Dragon's Den judge, millionaire Lebo Gunguluza's advice to entrepreneurs

Port Elizabeth-born millionaire, Lebo Gunguluza, 46, with a net worth of R300 million ($19 million) shares what it means to be an entrepreneur and advises aspiring young entrepreneurs on the tricks of the trade.

The millionaire is the founder of Gunguluza Enterprises & Media (GEM), which focuses on hospitality and media.

Gunguluza grew up in the depths of Magxaki location in Port Elizabeth without a silver spoon in his mouth. He swore to escape poverty and make his first million at the age of 25. Like all plans in life, they change and one must adapt and that is exactly what he did when he failed to reach his target but that did not discourage him.

He quit his day-job at an advertising agency and started his own business. Within two years he was a rand-millionaire. It looks easy now but it has been a long and, hard journey which Gunguluza says was all worth it.

Being an entrepreneur and motivational speaker has made him a firm believer of adapting to change and embracing it even in the world of business. He launched an online television channel at the beginning of the year.

“2015 has been a year of growth and new ventures. It is important to diversify especially with the world becoming a digital village,” Gunguluza said.

Gunguluza believes in the potential of young entrepreneurs but worries about them falling into the trap and inconsistencies of “hustling”. As a result he heads up a mentorship programme called Izani, 12-12-12 enterprise and earned a spot as judge of Dragon’s Den Television show which affords young aspiring entrepreneurs an opportunity to be funded and mentored.

The self-made millionaire advises them that: “It is important to build a sustainable business with discipline so that it can out live you”.

He believes in three important business rules:

  1. 1.Cash is king – invest it wisely
  2. 2.Customer is king – listen and meet their needs
  3. 3.Compliance is king – it helps you get paid quicker

Gunguluza is now setting his sights on making his first billion, he might not have it yet but he is determined that he is well on his way.

For more lessons from Gunguluza watch Kicking Doors, below, which airs Tuesdays 20h30 CAT from 12 January 2016…