By Rakesh Wahi, Publisher FORBES AFRICA



Rugby
is as foreign to me as cricket is to the average American. However, having
lived in South Africa for 15 years, there is no way to avoid being pulled into
the sport. November 2, 2019, is therefore a date that will be celebrated in
South Africa’s sporting posterity. In many ways, it’s déjà vu for South
Africans; at a pivotal time in history, on June 24, 1995, the Springboks beat
the All Blacks (the national rugby team of New Zealand) in the final of the
World Cup. The game united a racially-divided country coming out of apartheid
and at the forefront of this victory was none other than President Nelson
Mandela or our beloved Madiba. In a very symbolic coincidence, 24 years later,
history repeated itself. 



South
Africans watched with pride as Siya Kolisi lifted the gold trophy in Yokohama,
Japan, as had Francois Pienaar done so 24 years ago in Johannesburg. My mind
immediately reflected on this extremely opportune event in South Africa’s
history. 



The
last decade has not been easy; the country has slipped into economic doldrums
from which there seems to be no clear path ahead. The political transition from
the previously corrupt regime has not been easy and it has been disheartening
to see a rapid deterioration in the economic condition of the country. The sad
reality is that there literally seems to be no apparent light at the end of the
tunnel; with blackouts and load-shedding, a currency that is amongst the most
volatile in the world, rising unemployment and rising crime amongst many other
issues facing the country.



<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1024" height="681" src="https://www.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001-1024x681.jpg" alt="" class="wp-image-37291" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001-300x199.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001-600x399.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001-768x510.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Rakesh-Wahi-001.jpg 2048w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Rakesh Wahi, Publisher Forbes Africa</figcaption></figure>



Something
needed to change. There was a need for an event to change this despondent state
of mind and the South African rugby team seems to have given a glimmer of hope
that could not have come at a more opportune time. As South African flags were
flying all over the world on November 2, something clicked to say that there is
hope ahead and if people come together under a common mission, they can be the
change that they want to see.



Isn’t
life all about hope? Nothing defies gravity and just goes up; Newton taught us
that everything that goes up will come down. Vicissitudes are a part of life
and the true character of people, society or a nation is tested on how they
navigate past these curve balls that make us despair. As we head into 2020, it
is my sincere prayer that we see a new dawn and a better future in South Africa
with renewed vigor and vitality.



Talking
about sports and sportsmen, there is another important lesson that we need to
take away. Having been a sportsman all my life, I have had a belief that people
who have played team sports like cricket, rugby, soccer, hockey etc make great
team players and leaders. However, other sports like golf, diving and squash
teach you focus. In all cases, the greatest attribute of all is how to reset
your mind after adversity. While most of us moved on after amateur sports to
find our place in the world, the real sportspeople to watch and learn from are
professionals. It is their grit and determination. 



My
own belief is that one must learn how to detach from a rear view mirror. You
cannot ignore what is behind you because that is your history; you must learn
from it. Our experiences are unique and so is our history. It must be our
greatest teacher. However, that’s where it must end. As humans, we must learn
to break the proverbial rear view mirror and stop worrying about the past. You
cannot change what is behind you but you can influence and change what is yet to
come. 



I
had the good fortune of playing golf with Chester Williams (former rugby player
who was the first person of color to play for the Springboks in the historic
win in 1995 and sadly passed away in September 2019) more than once at the
SuperSport Celebrity Golf Shootout. 



Chester
played his golf fearlessly; perhaps the way he led his life. He would drive the
ball 300 meters and on occasion went into the woods or in deep rough. Psychologically, as
golfers know, this sets you back just looking at a bad lie, an embedded or
unplayable ball or a dropped shot in a hazard. For a seasoned golfer, it is not
the shot that you have hit but the one that you are about to hit. Chester has a
repertoire of recovery shots and always seemed to be in the game even after
some wayward moments. There is a profound lesson in all of this. You have to
blank your mind from the negativity or sometimes helplessness and bring a can
do and positive frame of reference back into your game (and life). Hit that
recovery shot well and get back in the game; that’s what champions do.



We need to now focus our attention on the next shot and try and change the future than stay in the past.

Rugby World Cup 2019, Final: England v South Africa Mtach viewing at Nelson Mandela Square

Déjà vu: South Africa Back to Winning

One of the greatest challenges we face today is uncertainty; a simple word that has often been used naively to describe apprehension. It is, however, one of the most complex words of our times and is anything but simple.



Physics,
mathematics and applied mechanics were my passion since 1973. Archimedes,
Einstein and Newton, among others, made the world a better place; add to that,
a topping of economics and finance from Samuelson and Damodaran and management
from Drucker, and I thought I had life and business covered. Until a decade
ago, we were able to use predictive models of the past and apply them with
reasonable surety, within some standard deviation models, for the future. We
applied some risk factors and gave ourselves a pat on the back when we had all bases
covered; and often term our analysis as a base-case scenario. Perfect. 



In 1999, as part of a fund management business, my team and I were advising buy-side transactions of an Islamic Private Equity fund. The internet bubble was growing and was my initiation to the fast-talking breed of entrepreneurs who had sworn to change the world. 



Have you ever had instances in your life when you are so scared of looking foolish that you don’t question fundamentals? Well, that was our time of looking bewildered. At the end of one of the harebrain schemes that was presented, I sheepishly asked a question about the absence of cash flow. 



That was considered sacrilege at a time when the dotcom entrepreneur’s words were taken as gospel. I was given the greatest explanation of all times and something our world has become synonymous with; “you don’t get it – it’s a leap of faith, you are either in or out”. 



Everything I studied was irrelevant. Much to our eventual delight, we were proven right by staying out of some of those misadventures but the transformation moved at the speed of light. Recalibrated by two major meltdowns (the dotcom bubble burst in 2000 and the financial crisis of 2008) and sabre-rattling on governance, we fast forward to 2019.



In
comparison to 1999, I can only summarize that uncertainty is relative. So what
changed? Nothing and everything! Nothing, because sometimes I feel that we
learned nothing, and everything, because the world is no longer the same. 



I will only deal with two issues. The first relates to the future of employability of the human race. In the 20th century, we were assured of a job in whichever vocation we studied. Today, with the pace of change from the Fourth Industrial Revolution, there are serious questions about what humans will do in the future versus the functions performed by machines. 



The fundamentals have changed and we are not asking questions because we are scared once again. We want to ignore that anything which is quantitative and predictive in nature will eventually be done by machines. However, the qualitative aspects or anything requiring a human interface can never be replaced. 



The role of humans will change but their importance in managing the ecosystem will never change. So there is a need to ask questions, understand this profound reality and change the way we educate and learn. This is critical to provide a sense of certainty.



The second uncertainty is caused by disruption. Our lives and businesses are predictive and so shall be disrupted. What we do will not change but how we do it will. You will still need a doctor to give you advice, comfort and hope but almost everything in the medical field will be predictive. 



It takes minutes to conduct pathology tests and scans and simultaneously get reports. Training of nurses is on fifth generation mannequins that are almost human. Since disruption is becoming a way of life, we need to embrace this reality and start planning for the future that we have no idea about. So go back to basics, unlock the status quo and reengineer.



Humans
have evolved from the stone ages; we have the resilience, tenacity and inherent
instinct to survive and succeed. What will help us along the way is educating
ourselves on the challenges of the future. Leadership will play a far greater
role in the future than ever before. Analysing, recognizing, educating and
managing change is an important aspect of dealing with uncertainty. 



As leaders get predictive and quantitative advice, success will come
from taking that information, making sense of it and most importantly acting on
it. At a corporate level, an important change needed is to break the archaic
organization structures so that decision-making is autonomous at the level of
frontline managers, just like field commanders in a battle field. United by a
common vision, mission, values and goals, a well-trained team will deliver like
synchronised swimmers. Uncertainty cannot be conquered as it is dynamic but it
can be harnessed and managed through effective leadership.

Rakesh Wahi

Educated, Re-engineer and Lead Through Uncertainty

There is something about Durban that is genetically connected to me. My father stopped in Durban in 1956 on his way back from the United Kingdom where he served for two years with the British Army. He spoke to us about his brief experience at a time when South Africa was at a different stage in history. I guess it was in my destiny to follow in his footsteps. I have been to Durban many times and it has been an inadvertent calling. 



When we launched CNBC Africa, I went down to Zimbali to
attend a lekgotla; “a consultative process between a group following a common
goal”. The guest of honor was none other than the then Commissioner of SARS,
Pravin Gordhan. I continued this flirtation with Durban through the years
including visits to Pietermaritzburg for work, the World Economic Forum in
2017, Zimbali for golf and then a trip from Durban to Johannesburg on Rovos
Rail; nothing, however, was as memorable as my visit on March 8 to attend the
2019 Leading Women Summit (LWS). 



In its fourth year, the summit, timed with International
Women’s Day, is in many ways a lekgotla, celebrating the progress of women in
Africa. The event in Durban was inspired by the efforts of Roberta Naicker,
Managing Director of the ABN Group, and Renuka Methil, Managing Editor of
FORBES AFRICA and with the support of the KwaZulu-Natal Provincial Government.
Looking at the agenda of the star-studded event (including supermodel and
cultural innovator Naomi Campbell), I was sure that we had something special.



After my interactions with a diverse group of individuals
during LWS, I reflected on where we are, not just as humans, but as society.
Roles and responsibilities between people have changed over the years and there
has been distinct convergence in shared beliefs. Expectedly, a lot is dependent
on the starting point of each journey; in the developed world, progress seems
to have been made at a faster pace, whereas, in the developing world, there is
a lot more that needs to be done. A common thread that joined every
conversation was that we all originate from a woman; our mother. And I dare
say, that there would not be a single man alive who would ever discredit that
relationship. Yet, there seems to be a disconnect on every issue that emerges
from the conflict of gender equality.



To my mind, transformation is not a light switch but a
journey of realization. The results are relative to a start point of that
voyage and if affirmative actions are taken, with visible progress, the process
is on the right track and will be rewarded. Like anything else in life, the
change must come from introspection on what is right, and not because it’s
fashionable. There must also be catalysts for change; in this instance both men
and women. An interesting issue discussed was a reality that some women kicked
the ladder after reaching the top; not facilitating succession for future
generations. The bias, therefore, is not unidirectional but brought about by
complex human behavior. 



I come from a strong value system where equality is a given.
In my world, responsibility is shared based on our contribution and inherent
strengths and not on gender or ethnicity. With this belief, we have walked the
talk on diversity. It’s a living value where your seat at the table, as a man
or woman, is because of what you bring to the party. In today’s business
environment, this is the only path to success because leadership is far more
complex than ever before. It is about inclusiveness; having the ability to look
ahead clearly, stay focussed and lead through disruption and change. It is about
empowering and holding accountable the right people to deliver. 



I have a very strong belief that the rear-view mirror is but
a reflection of the past and therefore must only be used for lessons and not as
a benchmark of the future. Everything that has happened until this very second
can never be reversed. Events consciously or unconsciously have happened, and
we must be the better for them. Learn from that. Living in the past will only
make you miserable. 



The only thing we can influence is the future. Break the rear-view mirror in your lives and bring about the change you want to see. What happens from this moment on, is in our hands. We can decide our future. If, however, we continue to go forward with the same values, then we have learned nothing and therefore nothing shall save us from becoming irrelevant. Be bold and courageous. Above all, lead ethically.



-Rakesh Wahi

Equality As A Living Value

FORBES WOMAN AFRICA To Be Digital-Only Product



<hr class="wp-block-separator"/>



For our fifth anniversary issue last year, I wrote with pride about the impact made by FORBES WOMAN AFRICA across the continent and while I reflected on the challenges that I had faced while launching the magazine, I also spoke about the value the magazine had created across the continent in showcasing stories of women that would otherwise never have been told. 



From the onset, there was significant scepticism from many quarters about the success of a business magazine focussed on women across Africa. I had thrown caution to the wind as my investment decisions are not only backed by pragmatic business sense but also made through belief and passion.



I quote a paragraph from my note in the September-November issue of FORBES WOMAN AFRICA last year.



READ MORE | <a href="https://www.forbesafrica.com/focus/2019/03/01/the-most-defining-aspects-of-our-lives/" target="_blank" rel="noreferrer noopener" aria-label="The Most Defining Aspects Of Our Lives (opens in a new tab)">The Most Defining Aspects Of Our Lives</a>



“It has been a tumultuous journey as publishing in today’s world is not for the faint-hearted. The content has been simply fantastic and the magazine has risen to be the material of choice for inspirational stories. In the last five years, we have covered stories of exceptional women from all over Africa and showcased their great work in business, entrepreneurship and social development. 



We have discussed the trials and tribulations of women in the workplace and become a champion for equality.



The word ‘equality’ is a living value for us at the ABN Group and I am so proud that we have been able to personify our values through affirmative action.”



What has changed significantly over the last five years is a major transformation in the publishing business. The most radical change has been the complete shift in readership patterns and consequently advertising spend for niche publications. 



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Our generation could not do without the morning newspaper or the pile of monthly must-read magazines. Families would make annual subscriptions to a variety of publications that catered to each member of the family.



Reading was in fashion.Our consumption patterns have changed. The new generation of cord-cutters have done away with the status quo; whether television or print, they want to have the ability to consume content on their own terms. 



This fragmentation is unprecedented and has changed the economic models in the industry. This has given rise to a new generation of web-based media organizations that have the ability to provide content in relevant and efficient capsules.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">It is time for us to start adapting to this need. </blockquote>



With the changing paradigms and focussing on the needs of our readers, it gives me great pleasure to announce that FORBES WOMAN AFRICA will be offered as a digital only platform with effect from April 2019. 



We will be bolstering this with a plethora of events, the first of which is the 2019 Leading Women Summit, on March 8, in Durban, South Africa.



We do expect to come out with occasional editions of the magazine to continue showcasing the journey of exceptional and inspirational women on the African continent.



-By Rakesh Wahi, Founder and Publisher of FORBES AFRICA

Adapting To The Times

I was recently invited as the keynote speaker at a business networking event in New Delhi. The format and outcomes were a refreshing change from the run-of-the-mill talk-shops we have become accustomed to. 



The closed group of entrepreneurs from diverse industries had weekly targets of meeting each other and providing contacts to establish meaningful and outcome-driven relationships. In the interactive sessions, they spoke about tangible dollar-based businesses generated from each other. Very refreshing, I thought. 



They asked me to share my own journey, first as a military man and then as an entrepreneur. My life changed 38 years ago after a near-death experience in the military at the age of 22.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">I was inspired to become proactive and embrace the philosophy of transformation. </blockquote>



My lifelong quest has been to find answers to what drives people to do what they do; why is human behavior so complex and why do people act differently in similar situations.



I asked the group to note five expressions that to my mind
are the most defining in our lives –Circumstances, Making Choices, People,
Opportunity and Change.



As human beings, we are products of our circumstances. In Objectivist Epistemology, Ayn Rand talked about identity. This is derived from our circumstances. We identify things based on individual circumstances. 



One can’t judge anyone’s decisions without knowing the complete background of the individual. We often make mistakes when we have a one-sided view or are blindsighted, especially when we sit in judgement. 



Societies and/or people have different economic, familial or aspirational considerations on the basis of which they behave in a particular way. Extrapolated, someone living in a developed country will have a very different outlook than someone in a closed or emerging economy. 



Circumstances lead us to priorities and the choices we make. At a crossroad, some choose a path that, at times, seems irrational but in reality is the only option the person may have. It reminds me of the story of a farmer who could not buy a horse for his son when it cost him $100 but bought it 10 years later for $10,000; his son was perplexed. 



The farmer patiently explained that $100 represented 50% of his earning when he turned it down but 10 years later, $10,000 was just 1% of his earning. Choices are made in the ‘now’.



The next important aspect are the people we come across in life. Those that influence us and then those we influence. Every leader at the end of his/her life recounts those that mentored them and then those that shared their vision and journey. We cannot live in isolation and therefore form inter-dependence with people that form our universe and circle of influence. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">Everyone you come across teaches you something, some good and some bad; but it’s the summation of your learning. </blockquote>



My own life has been blessed through some of the greatest interactions with some fantastic human beings. There is no regret as each one added to my life. 



People bring with them opportunities which is how we progress; this is true be it national leaders, business leaders or simple human beings trying to find their way in life. When two creative minds come together, there are strains of music that often lead to an orchestra being formed. 



There are solutions and ideas that get discussed. Sometimes, these go on to become world-renowned home runs, some just survive while some fail. In reality, they all try for the same outcome &#8211; to be successful.



Finally, change is the soul of evolution. There is no growth or progress without change. Our world has been turned on its head as technology has caused disruption to become a way of life. All our processes and activities are being redefined in a world now predicated on what is predictive and what is through emotional intelligence. The real task ahead is to recognize change. This is the first step in introspection as humans live in denial. 



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My son once said; bankruptcy is a Kodak moment. Nothing resonates more than the reality of those that fail to recognize change; destroying value through ego or dogmatic policies is a gong for disaster. 



Once the need is identified, the main challenge is to implement and then manage change. We get so used to a comfort zone and accept the status quo and resist change owing to the fear of the unknown. In today’s world however, it’s a lot better to adapt than to perish. 



This evolution from circumstances to change is now over shorter periods of time. In the final analysis, it does not matter what the path is, the key to success is in adapting to the needs of the future and making the necessary changes to survive. The alternative will be a mantle in a museum that will talk about the past and the dinosaurs that were left behind.



-By Rakesh Wahi, Founder and Publisher of FORBES AFRICA

The Most Defining Aspects Of Our Lives

Introspection through the proverbial rear view mirror is a
great gift for everyone; in particular, for business leaders. Our greatest
lesson through the year 2018 was recognizing that life is a complex maze of
change. This was evident through what we witnessed most predominantly in South
Africa. 



The amplitude of the wave following the change of guard was
weighted around an expected positive economic future for this great country.
There is however no magic wand that can deliver a miracle after almost a decade
of hopelessness. I have always believed that change is inevitable and with it
comes hope and growth.



As humans, we expect results almost overnight or then get
disappointed. However, Africa in general and South Africa in particular are
part of a marathon that by definition requires a long-term strategy and a
strong heart. We need to think about building cathedrals that will long outlive
the generations to come. A long-time friend and fourth generation entrepreneur
articulated this value into Cathedral investing. 



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But staying with the narrative of change, we witnessed and
will continue to be part of a world that is changing at a pace synonymous with
the changing acronyms of our new generations. The most fundamental of it all is
a changing form of government. 



When I first came to Africa 15 years ago, I saw a continent
that had very little to demonstrate in terms of democracy. South Africa being
the high watermark, was like any evolving democracy run by a single party.



In 2008, I was visited by a few close friends in my Sandton
office in Johannesburg when I talked about the fragmentation of the ruling
party and the evolution to a multi-party democracy. 



Freedom brought about by single party movements evolve
through a splitting of the parent into more forms of itself like an amoeba. I
had few takers who would buy into this divisive prophecy. I had no crystal ball
but going by what we witnessed in India, it was a fair assessment of what was
to be expected. 



To my mind, this remains the greatest change that is going to impact the future of all nations in Africa. 



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">Transition to accountability is a process in all walks of life but more so at a national level. </blockquote>



There is no ‘one-size-fits-all’ in either the process or in the form of government; it must work in the context of an evolving society. There is a view therefore, that the outcome, where a form of government helps the development of society in general and not personal agendas, is a much better form of governance than having a multi-party democracy for the sake of it. 



The factors that have and will continue to catalyze this process of change is technology that above all had brought about much needed transparency.



As business people, we have been trained to look at risk; high on the list after business-related risks are political risks. There is no template for assessing this risk and most pundits have failed in projecting results, including the elections in the United States. 



Risk analysis is invariably in hindsight through bad experience – “Alas, if only I had paid attention and acted differently”. This is where perhaps a well-formed democracy scores well above others as there is a strong sense of accountability and continuity derived from the voice of the people.



Investments are a derivative of opportunity and perceived
risk; the view ahead for sub-Saharan Africa in 2019 is a mixed bag that will
among other things be dependent on elections in the two top economies of
Nigeria and South Africa this year. 



Stability and continuity in South Africa is of the essence
for the continent. There is a need to regroup, consolidate and then step on the
pedal. The interest in Africa, as the last frontier, continues to grow but the
drivers for converting the “fence-sitters” will be consistency and continuity
of policy. 



I am a born optimist and believe that we will see a brighter and better future through positive improvement and not because we are perceived to be scraping the bottom of the barrel.



-By Rakesh Wahi, Founder and Publisher of FORBES AFRICA

Tag: Publisher's note

FORBES AFRICA SOCIAL MEDIA

Déjà vu: South Africa Back to Winning

Educated, Re-engineer and Lead Through Uncertainty

Equality As A Living Value

Adapting To The Times

The Most Defining Aspects Of Our Lives

Staying With The Narrative Of Change