The Importance Of Sizing The Prize In Business Growth
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- Player: Marnus Broodryk
- Company: sme.africa and The Beancounter
- Visit: sme.africa and thebeancounter.co.za
Marnus Broodryk left Kimberley when he was 21 because he wanted to seek his entrepreneurial fortunes in Johannesburg. He was a self-made millionaire by age 24, and the youngest Shark on SA’s Shark Tank.
His focus is on growth: Growing himself, his business and now SMEs through sme.africa. But growth starts with leadership – the ability to lead yourself and others.
Q: What is the most impactful business advice you have ever received?
Michael Mendelowitz (one of the founders of Transaction Capital), always preaches about one thing: Size the prize. What he means is that by putting in the same amount of energy, hours and money, one entrepreneur can either build a million-rand business or a billion-rand business – and it’s not dependent on anything other than the opportunity.
Some opportunities will keep you super busy but make you very little money, while others will make you more money with the same or less effort. And before you take on or start anything, you need to size that end prize.
Q: What is your productivity secret?
I have a 90 Minute Rule: Use the first 90 minutes of your day to work on the one thing that is most important to you – the one thing your business needs; the one thing that will make the biggest difference in your business.
Schedule those 90 minutes in your diary and treat them as a meeting with the most important person on earth. Switch off your phone, lock yourself in a room and just work on that one thing. 90 minutes may seem like nothing, but over time it adds up and makes a massive difference.
Q: What have you learnt that has changed your approach to getting results through people and teams?
The importance of aligning everyone and keeping everyone responsible. The best way to do this is through ‘status meetings’ – a weekly meeting that takes place on the same day, at the same time. You can discuss whatever you want in this meeting and you can involve whoever you want. The idea is to have a dedicated time in the week with your team to get feedback from everyone, to align thoughts and to plan for the week ahead.
Q: What is the most important or impactful business book you have read?
I read Think and Grow Rich by Napoleon Hill every year. It’s a timeless book that shows you the importance of your own mind and thoughts in creating success.
I also love reading biographies from successful South African entrepreneurs: Jannie Mouton – it is never too late to start. Herman Mashaba – the resilience to continue in the toughest of times. Pepe Marais – you won’t find any success until you find your purpose for doing it.
Q: What is your Favourite business mantra?
How will better look like? How will better act?
Q: What do you know today that you wish you’d known ten years ago?
The concept of emptiness. In essence, it is the principle that nothing has any meaning and nothing exists, until you attach meaning to it. It doesn’t seem like that in the real world. It seems as though everything exists and has meaning, that everything is coming at us and not from us.
Let’s use an example. If there is an irritating person in your life, you assume that that person is irritating to everyone. That the person is simply irritating. But somehow that same person has a husband or wife, kids who love them, parents and friends who back them up.
You can’t stand him or her but they love them. The irritating person is coming from you. Actually, an irritating person can’t exist without your irritation.
This applies elsewhere. In business and in life.