Innovative — You can expect some truly fresh ideas and insights on brand-new products or trends. In this guidebook, Vuyo Jack combines legislative summary, accounting detail and historical context. He provides context for understanding the Black Economic Empowerment codes and sample scorecards for various aspects of compliance.
Yet this straightforward, accounting-manual treatment of the codes is frequently interrupted by his personal opinions, judgments or remembrances. The author becomes an advocate for a viewpoint rather than a dispassionate reporter on the contents of the code.
Nevertheless, getAbstract recommends his thorough explanation to companies working in South Africa. Vuyo Jack is a chartered accountant. He is a co-founder and chairman of the Black Economic Empowerment rating agency, Empowerdex. He is also a visiting professor at the School of Management of the University of the Free State and a venture capitalist.
However, the BEE program affects even businesses that do not sell directly to the South African government because the government evaluates not only first-tier suppliers but also suppliers to its first-tier suppliers.
So the BEE requirements affect a much broader range of companies than just those directly supplying the government. Vuyo Jack, chief executive of empowerment rating company Empowerdex, has added an extra title to his list of accomplishments.
But his contemporaries in black economic empowerment circles would never guess what Jack's dream career was when he was growing up.
Jack was born in in Dube Village, Soweto. His father, who worked for a shipping company, was a pianist and his mother, a teacher, sang with her husband in a church group. He received his primary school education at Sizanani and Luyolo Primary schools. Luyolo was close to where his maternal grandmother lived and after school young Jack would visit her for a dose of grandmother's love. Vuyo has achieved absolute mastery in the area of transformation and has developed an impressive reputation.
With this in place, he is able to broaden the scope of where he can have best impact. Effective personal brands embrace the need for excellence and specialisation. To stand out from the pack and achieve your goals, you have to do more than just be good at something lots of other people are doing. Aim to be the best in your area of expertise and combine this with your passion. Like Vuyo, who is now making movies about transformation, powerful personal brands understand the importance of integrating their talents and their passion.
Create a niche where no-one has gone before Everybody told us that our idea was crazy and that we needed to keep our day jobs, says Vuyo. The Presidency was interested from a curiosity perspective to see what our thinking was around making Nepad work. He adds that there was healthy scepticism until Empowerdex was able to hook up with Moodys, an international credit rating agency.
This was a visionary idea because it allowed the company to apply a rating system similar to those that credit providers use to audit empowerment. The key to empowerment ratings achieving such prominence, Vuyo says, was to find out what the trickle-down impact would be.
Empowerdex began by targeting procurement because it impacts every area of business. Instead of forcing BEE procurement as legislation like employment equity was made compulsory we made it voluntary, says Vuyo. Because procurement affects the bottom line of business, people would comply with recommendations even though they were not enforced by law. Ultimately, Vuyo admits, measuring empowerment is arbitrary. How do you measure weather?
Once you gather enough attention and say, This is how well measure it, then it starts having value. In nature there is no inherent value in anything, but value is an arbitrary mechanism that man puts on things. There is no value to the ratings unless you are able to understand this is the framework agreed upon, he explains.
I may not see the results in my lifetime. One of the problems that we face is value creation and our ability to capture value is very weak. In Africa we have a lot of resources, but what is the value captured by Africans in terms of those resources? Its the same thing with women in the corporate sphere. Women add value, but when you look at the pay that they get, its not commensurate with what others get.
So my interest is: how can we create value in Africa, how is that value captured and how can we circulate that value so that Africa can be strong? It requires a long-term paradigm shift and I may not see the results in my lifetime. He points out that Africa has the potential to create great value and needs to learn how to capture this, rather than letting it leak out of the continent. Unless we are able to harness our value-capturing skills we will always remain poor, Vuyo says.
Its a virtual cycle that needs to take place before we reach economic empowerment. Successful personal brands are found off the beaten track. People who build effective personal brands stand out because they do something differently compared to everyone else. They understand the need to carve a niche for their brand or go where nobody has gone before.
Harness your attention capital Billions and billions of Rands [the South African currency] are spent trying to hook peoples attention, so attention capital is a new currency, says Vuyo.
Without it celebrities would not be celebrities. Can you imagine if we starved loud-mouthed politicians of attention capital? They would not be where they are but because we give them attention over and over again, they are celebrities.
How you use your attention capital is very important. If women said, We will not spend money on things that dont empower us, the economy would change overnight. Vuyo believes that one can harness attention capital through having a purpose which leads to developing goals to fulfill that purpose.
You then harness your attention capital to those things that add value to you, he explains. It doesnt mean that you live in a Pollyanna-type world where everything is great. Everything is not great but you choose to deploy your focus on things that add value to you. It means that you need to be more vigilant about what you choose to focus on. There is only a handful of rich people. They are rich because they have been able to focus their attention capital very well.
According to Vuyo, we lose focus so easily because of our habits. Look at the first half of our lives we are conditioned into a particular mindset and weve invested our attention capital in those things, he says. To take back that investment is very difficult.
It takes a concerted effort, but you get people who are so gatvol an Afrikaans-language expression that can be translated as sick and tired of or really fed-up that they take back their attention capital and reinvest it. Thats why there is only a handful of rich. The key to harnessing ones attention capital, says Vuyo, is to start by knowing who you are. You have to create an identity because thats what attracts people to you.
If you dont know who you are then you just drift. Build your identity. But its not the ultimate goal; its the starting point, because if you dont build that identity you are not going to be able to achieve anything. You craft your own meaning and purpose and once you have that identity then you can harness your attention capital to say, How is this identity going to deploy its attention capital?
The reason to avoid letting your personal identity become the end goal is that it makes you very egotistical. As they say, As the mighty rise, the mighty fall harder.
Vuyo Jack in his 20s was very different from Vuyo Jack in his 30s. He was idealistic, pushy and ambitious, whilst the Vuyo in his 30s is much more measured.
Be bold enough to construct your brand, but dont be scared to create a new brand and reinvent the brand that still has the same elements. The manifestation of the purpose can change but the purpose is the same. Vuyo cautions that its important to think wisely about how you invest your attention capital. It determines everything, so if you allow people to hook your attention capital then youve got nothing left and its a very scarce resource because its limited. Every single day is one day closer to your death and its one day more that youve used your attention capital, he says.
Invest your attention capital wisely. Vuyos concept of attention capital is very interesting. Essentially, wherever your attention is, your energy flows. Wasting your attention on something unimportant means wasting your energy on it instead of spending it where your focus should be. Make sure that all your energy is channeled into enhancing and marketing what you and your personal brand are really about your key competencies and talents. Dont dilute your energy on anything else.
Value integrity and awareness Integrity is having congruence between what you think, what you say and what you do, says Vuyo. Sometimes what you think is not what you say and sometimes what you say is not what you do. Yet sometimes I fail at this because I dont say the things I should say because the time is not right.
If I say this, what is the other persons capacity to listen to what Im saying? If the capacity is not there, it could actually. Sometimes you need to have that discernment. Integrity is critical and awareness is important. An ability to see things as they are is so difficult and sometimes I get criticised, but if I have awareness then I can look at a situation from all points of view. Sometimes people give you praise, but it is shallow praise and you also need to take it with a bit of scepticism.
Awareness is a skill that I have to practise continuously for the rest of my life. If you do not provide us with accurate information, we cannot be held liable if we fail to notify you.
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