First the idea, then the determination
ENTREPRENEUR: Founder of Zenzele Fitness Itumeleng Phake
Phake left the world of banking to start a company that, in three years, already boasts a network of gyms in the headquarters of some of SA’s biggest corporates
Great entrepreneurial ideas can come out of the blue. For Itumeleng Phake, founder and owner of Zenzele Fitness, his came while working with wealthy clients at RMB Private Bank. "RMB was looking to upgrade its inhouse gym," says Phake. "It got me thinking about the potential of a business that would relieve corporates of the complexities involved in setting up and operating a gym." He had hit on the makings of a thriving venture. "I realised it was a business that could easily be scaled up," he says. "There is also very little competition in the market." He had the idea — but not the considerable financial resources needed to turn it into a reality. Equipment for a single gym runs to as much as R3m. He turned to the Awethu Project, a private-sector initiative with strong government financial backing. They liked what they heard. Armed with a R5m equity investment from the project and another R3m from other investors, Phake was on the verge of seeing his dream become a reality. "I lau...
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