The NSBC approached Profitshare Partners to learn more about how they approached entrepreneurship and becoming a successful small business. Today we will feature ProfitShare Partners.
ProfitShare Partners is a FinTech company that provides disruptive capital solutions and transaction support to SMEs who have no access to finance, no security, financials or track record but have a contract or purchase order with a reputable company or government department.
Andrew Maren is the CEO and founder of ProfitShare Partners, who started the company in December 2016. As a serial entrepreneur and financial professional, Andrew has a history of starting or acquiring strategic stakes in companies with interests in generating significant social impact. His extensive experience in corporate, retail and private banking at Standard Corporate, Merchant Bank and RMB Private Bank, together with a series of business successes in the fuel, property and ICT sectors have inspired him to create revolutionary financial solutions that would enable the market for small and medium enterprises
Here is what Andrew Maren had to say about success and overcoming tough times in business.
When did you consider yourself a success?
I considered myself successful when I was able to generate my own income and no longer had to rely on an employer. Success for me is the ability to find balance in life. This involves having enough time to be a good dad and husband, creating and sustaining a business that can generate wealth for all those involved in it, and making sure that my life has a positive social impact to all around me in my immediate community and my country at large.
To what do you attribute your success?
My spirituality has helped my focus and has given me the confidence to chase my dreams. I think I have been quite blessed in my life and I have always come across the right people in my life when I really needed it. Collaboration is big for me and I think it is so much easier to get to your goals quicker by collaborating with the right people.
I also don’t listen to negative people. I have met plenty of people who have such small mindsets that they try to limit other people around them because they themselves cannot envision anything bigger. I have learnt not to let these people dictate my life and dreams and to get away from these people as soon as I can. I always try to surround myself with people much smarter than me… which isn’t hard to do.
What failure taught you the most about your business and what was the lesson?
I have invested in businesses that I had no passion or understanding of. Most of my failures have been in these types of businesses. I’ve learnt now to stick to what I know and grow the ecosystem around that.
What was your best moment in business to date?
There are so many great moments so it is hard to pick out one. I think my best moment was when our business model was vindicated when some of the big banks started discussions with us on how they could partner and support us.
- ProfitShare Partners has assisted over 150 SMEs with deal support in excess of R60 million.
- We’ve helped numerous clients grow their turnover 10 times in 12 months.
- We’ve grown our book value by 400% in the last calendar year and we are hoping to do the same again this year.
- We’ve achieved a 97% collection rate in a market that is perceived to be high risk.
What drives you to keep going when it gets tough?
I remember that, not only do I have to provide employment for my staff and deliver value for our shareholders, there are thousands of SMEs out there who need us. Every time we help an SME, I get such a feeling of satisfaction. It’s always at the back of my mind that, if we are to change our economy and make a dent in the unemployment statistics, that I have to play my part. This is what drives me to make sure that I make things happens to take my dream forward.
Lastly, what are your success habits?
My habits for success are:
- Keeping my balance in my life and making sure that those around me are also balanced. We hire balanced people and have adopted a ‘no workaholics’ culture so that we model our environment.
- Surround myself with smarter and more successful people than myself so I can always keep learning.
- I read constantly about things that affect and change our economy worldwide and how technology can enable the things we are doing.
- Take lots of time to reflect, focus and recharge.
Well done, Andrew Maren. We hope you will continue to grow from strength to strength.