Wayne Holt needs US$1 million to make his dream venture a reality. Having developed a gas-saving system for companies, this Johannesburg man has always had big plans. The big question is whether his plans are viable. The first Entrepreneurship Mindset & Global Innovation Active Workshop (EMGI), hosted in September by Wits Business School in partnership with British-based investment house MG Equity Partners, more than answered his question.
For it was here that Amir Raveh, serial entrepreneur, investor and founder of the E-Mindset Model, told Holt his idea was more than just viable – it was phenomenal. The four-day workshop that culminated in 18 entrepreneurs presenting their business ideas, within one minute, to a panel of investment and entrepreneurial experts – including Raveh – saw Holt’s idea being ranked in the top three. “I knew they were not going to give me the US$1 million, and while I really want people to invest in my idea, I think the value was more in being told that there is strength in my proposal and that it can work. Now I can start actively looking for investors for this system that can save up to 90% of a company’s gas emissions.”

Convincing a potential investor within one minute to buy into an idea is not easy, says Raveh, who is determined to start an entrepreneurial revolution with the help of WBS chair in entrepreneurship, Professor Boris Urban. “This is entrepreneurial thinking at its best. The idea of this workshop was based on giving entrepreneurs some content over four days, culminating in the opportunity to sell their idea clearly within 60 seconds.

To be able to do that, you must have a very clear idea of what you are selling, and it demands high performance skills,” says Raveh. “But once you have them and you take it into the business arena, you become a peak-performing entrepreneur. The reality is that having an idea and some business acumen acquired along the way is not going to take you to the top.” According to Raveh, successful entrepreneurship is not about having a good business plan and then finding someone to invest in the concept, it is about developing a mindset and subsequent tools that allow for strategic advantage.

Raveh believes the difference between outstanding and mediocre lies within three dimensions – entrepreneurial thinking development, management of state of mind to performance, and acquired charisma. Raveh explains it as follows: “Developing entre- preneurial thinking leverages means multilayered thinking, which analyses reality not only through the binocular of ‘how much cash do I have in the bank’ but also taking into account the relations, visible and invisible assets, the possible connections on social networks, reputation, the additional cards we have and the cards we haven’t seen yet. This is about answering the question: ‘what about me that isn’t leveraged, can be leveraged?’”

The second component – management of state of mind to performance – refers to internal environment management (thoughts) and external (people, situations) in producing performance and extraordinary results. “It means getting ‘in the zone’,” he says. “It is about getting to that place where you know what you have and what you want, and then lock onto the target and focus towards achieving that goal.” The third aspect – acquired charisma – he describes as tools that allow one to create communication and managerial skills, as well as relationships, that ultimately result in the ability to attract people (and their cash) to one’s ventures.

WBS alumni Faizel Mansoor, who attended the workshop and presented one of the top three business ideas, says pitching a plan one has dreamt and thought about over time in only 60 seconds is extremely challenging. “But it allows you clarity of thought as well, and if one takes the E-Mindset Model into account, then it does make it easier.”

According to Alon Raiz, founder and CEO of Raizcorp – the only privately held, unfunded, profitable business incubator on the African continent – the reality is that investors don’t invest in a plan, but in an individual.

“For many entrepreneurs, they hold this precious business plan that all their energy has gone into, but they can’t answer the crucial question: ‘how are you going to make money?’ It is not about the plan or the idea as much as it is about the person, his attitude, his passion.”

According to Raiz, who also presented at the EMGI Active Workshop, the qualities of successful entrepreneurs are universal and include high internal levels of control, flexibility and resourcefulness.

“Successful entrepreneurs acknowledge luck and understand that it is all around you, but they have the inherent ability to take that luck and make it a success; turn it into an opportunity, if you like.”

Raiz and Raveh agree that while most entrepreneurs claim that their lack of finance is the reason for their failure, the reality is that the idea – and more so the person behind the idea – are the crucial elements of success.

“There is more money chasing good ideas, than good ideas chasing money,” says Raiz. “If the business does not live in your mind and in your heart, then it does not matter what your beautifully drafted business plan says. You might as well tear up the pages.” And it is exactly that love which comes across in 60 seconds, says Raveh. “For the most part, we usually focus on the classic business tools, such as the plan and the budget, and we believe that we need to convince people to invest in this, but it is actually much more than that. To be really successful as an entrepreneur, you need a different state of mind – one that allows you to show the passion, the energy and commitment to your venture.”

For Raveh, the dream is to ensure South African entrepreneurs have the opportunity to develop those skills. “Through this initiative, we hope to develop a platform where entrepreneurs can meet with local and international experts and investors on a more regular basis. We are already discussing taking this even further across Africa, because the reality is this: anyone can be become a peak-performing entrepreneur and move forward from where they are right now, regardless of the amount of money they need to make their idea or venture a success, provided they are equipped with the right tools.”