Dr Nomfundo Mcoyi-Zondo: ‘Don’t wait for the perfect time’ to start your business
The founder of iCebolethu Group joined Carol Ofori for a special Women’s Month conversation, reflecting on a journey that began with a single funeral parlour in Hammarsdale and has grown into a group of 13 companies, more than 200 branches and around 3,000 employees.
Dr Nomfundo Mcoyi-Zondo knows what it means to build something from the ground up.
Her achievements have also seen her become the first female president of the South African Funeral Practitioners Association, while receiving recognition including the African Business Conference Woman of the Year award and an honorary doctorate from Mangosuthu University of Technology.
But for Dr Mcoyi-Zondo, her success did not begin with the perfect business plan, a major investor or a large loan.
Her message to aspiring entrepreneurs is simple: “They must never wait for the perfect time.”
Dr Mcoyi-Zondo told Carol that she started her business without a loan and was driven by the responsibility of providing for her family.
“All entrepreneurs, if you can ask them today, they will tell you they started from nothing,” she said.
She also cautioned entrepreneurs against seeing funding as the only way to get a business off the ground.
According to Dr Mcoyi-Zondo, funding should be an addition to a strong business rather than the sole reason it exists.
She encouraged would-be business owners to first research their market, understand whether there is demand for their product or service and ensure the business can sustain itself before taking on significant debt.
Creating opportunities for others
For Dr Mcoyi-Zondo, building a successful company is also about creating opportunities for the people around her.
During the conversation, she revealed that iCebolethu Group had recently advertised around 600 job opportunities across the country.
She also shared some of the benefits available to employees, including pension contributions and daily meals for staff.
“The economy is not good,” she explained, adding that businesses need to find ways to support their employees where they can.
That philosophy extends to entrepreneurship too.
Through the iCebolethu Foundation, Dr Mcoyi-Zondo is working to help develop other business owners through a business fair set to take place in KwaMashu in September.
The initiative gives entrepreneurs access to mentorship, business advice, opportunities to exhibit their products and competitions aimed at helping them grow their businesses.
“I don’t just rise alone, I rise with others,” she told Carol.
Her advice to South Africa’s youth
Dr Mcoyi-Zondo also urged young South Africans to look at technology and social media differently.
Rather than only using data for entertainment, she encouraged young people to use the internet to research emerging opportunities, understand what consumers need and identify businesses they could build around those needs.
Once they have an idea, she recommends finding a mentor and developing a proper business plan.
“This is the time to start your business. This is the time to research what does the world need,” she said.
It is a fitting message for Women’s Month from a KZN entrepreneur who started with one business and has gone on to build an organisation employing thousands.
Listen to Carol Ofori’s full conversation with Dr Nomfundo Mcoyi-Zondo below.