ENTREPRENEURS ORGANISATION SOUTH AFRICA: An entrepreneur’s haven

By Zimkhita Kweza

Entrepreneurs all over the world can attest to the fact that one of the most lucrative assets one has is that of connection and community. This is why non-profit organisations like the global Entrepreneurs Organisation (EO) exist and are the backbone of 17500+ leading entrepreneurs in 213 chapters and 60+ countries.

Founded in 1987, EO is a global organisation which is a peer-to-peer network where entrepreneurs learn from one other, have access to the best speakers and once in a lifetime experience relating to their growth personally, professionally and within their own families.

Eo South Africa

EO has quickly become one of South Africa’s most influential business networks with over 250 members nationwide. The South African branch of the Entrepreneurs Organisation is made up of four chapters situated in Cape Town, Durban, Johannesburg, and Winelands. EO South Africa has been in operation since 2005, with their first and oldest chapter being in Johannesburg. Cape Town followed suite in 2011, followed by Durban in 2015 and their newest chapter now in Winelands, which was founded in 2021.

The Responsible Citizen Magazine sat down with EO Durban’s entrepreneur and Marketing & Communications Chair, Cindy Norcott.

TRC: What makes EO unique from other organisations like it?

CN: EO is unique in that it is member-led, so members take charge of running their chapters, with the help of a Chapter Manager. EO does not allow solicitation, so it is not a network group where people are always hustling and pitching their businesses. But having said that, members often end up doing business together once they have built up relationships of trust. In EO, members belong to a forum, which is essentially a board of like-minded peers, where they meet monthly and discuss issues relating to their businesses or to themselves personally in an atmosphere of confidentiality and non-judgement.

TRC: Why are organisations like EO important in South Africa and Africa as a whole?

CN: I think that organisations like EO are excellent for entrepreneurs in Africa. Through EO, members have access to a global network of entrepreneurs. There is access to the best learning opportunities and opportunities to learn from the best in any industry. It is impossible to know everything and having access to members who are all specialists in their own fields, results in members learning and growing together. Being an entrepreneur in a third world country poses so many unique challenges and it is impossible to have a handle on every single challenge. Being a part of EO creates a network of support, guidance, and like-minded people, many of whom have experienced similar problems to those you face.

TRC: Why is community important for entrepreneurs?

CN: Being an entrepreneur can be agonizingly lonely. Entrepreneurs often shoulder every burden on their own. By its very nature, entrepreneurship is lean, and most business owners are under-resourced. It is not appropriate or professional for a business owner to share their worries and concerns with their staff. They need a safe place to share ideas, concerns and to celebrate their wins too.

TRC: What advice could you give to new and old entrepreneurs with regards to approaching the issue of loadshedding and the volatile South African economy?

CN: Companies need to consider load-shedding as a definite obstacle and not as a possible risk. Therefore, companies need to mitigate this risk by installing invertors, generators, or solar power. Wherever possible, entrepreneurs need to reduce their reliance on government run entities and use private service providers so that they are not left powerless. I also see load-shedding as a potential opportunity for entrepreneurs in the green energy industry. The South African economy, being an emerging market, is at the mercy of many global macro-economic factors. South African entrepreneurs need to be very agile and flexible in terms of their strategic and operational plans. They need to imagine a multiple number of scenarios and have plans for each of them. Cash is king and entrepreneurs need to gear their businesses in a low-risk manner, and they also need to have cash reserves in the event of another economic down-turn.

TRC: How/Why is it important to build sustainable (impacting people and planet positively) businesses in modern day?

CN: Consumers of today are far savvier than ever before. Companies that are good to their people and the planet are developing far more favourable brands than those that are exploitative in their approach. Consumers are voting with their wallets and there is a global trend towards consumers naming and shaming socially and environmentally irresponsible businesses. Social media is a free tool to shame or fame businesses. Years ago, businesses faced two diametrically opposed choices – either make a profit or be environmentally and society friendly. Now, businesses need to have profit, people, and planet as equal measures of success.

TRC: What lessons do you think entrepreneurs should learn from adversities such as the COVID-19 pandemic?

CN: I think Covid taught business so many lessons, namely –

1. Keep trimming the fat off. Every month, go through your expenses line by line and ask if these expenses are necessary. Ask “How can we reduce these costs by 10%”?”

2. Keep at least three months’ cash flow in the business.

3. Be relevant in what you are offering or else you will be redundant.

4. Customers want to know that you care about them.

5. An office is no longer necessary.

6. Because everything has gone online, it means that the world market is open to most businesses so think beyond your local markets.

TRC: What are some of the ingredients or non-negotiables when it comes to being a successful entrepreneur?

CN: I am listing them here as:

1. Resilience

2. Optimism

3. Creative problem solving

4. Self-belief

5. A can-do attitude

6. An appetite for risk

7. Knowing a little about a lot

8. Being an opportunist

9. Understanding how to give value.

10. Drive and determination

TRC: What are some of the biggest misconceptions within entrepreneurship?

CN: I used to believe in a quote, “Entrepreneurship is spending a few years of your life like nobody won’t so that you can spend the rest of your life like nobody can’t.” I no longer believe this. The entrepreneurship journey is long and hard, and it is not linear. Just because your business is going well today does not mean it is going to go well in the future. It takes years to create a great business and there is no short-cut to a sustainable, successful business. I also believe that you cannot go into a business just because it is lucrative. One needs to also believe in the business and be excited about it and add extra value to consumers.