The initiative gives students encouragement and allows them the opportunity of assessing success stories.
Tewari and Donegan took the audience through their personal and
business trajectory in the textile industry - probably one of the
toughest to be in currently. The recent turbulence in global markets,
the substantial competition from imports and the weak Rand have made
this industry particularly vulnerable.
Furthermore, the duo’s manufacturing business is located in an
economically depressed area characterised by high unemployment. Despite
this they have survived the odds and created a profitable manufacturing
business focused on the production of high quality top-end home textile
ranges for retail stores such as Woolworths, Mr Price and Edgars.
Donegan spoke about critical success factors, including knowledge of
the industry, an intense focus and expertise in design, and
uncompromising attention to quality and customer relations which have
been the cornerstone of their business for more than 30 years.
Donegan’s advice to aspiring entrepreneurs was: ‘When you start a
business, it is important to have the expertise in the industry you want
to be in; surround yourself with people that you can trust because you
can’t do everything yourself. Never be embarrassed to ask questions or
be scared to face a challenge because there will always be people who
will be telling you that you won’t make it. It is never too late to
start a business.’
Tewary highlighted the importance of keeping abreast of trends and
knowing every single aspect of the product being marketed. She
pinpointed trend watching which led to innovations she has managed to
create in her business.
Both speakers referred to the importance of building long and lasting
relationships with customers - in their case corporate buyers. This
resulted in their company becoming the largest supplier to some of their
client stores.
It is envisaged that through engaging with successful entrepreneurs,
candidates will gain a realistic view of the business
world thus blending theory and practice.