How Mentorship Helped Grow My Business

on August 1 | in BUSINESSWISE, Featured | by admin | with No Comments

It’s Women’s Month and The Hope Factory (THF) is celebrating women in business. During this August month WEALTHWISEmag.com will publish the stories of ordinary South African women entrepreneurs who started their businesses with little to nothing and have become successful entrepreneurs thanks to proper mentorship.

These amazing women traveled this journey with the help of The Hope Factory’s business mentors and for the first time ever, we get to hear both sides of these success stories. Their businesses range from one sector to the other, but the one thing they have in common is their passion and their drive to succeed.

These entrepreneurs are part of the Hope Factory’s mentoring programme. They are each assigned to a business mentor who guides them in their entrepreneurial journey to achieve sustainable, profitable businesses.

“Our main thrust is the growth and development of entrepreneurs for a sustainable future, and mentorship is the critical process through which we achieve this goal”, says Annie McWalter, CEO of The Hope Factory.

Some entrepreneurs have seen radical growth in a short time span. For example, Potso Mathekga, owner of Maggie’s Original Mageu, showed 51% profit growth in turnover and a 37% increase in profit after just 8 months of mentorship. Another great example is Johanna Mashigo and her son, co-owners of Full Menu Catering. At the start of the programme they were operating at a 73% loss, and are now showing a 43 % profit. In fact, Mashigo’s business mentor says Full Menu Catering has grown the most on the Johannesburg programme of all the entrepreneurs enrolled on the programme.

Here is what the entrepreneurs learn thanks to business mentorship…

“I have learnt financial management, costing and how to separate business and personal finance which is assisting me to grow my business towards sustainability. I have realised the importance of remaining focused and that growth comes through positive thinking and good business administration” – Nomvula Nteleza of Lubange Trading Enterprises.

“My mentor also reminded me of the importance of setting goals that are achievable and realistic and to devise a road-map to reach them” – Potso Mathekga of Maggie’s Original Mageu.

“It works. I have seen it in my own business growth.” - Zuki Bakana of Total Healthcare Services

“We have seen first-hand the impact that our mentor has had on our business and how we run it, for example, our mentor has helped us to realise that as the leaders in our business, we need to set the example. If we are late for work or come in dressed very casually, our staff will do the same.”

Here is what the Business Mentors say…

“Seeing businesses grow from strength to strength is what motivates me daily in my role and most importantly seeing the entrepreneurs’ personal development. For me it’s truly a calling.”

“I find it such a humbling honour to be part of the team dedicated to serving and bettering our country, one entrepreneur at a time.”

“It’s essential to celebrate each small victory with my mentees, because each tiny step creates momentum in the pursuit of the greater vision”.

Why mentorship is the key for small business success

According to the new Minister of Small Business Development, Lindiwe Zulu, many small businesses have failed because they lack proper mentoring, support, financial and technical skills. This is why a dedicated Ministry to support small and medium sized businesses is essential to boost the country’s economy, and at the same time, to help create new jobs. McWalter agrees and welcomes the government support in assisting the country’s entrepreneurs.

Founded in 2001, The Hope Factory is an established Enterprise Development Not-for-Profit organisation governed by the South African Institute of Chartered Accountants (SAICA). It offers a strategic mentorship programme to help entrepreneurs achieve their goals, vision and purpose to grow their business, and to ultimately give back to their community. For more information visit www.thehopefactory.co.za.

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