The Art of Starting Small: Five Steps

We each find ourselves at some point with a business idea and often times dream about becoming our own bosses. Sara Blakely, CEO and founder of Spanks (a leading American intimate apparel company) says “People have million-dollar and billion-dollar ideas daily . . .” Very few of us, however, get around to acting on these ideas. In fact, up to 80% of us end up backing out of our own dreams. In this blog, we’ll share a few practical ways to take action on your ideas.


“Great Things Are Not Done By Impulse, but By a Series of Small Things Brought Together.”

Vincent Van Gogh

Behind every successful business is a dream, and a dreamer who took action. So, if you are looking for ways to actualize that idea in small simple steps, here are some tips to consider.

Put It On Paper!

Have you really thought about the idea? Have you written it down? Research shows that there are numerous benefits to writing down your goals and ideas.

Writing things down sets the intention and is the first practical step. Written ideas are clearer and more tangible than mere thoughts. Moreover, writing or typing out your ideas clears your mind. This begins the organization process and clarifies your random thoughts. Slowly, your ideas begin to connect and a plan comes together.

Did you know that you are more likely to stay motivated when you have a visible reminder of your goals? In a week, a month or a year from now, you can look back to see the progress you have made at the written-down plans. So, go ahead and jot it down!


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Do The Essentials List!

Once written down, don’t stop there, go beyond the writing, capture the things that you need. For instance:

  • What kind of business am I starting?
  • What do I need to kick start?
  • What products will I be offering?
  • What is the industry like in this line of business? Is it competitive? Am I alone? What are other sellers like me doing?
  • What is my uniqueness as a business? (The niche)
  • Where do I see my business in fifteen years?

You may find yourself not having the answers to all these questions at the beginning, and this is okay. This brings us to the third thing…

Do A Recon!

Do a research, find out what other businesses in your industry are doing. What successes and failures are they experiencing? How are the businesses coping with these challenges? What kind of questions should you expect from customers? Which common mistakes should you avoid?

This exercise will give you a clear idea of what to expect and plan for, your timelines, where to source supplies, price estimates, and much much more.

You know what’s awesome? You can do a Recon on your way to work, or your way home. Remember, you are starting small and doing everything a small step at a time. It may take time, but it’s all worth it.


Before we proceed, did you know that every month we hold free webinars just to grow you as an entrepreneur? This month we have 5 Marketing Tips to Grow Your Business with James Macharia! See you there.


Draft A Pre-Budget

Now that you have done a recon and a list of the essentials, draft what your expenditure might look like. At this point, don’t jump to a cumbersome company budget servicing million customers. Hold your brakes, you are not there yet!

Bearing in mind it might take some time to gain customers and establish a regular cash flow, draft a simple day-to-day budget of the costs you anticipate. So, be specific. Draft down the little you need to produce just for the first batch of products. Remember, entrepreneurs that break this secret have higher chance of success that those that don’t.

The Taste-Test

With the budget out of the way, it’s time to test and taste the waters. The only way to know if people want your product is to give them an opportunity to interact with it. Sell to family and friends, get their feedback, and use it to improve the product.

Another way you can test the idea is through crowdfunding. This opens your business and products to customers beyond your network. This means:

  • More awareness- crowdfunding is a marketing tool
  • More feedback about your product
  • Possibly, more funding


You can learn more about crowdfunding here.


Track Progress

Check your progress regularly against your plan to see whether you are moving in the right direction. Remember to always celebrate each milestone no matter how small!

Congratulations on taking the first steps towards bringing your ideas to life. Which step resonated with you the most? Tell us on the feedback.

Remember to Join us for our Free Webinar: 5 Marketing Tips to Grow Your Business on 1st July, 2021. Register Here.

The New Way for Businesses in The Gambia

For years, entrepreneurs in Africa have struggled with raising funds for their businesses. Thundafund provides an alternative way of raising funds through crowdfunding. Here’s how…


Since 2018, the UNCDF launched its program JSF in The Gambia to finance jobs, skills and finance for women and youths. This program will run until 2022 and its main objective is to reduce poverty through improved inclusive and sustainable growth and employment. But how can it do this? The answer is rather simple…

By helping entrepreneurs access funds for their businesses.

In 2013, Thundafund launched in South Africa and later in Kenya in 2019, and finally The Gambia in 2020. Since its inception, over $4.8M has been raised by entrepreneurs across Africa. During our pilot, over $10,000 has been raised by Gambian entrepreneurs. Over 300 Gambian campaigns have since been launched, raising funds for business growth and sustainability.

But What is Crowdfunding?

Crowdfunding is the practice of funding a project or a venture by raising small amounts of money from a large group of people. In simple terms, it is an online fundraising!

HOW DID IT BEGIN? The history of crowdfunding is traced back to the funding of the Statue of Liberty in 1885; however, it gained prominence with the emergence of the internet. It later became mainstream following the 2008 financial crisis, where the failure of banks to support businesses gave this concept a crutch. Thus, many successful businesses depended on crowdfunding to raise funds. This trend has spread across the world since.

WHAT OF AFRICA? Africa, is not new to crowdfunding. Fundraising has been part of our culture and heritage for years. With Stokvel in South Africa, Harambee in Kenya and Susu in The Gambia, raising large amounts of money for different projects e.g. tuition fees, buying lands, funding businesses, our continent is already set to go the online way!

IS CROWDFUNDING FOR ME? YES!! Crowdfunding is for anyone and everyone! There are different types of crowdfunding, and each is designed to suit your specific needs as an entrepreneur. Thundafund offers you 3 types of crowdfunding: Donations for early stage businesses and non-profit, rewards for businesses with products or services, and investment for already established businesses.

What Types of Crowdfunding Are There?

Donation-based Crowdfunding is the simplest form of crowdfunding as nothing is expected in return for backers contributions. This type is best for nonprofit ventures such as raising funds for community projects, children foundations, and any other of the like. For businesses and organizations looking to give their supporters something in return, read on . . .

Reward-based Crowdfunding where the entrepreneur gets to offer incentives as rewards to the people who fund the project (the backers). These incentives can be: merchandise produced by the business e.g. bags, shoes, bottles, books, etc., vouchers, or even discounts for a future service or product. Reward-based crowdfunding is great for new businesses that wish to test out their products in the market and get funding at the same time. And also for existing businesses that want to grow or launch a new product in the market.

It’s almost like killing three birds with one stone, because the crowdfunding project acts as a marketing opportunity, a product-testing opportunity, and a financing option for the business. The benefits of this kind of crowdfunding are endless.

Investment Crowdfunding is relatively new in Africa, and Thundafund is proud to be a pioneer of this new concept! The entrepreneur gets to raise funds (a slightly larger sum than most donations and reward projects) through smaller investments from many investors. The investor (backer) will then have their investment repaid with a fixed return over a period of time, depending on the revenue the business generates.

(If the business performs very well, investors are paid out sooner, if growth is slower, investors are repaid over a longer period of time). This mode is particularly great for established businesses seeking to get a boost in their capital to support their growth or expansion.

Pick a mode best suited for you!

You may be a part of a susu and you may be seeking to start that dream business. Setting up a campaign with Thundafund is quite easy. Moreover, our platform gives you the opportunity to present your business in an attractive way so as to market your business. And your susu can help you in this!

Even more, you get the chance to reach out to supporters beyond your susu!

Want to See More Gambian Campaigns?

Click here to see more!

Shifting Gears

Backabusiness 2 blog 1

Two roads diverged in a wood, and I –
I took the one less travelled by,
And that has made all the difference. – Robert Frost

HAVE YOU EVER BEEN AT A POINT WHERE THE PATH YOU CHOSE MADE ALL THE DIFFERENCE?

The business landscape has shifted and many people are asking ‘What now?’

At Nedbank, we vote small business, and one of the ways we do this is by helping small-business owners close the gap between where they are now and where they want to be.

This is your opportunity to also back a business owner who   is either starting a business or re-energising their business – a daunting path in the current economic situation, so they need to know you’ve got their back.

What is it?

The BackaBusiness movement  is a crowdfunding opportunity to support entrepreneurs with your heart and wallet, to help them grow and thrive in the ‘new normal’.  The businesses you are about to support have taken the steps to:

  • Get into Gear to start up or start afresh; or
  • Change Gears to reimagine and redesign,

… and they need your support.

New and growing small-business owners set up a campaign to raise funds, while backers (like yourself) support their chosen business:

  • on a buy now, redeem later basis; or
  • by investing in their new concept.

This is trade, not aid.

Backabusiness 2 blog 2

Have a great idea but need funds to get it to market? Want to formalise your side hustle? Need to grow or pivot your business?

Register on SimplyBiz.co.za and sign up for the Shifting Gears bootcamp.

Covid-19 has changed the way we do business, so you need to do things differently too. Never has the need for strategising been greater. In the bootcamp you will action a viability and business plan to be ready to pitch in just eight steps.

Shifting Gears is designed to help entrepreneurs:

  • Get into Gear to start up or start afresh.
  • Change Gears to reimagine or redesign their business.

Use the power of the crowd with potential clients, family and friends.

A chance to win with Shifting Gears

  • On completion of the bootcamp you will be rewarded with a copy of either the Nedbank Business Companion Guide or The Book That Every Business Owner Should Read.
  • There is also a competition in which 200 entrepreneurs can win their share of R1 million in prizes (in advertising, coaching, cash for raising R5 000 in your BackaBusiness campaign or a website). Terms and conditions apply.

What you need to do:

  • Calculate how much money will you need to start or change your business. (Be specific).
  • Map your network of potential backers – your customers, friends, family, etc.
  • Decide whatfuture reward you can offer for cash now.
  • Register on SimplyBiz.co.za and complete either the Get into Gear or Change Gear bootcamps
  • Start a project on Thundafund with your SimplyBiz email address.
  • Claim your Crowdfunding Handbook with the ready-to-go marketing pack.
  • Tell your story– why the crowd should support your business. We’ll help you!
  • Once your campaign is live – share it!Encourage your network to share it too.

Backabusiness 2 blog 3

Be a backer, a small-business supporter– they need your vote!

Vote with your wallet:  

  • Contribute to your favourite small-business’s campaign and get a reward.
  • Champion their project by inspiring others to support.

Vote with your heart: 

  • Share their campaign on social media to your own network.
  • Volunteer your time or skills.

JOIN THE BACKABUSINESS MOVEMENT TODAY!

 Discover SimplyBiz businesses to support.

Shifting Gears terms and conditions

For more information visit simplybiz.co.za. 

Five Reasons You Should Start Small

Be not afraid of growing slowly. Be afraid only of standing still.

Chinese Proverb

Every large business you can think of started small. Even the tech giant, Microsoft, started with two childhood friends who had a dream and it has over the years grown to what you see today. Many entrepreneurs and aspiring entrepreneurs find themselves struggling to start their dream business when the answer is sometimes as simple as starting small.

Why start small?

1. It ensures that you start!

Starting your own business can feel like a daunting task even when the passion and excitement are there. Committing to making one small step wards off the paralysis that comes in the beginning when there seems to be just too much to do! It doesn’t take much willpower to do the small tasks, the key is to make each step easy to carry out so that the initial resistance is lowered. Make that phone call, create that Facebook page, draft a monthly budget and before you know it, you have your own small business up and running.

2. Feedback and Flexibility

Starting small opens your business to immediate feedback from the people that matter (customers, suppliers, partners, etc) If you find that 70% of your sales are coming from one out of five products, you might want to focus on developing and improving that one instead of investing equally in all five.

Starting small further gives you the flexibility to incorporate the feedback you get. Even in the event that things do not work out as planned, you have more room to change direction or start over.

3. It minimizes the risk

One of the things that makes beginnings tough is thinking about all the things that could go wrong. Indeed, there are some real risks to starting a business. What if we run out of money? What if people don’t like our products? Starting small makes these risks a little more bearable. You get to learn what works and what doesn’t before investing all your time and resources

4. Grow as it grows

Running a business is a journey of trial and error, and oftentimes the mistakes you make, grow you as a person and as an entrepreneur. The skills that you learn when starting small give you the much needed confidence and motivation to set bigger goals. The more you succeed the more you want to succeed and it’s the small wins that build your momentum towards your big dreams. Clarity also comes with action, the more steps you take, the clearer your vison and direction become.

5. Why not?

There is less to lose in starting small and you can change your mind at any point.

We are all for dreaming big and aiming high. But if the big bold steps are getting in the way of you starting, maybe you should consider taking small daily baby steps. Small efforts sustained over time can produce great results. Consistency is key.

Just start!

Want to learn more?
Register for our Free Webinar, A Guide to Growing Your New Business.

Talk to us

Email
support@thundafund.com

Whatsapp
The Gambia: +2203048407
Kenya/South Africa: +254 712983228


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BackaBusiness 28 Day Crowdfunding Challenge

Thundafund and SimplyBiz powered by Nedbank, are proud to support small business and one of the ways we do that is with BackaBusiness. 2020 was all about survival, however, small businesses need to do more than just get through the month.
For the month of February we’re challenging you to show a small business some love. Support a crowdfunding campaign and receive rewards or discounted vouchers.

When you buy from a small business, you are helping them to pay the rent, support their families and continue to provide local employment. You get great value for money and that warm, fuzzy feeling of knowing you gave back.

Will you be the difference?

Start a BackaBusiness Campaign

Things are DIFFERENT now so start doing business differently. Harness the power of the crowd to kickstart your 2021! 
Give your backers – friends, family, loyal and potential customers –  a reason to support you by offering them enticing discounted vouchers or rewards from your store.

Early Bird Incentive!

The first 25 campaigners who start a BackaBusiness campaign and raise R500, will receive a digital marketing campaign from SimplyBiz, valued at R1 500 to get more eyeballs seeing you! –  (consisting of the creation of Facebook and Google digital advert plus advertisement boosting and free Google My Business placement). 

What you need to do:

  • Calculate how much money you will need to kickstart your business into the new year. (Be specific and factor in your quiet months).
  • Map your network of potential backers – your customers, friends, family, neighbourhood etc.
  • Decide what rewards you can offer for cash now.
  • Register your business on SimplyBiz.co.za 
  • Start a project on the BackaBusiness page on Thundafund with your SimplyBiz email address.
  • Claim your Crowdfunding Handbook
  • Tell your story – why the crowd should support your business. We’ll help you!
  • Once your campaign is live – share it! Encourage your network to share it too. 

Become a backer, a small-business supporter – their difference maker – they need your vote!

Vote with your wallet: Contribute to your favourite small-business’s campaign and get a reward.

Vote with your heart: Like and share their campaign and encourage others to support.

Discover SimplyBiz businesses to support.

FUNDING FOR THE FUTURE WITH BACKABUSINESS

From Surviving to Thriving! 

Thundafund and SimplyBiz powered by Nedbank, are proud to support small business and one of the ways we do that is with BackaBusiness. 2020 was all about survival, however, small businesses need to do more than just get through the month. 

Let’s have their backs as they look to re-build the future. 

This is everyone’s opportunity to support a local, small business owner by buying rewards or discounted vouchers. When you buy from a small business, you are helping them to pay the rent, support their families and continue to provide local employment. You get great value for money and that warm, fuzzy feeling of knowing you gave back. 

What is it?

The BackaBusiness movement is a crowdfunding opportunity to support entrepreneurs with your heart and wallet, to help them grow and thrive in the ‘new normal’.  

This is trade, not aid.

New and growing small-business owners set up a campaign to raise funds, while backers support their chosen business:

  • on a buy now, redeem a reward basis; or
  • by investing in their new concept.

Be a BackaBusiness Campaigner

Things are DIFFERENT now so start doing business differently. Harness the power of the crowd to kickstart your 2021! Your customers helped you survive 2020, now enlist their help to thrive in 2021.

Give your backers a reason to buy now and redeem later by offering discounted vouchers or rewards, thus ensuring continued feet in your store, after the festive season.

It’s a win/win. Your customers are looking for gifts and treats, and you need the funds – give them an incentive to do their festive shopping with you.

Early Bird Incentive!

The first 25 campaigners who start a BackaBusiness campaign and raise R500, will receive a digital marketing campaign from SimplyBiz, valued at R1 500 (consisting of the creation of one Facebook and one Google digital advert plus advertisement boosting and free Google My Business placement). 

What you need to do:

  • Calculate how much money you will need to kickstart your business into the new year. (Be specific and factor in your quiet months).
  • Map your network of potential backers – your customers, friends, family, neighbourhood etc.
  • Decide what rewards you can offer for cash now.
  • Register your business on SimplyBiz.co.za 
  • Start a project on the BackaBusiness page on Thundafund with your SimplyBiz email address.
  • Claim your Crowdfunding Handbook.
  • Tell your story– why the crowd should support your business. We’ll help you!
  • Once your campaign is live – share it! Encourage your network to share it too. 

You helped them survive lockdown, now help them thrive! Become a backer, a small-business supporter– they need your vote!

Vote with your wallet:  

  • Contribute to your favourite small-business’s campaign and get a reward.
  • Buy your festive season gifts and treats from small businesses – it’s a gift that keeps on giving!

Vote with your heart: 

  • Champion, like and share their campaign by inspiring others to support. 
  • Volunteer your time or skills.

JOIN THE BACKABUSINESS MOVEMENT TODAY!

 Discover SimplyBiz businesses to support.

SimplyBiz®: BackaBusiness movement with Thundafund

Pizza ovens are cold, nail varnish is hardening, and gigs are cancelled. 

Small businesses are facing closure. They are not just statistics – they are our local restaurants, gym instructors and the people who know our name! We like their products and we trust them. We want them to survive the crisis.

What is it?
The BackaBusiness movement – is a crowdfunding opportunity for small businesses to survive lockdown and get back to business. Small business owners set up a campaign to raise emergency operational funds, while backers support their chosen business on a BUY now, REDEEM later basis.

AS  A BUSINESS OWNER
Overheads to pay, but no income?

Clients, family & friends are potential backers! Give them the opportunity to support you with their HEARTS AND WALLETS today.

Crowdfund your business through COVID-19, with people who have your back and stand a chance to WIN R10,000 in additional funding from SimplyBiz® powered by Nedbank.

Why should you get involved?

  • You’ll receive a preferential rate of 5%, plus templates, guidance and training through Thundafund to position and create an effective campaign.
  • Various digital media advertising on the BackaBusiness movement will elevate your campaign.  More eyes, means more potential backers.

What you need to do:

  1. List your essential expenses right now – how much money will you to need to overcome COVID-19?
  2. Map your network of potential backers – your customers, friends, family etc.
  3. Decide what future reward voucher you can offer for cash now.
  4. Register on SimplyBiz.co.za  then  Start a Project on Thundafund with the same email address.
  5. Tell your story – why the crowd should support your business. We’ll help you!
  6. Submit your project for Thundafund to review.
  7. Once your campaign is live – share it! Encourage your network to share it too.

BE A BACKER, a small-business supporter – they need your VOTE!
Show your support for the small businesses we all depend on. This is not charity. It is about continuity. Let’s get them back to business!

VOTE for your favourite small business –

VOTE with your WALLET:  

  • Contribute to your favourite local business’ campaign & receive a reward voucher.  
  • When the business reaches R10 000, they will be placed into a draw to receive an additional R10 000 for their business, so VOTE with your

VOTE with your HEART: 

  • Share their campaign on social media to your own network.
  • Tell other businesses about the movement. 

NEDBANK EMPLOYEE CHALLENGE:
Nedbank employees are personally supporting their own favourite local small businesses, as their way of living the brand by doing good for individuals, businesses and society to be the difference

Will you take up the challenge too?

Join the BackaBusiness movement today!

1.  Start a Project on Thundafund

2. Discover SimplyBiz® businesses to support

___________________________________________________________________________________

BackaBusiness Terms and Conditions

For more information and all questions about this competition please email us at contactus@simplybiz.co.za or visit simplybiz.co.za 

SimplyBiz®: BackaBusiness movement with Thundafund – Terms and conditions

SimplyBiz®: BackaBusiness movement with Thundafund

Terms and conditions

1    Promoter

The competition is the result of collaboration between Nedbank Limited and Thundafund. Thundafund is the project manager.

2    Competition period

2.1       The competition will start on 20 April 2020 and end at midnight on 20 June 2020 (‘competition period’).

2.2       SimplyBiz® will contact the prizewinners by email at the address registered with SimplyBiz.

2.3       SimplyBiz® and Thundafund will jointly announce the prizewinners on social media.

2.4       All comments and advertisements may be featured on the SimplyBiz® and Thundafund social media pages or through any digital or advertising means at the sole discretion of the SimplyBiz® and Thundafund teams to promote the BackaBusiness movement and campaigners.

3    Who is eligible to enter the competition

3.1      This competition is aimed at all small business owners.

3.2       A participant (‘participant‘) must:

3.2.1  be 18 years or older;

3.2.2   reside in South Africa;

3.2.3   be a small business owner; and

3.2.4   be a registered member of SimplyBiz®.

3.3      The following persons, although meeting the criteria above, are not permitted to enter the competition:

3.3.1   The directors, members and employees of the promoter or their spouses, life partners or immediate family, including adopted persons but not half- or step-relations).

3.3.2  The suppliers and contractors of the promoter involved in this competition.

4    The competition

4.1       Small business owners will crowdfund their way through the Covid-19 crisis with the BackaBusiness movement, and those who raise R10 000 or more stand a chance of being 1 of 10 businesses to win an additional R10 000 to keep their business going.

5    How to participate in the competition

Participants must complete the following tasks to get an entry:

5.1.1         List their essential expenses right now – how much money they have available and how much they are going to need to overcome this crisis. This is prework that participants must complete on their own, which will help with completing their campaign on Thundafund.

5.1.2         Map their network – make a list of everyone that has their back (customers, friends, family, etc). This is prework that participants must complete on their own, which will help with completing their campaign on Thundafund.

5.1.3         Identify what future reward can be offered in exchange for cash – this could be product or service discounts, merchandise or even a share of future revenue streams. This is prework that participants must complete on their own, which will help with completing their campaign on Thundafund.

5.1.4         Register on SimplyBiz.co.za to qualify for the preferential Thundafund rate of 5% commission on raised funds, as a benefit of the BackaBusiness movement and to stand the chance to be included in the competition draw.

5.1.5        Complete the BackaBusiness campaign on Thundafund’s site and accept Thundafund’s terms and conditions here (https://blog.thundafund.com/how-does-thundafund-work/terms-and-conditions/) – based on the essential funds needed, with the email address that is used on SimplyBiz®. Upon registration on Thundafund, participant’s email address will be shared with SimplyBiz® to verify the participant’s registration on SimplyBiz®.

5.1.6         Businesses will receive templates, guidance, cohort-based training and peer learning through Thundafund to position and create an effective campaign.

5.1.8         Submit their BackaBusiness campaign through the online campaign process on the  Thundafund website– for review, approval and activation by Thundafund.

5.1.9         Once approved, their campaign will go live and participants can begin sharing their campaign online.)

5.1.10       Various digital media advertising of the BackaBusiness movement will elevate their campaign, but the campaigner is solely responsible for the effectiveness of their campaign.

5.1.11       Crowdfund a minimum of R10 000 from their network to be included in the draw to win an additional R10 000 towards their business.

5.1.12       Rally their network to support their business by supporting and sharing their campaign.

5.1.13       Three mid-campaign withdrawals will be accommodated on the 08th May 2020, 05th June 2020 and 22nd June 2020 by notification by the participant in writing to Thundafund.  Transfers are according to Thundafund’s terms and conditions.

5.1.14       Should the participant wish to continue their crowd-funding campaign post the competition closure, the participant would be required to set up another campaign with Thundafund at their standard rates.

6     The prizes

6.1       Ten businesses who meet competition requirements detailed here, will be placed in a drawn to win an additional R10 000 to keep their business going, and will be digitally, randomly drawn in two batches of five winners, according to the dates in clause 7.1 below.

6.2       The prizewinners must further be a duly mandated and authorised representative of their small business.

7     Selection of prizewinners

7.1      The first draw to select five prizewinners will take place electronically on 29th May 2020 and the second draw to select five prizewinners will take place electronically on 22nd June 2020

7.2      All completed entries received during the competition period and that meet the competition requirements will be eligible for entry in the draws. The prizewinners will be selected by means of a computer-generated draw, participants that raise R10 000 by the 28th May will go into the first draw to be one of 5 to win an additional R10 000. Participants, excluding the winners from draw one, that raise R10 000 by the 20th June 2020 will go into second draw to be one of 5 to win an additional R10 000. The 10 prizes at R10 000 each, will be allocated as 7 to the general public participants and 3 will be to the Nedbank Employee Backed participants.

7.3       The final selection will be made at the sole discretion of Thundafund in consultation with the SimplyBiz® team.

7.4       In the event of a dispute, the decision of the competition judges, Thundafund will be final and binding on all aspects of the competition and no correspondence will be entered into.

7.5       The prize is not transferable and if not taken up for any reason, it will be subject to a separate draw and allocated in terms of this competition to another prizewinner. The prize will not be exchanged for cash amounts, but will be allocated to the winner in their verified business bank account.

7.6       All other costs or expenses relating to the prize that have not been mentioned in these terms and conditions are excluded from the prize and are not recoverable.

7.7       If the promoter is unsuccessful in contacting the prizewinner within five working days following the draw, the prizewinner will forfeit the prize and a new prizewinner will be selected, subject to the same conditions.

7.8       If the prizewinner rejects his or her prize, he or she will forfeit it and a new prizewinner will be selected, subject to the same conditions. Lack of cooperation by the prizewinner with Thundafund will also amount to rejection of his or her prize

7.9       The promoter will not be held responsible for any delays in the delivery of the prize. The promoter will also not be responsible for any additional conditions imposed by third parties.

7.10     The prize will under no circumstances be provided to a third party and will be provided directly to the verified prizewinner only.

7.11     The promoter will not be liable for delays or failure to deliver any part of the prize resulting from acts beyond the reasonable control of the promoter. Such acts include, without limitation, acts of God, strikes, lockouts, riots, acts of war, civil disorder, rebellions or revolutions in any country, epidemics, acts of terrorism, vandalism or sabotage, governmental regulations imposed after the fact, communication line failures, power and telecommunications failures, earthquakes, fire, floods or other disasters. The promoter will notify the prizewinner as soon as reasonably possible if the prize is affected in this manner.

7.12     The promoter reserves the right to replace the prize at any time with another prize of similar commercial value.

7.13     For audit purposes, the prizewinner will have to complete a confirmation form. This completed and signed form will act as proof that the prizewinner is the correct recipient of the prize and all deliveries of the prize will be made on this basis (courier slips etc).

8     General

8.1       All information relating to this competition and published on any promotional material will form part of these terms and conditions.

8.2       The promoter, its associated companies, its agents, contractors and sponsors assume no liability whatsoever for any direct or indirect loss or damage arising from an entrant’s participation in the competition or for any loss or damage.

8.3       The promoter may request the prizewinner (at no fee) to consent in writing to endorsing, promoting and/or advertising any service of the promoter.

8.4       The prizewinner may, however, decline a request to use his or her details or images in marketing material or to participate in the marketing of any of the promoter’s services or products. Such refusal will not affect the awarding of prize.

8.5       These terms and conditions can be found on the SimplyBiz® website.

8.6       By entering this competition, all participants agree to be bound by these terms and conditions, the terms and conditions of SimplyBiz® and by the terms and conditions of Thundafund.

8.7       The promoter is not liable for any accident, injury, harm, death, damages, costs and/or loss sustained by the prizewinner and/or any other person who participates in the prize with the prizewinner, at any point during the fulfilment of such prize.

8.8       The promoter will email the prizewinner to arrange for delivery or collection of the prize.

9     Further enquiries

For more information and all questions about this competition please email us at contactus@simplybiz.co.za or visit simplybiz.co.za

Millennials in the future of business, as told by a Millennial

I grew up in a world far removed from the one known by my parents, a world where instant gratification and self validation through my peers are at the core of my being. As a millennial there is a difficult balance between what I am told by my elders and what I know to be true, where previous generations have grown up understanding that all things come in good time, I see the world through a screen and gratification comes through the push of a “button” so to speak. Everywhere I look I see how millennials are going to struggle in adapting to the “real” world, how the need for instant gratification will be our greatest weakness. For a while I accepted this to be true, as I could see their point and see how this could all be the start to a downward spiral for my generation. However, after several weeks of contemplation, it became quite clear that yes these “undesirable” characteristics may not work in the “real world”, but maybe that is because the real world is out of date to some degree and potentially that is what needs to be rectified.

 

Life is not the same as when my parents started out, the world has changed and continues to do so. Everything that was once easy to achieve (University acceptance, bank loans, etc…) have only become more challenging, so I am proposing that it is time to start looking at alternatives to what we view as traditional/conventional methods of achieving goals, ways that introduce the norms of impatience and instant gratification into this system we call life. I think if you ask most millennials what they want to do with their lives they will tell you that they want to make a difference, effect change, be an entrepreneur, but the big question is always how. Now I may not have all the answers, few do, but I have some thoughts.

 

I truly think that we millennials will be just fine, there really is no other alternative if the world is to continue spinning. Though to be fine we are going to have to embrace our so called flaws and channel them into making this “change” we want to affect a reality. How great would it be to gain that bliss of instant gratification from something positive/productive instead of through a new follower on Instagram or another like on a photo of your morning latte.

 

We live in the 21st century where almost anything is possible, where innovation is part of everyday life, and where we don’t need to ask what if but rather when will. As a species we have never had the luxury of taking such immediate action until now, in almost every aspect of our lives we have grown accustomed to instant gratification. Why should the world of business and innovation be any different? It is no secret that starting a business or creating new and innovative ideas has become increasingly expensive, we also know that the traditional means of obtaining finance have become virtually impossible, and even if you obtain this finance it’s just riddled with debt, basically setting you up to fail from day one. Now what if we look at a way to take this new and innovative world that we live in and merge it with the art of obtaining a debt free version of traditional finance.

Crowdfunding – A viable solution to our future.

Crowdfunding is a term that most people would have heard of, but might not always grasp what it is at its core. I stumbled upon crowdfunding by accident one day when I was partaking in every millennials worst nightmare, the job hunt. I decided to learn a bit more about this job I was applying for, and realized that it was actually a game changing industry for many people just like me, who are not necessarily lazy or unmotivated but unable to fake enthusiasm over something that we have no passion for. It sparked my interest, which few things do, so I applied and to my surprise I got the job. I began to learn the ins and outs of this industry and realized that as an industry it evolved so quickly, with new projects coming in and out, the joy of seeing them succeed, and the motivation and learning that I got out of watching them fail.

 

It is a shame to see potential go to waste, but it is a great comfort to know that there is some hope at the end of the tunnel, that all of the misunderstood talent of this generation does not have to go to waste due to obstacles like money. Which is the reason I am writing this, to hopefully inspire some of my peers to do what they are passionate about, to prove the world wrong, and to show everyone a new way of doing things in a headstrong world stuck on old traditions.

 

Crowdfunding offers a combination of obtaining finance, gaining media exposure, and testing new ideas in a real market. In any new business one of the first thing that come to mind are the costs associated with getting it off the ground, not to mention the hassle and stress involved in obtaining a loan. Other concerns that are inherently involved with getting traditional forms of finance include debt repayment, which creates the pressure caused by the potential for failure, and the stresses of implementation. Crowdfunding is a solution to these problems, crowdfunding provides the opportunity to be proactive in avoiding these issues.

Obtaining Finance

Crowdfunding is a means of obtaining finance for your idea without the pressure of debt, but rather the responsibility of delivering on your promises within a predetermined time frame that you have set.

Gaining Media Exposure

One of the many benefits of crowdfunding is that it offers the key principles of e-commerce with the added benefit of a unique story attached to it. Making use of crowdfunding means that you are not completely on your own, and are working with an established brand to build the credibility of your own. Crowdfunding platforms will also have various media contacts that can be leveraged to help give exposure to your project, of course there is never a 100% guarantee.

Testing The Market

When it comes to launching a new product or service there is not always a sure way of knowing if it is needed in the market enough to be feasible. On the other hand there may very well be a profitable market out there that you have yet to identify, and may waste all your efforts in the wrong place, costing you time and valuable resources.

 

There are various forms of crowdfunding available to entrepreneurs from the more traditional rewards-based to the newer asset-based crowdfunding. While both of these can work in unison during the same campaign, sometimes one is more than enough to provide you with what you need to launch your brand and idea.

 

Rewards-Based Crowdfunding

The best way to look at rewards-based crowdfunding in terms of a concept that South Africans are familiar with is e-commerce. Rewards-based crowdfunding allows the project creators/entrepreneurs to pre-sell their products/services to their potential/ideal market. How this differs from doing this on your own stand alone website is that doing it through crowdfunding provides an indication to the buyer that the product is not yet ready, it also provides much needed trust, and transparency. Unlike a normal e-commerce site, crowdfunding give the buyer a detailed look at who you are and what you are doing. The project page allows them to connect with you on a personal level, as well as understand and connect with your brand and products. If they can buy into your story they will be more than happy to buy what you are selling, and be loyal customers long after your campaign has ended.

 

Fokofpolisiekar

South African rock band Fokofpolisiekar launched a campaign Fokof Crowdfunding at the beginning of 2017 to record and independently release their third studio album Selfmedikasie. This album caused a lot of excitement as it was their first album to be released in 11 years, since their sophomore album was released back in 2006. This campaign was an instant hit amongst fans, as could be seen when they reached their dream goal of R500 000.00 in only a week. This campaign was the first of the year to break South African rewards-based crowdfunding records, raising R1 081 010.00 through the campaign.

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The overwhelming success that this campaign had was a result of three main factors; the band’s network, their project and their rewards, but most importantly how these three factors all worked together. In crowdfunding these are known as the three pillars of success, and by tapping into even one of these can make a campaign successful. Fokofpolisiekar hit a sweet spot, with a network of fans longing for a new album, and excited about any merchandise that they could purchase as rewards through the campaign. Throughout this project the rewards were constantly updated, bringing new life into the campaign and reigniting excitement. Here we can see how the story added to the value of the rewards, as Fokof merchandise had been available before, but the key reason to buy was due to the demand for the project. A win for both the band and the backers of the campaign, great rewards contributing to a common goal.

 

Asset-Based Crowdfunding

Asset-Based crowdfunding is in essence a short term investment in a particular product, which can run hand in hand with a rewards-based campaign. This type of crowdfunding is best utilized with a product that is made using mass production. This works where an investor will front you the finance to produce a large volume of your product in exchange for their investment back and return on their investment through a percentage of the profits made. A riskier reward to add to a campaign for both project creator and investor, but with the potential to show massive profits when done correctly.

Sugarbird Gin

Sugarbird Gin is a new craft gin brand on the market in South Africa, it was founded out of a love for just good gin. This is their mantra, not to be the best but the favourite, to be top of mind among South Africans. Craft gin is a fast emerging market in South Africa, and there is an ever growing array of options to choose from. Sugarbird saw this barrier to entry as an opportunity to stand out amongst the clutter in the category. It was this that led them to their record breaking crowdfunding campaign. Raising an astonishing R1 086 973.00 during their campaign they proved that crowdfunding is more than just a method of obtaining capital for a new business, but can be a great method of introducing yourself to the market.

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Creating a campaign as a new brand that breaks records is no easy task, Sugarbird proved that it takes hard work, innovative thinking and a strong team to accomplish such feats. Throughout the campaign this brand continued to create exciting and relevant content to update people on the progress of their campaign, they took risks and broke down barriers by offering rewards never before seen on Thundafund. Their most innovative offering utilized asset-based crowdfunding by allowing people to get in on the action and buy a batch for which they would receive a 25% return on investment within 6 months. This proved to be a huge success and ultimately set them over the top, sealing their spot in the crowdfunding hall of fame.

Now obviously there are many different options when selecting a crowdfunding platform, but as a South African I like to keep it local, so I’m going to talk about the leading South African crowdfunding platform for entrepreneurs and innovative individuals.

 

Thundafund.com

Now that you have an understanding of crowdfunding for entrepreneurs and how it could be the answer to your innovative prayers, it is time to answer the question of where to do it. Thundafund is one of South Africa’s oldest crowdfunding platforms and the largest rewards-based and asset-based crowdfunding platforms in South Africa. What really makes Thundafund stand out to me from other rewards-based crowdfunding platforms is the knowledge and commitment of the team. While the brand awareness and success rates are amazing, I feel that the passion shown by each individual there really does make all the difference.

Understandably whenever money is involved people are skeptical, it seems that someone is always trying to take advantage of someone else when finance is involved. Banks and other credit provider promise the world to you and always leave out the fine print, effectively bleeding your wallet dry. This shouldn’t ever be the case with crowdfunding, crowdfunding is a powerful method of uniting people together to support a common goal, which is why trust plays such a huge part in it. This is why Thundafund has implemented an “all or nothing” system, that means that should you not make enough money to actually do what your project says, the money is given back, and neither party makes a cent. Personally I find this honesty in business rather refreshing, especially when living in a world that is so full of hypocrites and fake social media lives, which only create more anxiety and depression among today’s youth.

The truth is we all know that life in unfair, some are blessed with gifts and opportunities that fit right into society as is, while for others have to fight just to be heard. That is what crowdfunding is to me, it’s a voice for those who are unheard and an opportunity to excel beyond what is currently possible. To live your best life and celebrate the brilliance of each individual.

In 2017, my first year at Thundafund I saw many amazing projects come onto the platform, and got to become a part of each project creators story. I was fortunate enough to see two record breaking campaigns that went further than anyone would have thought possible. I will always be grateful for this, partially because of how much I learned, but mostly because I got to see first hand that anything is possible when hard work meets passion. In 2018 I hope to see many more people take over the world and prove the naysayers wrong. I truly believe that together we can make this world a better and more fair place, one dreamer at a time.

“2018 is here and our aim? To double up again. We’re part of the entrepreneurial movement in South Africa that is re-writing people’s futures and dreams. Every business going live, every creative project realised, every new product launched is an opportunity for us to build a prosperous nation of people doing it for themselves. That’s the expanding culture we’re part of, ‘don’t wait on others, make it happen yourself’. “ Patrick Schofield CEO Thundafund.com

As told by Nicholas Dilley

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Supporting articles on Millennials.

  1. http://allgroanup.com/twentysomething-life-2/5-shocking-statistics-about-the-challenges-facing-the-millennial-generation-and-how-we-overcome/
  2. http://www.telegraph.co.uk/women/work/problem-millennials-workplace/
  3. https://bestworkinc.com/10-serious-problems-millennials-face/