million has always been a magic number for me.
When I was growing up, my father told me this was, according to his calculations, the amount he would need to retire. One of the lessons he drilled into me in my later teens was that he could never achieve this number simply by going to work every day and drawing a salary every month. He needed to have options for generating additional income and this could come from property, shares or the investment he had made in his own small business.
It is a lesson that has stuck with me through my twenties, when I owned property, made and lost money on shares and blew up the odd business along the way. What has always stayed with me though was the concept that I needed to be constantly on the lookout for genuine investments, and by that I don’t mean day-trading the stock market.
I relate this story because since publishing our story 5 ways to sex up small business in South Africa and a recent edition of The Big Debate on SABC2, the subject of black participation in the economy has again come under scrutiny.
As predicted, the Finweek cover story on entrepreneur-