Early January 2018, we woke up to the news
of the first Zimbabwean billionaire and to me it had taken too long to be
announced as no one could have landed at that position none other than the great
Strive Masiyiwa. His wealth is estimated to be sitting around $1.7 billion
according to Forbes and the source of wealth is well known by many and I shall
not waste your time trying to explain where he gets his money.His current net worth is estimated at $1.7 billion raking him 14th among Africa’s 23 billionaires.
Who
is Strive?
Born in 1961, born in Zimbabwe in 1961. He
was still a child when his family fled to Zambia as the colonial-era government
began to crumble and the nation descended into civil war. Masiyiwa attended
university and graduate school in the UK, returning to Zimbabwe as an
entrepreneur with a background in telecoms engineering. With a now-legendary
determination, he eventually won a telecom license that would form the basis
for Econet, one of Africa’s most successful companies. Strive sits on the board
of The Rockefeller Foundation and on the US Council on Foreign Relations Global
Advisory Board. He has been named by Fortune Magazine as one of the World’s 50
Greatest Leaders. As one of Africa’s most prolific philanthropists, Masiyiwa
supports charities that are directly responsible for 40,000 orphans at any
given time in the African countries where Econet has operations. He also sits
on the African Progressive Panel, a group of 10 distinguished individuals
advocating for the highest level of equitable and sustainable development in
Africa. He has been actively offering mentorship programs to the African young
generation of entrepreneurs and has been using Facebook mostly where he has a
growing following of 2.5 followers which Facebook identified as the most
engaged page of any business leaders.In the late 1990s in 1986 Strive quit his
job after having been worked for the state owned company with only an
equivalent of $75 to go to start his own company which was into Electricity. By
that time he was around 26 years old, and in 1993, he decide to open a telecoms
company Econet Wireless, which he endured those 5 years of legal battle.
Who is Econet ?
Today Econet has expanded to over 17
countries in renewable energy, financial services, media and hospitality and
think you have come across these names on the block Econet Wireless, Ecosure,
Ecocash, Mascom, and the latest trending one is Kwese TV which seems to be
taking Zimbabwe by storm and probably threatening Multi Choice. Think you can
talk of liquid telecoms and see how they have actually captured the internet
service provision in Zimbabwe and some African countries. It has many ventures
but one thing I can assure you is that Econet is probably the talk of the town.I have spent almost two weeks digging deep
on the founder’s vision, beliefs, principles, drive and goals and I had to read
his books, news, lectures, listen to his speeches, seminars and talk and I
found out that this man is indeed GREAT!!!!
Don’t Quit
The entrepreneurial journey and life in
general might be tough but you don’t have to quit. It is important to have
friends and family who believe in you, because it is going to be lonely and
tough. He said his wife wanted him to quit, but she later changed her mind.
There is need to utilize tehnology, engaging and building a network of
entreprenuers where you can strengthen, reinforce and build each other
exchanging notes. Don’t be afraid to fail, because there are no jails for those
who fail. He talks again of having given his best car to his engineer and he
asked, “How many entreprenuers are willing to do the same to their employees?”.
Entrepreneurship
Africa’s problem is not on entrepreneurship
but how to stand and build more big companies and brands that compete on the
global market because we have many SMEs in Africa so there is need to grow them
eg on how to hire other people? Entrepreneurs train like soldiers, and they
have to learn the principles.
Sport
He shared something on sport that I had
never thought of where he said that sport is a business, and he went on to
explain how they are making money. He talks of Kwese ESPN where they are
covering sports on the continent and it being the biggest sport website on the
continent with millions of followers and they have maximized on adverts that
run on the background of the website. To the consumer it is just a website but
to them it is a business. There are many entry points to sport and it is a multibillion
dollar industry. Kwese has contested at the Indian Cricket League (IPL) 20-20
to get broadcasting rights. They are broadcasting the 2018 World Cup and the
Euros as they have won the bids. A lot to be done in the African continent on
its sports, from packing into a commercial product and even for the consumers
to be willing to pay as much for the African content as much as the foreign.He urges Africans to be proud of theirs
continent.
Social
Entrepreneurship
Every entrepreneur should be a social
entrepreneur as it should be not always be about profit but making change in
our society but the challenge that we have is how we do it without rely on
donor funding. He says, “Nothing beats sending a child to school” and talks of
him working for money and wife come to pitch for philanthropy. This is
undoubtedly one of the best couples in the world where they all have a common
cause and it is interesting to note that he started with 2 orphans when his
company was very small, and grew to over 40 000 as the company grows. He urges
business to start on philanthropy as they start their businesses and grow with
them as their businesses grow...
Opportunities for African Entrepreneurs
Opportunities are simply the needs so you need
to Identify the needs then work on the solutions. What are the needs? Bill
Gates saw the need of the software and worked on it, and today he is one of the
richest maan in the world. Greatest opportunity is when you respond to a need,
leverage on your skill and knowhow and stay on the course in that area.Each sector is as big as another.First
Step to build a Business System?Technology is the heart of everything so
you need to use it everywhere and there is also need to integrate technology in
our agriculture to improve efficiency and profits. Mobile phone is a tool to help you build your
business system. You need to find solutions because if it is not you who is
doing it then who is going to do it.We need to be accountable for the economic
liberation of this continent because it is with this generation. You need to
build business systems first.
Pitching
He started pitching when he was 26 and he
talks of it being part of every entrepreneur’s life and urging everyone to be
able to pitch their ideas. Pitching is the art of presenting your idea to your
investor and this will stay with you for the rest of your life. Every week he
is meeting an investor and he is pitching.
Partnerships
You will always need capital partners and
the questions you should ask yourself is that, “What skills do you need to get
real partners?”90% of the problems he has had in business
had nothing to do without governments or regulators but business partners and
also 905 of the success had to do with partners so at the end of the day it is
just like a marriage. Get the right partner and you will enjoy your life.The most important thing is to let them do
their job, giving them responsibility, systems and roles. He even says that he
hasn’t signed a cheque for a long time as the company has systems and roles so
there are people who can do it.You need to hire professionals, trust them
and give them responsibility.
Competing
With China
China is growing to be the number 1 economy
and many states are probably threatened as they feel the impact on their
businesses but Mr. Strive had profound words that surprised me when he was
asked on how businesses could compete with China.Don’t be critical of China, learn, reach
out, partner, and study themIt is important to reach out to understand
the strengths of others as processes builds businesses. Build and invest in systems.
Agriculture
in Africa
70% of the food production is done by women
and the ageing and the youths are now too smart to farm, but millions of these
young people are jobless. Agriculture is an industry that is underutilized so
it needs to be modernized and put in place policies that encourage people to venture
into it.They have helped create over 100 of seed companies
producing 1/3 of the certified seeds and this has produced food enough to feed
15 million people.No national growth without agriculture
Policy
& Regulations
Entrepreneurs must learn to lobby for
change as it is part of business. You need to work to put up change as
sometimes it’s just that the policy makers don’t understand so you need to lobby
as it is part of the democratic process.
On building
African brands that compete and meet global standards
Begin by understanding that as entrepreneurs
you have a duty to act responsibly to ensure sustainability and safety. Policy
makers need to be firm on sustainable products and the fight also includes entrepreneurs,
consumers and civil society.We need tools to build awareness to ensure
that no sub-standard product enters our market.
On what keeps him going
People he works with as mentors eg in
philanthropy that he turns to when in need of help. Find a cause now for
example environment, climate and make it an integral part of you.If you don’t create jobs we end up with
Boko Haram and Al Shabab. Advice
to foreign students
He had no simple answer for them but only
to say, “The sooner you go home the better, and start companies there” Integrity
Integrity is the greatest capital and you
need to make integrity your currency as it will buy you more than cash in the
bank. Timing
and ChoiceThese are the most extremely factors in
business but it is all about your preparation. You are part of thee smart generation
but also in the global generation so you need to make up your mind and do one
thing and do it well. You need to stay and dig deep and seeing far such that by
the time it is in the newspaper, you should have known about it.The more you into it, the more you excel. Eagle
in the Storm series
He has one of his famous series and this is
what he had to say about it. Warning about impending African storms eg Nigeria,
South Africa, Tanzania and we are in a period of correction. He was warning entrepreneurs
of the storms eg global and local but to always fight like a soldier
remembering that some greatest companies emerged in storms.Don’t take flights because you have seen
storm, but instead go and hunt just like an eagle. Important
Skills for the Youths
See something before it happens.Entrepreneurs are not born but trained, so
you have to train yourself and after a while it becomes your thinking. How do
they make money? Don’t worry about critics remembering that all statues had
critics but no critic had a statue. Know the difference between stubborn and
resilient.The greatest challenge, is how do we create
jobs?You need skills training and practice on
what you say especially on social media, being tolerant to one another. The
most powerful words are those of love.‘Your words are your brand’ On
business and Rest of Life
They are two separate entities, remembering
that you are not your business and your business is not you. The day you
separate yourself from your business you will have a life,His kids didn’t know he was in business
until they were teenagers.You have to get a Life.Go home and have fun with family, watch movies,
hang out with friends etc.‘No matter what happens, you not taking it
with you’ Words
of Advice
3 most important skills in business is to
READ, COUNT, SELLWalk alongside not followingReach out for a need and seek to solve it.Principle he was taught by an old man from
Uganda, ‘when its important find the time, when it’s extremely important make
the time’Mentorship is extremely important in Africa
because we don’t have a roadmap like America, so who is going to tell them?
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