Practical Business Lessons From A Young Entrepreneur: Ludwick Marishane

“The best time to get a business off the ground is while you’re still a student.”

-Ludwick Marishane, CEO of Headboy Industries and World Best Student Entrepreneur 2010,2011.

Are you a young entrepreneur/ a student entrepreneur; then read on, this article is for you.

I have excerpted this part of the interview I did on behalf of Ventures Africa with Ludwick Marishane, the CEO of Headboy Industries, maker of DryBath (tm) because I think young/student entrepreneur can learn from his experience.

Marishane is one of Africa’s innovative entrepreneurs to look out for in the nearest future. Through his invention of DryBath, the world’s first and only y bath-substituting skin gel; he was dubbed the World’s best student entrepreneur (Global Student Entrepreneurship Award - GSEA) at the Global Entrepreneur Week (GEW) for two consecutive years (2010 and 2011).

In this article, Marishane talks about his launching of a new product into the market, the challenges he faced his failure, success and his aspirations.

In starting one’s business, Marishane have this to say to budding entrepreneurs: “The most important skill you need to cultivate is the ability to teach yourself things very quickly, and to fail very quickly in order to learn.”

 Hope you learn one or two things. I have, so I hope you do.

Tell us about your product, DryBath, and what it does? What is the inspiration behind formulating this product?

DryBath(tm) is the world’s first and only bath-substituting skin gel. You simply put it on your skin instead of bathing, and it will provide you with a cleansing effect that mimics the effectiveness of bathing. It won’t feel as great as bathing, but it will sure leave you feeling fresh.

I invented the product in high school when a friend didn’t want to bathe. As a teenage boy, I knew I wasn’t a fan of bathing, mainly because I found it tedious sometimes, but also because I liked the smell of my body’s natural pheromones.

How have you been able to market a novel product to the public?

People’s general attitude to bathing has been very entertaining to us. Our surveys revealed that almost everyone finds it tedious sometimes, but society’s general attitude is that not-bathing is a taboo thing to do. On average, people already skip bathing once a week, but they feel very guilty about it. DryBath(tm) allows these people to have a very convenient substitute without the guilt of feeling dirty for not bathing. Our marketing has been very frank and has aimed to make everyone become more accepting, if not enthusiastic, about skipping baths.

What challenge (s) did you face marketing the product/getting the product accepted and how far have you come with these challenges?

We had a great deal of difficulty in designating the product into a category. Being a new health care product, we had to decide if it was a medicine (which would require clinical trials, etc), or if it was a cosmetic. After consulting with the authorities, the final designation was “cosmetic”, and that has really made it simpler for us to distribute the product worldwide. Customers still find it hard to get the concept in their heads, and we have decided to produce marketing videos to help with that, but we have noticed that detractors often change their mind about the product after the concept has lingered in their minds for a week or two.

You have experienced some failures and challenges as a young entrepreneur/innovator before achieving success with the creation of Drybath. Can you share some of these failures and how has this experience help you in your present business venture?

My journey has been riddled with projects that were too big for me, too resource-intensive, and those which were too early for society. I invented a healthy cigarette in the 10th grade, but realised I didn’t have the resources to take on the tobacco industry. I failed to become South Africa’s biodiesel baron in the 9th grade because I was too young, and I authored a mobile dictionary and magazine supplement which society just wasn’t ready to publish.

However, with each entrepreneurial failure, I learned skills that optimized me for future opportunities. I also think DryBath hasn't finished its journey yet, and that it may still fail at some point in the near future, but it has taught me business skills that will make my next venture an even bigger success.

Headboy Industries aim to become Africa's most innovative conglomerate, making products that improve society, how far has your company come along since it officially began operations in 2008?

We’ve completed the development and commercialisation of DryBath(tm). We have spent the last two years developing the world’s first entrepreneurship league, we plan to take it live in 2014 and we already have partners in Russia that want to replicate it there. The company is profitable and we expect revenues to triple this year.

Please, tell us about the development of the world’s first entrepreneurship league.

The entrepreneurship league is going under the name of the "Art of Business Challenge (ABC)". It is a youth development enterprise that leverages the youth's interest, advertisers who are dying to reach the 15-24 age-group, and the low entrepreneurial drive within society's youth. It is going to be teaching youth stuff they can't learn in a classroom, and we aim to make the process more entertaining for the television spectator than the FIFA World Cup. The league has been under development for 2 years now.

(You may view Marishane’s short presentation of how it works here: goo.gl/Xnpjo)

You are/were a student social entrepreneur who has combined schooling with business. How practical is this and does your academic discipline play a role in managing your business, Headboy Inc?

I think the best time to get a business off the ground is while you’re still a student, being at university was a great incubation phase for the company and I. I studied a commerce degree, so the learning definitely added substantial value to the business. Being a student entrepreneur also posed a difficult challenge, but I found that the more I worked on the business, the better I did at school because the work ethics translated well between the two.

As a student, how did you get the start-up fund for your product and what advise will you give young entrepreneur in getting start-up funds?

I was rejected by all the venture capital firms, and I had no security to secure a loan from any bank. However, I did enter business plan competitions, and I quickly realised that they were the best way to raise funds for my business. I raised over USD50, 000 from competitions, and they also provided valuable media attention, access to potential clients, and validation for the company and product.

You have served as an intern with Goldman Sachs, operate as campus ambassador for Google (among other internship) and you were once the Global Student Entrepreneur of the Year; how far has these internships and accolades help you as a young entrepreneur/innovator?

The Goldman Sachs internship was my first job ever, and it made me realise how much I hated being an employee. It was a great opportunity to be in London during summer, and I got to work with some of the sharpest minds in the world. The work we did gave me insight into securities sales & how I might do an IPO one day. The other internships were in start-ups generally, and they felt more aligned with my way of working. All in all, the internships and awards have added substantially to my network, and I often tell my mentees that an entrepreneurs’ network must be more valuable than their business, otherwise it becomes useless.

What do you think young entrepreneurs should emulate when they are starting their business?

The most important skill you need to cultivate is the ability to teach yourself things very quickly, and to fail very quickly in order to learn. If you work on something you’re truly passionate about and have social support for the work you’re doing, the rest sorts itself out.

Any advice to young entrepreneurs that may/are following in your footsteps?

Do it for the love of power...the power to control your life, the power to change society, and most of all; the power to live your dream. If you don’t feel like pursuing that power, then you’re not working hard enough.

To read the full text of this interview, click here

Do you enjoy reading this piece, then please, share and follow this blog ;-)