Entrepreneurship Week: Slice them up…Bank the cash and tithe the profits!

Bullish Thoughts took a drive last week from Harare to rural Chivhu..Chivhu to Bulawayo via Mvuma and finally Bulawayo to Harare. He was quite impressed by the resilience of the Slice guys (Chicken Slice, Pizza Slice & Creamy Slice) at the Mvuma outlet. The premises have been properly remodeled to accommodate the Slice Groceries (more of a convenience store). Slice’s Mutyebere is one entrepreneur who managed to take the giant Innscor Fast Foods head on…one only needs to visit the Chinhoyi Street and Samora Machel branches in Harare to see the foot traffic. At the Mvuma outlet, Bullish Thoughts was also intrigued to see TN Bank on the premises…and wondered, is there some connection between being an AFM congregant and entrepreneurship? Still on TN, it would be interesting to see the impact of TN Grill & Mart on Innscor Fast Foods First Street and Fantasyland Robert Mugabe Road!

There are many other entrepreneurs that are upcoming or have been around too. Nyaradzo Funeral Assurance is probably the longest serving with 10 years+ in existence and has transformed the “death business”! Who doesn’t know “Maringe netsika dzedu” by-line? Or the wave-causing “Six Pack Funeral Product”? Bullish Thoughts hasn't died yet so he can't attest to the practical magnificence though!The other much hyped entrepreneur is the Pathfinder buses guy. Bullish Thoughts is not privy to the numbers to see how lucrative the premium priced product is fairing. The buses are nice but is it true for the profits and cash flows? At the end of it all, it’s about profits and sustainable cash flows...cash is king!

However, as we find ourselves in the midst of Global Entrepreneur Week, it’s likely that people all around the world are contemplating whether or not entrepreneurship is calling them. Zimbabwe is no exception and the sprawling informalisation of the economy is testimony to many Zimbos giving entrepreurship a shot. Many though have been forced by the 75%+ Zimbabwe unemployment rate and the associated hardships. Most seem to be going for restaurants (largely offering African cuisine), kombis (commuter omnibuses), other freight related enterprises, carpentry and apparel retailing.  

Many are still pondering whether it makes sense to leave behind the stability and comfort of being an employee (if you are part of the <25% that's still in the formal sector) the adventure and opportunity that could await them as a business owner. If you find yourself in this camp, I want to share common traits of successful entrepreneurs so you can assess whether or not you’ve got what it takes.

• They know their “why”. Everyone who changes jobs or careers does it for one reason or another, and it’s no different for those who seek out self-employment. A top reason people become entrepreneurs is often because they find themselves in a job where they love what they do but feel as though they could do a better job of “running the show” than their boss does. The key is to know why you are choosing to become an entrepreneur and be very clear about it, so when you find yourself in the midst of a challenging day, you can look back at your “why” and keep the excitement alive.

• They aren’t after a “get rich quick” opportunity. If you’re thinking of starting a business because you’re confident you could make way more than you’re making in your current job, take some time to do the math. Although starting and owning a business can be very lucrative, many business owners often find they make less than they anticipated, especially in the early days.

• They aren’t afraid of hard work. Many people envision that as an entrepreneur they can work whatever hours they’d like and will have more flexibility in their schedule. However, in reality, especially in the early days of starting a business, it’s likely you will find yourself working harder and longer than you ever did when you had a job. That being said, you will often find it incredibly rewarding because you’re building something for you, but you need to be willing to take on the challenge.

• They have a plan B… and C… and D. The best laid plans of running a business tend to take some unexpected twists and turns, and you need to have a back-up plan for when change is needed. Your plan B doesn’t need to be abandoning your business, but you at least need to know what to do when the unexpected happens.

• They have passion. Maybe your passion is about the particular business you want to open, or maybe it’s about entrepreneurship in general, but either way if you’re starting a business, you need to be fired up about it. It’s that passion that will get people to believe in what you’re doing, want to do business with you and keep you motivated when the going gets tough.

 

• They know their weaknesses. Although this may not be a prevalent trait across all business owners (or people in general), it certainly plays a role for those that experience outstanding success. Successful business owners understand where their weaknesses are, whether it is paperwork, taxes, legal issues or another area, and they proactively connect with people that can fill in the gaps for them.

• They are okay “going without”. As a business owner, there always seems to be a long list of people standing ahead of you looking for money, including suppliers, employees and the government. It’s almost inevitable that at times in your business (hopefully only in the start-up days) that you will find yourself with an empty bank account after paying everyone you need to, which means there isn’t anything left for you. It is likely financial reward will follow, but make sure you’re prepared to ‘go without’ during challenging times.

• They don’t resent sacrifice. It’s a fact – every business owner will need to sacrifice to some extent. This may mean missing a child’s school concert because of a deadline you need to meet, covering a Sunday shift for because one of your employees didn’t show up for work or delaying your planned vacation because of financial challenges. Successful business owners will learn how to embrace sacrifice and accept it as part of being an entrepreneur.

It’s true – there are some hurdles you’ll face as a business owner, but at the same time the success you experience is 100% attributed to you and your efforts and the excitement of seeing your dream become reality is the most amazing feeling - worth every investment you make. Are you up for the challenge and the opportunity that awaits?

There are many sophisticated business models out there but you can be absolutely sure that every successful business sells the right things at the right time to the right customers at the right price. These are the basics you will need to have to really take things forward!

(Part of this write up is Courtesy of Virgin Enterpreneur Blog, additional editing by Bullish Thoughts)