Recently, we had the privilege of having a conversation with Thandeka Nene, who is an inspiring serial entrepreneur. Thandeka is the Founder and Chairperson of TGE Business Stokvel, and also the Group CEO of Buono Africa Holdings. With a strong background in construction, mining, and empowerment, Thandeka has gone beyond the barriers of the industries by emerging as a strong figure in the male-dominated sectors.
Through Buono Africa Holdings, Thandeka delivers innovative construction solutions, mining, and capital investment options, driving infrastructure growth and development across South Africa. Meanwhile, Buono Africa specializes in sourcing and supplying high-quality chrome concentrate and other minerals to global markets, along with offering investment options, leading to economic growth and trade.
In this session, Thandeka shares her life story, and lessons learned as well as offers tips on entrepreneurship, empowerment, and her dynamic industries, construction and mining.
The Early Years Of Thandeka Nene
We started the interview by asking, “Can you walk us through your professional journey and how it led to where you are today?”
Thandeka Nene shared, “After completing matric, the financial constraints made me take a gap year, working as a cashier in the Durban CBD branch of Chicken Licken. The savings from this job helped me enroll in Plessislaer TVET College, where I started with Electrical Engineering due to few choices. However, I quickly shifted gears to enhance my qualifications with a Technical Teachers Diploma as my technical certificate would allow.
Eventually, I found myself teaching mathematics and technology courses at Edendale Technical School. Also, I pursued a Higher Diploma in Teaching only to come back and finish my Diploma in Electrical Engineering (N6) while already employed as a teacher. I also got practical training and later obtained an Honors degree in Teaching with Management as a specialization, positioning me for future leadership positions.
After a decade of teaching, I made a career shift to construction using my Electrical Engineering papers. For 10 years, I industriously operated as a black female contractor in this male-dominated market, which in turn was the driving force of the challenge and aspirations of breaking norms. At the same time, I was raising my children, managing a church, and undertaking project management and construction courses. After the demise of my parents, I devoted myself entirely to God’s ministry for five years and also graduated with a Master’s Degree in Church Leadership. Upon venturing back into entrepreneurship, I established a company called Thandeka Global Equip, which focused on coaching and funding ventures for small business owners. As a business, our stokvel has successfully raised funds for several projects, offering alternatives to traditional banking.”
She further added, “In 2023, shifting from construction work, I entered the industry of mining, supplying chrome concentrate to clients worldwide. However, I had to deal with the challenges posed by South Africa’s unregulated and aggressive newbies market where finding trustworthy miners is extremely hard. However, I was intrigued by the global trade prospects in mining which fascinated me as it involved some cross-cultural interactions and travel. I am interested in domestic mining knowing that this sector has a big share in the GDP growth in South Africa and hence my work will have widespread repercussions. As I progress in this profession, I can’t wait to tell the inspiring story of our success and expansion.”
Overcoming Major Adversities
Challenges are an inevitable part of every business. To learn how Thandeka Nene overcame the same, we asked, “Reflecting on your career, what have been some of the most significant challenges you’ve faced, and how did you overcome them?”
Thandeka Nene responded, “In the construction sector, I faced many challenges. Tendering processes were extremely competitive, which made obtaining contracts tough. Even obtaining contracts was not enough to sustain the projects, as getting finances to begin projects was another challenge. The country’s shortage of skilled labor was another challenge and I had difficulty recruiting skilled laborers. I also had to bridge the gap of knowledge that existed between me and the construction industry, as I was an educationist and I had to shift to the construction industry.
Getting the right information came with managing the enterprise and the skills, which were the main difficulties. Moreover, controlling the behavior of some of the laborers, many of whom had no sense of work ethics and motivation, was very challenging, as most of them were simply happy to have a job and did not care about the quality of work they produced. Additionally, delays in payments related to government tenders caused major financial hardship.”
“To overcome these challenges, I took a calculated risk and took a home equity loan for growth purposes, which inspired me to work hard. Referrals helped me get skilled workers, whereas practical diving at building supply stores helped me to acquire self-education. These strategies worked and I earned a ‘Best Contractor’ award on my first project. Sometimes, I would visit other construction sites and observe how everything gets done. Also, my construction certificate and hands-on experience equipped me for success.
However, in the mining sector, I came across a new set of challenges, like identifying reputable individuals, detecting time wasters and scammers, and overcoming any financial risks involved. To address these challenges, I used LinkedIn to create a strong presence and undertook to add partners through the recommended contacts of trustworthy individuals. Taking measured risks, I was aware of the business risks that accompanied every business venture. Management of these experiences involved utilizing what I had received from construction in managing people and businesses within the mining sector. By strategically networking and cautiously evaluating partnerships, I continue to grow and learn in this dynamic industry.” She added.
Striking A Perfect Balance
We further asked, “How do you balance long-term vision with short-term operational needs?”
Thandeka Nene replied, “I like to set clear priorities and align goals properly. I first discuss with my team what long-term goals we are looking to achieve, thereafter we break those down into what we can achieve in the short term that will help the long-term goals as well. I then like to discuss with my team how we can even narrow it down to day-to-day tasks that we can do that will support the bigger vision.
I also like to create a flexible strategy plan with my team to allow for changes in the market as well as innovation. We like to have a quarterly meeting to review our plan and discuss any new trends we should be aware of and adapt to. We also use this time to reallocate resources as needed. I am also always ready to make tough decisions that will prioritize the long-term vision over short-term gains. It is important to know when to shift resources or even focus on what is important in the business at that time. I try to make sure I encourage a culture that welcomes change positively, making it easier for my team to adjust quickly in times of needed change. I do think something important I choose to do is also allocating resources wisely, misallocation can cause a huge strain on the business and it can even leave the business stagnant due to resources being used in areas that they were not particularly needed.”
Current Offerings By Thandeka Nene
To learn more about the services offered by Thandeka Nene and if she has any exciting additions coming up, we asked, “Tell us more about your services and if you are planning to add something new in the future.”
Thandeka Nene shared, “We entered the mining space in 2023, we started by brokering and trading chrome, manganese, ferrochrome, coal, and other minerals and commodities but our goal has always been to own assets, mines, benefaction plants, etc, currently we are targeting the gold mining sector, we are looking at two opportunities one in Limpopo, South Africa and another one in Mtisi, Tanzania, where we will be a major shareholder. We are also in the alternative finance space, where we aim to merge the 2, finance and mining.
Moreover, we have launched our new private equity vehicle, Buono Private Equity, headquartered in Sandton, South Africa, which will be going public and launching its initial public offer in early 2025, we aim to empower ordinary individuals and households through owning shares in a public company which will embark on private equity deals across the mining, agriculture, real estate and retail industries. Through Buono Capital Investments, we assist businesses across the mining, energy, logistics, construction, and other industries with trade finance solutions to fund their operations, we also assist junior miners and property developers with raising private funding for their growth and expansion plans.”
Identifying Key Trends
We were interested to learn how Thandeka prepares her strategies and assesses the market trends. So, we asked, “What methods do you use to analyze market trends, and how have these influenced your business decisions?”
“There are three main things that help my team and I to analyze market trends: customer feedback, social media monitoring as well as competitive analysis. Customer feedback helps us to determine what it is our customers like but also what they think they could improve their experience with us. This gives us new ideas to enhance our service experience to people. Social media monitoring is another method I prefer to use. I find it valuable to track conversations and trending topics on social media and it helps me to get ahead on trends and brainstorm what I can do for the future.” Thandeka replied.
Adaptability To Digital Transformation
The digital revolution is transforming businesses. We asked, “How has digital transformation affected your business model?”
Thandeka Nene mentioned, “Digital transformation has introduced a lot of new ways to achieve my business model. One of these ways is using data as a form of decision-making. The way data collection has improved has allowed us to gain more detailed information on customer behavior and therefore helped me to align my business model to achieve my client’s satisfaction. Admin processes have become more advanced since my time.
Being able to store information on safe online platforms has decreased the amount of money needed to spend on admin fees. It makes it easier for my team to handle admin-related needs in the company and it protects the company from the risks of manual filing such as fires. Digital transformation has forced my company to adopt a culture of innovation, as it makes it easier to adapt to ever-changing markets. It also has forced us to try new approaches when it comes to obtaining clients and keeping existing clients satisfied as well as make sure we iterate on feedback as soon as we can. I can confidently say that the automation of processes has reduced the amount of manual labor a company needs, it minimizes errors in my company and helps to free up costs and resources in certain areas which can be used for other areas.”
Potential Trends Of The Future
To get a glimpse of Thandeka Nene’s perspective on the emerging trends of her industry, we asked, “What emerging technologies do you believe will have the most significant impact on your industry in the next five years?”
Emphasizing technological advancements, Thandeka shared, “There are three main technologies that I think will make a huge impact in the coming years. Mainly Automation & Robotics, Digital twins as well as Augmented Reality (AR) and Virtual Reality (VR). Robotic machinery will reduce the need for human intervention when it comes to dangerous areas in mining, which will increase safety and operational efficiency in the field. Autonomous trucks and drilling systems will be able to operate 24/7 with minimal resting time which will improve the rate of productivity and it will reduce costs for mining businesses since mining is an expensive business to be in.
Digital Twins is something I read about that creates a virtual model of a mining operation and is used to mimic different scenarios as well as optimize processes in mining. It also helps to identify potential problems before they arise so that individuals can come up with several ways to solve potential problems before starting the project. This will help in providing safety for mining workers as well as create efficiency when it comes to operations.
Lastly, I think AR and VR will grow to be popular when it comes to training. It will allow workers to simulate complex tasks in a controlled environment which will help to improve their skill levels as well as reduce training time and costs. I also discovered that VR can go as far as being able to conduct remote site inspections, which reduces the need for travel to particularly dangerous areas.”
Employee Empowerment And Growth
Ensuring employee satisfaction and empowerment is paramount for a business. We asked, “What strategies do you implement to maintain high levels of employee engagement and satisfaction?”
“One of the things I like to do is provide clear communication and purpose. I think it’s important to keep my employees informed about what the company goals are, as well as any changes or progress so that they understand how their work contributes to the bigger picture. When employees are connected to a clear mission, they are more likely to be more motivated. My company is big on encouraging work-life balance and I like to support flexible schedules alongside offering remote working options.
I do believe this helps my employees from suffering from burnout and I would like to believe that it makes my employees aware that I value their well-being outside of the work environment. Another thing I try to do is empower myself with autonomy. I like to trust my employees to make decisions and take ownership of their work. From my experience, I noticed that micromanaging can lower your employee’s confidence, whereas encouraging autonomy shows that you trust and value them.” She shared.
Building A Lasting Legacy
We ended the interview by asking, “How do you want your business to be remembered, and what steps are you taking to secure that legacy?”
Thandeka Nene replied, “When it comes to my company Thandeka Global Equip (TGE), I want it to be remembered as a tool that helped to empower many black people who didn’t think they could achieve certain financial dreams in their adult lives. I want it to be remembered as a pioneer in large-scale stokvels that helped people to achieve their financial dreams. When it comes to mining, I want Buono Mining to be remembered as a company that triumphed in a male-dominated industry and made it possible for women to be leaders in mining as well. I also want it to be remembered as an efficient and professional company when it comes to delivering services to its clients.
I want it to be engraved that we broke the barriers to entry when it came to a woman owning a mining company and excelling within the industry. To ensure that I sustain this legacy I am in the process of documenting my story via a book. This is to record my experiences and show people the road to my success isn’t easy but it is worth it. I believe it will help people learn my journey but also connect with me and surely share their lessons with others in their lives. I am also actively involving my family in my businesses.”
“I believe that if you share your vision and values with family then they will understand your wishes and proceed to carry them out even when have left the earth. They can continue to share your legacy and even go as far as continuing your good work in your name. I would also like to grow my footprint when it comes to making a positive impact in the world. Through my initiative Thandeka Nene Foundation, I have tried to lend a helping hand in different issues affecting our society today, these include but are not limited to Orphanages, Poverty, and Academic Funding. I am hoping to do more and leave a positive footprint for my legacy as well.” Thandeka added.
Follow Thandeka Nene on LinkedIn and Instagram @thandekaneneworld
Find TGE Business Stokvel on LinkedIn and Instagram
Find Buono Capital Investments on LinkedIn and visit their website www.buonocapitalinvestments.com
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