Young entrepreneur shares how Standard Bank’s #10pM Movement sets him up for success
Through this initiative, the bank is helping local brands like Moko Design House build, grow and scale their businesses
In these adverse times, many young South Africans are exploring entrepreneurial opportunities, many from necessity, on their own terms, with the little that they have. They seek to fulfil their ambitions and achieve their dreams to create a prosperous future.
This mindset and tough economic climate are what inspired fashion-forward 31-year-old Bobo Moko to co-found Moko Design House with his sister, Lerato Moko.
“For me, the decision to enter the fashion and design sector as an entrepreneur was a calling,” explains Moko, who was born and raised in Thembisa, Johannesburg.
“We grew up during a time when black people were more conscious of how they looked and were taking a huge interest in how they looked, what they were wearing.”
So, he decided to start making items that would resonate with the market. “Leather grabbed my attention and stole my heart,” he says. “And so, my sister and I began working with leather, designing accessories and shoes with this material, that people could wear and feel confident in as they walk towards their dreams, whatever those may be.”
Before starting the venture, Moko, who was 22 at the time and working at a retail outlet, was introduced to an elderly man, Mr Dube, who made leather sandals. “I fell in love with his craft. And he was kind enough to take the time to teach me how to make leather shoes. The rest, as they say, is history.”
Eyes on the prize
He says that becoming an entrepreneur means staying consistent, keeping your eyes on the prize and seizing every opportunity that comes your way.
The Moko siblings recently came across a Facebook post advertising a Pizza Sunday event in collaboration with Standard Bank aimed at scouting for young talent to join the Standard Bank 10% Millionaires (10pM) Movement.
The idea of making your first million rand might seem like a pipe dream to most. But what if you were to try to generate R100,000 and become a 10% millionaire? That might seem more achievable, right? This is the idea behind the 10pM Movement — to give young South Africans simple ways of generating or saving their first R100,000 — or 10% of R1m — with the bank’s help, of course.
“Standard Bank and the 10pM Movement recognise that young people in the country possess incredible talent, but the right opportunities are not always available to them,” says Lindy-Lou Alexander, brand and marketing head: consumer and high net worth at Standard Bank.
Standard Bank offers valuable information and resources about saving and investing, as well as business tools and expertise that will set you up for financial success in future.Lindy-Lou Alexander, brand and marketing head: consumer and high net worth at Standard Bank
“So, we want to support you in taking charge of your future through the 10pM Movement. We are doing this by offering valuable information and resources about saving and investing, as well as business tools and expertise that will set you up for financial success in future.”
Through the 10pM Movement, Standard Bank is partnering and co-creating with entrepreneurs like Moko. The intention is to help young business owners and creators to build, grow and scale their brands. This will ultimately help to develop the South African economy and create prosperity for communities, which is aligned to Standard Bank’s purpose: Africa is our home, we drive her growth.
Moko says that the beauty of the 10pM Movement is that it provides the guidance and tools required for South Africans to get to that 10% of R1m.
“I find much comfort in knowing that there is a bank that backs me and believes in my dreams. Standard Bank continues to live by its purpose: to create opportunities for young people in the entrepreneurial space, which holds the potential to boost job creation, social stability and economic growth. As artists, it’s time that we start to talk about finances, and the art of saving and investing.”
I find much comfort in knowing that there is a bank that backs me and believes in my dreams.Bobo Moko, co-founder of Moko Design House
He adds that having the backing of “a reputable organisation like Standard Bank” has given him and his sister the confidence to remain focused on growing their business and employing more people. He says the 10pM Movement has also empowered him with the tools and knowledge to save and invest wisely.
“I would like to say to our partner, Standard Bank, that there are more Mokos where I come from in Thembisa, and it is my hope that the 10pM initiative will touch even more lives, open a lot of doors for young people, and create the jobs to address the dire youth unemployment crisis in the country that will ultimately enable our growth as a country and continent.”
His advice to other people with entrepreneurial ambitions is to stay committed to their passions, remain focused, seek opportunities and find the right partners. “Because with a partner like Standard Bank, ‘it can be’.”
This article was paid for by Standard Bank.