Andile Khumalo was the keynote speaker at this year’s FundEx (#FundEx2018), held yesterday at the Riversands Incubation Hub. And as expected the seasoned entrepreneur, deal maker and operator of growth businesses dropped plenty of entrepreneurship gems and was the clear crowd favourite.
Missed out on FundEx? Here are biggest lessons from the man himself.
On … Business plans
‘It’s not enough to HAVE the business plan, but you must PROVE the business plan for any credible investor to spend their money on your idea.’ – @Andile_Khumalo #FundEx2018 @RiversandsHub
— Inertia Business (@InertiaBusiness) August 16, 2018
“Put less effort in the business business plan and more effort in proving that your idea works”- @Andile_Khumalo at #Fundex2018 @RiversandsHub @Ke1Neo
— CN&CO (@cnandco) August 16, 2018
On … Being your business’s deal maker
Tip #3: If you’re not selling, you’re not in business, says @Andile_Khumalo. “You have to be the number one sales person, not someone you’re going to be outsourcing.” #FundEX2018 pic.twitter.com/6CF2my86qN
— Riversands IHub (@RiversandsHub) August 16, 2018
On … Rethinking mentorship
On mentorship: Make people your mentors without them knowing it Send a brief email, be kind, give background to how you met and ask them a question, advises @Andile_Khumalo. #FundEX2018
— Riversands IHub (@RiversandsHub) August 16, 2018
- See also: ‘The First Business Mistake I Made’
On … Running an honest business
Bottom line, ‘There is no substitute for ethics. In the long term, it always pays off.’ – @Andile_Khumalo #FundEx2018 @RiversandsHub
— Inertia Business (@InertiaBusiness) August 16, 2018
Tip #2 by @Andile_Khumalo: When you see the bank manager or funder, have a good answer when they ask “what could go wrong?” A wrong answer is “nothing”. Find something that can go wrong, advises Khumalo. #FundEX2018
— Riversands IHub (@RiversandsHub) August 16, 2018
On … Having a driving force
5. HAVE PASSION for What you do! #Fundex2018 cc @Andile_Khumalo @RiversandsHub
— Ndabazezwe Mncube (@mrpresRSA) August 16, 2018
