This month we have an interview with entrepreneur Dudu Mofokeng. A business consultant, former CEO of Legaci Dry Cleaners and Laundry Services, speaker, strategist and facilitator who was crowned 2014 Sanlam Entrepreneur of the year.
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| interview with entrepreneur Dudu Mofokeng |
Dudu Mofokeng is a daughter of a domestic worker, a mother of 4, grandmother of 3 and above all a daughter of the most high. Dudu is driven by her pursuit of purpose and touching lives.
What is your strategy to survive business trying times?
Trying times in business are inevitable, but what you do before they hit becomes imperative. I have learned to live a mindful simple life especially when it comes to preserving my cents. That has been my strategy over the years.
Please share some of the mistakes you now wish you could have avoided. What did you learn from such mistakes?
Structuring business and family as one unit was my biggest mistake. I have since learnt:
- Never to hire a family member solely on the basis of them being a family member. Rather hire people based on the skills and expertise that the business needs.
- Most small business owners are not legally structured to be separable from their failed business ventures. When business fails it fails with the entrepreneur at a personal level, whilst this is not the case for big companies/ corporates.
How was the bankruptcy experience for you and how did you survive it?
It was an eye opening experience which I embraced and learned a great deal from. I think true entrepreneurship is about surviving such and not the glamour that is sold in the glossy magazines. My relationship with money and things was my source of strength in surviving it. Above all, the work I put before the hard times hit came in very handy.
Can you share your experience on handling savings and retirement planning with our community?
On savings I will use a simple example:
I used to have a phone contract that cost R2,000 per month. When hard times hit I simply downgraded my lifestyle. I no longer have a cellphone contract but structured my costs as follows: R50 per week, power hour every day which sums to R200 per month on talk time. R49 a month is for data which covers WhatsApp and other data needs.
I also take advantage of the free WiFi offered by most establishments. It is a no brainer.
On other lifestyle costs I went from paying bills of R24,000 per month to about R3,000 through lowering of expenses.
I do not really believe in the retirement products that are sold by financial companies because of my negative experience with them. My retirement plan is simply leading an inexpensive lifestyle now and forever!
I invest in assets that are easily convertible to cash and increase in value, like real estate and stocks; I keep an emergency fund; I look after my health for my retirement and have a health fund; I have fun and get engaged in activities involving others.
What’s next for Dudu?
Watch the space. I am building a Legaci! (legacy)
If you had one piece of advice for someone just starting out, what would it be?
Work on your relationship with money and material things. Entrepreneurship is not as glamorized as published in glossy magazines. If your pain threshold is very low, step aside before things get worse. Learn to be kind to and love yourself in the entrepreneurship journey. Always remember that entrepreneurship is a continuous self improvement project.
Any final thoughts to share with Safe Investing SA community.
"We all have something to give to this world, don't be a bystander. You can only find the true you by giving yourself to others"
Dudu Mofokeng imparts great deal of knowledge through her blog: Dudu Mofokeng blog.
Let us learn from your Entrepreneurship or Career journey in order to grow and be better versions of ourselves. Let us support your hustle. Get featured on Safe Investing SA today. Email Mbini at:
editor@safeinvestingsa.com
Please share some of the mistakes you now wish you could have avoided. What did you learn from such mistakes?
Structuring business and family as one unit was my biggest mistake. I have since learnt:
- Never to hire a family member solely on the basis of them being a family member. Rather hire people based on the skills and expertise that the business needs.
- Most small business owners are not legally structured to be separable from their failed business ventures. When business fails it fails with the entrepreneur at a personal level, whilst this is not the case for big companies/ corporates.
How was the bankruptcy experience for you and how did you survive it?
It was an eye opening experience which I embraced and learned a great deal from. I think true entrepreneurship is about surviving such and not the glamour that is sold in the glossy magazines. My relationship with money and things was my source of strength in surviving it. Above all, the work I put before the hard times hit came in very handy.
Can you share your experience on handling savings and retirement planning with our community?
On savings I will use a simple example:
I used to have a phone contract that cost R2,000 per month. When hard times hit I simply downgraded my lifestyle. I no longer have a cellphone contract but structured my costs as follows: R50 per week, power hour every day which sums to R200 per month on talk time. R49 a month is for data which covers WhatsApp and other data needs.
I also take advantage of the free WiFi offered by most establishments. It is a no brainer.
On other lifestyle costs I went from paying bills of R24,000 per month to about R3,000 through lowering of expenses.
I do not really believe in the retirement products that are sold by financial companies because of my negative experience with them. My retirement plan is simply leading an inexpensive lifestyle now and forever!
I invest in assets that are easily convertible to cash and increase in value, like real estate and stocks; I keep an emergency fund; I look after my health for my retirement and have a health fund; I have fun and get engaged in activities involving others.
What’s next for Dudu?
Watch the space. I am building a Legaci! (legacy)
If you had one piece of advice for someone just starting out, what would it be?
Work on your relationship with money and material things. Entrepreneurship is not as glamorized as published in glossy magazines. If your pain threshold is very low, step aside before things get worse. Learn to be kind to and love yourself in the entrepreneurship journey. Always remember that entrepreneurship is a continuous self improvement project.
Any final thoughts to share with Safe Investing SA community.
"We all have something to give to this world, don't be a bystander. You can only find the true you by giving yourself to others"
Dudu Mofokeng imparts great deal of knowledge through her blog: Dudu Mofokeng blog.
Let us learn from your Entrepreneurship or Career journey in order to grow and be better versions of ourselves. Let us support your hustle. Get featured on Safe Investing SA today. Email Mbini at:
editor@safeinvestingsa.com
Inspiring
ReplyDeleteVery inspiring.
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