Alec Hogg: SA opportunity in US min wage doubling

If ever there were a bullish message for South African entrepreneurs, it's the obsession by new US president Joe Biden to double his nation's minimum wage to $15 an hour. At yesterday's exchange rate, that's the equivalent of R222.50. Which is more than 10x the SA minimum wage of R21.69.

Also read: Alec Hogg: Secret sauce which makes staff evil

I've been blessed through close relationships with a number of extraordinary entrepreneurs. The most successful of them all, a self-made man, once shared what he said were the driving forces behind the accumulation of an asset base worth billions of dollars.

First, this business genius told me, hire the brightest people you can afford, put them into a room and let oxygen do the trick. Second, always look for the opportunity to arbitrage mis-priced markets. Preferably use 1 and 2 together.

___STEADY_PAYWALL___