“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 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 ;-)