Business is different from being an influencer! Recently, Drip CEO Lekau Sehoana took the time to pen a heartfelt note to Boity, offering words of encouragement and support.
Boity had faced criticism and backlash for the failure of her perfume line and other business ventures. In his message, Sehoana shared his own experiences with failure and expressed admiration for Boity’s resilience.
Sehoana, like many entrepreneurs, understands that failure is an integral part of the journey. He acknowledges that failure in business does not equate to personal failure. It is merely a part of the process.
ALSO ON TSZ MZANSI: Boity Thulo Defends Her Perfume Line Business Amidst Public Criticism
When developing products, entrepreneurs anticipate both successes and failures. They have backup plans and follow-up products ready to go, knowing that not every venture will be a hit.
Sehoana shares his own story of starting Drip Sportif in 2019, which eventually grew to 25 stores. However, some of the stores had to be closed, and others were relocated for better trading positions.
Sehoana also invested in a group called The Drip Group, which houses brands like Domain Jeans and Kiddies Republic. Unfortunately, Kiddies Republic had to be liquidated due to similar reasons – it simply didn’t work out.
This serves as a testament to the fact that entrepreneurship is a constant process of movement and adaptation.
Failure is an inherent part of the journey, and successful entrepreneurs understand this. It’s not about reaching a finish line; it’s about continuously evolving and learning from both successes and failures.
Sehoana doesn’t shy away from sharing some eye-opening statistics about the failure rates of startups. He highlights that 9 out of 10 startups fail, with 38% of them running out of cash and 35% failing due to a lack of market need.
By the fifth year, half of all startups will have failed. These statistics may seem daunting, but Sehoana believes they serve as a reminder to stay solution-driven and motivated.
Inspired by Boity’s short Instagram response to the criticism she faced, Drip CEO Lekau Sehoana expresses his admiration for her resilience.
He commends her for not giving up and encourages her to keep going. Despite the challenges and setbacks, Boity’s positive attitude and determination are what make her a true entrepreneur.
Read his message: “Like everyone else, I saw the posts and articles. And like most entrepreneurs, I know exactly how and what failure looks like. A failed strategy, a failed business, a failed product, doesn’t make a failure of a human being. when we develop products, we have certain percentages we expect to get from them.
“Either good or bad. And we have follow-up products lined up should one not do well. Which makes entrepreneurship, and especially product building an ongoing process.”
“It’ll never be the finish line… When I saw your short Instagram response, I got very inspired… Here’s why: In 2019 I started @dripsportif, 2 years later we opened 25 Stores. We have since closed some of the Stores, we have moved some to better Trading positions at the Malls.
“We further invested in a Group (The DRIP Group) to build a House of Brands, where DRIP and other Brands like@DomainJeans and Kiddies Republic sit. We had to Liquidate Kiddies for almost same reasons, it didn’t work out.”
“Which further proves that entrepreneurship is all about movement. At the centre of the movement, is Failure. The probabilities are there. Remember, 9 out of 10 startups fail and 38% of startups fail because they run out of cash.
“35% of startups fail because there is no market need for them. By year 5, 50% of all startups will have failed. These stats are not there to make us sleep well at Night, but they’re there to make us solution driven.
“And keep us on our Toes. Boity, you’re doing so well. I applaud you for having started and being positive. Please never give up and keep going. This is exactly what Entrepreneurship is about…”
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