#raizcorp

The ninth annual ENGEN Pitch & Polish programme kicked off in Cape Town on 4 August with the highest number of delegates in attendance so far. Since its inception, this national entrepreneurial workshop and competition – which is hosted in partnership with Engen Petroleum Ltd, Nedbank and Raizcorp – has helped over 10 000 entrepreneurs improve the way they pitch their businesses to potential investors.

“It is evident in Cape Town that entrepreneurs have good ideas and here, at ENGEN Pitch & Polish, they are given the skills to package those ideas in order for them to be actualised. For Engen, empowering individuals to realise their dreams contributes to an empowered and employed nation,” commented Kholekile Dlakiya, Transformation Manager at Engen Petroleum Ltd.

The day’s winning formula saw Justin Cohen (best-selling author and international speaker) motivating the crowd about the value of delivering a polished pitch. The workshop aims to teach participants about how to develop a well-rounded and investor-ready pitch. The interactive nature of the event ensures that everyone participates while learning at the same time.

At each of this year’s events five contestants will pitch their businesses while the facilitator and attendees will offer guidance, advice and direction to help shape the pitches.

For example, on Saturday, Craig from Belville set the tone with his very confident pitch. Over the course of the day, his learning focused on how to define his advertising offering in layman’s terms while demonstrating his business acumen by clearly explaining his business model.

For Miyelani from Mitchells Plan, it was all about how to refine and explain exactly what his catering business sells and offers. Operating a business in a specific city or area which addresses a gap in the market can be a viable business model.

Explaining your story can also be a powerful tool and this was successfully incorporated into the pitch by Liesel from Kraaifontein. Navigating the process of buying and renovating her first home spurred the idea to start a business which assists homeowners with the buying process and connects them with relevant suppliers. Online searches can be overwhelming and contradictory making a trusted source invaluable.

The feedback that Nokhuthala from Brackenfell received for her pitch was to state your credentials early on. She learned that communicating upfront that she holds a Master’s Degree in Environmental Management adds weight and authority to her pitch and will garner more consideration for her already sound offering.

Asiphe from Khayelitsha initially focused his pitch on the need for social entrepreneurs but, through the day, he shifted his pitch to concisely explain that he sells healthy biscuits, to talk about what brought him into the industry and to be clear about the financial model. His dedication and enthusiasm were very inspiring.

Investors respond to both what you say and how you say it. Keeping them riveted and asking questions – all while maintaining composure and answering any questions clearly, concisely and with authority – are key tools in the next step to the investing process.

The 2018 winner of the Cape Town leg of ENGEN Pitch & Polish was Craig Kensley, who won R6 000 and a week of training at Raizcorp in Johannesburg worth R150 000. He also has the opportunity to go through to the semi-final to become the ultimate 2018 ENGEN Pitch & Polish winner and receive further cash injections and other prizes.

By Allon Raiz, CEO of Raizcorp

Recently, I watched a series on the History Channel called “The men who built America” and what struck me most was the interconnectedness between industrial giants like Cornelius Vanderbilt, John D Rockefeller, Henry Ford and JP Morgan, who all came from humble beginnings and built enormous business empires. These were the people who built modern America – from the steel and motor industries to the railways and financial services – and they were all linked to one another either as mentors, rivals or clients. Apart from their connections to each other, they also sought counsel from people who they viewed as more successful, or who had more insight, wisdom and more experience than themselves. They had no issues, even as visionaries, with submitting to the wisdom of others.

My mentor is a dollar billionaire. We met when I was 23 years of age and he backed me in my first business – which failed. The second time, he backed me not with money but by surrounding me with people who could support me with advice on finance, marketing, sales and so on. This time, I succeeded because I was surrounded by wisdom, and not because of money.

I thought, surely, my mentor was of such stature that he must be all-knowing when it came to building a business empire. I was shocked and pleasantly surprised to find out that he, too, had a mentor – someone who backed him both financially and with advice on his journey as an emerging giant.

Raizcorp has been modelled on my experience with my mentor. We surround entrepreneurs with people who can give them the right guidance to ensure that they can build long-term, sustainable businesses that can create family wealth for generations to come.

One of the biggest errors in our thinking today is that money is what we need. But it is not money we require; it is wisdom. In fact, money can even be detrimental. I offer the real example of Joe Mkhize (not his real name), who ran a business that did vinyl sign applications on to containers and had contracts with a number of cell phone companies. He employed nine people full-time, generated R400 000 net profit per year, and earned a salary of R60 000 per month. He then received the option of a grant for R1 million and decided to buy a state-of-the-art, wide-format printer to print his own vinyl signage.

Unfortunately, his premises couldn’t house his new printer so he had to find larger, more expensive premises. Also, he didn’t have the ability to operate the printer so he needed additional technical staff. He realised if his technician fell ill or took leave, he would be unable to operate the printer and therefore needed a second technical person for redundancy. The new printer also had to be insured and so on.

The sum of all these additional costs instantly turned a profitable business into an unprofitable business. The additional funding, without the correct advice, derailed a business with huge hope for growth, and it closed down within the year.

Running your own business? Want to run your own business? Either way, ENGEN Pitch & Polish is the platform you need to launch you on the path to success!

Now in its ninth year, ENGEN Pitch & Polish is a national entrepreneurial workshop and competition that – so far – has helped around 10 000 entrepreneurs improve the way they pitch their businesses to potential investors. A perfectly polished pitch is key to growing and succeeding in business! Magic always happens when investors hear a well-rounded pitch, as seen at the 2017 final where the winner was offered R2.5 million in potential funding.

This year’s programme is hosted in partnership with Engen Petroleum Ltd, Nedbank, Raizcorp, and media partner, Caxton Local Media, and begins in August 2018 and travels to eight cities and towns across the country. You can register as a delegate to attend the workshop or – if you feel you have what it takes – you can complete an online entry form to be considered as a contestant.

During one exhilarating, exciting and fun free day, participants undergo comprehensive and interactive entrepreneurial training on how to pitch like a pro! The session is facilitated by Justin Cohen, best-selling author, international speaker and TV talk-show host.

After the training session, the pre-selected contestants can pitch their ideas or businesses to the whole audience. This is where things get really interesting, with both the facilitator and the audience providing feedback on how pitches can be improved.

Rustenburg, Saturday 2nd September 2017 – Almost 300 entrepreneurs were taken on a business pitching journey as ENGEN Pitch & Polish began its eighth national tour. The Rustenburg entrepreneurs have certainly set a high standard for the rest of the country!

This year’s ENGEN Pitch & Polish facilitator is best-selling author and TV talk-show host, Justin Cohen. As Cohen is a leading expert on the topic of pitching for business, the 2017 programme promises to bring even greater learning and guidance than ever before. The programme is in collaboration with Engen Petroleum, Nedbank, and Raizcorp, and is supported by media partner Caxton Local Media.

Justin opened the programme with a highly motivating talk directing the delegates to focus on pitching to win in their field. The rapport, created by Justin’s engaging style, set the tone for a safe environment in which contestants could pitch, receive constructive and honest feedback, learn from it, and re-pitch.

Key Business Lessons:

Having an idea isn’t good enough – you have to take action.

Entrepreneurship is risky.

It is not good enough to be great at what you do; you must be great at pitching what you do.

Pitching is not selling; pitching is educating and communicating.

Business brings value to the world and is centred around the customers’ needs.

Entrepreneurs have an unusually high level of optimism and perseverance.

Research shows that entrepreneurs fail 3.8 times before succeeding – success is determined by getting up and implementing the lessons learned!

Entrepreneurs need to be solutions-focused.

Over 100 applications were received to compete in the 2017 ENGEN Pitch & Polish event in Rustenburg. Four contestants were carefully pre-selected by a panel while a fifth contestant was  chosen, on the day, to give the delegates a further opportuity to have their voices heard.

Meet the Rustenburg Contestants:

1.     Suzan Lethabo – Environmental Consultancy business idea

2.     Kitso Molefe – Educational app

3.     Herman Mosito – Fund tracing agent

4.     Siphokazi Nqeketo – Manufactures products by up-cycling

5.     Abbey Tlapu – Local butchery

Throughout the day, pitches were sharpened and polished – thanks to clear guidance from Justin, combined with inquiring questions from the delegates. By pushing the contestants to improve, learn, define the problem, and present the solution, the inspired delegates were simultaneously applying the principles to their own businesses and ideas!

The programme culminated in the competition segment, where the five contestants were able to pitch their business or business idea to the judges. The judging panel was made up of Benny Thobejane from Engen Petroleum, Clint Emmanuel from Nedbank and Ian Venter from RBED.  For the first time, the judges’ questions and feedback were explained to all present, and used as a learning platform, with Justin guiding the way. The ENGEN Pitch & Polish programme continues to grow thanks to Engen Petroleum, Nedbank and Raizcorp along with local partners Royal Bafokeng Enterprise Development (RBED), Small Enterprise Development Agency (SEDA) and Caxton Local Media.

The winner of the ENGEN Pitch & Polish Rustenburg event, who proceeds to Round 2, is Kitso Molefe.

Congratulations to all for attending - and taking action as this is the secret to building your business!

For more information visit www.pitchandpolish.com.

You’ve come up with a great business idea - you have a business name, a logo, new business cards and have even registered your company – you’re officially an entrepreneur and you’re excited about the future. Right? Wrong!

An idea is only an idea, until you take action and it becomes a start-up business, which is only a going concern when you have customers buying your products or service – on a regular basis!

When in business, think about:

Proof of concept. When Sizwe Nzima entered the ENGEN Pitch and Polish 2013 competition, his start-up was already servicing 250 clients, by collecting and delivering their chronic medication. His business model was already proving to be a success.

Living in the real world: If you think you are going to be the next big thing overnight, you may be in for a rude awakening. For every big success there are a whole bunch of failures. Focus on what the next step is to achieve a healthy sustainable business. From the beginning, Sizwe encountered a major obstacle – the weather! Delivering packages on bicycles in the rain was becoming inefficient. His immediate solution was to provide good raincoats, while working towards implementing am improved and streamlined system.

The market you are in: Research, research, research. Understand what your competitors are doing. Read about international trends and make sure you are poised to take advantage of tomorrow, not just today.

Your pricing. While start-ups do need to spend some money to make money, it is not always necessary to buy the Rolls Royce solution. The item or service your start-up offers should also be priced correctly to make it affordable for your customers, whilst still profitable enough to grow the business. Research, investigate, scrutinise the numbers.

How your customers can find you: These days, technology is more crucial than ever for future business success. Whether it’s a website, laptop or telephone system, make sure your customers can access your business quickly and easily. Look for marketing opportunities that are relevant and speak to your target market.

Nurturing your successes. Since winning the ENGEN Pitch & Polish competition, Sizwe’s client base has more than doubled. They have also increased the range of products they deliver which is expected to triple their revenue.

How many times have you seen a new product or service causing a buzz in the market and thought to yourself, “Wow, that is such a simple but effective idea – I wish I had thought of that!” The truth is, the best ideas are often the simplest. Yet communicating the idea is where most people get tongue-tied.

So what do you need to do to come up with a winning business idea? Below are a few ways to get your creative juices flowing:

Start close to home: You might have the breeding ground for a great idea right in front of your nose. Criytone Revanewako, winner of ENGEN Pitch & Polish 2012, did just that. Living in Witbank he noticed the volume of industrial waste that was polluting the ground, which ignited an idea of recycling this waste, known as slag, for reconstruction and infrastructure development. His business has since received funding and is on the verge of expanding to four additional sites.

Talk it over. And over again. Rehearse your pitch by talking about your idea to anyone who will listen. Consider their feedback and slowly your idea will start to take shape.

Think about what ticks you off the most! If a product or service gets your goat for one reason or the other, there might be an opportunity for change and innovation. Automation and industrialisation often takes place to improve on clunky or time consuming processes. A great example is the modern razor blade invented by Gillette. He simply got sick and tired of sharpening his old fashioned blade all the time and passionately believed that there had to be an easier way and went on a mission to find it! The rest is history...

Look at what you love. Many successful entrepreneurs have turned their hobbies and passions into a successful business. Criytone, as a metallurgist, is qualified to examine the physical and chemical behavior of metals and alloys. He was able to combine his skills with his idea.

“First I was afraid; I was petrified” … Gloria Gaynor certainly did not have entrepreneurs in mind when she sang these words, in her classic disco hit “I will survive”. But the opening words of the song could very well describe the feelings of most entrepreneurs when they first begin pitching their business to potential investors and clients. Fear is certainly the order of the day. However, like Gaynor, survival is also the order of the day and entrepreneurs who are unable to master the art of the pitch are unlikely to master the art of survival. In fact, having overcome the fear, and having moved past being petrified, successful entrepreneurs become addicted to pitching. How, one may ask, is it possible to become a pitch-addict?

Like any healthy addiction, such as to exercise, practice makes perfect. One cannot become a ‘pitch-addict’ until one has moved through the fear of pitching. Becoming a pitch addict requires you to actually pitch – often! The mirror is a good place to start, followed by the 3 Fs, friends, family and fools (i.e. anyone who will listen!). And even if the 3Fs in your life do not actually invest, the experience you will have gained in pitching to them, over and over, is immeasurable. It is the first step on the path to addiction. And then it’s time for the real world! Bankers, investors, venture capitalists and, of course, potential clients.

The way you become a pitch addict is simply to breathe deeply and to tell yourself that no matter what feedback you get, you will find a way to use it to your advantage. You tell yourself that you will handle the feedback, no matter how hard it may be to hear. In this way, you build your resilience to handle feedback. It is a virtuous cycle: the more feedback you get, the better you get; the better you get, the more courage you gain to pitch.

The fear never truly goes away. Even the most seasoned pitchers feel fear before they pitch their business. The pitch addicts are simply not letting fear get in the way! The more you say ‘yes’ to every opportunity to pitch, the more likely you are to become a pitch addict.

Suddenly, you will feel your fear turning into excitement. There is a ‘rush’ that accompanies the pitch – it is this rush to which pitch addicts become addicted.

“Just before the final pitch I was so nervous, and once on the stage the immense preparation helped me deliver a polished pitch.” says Murendeni Mafumo, the winner of ENGEN Pitch & Polish 2016, receiving R60 000 on the night. “And once I’m done, and I know that I have faced my fear and conquered it, I am open to whatever feedback comes my way!” he adds. “After winning, I feel grateful for the validation of my dreams.” Murendeni, who lives in Fourways, Johannesburg, won the judges over with his pitch on his existing business, Kusini Water, which uses technology developed to treat water. Murendeni’s love for science was sparked when he received a science set, as a present, when he was very young. As his scientific knowledge grew, so too did his passion to make a positive difference in his community. Today, he ensures that people, specifically in rural areas, have clean drinking water. “I thought I knew about business, but ENGEN Pitch & Polish has given me even more skills to grow my business beyond my wildest dreams!” says Murendeni.

Imagine this scenario: You’re ready to pitch your well-practised polished business pitch or idea for an innovative business to potential investors and/or partners, but at the moment of delivery, you suffer from acute vocal paralysis. No sounds, only terror – pitch-a-phobia.

Is there a cure? Sure. It’s called ‘systematic desensitisation’ and is based on the principles of behaviour modification, which means that by using basic learning techniques you can change your current conditioning. That’s a win for the pitch-a-phobics.  

As an entrepreneur, it’s particularly important for you to overcome this fear as you are always pitching, in one form or another. Whilst a certain amount of nervousness is healthy, this fear can be debilitating. The only way to overcome ‘pitch-a-phobia’ is by confronting it using a hierarchical system where each level is a small step towards overcoming the fear. “You cannot go from zero to hero in 60 seconds, as you will fail, and the fear will intensify. You have to take small steps, each systematically reducing the fear,’ explains Bronwyn Echardt, Project Manager at business incubator Raizcorp, who herself has used this system to overcome her own paralysing phobia.

Tips to create your hierarchy:

Remove any excuses of why you cannot pitch

Remember you are not trapped nor being targeted, this is part of the     entrepreneurial journey

Evaluate the opportunity costs of not pitching

Practise a relaxation technique that you can utilise just before the     pitch

Begin with your pitch written on cue cards in bullet point form only     – this is to trigger your memory – you are not saying a speech

Pitch into a recorder – listen, tweak and repeat

Pitch to one person who will offer constructive criticism and     feedback – tweak, practise, repeat

Present to a few close and trusted companions and take in their     comments – tweak, practise, repeat

Pitch to work colleagues with a Q&A section – tweak, practise,     repeat

The evidence points to the reality that you are developing a tolerance for pitching and overcoming your fear. This is a gradual desensitisation process – you may even begin to enjoy it…

The big moment arrives: time to present to the panel

It’s a cinch: you’re word-perfect; you are overcoming your fear; you’re ready to enter the ring confidently with your polished pitch. You are aware of your body language, clothing and you know your business intimately and are ready to answer questions on your experience, expertise, the business, how you are going to make money, and how the investors will see a return on their investment.

It’s time to take a deep breath and deliver your polished pitch.