The business landscape has become ever more challenging with the increased prevalence of‘economic disrupters’.
While the prevalence of these ‘upstarts’ to conventional business models have achieved more prominence with the emergence of the Fourth Industrial Revolution (4IR), disrupters have been influencing human progress and economic development since long before the advent of the internet.
Economic disrupters
Think Henry Ford, with his introduction of assembly lines, which drove down the price of his Model T, making it affordable to the masses. These early disruptors were seen as game changers who redefined their own markets and set new norms for others to follow.
The rapid pace of technology has no doubt capacitated and emboldened the modern cadre of disruptors.
We have amongst them the likes of Uber which has revolutionised the ride-hailing industry and Airbnb which is transforming the global tourism market, and has created a previously unimagined additional income stream for domestic homeowners willing to share their living spaces with strangers.
Innovators
These two innovators have in a short space of time forced the traditional meter taxi and hotel industries to face competition they had never expected even half a decade ago.
In the financial field, the advent of crowdfunding platforms have given entrepreneurs and capital seekers an alternative to the traditional banks and investment houses, severely undercutting their income streams.
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Cryptocurrencies such as Bitcoin are redefining the meaning of wealth and money. Alternative energy innovators such as Tesla are powering a new generation of green consumers, who are increasingly forsaking fossil fuel based energy sources, enabling thousands of businesses and homeowners to effectively go ‘off grid’.
At risk
This has massive implications for the likes of Eskom which is facing diminishing demand in the face of massive debt. Of concern is that not just companies, but entire countries are at risk: Angola and Nigeria which derive more than 70 percent of their national revenue from oil and gas will face enormous challenges if they do not rapidly diversify their economies.
To survive in this new paradigm, businesses need to be:
- Nimble and flexible
- Hyper-aware of their trading environments
- Continuously improving
- Forward thinking and open minded
- Tech savvy in all areas of their operations
After matriculating, Vijay Naidoo studied Economics in the UK. Upon his return, he joined the family construction business as MD for 10 years.
He subsequently joined his sister in their furniture manufacturing business as director for quality assurance and operations. He was responsible for all quality aspects of their products, and led the project to the business achieving an ISO 9000 quality accreditation. As an export focused business, this was important for our international competitiveness.
Mr Naidoo has an abiding interest in quality management and productivity improvement, particularly in manufacturing.
More recently, he has focused a lot of his time on giving back to the community by way of mentorship of small businesses and sitting on the executive of the South Coast Chamber of Commerce. He also sits on the Board of the Ugu South Coast Development Agency.
