangladeshi banker and economist has been credited for pioneering microfinance, and in 2006, his founding of Bangladesh’s Grameen Bank earned him and the bank a Nobel Peace Prize.
“Microcredit should not be presented as a money-making opportunity,” he told The Wall Street Journal in July. “It is an opportunity to make an impact on poor people’s lives.”
The industry faces a sticky dilemma: to pursue morals or profits. But public microlenders argue they can have both. By getting stockholders involved, SKS raises more capital, which leads to more loans for India’s poor. And more loans could eventually drive down interest rates charged to poor borrowers.
But somewhere, the economics of scale gets lost. These are high-risk borrowers. They have few, if any, assets to use as collateral. Some might own land, but don’t always have titles proving this. It’s hard to see how interest rates could fall much, if at all. Indeed, the pressure of answering to public shareholders could have the opposite effect, leading to higher rates for borrowers.
Microcredit was intended to help lift the poor out of poverty. If the industry’s new goal is to grow profits, the noble attempt to help fund small businesses in the world’s neediest area risks slipping into something as shady as a payday lender in East Harlem. It will be a fine line to navigate.
Akula, a U.S. citizen and Yale University graduate, has accomplished no small feat. Microlending is a nascent area of banking and he has managed to garner the backings of some big name investors, including George Soros’ Quantum Ltd., venture capitalist Vinod Khosla, and Infosys Technologies founder N.R. Narayana Murthy. What’s more, microlending is still in its infancy, and to the credit of Akula and the few microlenders that have gone the IPO route, the model deserves to be tested and retested.
But shareholders care about financial returns on investments. And while the thought of doing something good for greater society might be enough to lure some investors, will that be enough for others?
Dress to de-stress July 14, 2010
Posted by youngpioneer in : Uncategorized , 1 comment so farDress to de-stress
Your style should be a source of confidence, so stop panicking and play the part.
http://www.mh.co.za/multimedia/gallery/1198/Dress-to-de-stress
Corporate
1.Remember what youre getting dressed for this isnt a summer wedding. You cant go wrong with a basic dark suit. Charcoal is always a good choice and less severe than black.
2. White shirt no cufflinks. Period. Save the bling and spread-collar till you make junior partner.
3. If you insist on introducing some attitude to your outfit, try a pocket square. But keep it plain and simple; no polka dots, paisley and no puffiness.
4. Well-polished leather-soled lace-ups are what you want. Those rubber-soled square-toe dress shoes are what you wore to the bar at varsity.
Creative
1. Wear a cardigan under your jacket it doesnt look as formal as a waistcoat.
2. Nothing says creative type more quickly than a skinny tie. If you feel like loosening the collar of your shirt a bit, all the better.
3. In the right environment, sneakers are appropriate with a suit. Theyre a statement on their own so be sure to stick with simple, unadorned low-tops.
4. A messenger bag works, but not if it looks like you used it to earn extra cash as a bike courier last summer. Buy a new one dark leather is always a smart option.
Casual
1. You should still wear a suit. Let them know you are taking the whole interview thing seriously.
2. But dress it down try a polo shirt, a new crisp one, under your suit jacket. Stripes are a good choice as they have a more relaxed feel.
3. A pair of loafers deftly treads that middle ground between leather-soled lace-ups (too formal with a polo shirt) and sneakers (too laid-back and probably too hip).
The laptop bag
A sleek laptop bag is all you need when visiting or presenting to clients. No fuss, no excess, no risk of spilling the personal contents of your bag onto the boardroom table. Opt for performance fabric like ripstop nylon; its water- and dustproof.
The briefcase
A briefcase is an essential item in any working mans wardrobe. It neednt be elaborate functional and needs-specific is what youre looking for. Make sure it has a padded shoulder strap for comfort and convenience.
The overnight bag
For regular overnight business trips, invest in a quality cabinsized trolley case. Its all you need for a fresh shirt, socks and jocks, toiletries and your running kit. Look for one with multitasking storage compartments to keep your worn clothes separate. You also have the added advantage of not having to sling a bag over your shoulder, resulting in a creased look.
The Story of a Business July 13, 2010
Posted by youngpioneer in : Uncategorized , add a commentMost of these guys all had the following qualities
- They know the industry in and outs like the back of their hands
- They know their competition’s strengths and weaknesses
- They are well connected in and out of their industry
- They all were able to work and live through any dip
- They understand the value of cash flow
- They understand people very well
- They always are looking forward and are aware of every opportunity
- And they all had great support from their family
I would give the following tips beyond that from my experience
- Understand that your return needs to validate your investment. Earning a Million Rand a year is great but if you investing R20 million your return on equity (ROE) is only 5%. Save yourself the effort and risk and invest in a money market account. You need to be aiming for a ROE of greater than the risk free rate at least.
- Leveraging your business is a great way to increase your ROE but make sure you are not being ripped off with interest costs and you don’t have to give up your underpants as surety. If surety is required match the value of the loan to the value of the surety. Lenders will ask for far more and get away with it.
- Value your employees they have the ability to surprise you.
- Use your resources well. Support from people like Rival Pioneers (http://rivalpioneers.bundublog.com) and others is well priced and can help you get the financial and strategic support you need to boost your business.
These points are all part of what I believe will help any person write their own successful business story. I know that it’s not all but I can’t give away all my tips in one post.
Please add comments on what you believe add value to the Story of a Business.
Live the dream or jump back into the corporate world? July 12, 2010
Posted by youngpioneer in : Uncategorized , 2 commentsWith the world of opportunities in our beautiful country I ask myself the following question.
“Live the dream or jump back into the corporate world?”
I started a career in corporate finance almost a year ago to the day and after a less than satisfactory induction I am considering my opportunities.
I have applied to a few corporate finance teams but have not had much response and I suppose that it is hard to expect an inbox full of responses considering M&A deal volumes are so low and there is probably more experienced talent swimming the job pool with me.
In considering the opportunies of being involved in various start ups I feel that I could rewrite my future by stepping away from the corpoate world and try something more exciting and hopefully profitable.
So watch this space and lets see what happens…