He’s only in the second year of his accounting studies, but Molemo Madileng already has two successful businesses to his name. And with big dreams driving him forward, it’s clear that Molemo is set to leave a big impact on the accounting profession.
Molemo explains that his ambition is propelled by a single defining moment in his childhood: the day his father admitted that he’d lost all of his considerable assets because of a misunderstanding around tax. Overnight, Molemo’s life changed – he had to leave his private school and get used to living with far fewer privileges.
It was hard, Molemo admits – but the difficulties also fuelled his determination. ‘I think my father would have been able to avoid his challenges if he’d known more about tax. And I don’t think he’s alone in situations like this – I believe that many other Black people have faced similar situations. That’s why I chose to study accounting. I thought that if I armed myself with accounting knowledge, I could not only make sure that I never found myself in the same circumstances; I could also help other people.’
FROM BASICS TO BUSINESS
The road to an accounting degree hasn’t been easy, either, Molemo admits. First of all, he’s had to overcome a lack of funds – which he did by starting a car wash company straight out of high school. ‘I was living with my brother and his wife at the time, and I didn’t want to keep asking them for money. More than that, I wanted to add value. So, one day, I took a bucket and a few cloths and walked door to door around our estate, asking if people wanted a car wash.’ Molemo says that he wasn’t sure if he’d be successful, but if he failed, at least he would know that he had tried. As it turned out, plenty of residents were happy to give him a chance: from washing just three cars at the start, he gained some regular clients and was eventually making at least R1 000 each weekend. More than this, he learned a lot through the experience: many of his clients were entrepreneurs, and he wasted no time picking their brains to find out how they got into business and how their industry operates. Encountering slow days also helped build his grit. ‘I realised just how hard it is to run a business. You can’t be in it just to make money – you have to love what you do, otherwise you lose steam.’
That understanding proved useful when he wanted to set up his second business: selling oil-based perfumes. Molemo had first come across the perfumes at a kiosk in Pretoria. Having purchased a few for himself, he knew that although they were inexpensive, they were also high quality. Following his entrepreneurial instincts, he decided that this might present an ideal money-making opportunity, to help further fund his studies. He discussed his idea with his second brother, and the pair decided to buy a batch, and sell on their respective turfs.
It was slow going at first. Molemo didn’t sell a single unit during his first month – but he didn’t lose hope. Instead, he fine-tuned his strategy: rather than going door-to-door, he honed in on the security staff at the University of Limpopo, where he studies, knowing that they’d be eager to spread the word. Knowing that they’d love the idea of ‘smelling rich’, but typically couldn’t afford pricey cologne, he offered them loans, certain that others who smelled the perfume would also want to buy. His gamble paid off: by month three, orders exceeded stock.
By now, Molemo realised that he had the beginnings of a business. More than that, he had the desire to turn his fledgling enterprise into something bigger. ‘I had recently taken part in SAICA’s Student Leadership Summit, where my emphasis was on teaching people from underprivileged areas to invest in themselves – how to improve their financial literacy, for example, or develop marketable skills. But got that me thinking: How could I offer other people advice when I wasn’t furthering myself?’
That insight was all the motivation Molemo needed to invest his savings in renting a physical store – and so Mark the Scent was born. The business has had its ups and downs, he admits – but he’s always managed to find a way around the challenges. For example, when he noticed that sales were flagging, he set up a TikTok account to market his products, and reached out to influencers and university magazines, giving away samples in return for reviews.
WORK SMARTER, NOT HARDER
If time management is a challenge for any student, it’s even more tricky for someone trying to run a business. Molemo’s solution is to engage employees to run his store; he also relies on the information provided by his Yoco payment system, which helps him keep track of stock and inventory. He’s also comfortable with giving the business some space. In fact, he considers this crucial, because viewing it from a distance gives him the objectivity to see where and how it can grow. He’s already considering a second store, for example, to give the brand additional exposure.
In the meantime, when he’s not studying, he’s reaching out to other would-be accountants through his work with SAICA. Apart from taking part in the Student Leadership Summit and hosting SAICA’s camps, he was the on-campus director of the Hult Prize Competition, and mentors other aspiring leaders in his role as a member of SAICA’s Limpopo leadership team.
‘I want to be the change,’ he explains. ‘It might not be me who makes life better for others; but maybe it will be someone who I helped. Maybe they’ll be able to make a difference because I opened the door for them.’
FROM SMALL STEPS COME GREAT THINGS
Molemo’s advice to other young entrepreneurs? ‘Just do it! When an idea pops into your mind, take action. Even if that idea doesn’t work out, it might spark another idea that does. What seems like the end might just be the beginning. And never underestimate small beginnings. It might feel like you’re taking small steps, but one day you’ll look back and see just how far you’ve come – and how that beginning is connected to where you’re headed.’
Author
Lisa Witepski
