Foreword from the EBL Institute CEO

E B L 0 3 | F O R E W O R D

The purpose of business is to solve problems and to change people's lives. Going into business means you are making people's lives better, either by moving them away from pain or towards pleasure. Ultimately, there is a need that you are satisfying. Once you have fulfilled the need, the profits follow. Yes, profits may be the bottom-line for a business, but they are not the sole purpose of a business.

Great companies aren’t great because they make lots of money. They make lots of money precisely because they are great- Julie Hanna (Technologist and entrepreneur).

When asked, people often say that they are in business to make money, however what I’ve learned is that profits follow purpose. When you build a business with a clear vision and a strong purpose, you will observe something: the greater your impact, the greater your profits. Think of Jeff Bezos’ Amazon. The company employs almost 1.5 million people globally. It’s impact on the economy, on families, on customers is incredible.

E B L 0 4 | F O R E W O R D

Foreword from the EBL Institute CEO

Its triumphant success has seen Bezos become the wealthiest* man in the world. Do you want to be like Bezos? If not then get out of business! Business is for people who fix problems, it is nothing more than providing solutions to problems. Therefore, problems are a breeding ground for ideas, for innovation. When you contextualise business to South Africa: one should be seeing successful entrepreneurs in multitudes. We have enough problems to warrant many solutions. Our unemployment rate sits at 34.9% according to the latest reports available, with youth unemployment reaching its highest all-time figure of 64.4% in the second quarter of 2021. (Figures sourced from StatsSA & Trading Economics).

We are not seeing as many success stories as we should be. According to investment consulting firm; Cova Advisory, 5 out of 7 SMMEs fail within their first year in South Africa. If our entrepreneurs are the builders of the economy and 71% of them can’t make it past the first year? Where does that leave the future of South Africa?

As you begin your journey with us, you are signing up for what will be a challenging and exciting process of personal development that will affect every area of your life. As a business owner, you understand that in a lot of ways you are your business, and your business growth starts with you. Your business can only grow up to the level of your incompetence. There is no business growth without personal growth. We often think of entrepreneurship as a lonely journey. With entrepreneurs not being given what they need in terms of funding, support and other resources and our work at the Institute is to be the support that entrepreneurs need but also to provide the correct support. Perhaps what your business needs the most right now is not funding…

E B L 0 5 | F O R E W O R D

Foreword from the EBL Institute CEO

If the pandemic has shown us anything over the past 2 years, it is that we need to digitalise and align with the Fourth Industrial Revolution. As businesses shut down in hordes across various industries globally, ICT businesses experienced the most opportune time for growth. This is because of one word: relevance. Think of internet service providers: with employees working virtually and using platforms such as Zoom to connect, the demand for data rose and whilst other businesses were plummeting, companies like MTN were thriving. The ICT industry is the industry of innovation and business is innovation. You cannot build a sustainable business without adaptation and evolution and that’s what innovation represents. The buzzword during the pandemic has been “pivot” but I refer to the pandemic as a catalyst. For ICT businesses in particular you should have seen Covid-19 as a great opportunity for expanding and scaling your business.

Our focus on ICT at the EBL Institute is directly aligned with NDP 2030 goals. Employment creation, economic growth and poverty alleviation are at the core of why we do what we do. The ICT sector is a scalable sector with a potential for immense growth and employability. In a country ravaged by unemployment and its subsequent side effects such as high crime rates, industries that can employ large numbers of people are critical and ICT is one such industry. As an ICT entrepreneur you are the future. ICT is the industry of the future, however when we consider this future it is important to not leave the marginalised in our country left behind.

There remains a digital divide in South Africa and as businesses and institutions in ICT our responsibility is to bridge the digital divide gap and ensure that all South Africans are part of the digital transformation. From rural settlements to townships, the "platteland" to suburbia and the metropolitans; The Fourth Industrial Revolution benefits all and should be experienced by all.

What is your business story going to be about? Great companies have incredible stories that inspire; Amazon, Google, Microsoft. We’ve seen how they all started in garages and grew into the tech super powers they are today. You may not have a garage but you have a dream and a purpose. We invite you to write your story with the EBL Institute and maybe it too will inspire generations to come.

Thabo Pitse!