Read the case study below and answer the questions that follow:We can learn from this South African youth entrepreneur.Ludwick Marishane is 29 years old and has never been formally employed in the corporate sector.Starting his entrepreneurship journey while he was still at school, Ludwick now runs a successfulbusiness employing over 20 people. Growing up and attending school in a rural community inLimpopo, Ludwick and some friends were shooting the breeze one day lamenting the thought ofhaving to bath or shower daily. This inspired the idea of inventing a product that would addresspersonal hygiene, eliminating body odour and provide a quick way to stay clean. Using an old (nonsmart) Nokia phone and time at an internet café, Ludwick began to research various chemicals andcleaning agents that might achieve this goal. After much trial and error, he found a formula thatworked and registered a patent (he is the youngest patent filer in the country) for DryBath® Gel – theworld’s first waterless body wash. The product is currently exported to Europe, the US and Asia, andLudwick is hoping that Dry bath will find its niche in South Africa. The journey has not always beenplain sailing ……………Start up challengesBeing a mere 17 years old when he patented the product and wrote his first business plan, Ludwickbattled to secure funding and get Dry bath off the ground. In addition to this, he was of universitygoing age and keen to get a solid education. Being accepted on the Allan Gray Orbis Foundation’sscholarship programme and enrolling at UCT for a business science degree in finance andaccounting provided both opportunities and challenges for this determined young entrepreneur.Entering business competitions to gain recognition and funding for his product became the order ofthe day. In the meantime, studying and reaping the benefits of all that was offered by his sponsors,Ludwick was exposed to excellent entrepreneurship opportunities by the Allan Gray OrbisFoundation – this included rigorous training in sales, negotiation skills and networking. Groups ofscholarship holders were required to run a retail business in their second year of study, a servicebusiness in their third year of study and a consulting business in their final year of study – worldclass opportunities to learn about starting up a business but with relatively low risks involved. It wasalso while studying that Ludwick met Lungelo Gumede, who became his business partner and iscurrently the youngest lecturer at the UCT Graduate School of Business.1Advice for entrepreneursLudwick’s advice to other entrepreneurs is as follows: “Don’t embark on a business venture just to beyour own boss – rather look for a problem that you can solve and then stay true to that. It isdangerous to get too attached to a solution as your own – work with other people to find the bestsolution and focus on building up from there.” He also feels that students should try to do these fourthings as early in their careers as possible:1) Get out of your comfort zone and explore.2) Join clubs and/or societies and get yourself into a leadership position.3) Get some work experience.4) Spend some time outside the country to develop a global mindset.By Camilla PenningtonSource: Pennington (2021) Being a mere 17 years old when he patented the product and wrote his first business plan ….3.1 Discuss the primary reasons for drawing up a business plan and explain how this impactedon Ludwick as a young entrepreneur. 3.2 Highlight any five possible barriers that Ludwick could have encountered when drawing uphis business plan and suggest a way to mitigate each barrier highlighted. Please can you use intext references and include an introduction, body and conslusion so that I may compare with my own notes. Harvard style referencing at the end. Thank you, much appreciated.
Read the case study below and answer the questions that follow:
We can learn from this South African youth entrepreneur.
Ludwick Marishane is 29 years old and has never been formally employed in the corporate sector.
Starting his entrepreneurship journey while he was still at school, Ludwick now runs a successful
business employing over 20 people. Growing up and attending school in a rural community in
Limpopo, Ludwick and some friends were shooting the breeze one day lamenting the thought of
having to bath or shower daily. This inspired the idea of inventing a product that would address
personal hygiene, eliminating body odour and provide a quick way to stay clean. Using an old (nonsmart) Nokia phone and time at an internet café, Ludwick began to research various chemicals and
cleaning agents that might achieve this goal. After much trial and error, he found a formula that
worked and registered a patent (he is the youngest patent filer in the country) for DryBath® Gel – the
world’s first waterless body wash. The product is currently exported to Europe, the US and Asia, and
Ludwick is hoping that Dry bath will find its niche in South Africa. The journey has not always been
plain sailing ……………
Start up challenges
Being a mere 17 years old when he patented the product and wrote his first business plan, Ludwick
battled to secure funding and get Dry bath off the ground. In addition to this, he was of university
going age and keen to get a solid education. Being accepted on the Allan Gray Orbis Foundation’s
scholarship programme and enrolling at UCT for a business science degree in finance and
accounting provided both opportunities and challenges for this determined young entrepreneur.
Entering business competitions to gain recognition and funding for his product became the order of
the day. In the meantime, studying and reaping the benefits of all that was offered by his sponsors,
Ludwick was exposed to excellent entrepreneurship opportunities by the Allan Gray Orbis
Foundation – this included rigorous training in sales, negotiation skills and networking. Groups of
scholarship holders were required to run a retail business in their second year of study, a service
business in their third year of study and a consulting business in their final year of study – world
class opportunities to learn about starting up a business but with relatively low risks involved. It was
also while studying that Ludwick met Lungelo Gumede, who became his business partner and is
currently the youngest lecturer at the UCT Graduate School of Business.
1
Advice for entrepreneurs
Ludwick’s advice to other entrepreneurs is as follows: “Don’t embark on a business venture just to be
your own boss – rather look for a problem that you can solve and then stay true to that. It is
dangerous to get too attached to a solution as your own – work with other people to find the best
solution and focus on building up from there.” He also feels that students should try to do these four
things as early in their careers as possible:
1) Get out of your comfort zone and explore.
2) Join clubs and/or societies and get yourself into a leadership position.
3) Get some work experience.
4) Spend some time outside the country to develop a global mindset.
By Camilla Pennington
Source: Pennington (2021)
Being a mere 17 years old when he patented the product and wrote his first business plan ….
3.1 Discuss the primary reasons for drawing up a business plan and explain how this impacted
on Ludwick as a young entrepreneur.
3.2 Highlight any five possible barriers that Ludwick could have encountered when drawing up
his business plan and suggest a way to mitigate each barrier highlighted.
Please can you use intext references and include an introduction, body and conslusion so that I may compare with my own notes. Harvard style referencing at the end. Thank you, much appreciated.
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