Less than a decade ago I was a student wandering how I was going to manage to pass my final exams in my BCom and hoping that by passing, I would get a decent paying job. I remember doing Business Management in my 2nd year but to be honest I cant remember a thing about the subject. I get this e.mail this morning asking my permission by the Oxford University Press Southern Africa, to publish my story in Chapter 15 of the new Entrepreneurship and New Venture Management for 2nd Year BCom Students for 2015. The title of the Chapter is: A Southern African Success Story - Envirodeck. Although I may not have made millions like Elon Musk or Mark Shuttleworth, I am a true South African Entrepreneur who does what it takes to follow a passion and in turn, making that same passion a career. I am humbled that I can inspire the next generation to go out and to follow their dreams, to do things differently and hopefully one day they will be able to inspire new entrepreneurs and leaders. Its what this beautiful country needs. Heres an extract of the chapter from the new book: SOUTH AFRICAN SUCCESS STORY Envirodeck An entrepreneur who has experienced challenges and ultimately overcame them is Warren Graver, founder and director of Envirodeck, and winner of the 2012 Small Business Entrepreneur of the Year® title. Envirodeck was established in 2004 as a supplier of environmentally friendly decking materials to the local building industry. Over the past decade, composite decks have grown in popularity as demands for green products increases. 64 wordsfrom Finweek They have maintained their leading position by constantly researching and staying abreast of technologies used locally and abroad. Envirodeck began extensively marketing and distributing boards for the construction of composite decks as an alternative to traditional wooden decking after recognising an opportunity to offer sustainable solutions to the outdoor leisure market. Envirodeck’s offering stretches far beyond the supply of decking boards, however, and the driving factor behind their operations is to consciously improve the lives of their customers by adding value throughout the supply chain, from manufacture, right through to the installation of composite decks – all while contributing to a more sustainable future. Envirodeck’s success is founded on providing high performance decking that sets itself apart from the competition. The biggest challenge of this innovative industry is providing a consistently high quality decking product that not only performs well but also looks attractive, using inconsistent raw materials. Warren Graver states that as a recognised pioneer in the industry, they understand the technical as well as the straightforward aspects of manufacturing, supply and installation of composite products. We have actively partnered with innovative business partners and invested in state-of-the-art technology concepts to deliver a truly evolved product to the local market. Professional contractors have come to rely on the value and consistency for which Envirodeck is known. “ We take pride in our emphasis on patented product quality and good service and we are a company that offers a truly sustainable building solution to our market and we also take an active stance towards minimising our ecological footprint.” Graver furthermore says that Envirodeck has not always been a successful business and that he had to overcome a significant number of challenges in the early years of the business. “I could not have made worse business decisions than in the first two years of opening the business, which was doomed by me not focusing sufficiently on market, product or supplier research.” “The first challenge that I faced was that although I noticed a considerable gap in the market, I was unsure on how to present the product to an existing market that I had no experience in. It was also a market that was very reluctant to change to new products, as timber was traditionally the only way that decking had ever been done, and it proved extremely tough to penetrate a market when no one had ever seen or heard of such innovative products.” Graver says that another challenge he encountered was establishing a supplier network. “I did not do sufficient supplier research and subsequently after landing the first shipment, the supplier closed its doors. This error in judgment on my behalf meant that the initial start-up capital was quickly absorbed into obsolete inventory that would never be sold even at discounted rates.” He also touches on the importance of managing cash flow. “The most critical element of a start-up business is managing cash flow versus inventory management, a concept that I failed to understand and subsequently a year later I had no start-up capital left.” However, the business was saved through continual focus on the gap in the market. Through intense global product sourcing, supplier canvassing and a life-saving loan, Graver managed to slowly recover and turn the business around so that by 2009 it had broken even. 291 words from Finweek ( whole text total: 612 words) (Source: Compiled from Envirodeck (2013) and Finweek (2012)) 1. Envirodeck, 2013. Envirodeck. Company profile. [Online] Available at: envirodeck.co.za/about-envirodeck-composite-decking/composite-decks-profile [Accessed 21 March 2014]. 2. Finweek, 2012. Overcoming entrepreneurial challenges. [Online] Available at: finweek/2012/11/30/overcoming-entrepreneurial-challenges/ [Accessed 21 March 2014].
Posted on: Mon, 07 Jul 2014 15:25:44 +0000