An entrepreneurial awakening

An entrepreneurial awakening

Dominic Koenig_RoosterMore often than not entrepreneurship is something you can feel in your bones. It’s something that is modelled to you by parents or other family members or it’s often a desire, present from a young age, to be independent, to be a pioneer. In Dominic Koenig’s case, however, entrepreneurship is something he learned much later in life – a way of thinking, of questioning the status quo and recognising inefficiencies. Dominic’s entrepreneurial awakening was thanks to the Allan Gray Orbis Foundation’s Fellowship, and an irritating necessity – a morning alarm.

When embarking on his Fellowship journey with the Foundation in 2013, Dominic thought of himself as more of a humanitarian. In fact, his desire to help people and see South Africa transformed and flourishing is what initially drew him to the Foundation. He recalls: ”I had this burning desire to be a part of a community that sought to improve the socio-economic status of the country I love so much.” But the idea of becoming an entrepreneur was still far from his mind.

Then one morning in 2015 he woke up, for the umpteenth time, to his smart phone alarm. “I hated that sound; just dreaded it,” Dominic explains. That’s when he started questioning why the first sound you hear every day was something terrible and what life would be like if what woke you up “was actually something that’s awesome and amazing and something that you could look forward to.” He immediately arranged with his sister to perform some of her ridiculous accents and recorded them. For the next few days he played her funny recordings, starting his day with a smile instead of a groan. When Dominic eventually grew tired of these same recordings he started questioning again: What if his sister could send him new recordings without him knowing about them?

roosterThat was the genesis of Rooster – a mobile app, available on Android and IOS, that wakes you up with your choice of content, for example inspirational quotes, comedy, news or voice notes from friends. “It’s such a cool experience getting roosters from friends and family,” says Dominic. And the bonus is you wake up easier! “Because you’re comprehending something that’s being said, your brain has to switch on and listen.”

Rooster has the potential of being a game changer in advertising. Given the fact that almost everyone who owns a smartphone uses it as an alarm, the potential user base is colossal. Big brands could use Rooster to connect with these millions of users on a very intimate way – not with advertisements, of course, but with specially crafted content. Imagine waking to an inspiring message from a world-renowned athlete because you selected the content of a sports brand as your Rooster. The possibilities are endless, and imagining them all is what gets Dominic working long hours to make Rooster a success.

This understanding of hard work and determination is something he learned from his father, who, at the age of 40, started studying to be a radiologist. Dominic, his mom and three siblings all have “many memories of him studying for 12 hours a day, setting the best example of what sacrifice, determination and discipline entails.” Seeing how his father’s risk had paid off is perhaps why Dominic thought it worthwhile to give up an opportunity to do his articles at Deloitte in London. Another reason he was willing to dive right into an entrepreneurial venture right after university (he studied Business Science with Accounting at UCT) was the opportunity to work with his co-founder and school friend, Josh Perry. “He’s just the most positive, inspirational person.” Dominic explains that after surviving cancer Josh understood what it meant to live life to the full, which is why Josh quit his job at a very reputable medical tech company after Dominic shared the idea of Rooster with him.

Dominic’s version of entrepreneurial awakening – not experienced at a young age or as a deep-seated knowing – should offer inspiration to many. He and Rooster is proof that your entrepreneurial awakening can happen at any time. All that’s really needed is a new way of thinking, of questioning and solving inefficiencies, and some people to inspire and encourage you to take risks and work hard.

 

Entrepreneurship: The key to financial stability for youth | By: Lethabo Tloubata

Entrepreneurship: The key to financial stability for youth | By: Lethabo Tloubata

IMG_0565 2In 2017, unemployment rates in South Africa are reported at an all-time high, which, coupled with the start of a recession, makes the prospects for young people making a successful living seem impossible. Although corporate South Africa is doing its best to retain its talent at this stage, we need to consider a sustainable way to further develop the economy of the country. The best way thought possible is through the participation of more young people in entrepreneurial activities, however, one may not know what opportunities are there for them in the entrepreneurship space.

With the findings in the GEDI report earlier this year, South Africa was placed second in the continent in Entrepreneurship activity. What this alludes to is that the future is not so bleak.

Let’s take a closer look some of the opportunities that are available for the entrepreneurial at heart.

  1. Skills training for youth in entrepreneurship

Having a natural knack for business is one thing, however, running a successful business requires one to have some knowledge of their customer base, how to recruit and retain the best Talent as well as how to manage financial resources that they may have, amongst other skills. South Africa (and the continent) has seen an increase in programmes that offer basic skills that one may need to run a successful business. These skills-based programmes all have a strong focus on mentorship while running structured programmes that help entrepreneurs take their ideas from one phase to the next.

  1. Funding sources

Banks, angel investors & venture capitalists have been, for a long time, the natural source of funding for ventures. Though these sources are widely and readily available to people who wish to push their ideas to the next stage, it is not easy to get access to them as they often either have hectic requirements to qualify for funding or they may have a specific focus on who they fund, such as tech-based businesses.

Although the above-mentioned are still a great source of funding for entrepreneurs, we have, in the last couple of years seen a growth in crowdfunding sources which enable the entrepreneur to not only get funding from a bigger pool of sources, but to also promote their businesses and share a bit of their story and what influenced their decision to begin their venture. Crowdfunding allows one to request funding from friends, family and anonymous individuals who would identify with the inefficiency that the entrepreneur is hoping to find a solution for.

  1. Further Education & Training

Following the successes that have been seen since the inception of a National Diploma in Small Business Management at some Universities of Technology, more and more universities have included entrepreneurship studies in some form or another in their faculty offerings. These offerings range from either a National Diploma in Entrepreneurship, (which not only gives one the theoretical knowledge behind entrepreneurship but also includes a practical component which enables the student to experience the everyday life of entrepreneurship), to postgraduate diplomas in Entrepreneurship with a similar focus to the National Diploma.

While these are some resources one could use to run a successful entrepreneurial venture, it is important to know that this is not all that is out there. Innovation labs, hubs & other communities are also great resources to help grow your business.

As an entrepreneur, it is very important to explore your environment and see what and who else is there to support the growth of your business. Social network platforms, like Instagram, are being widely used to run online shops. While this does not take away from the traditional eCommerce platforms, it is there to enhance your business.

Here are some links for you to look at when exploring these opportunities that are available to you. You are also encouraged to explore further than this and make the most of the opportunities available to you.