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Business Reporter
ENTREPRENEURS should have fiscal prudence and must be consistent to be successful in their business endeavours.
This was said by renowned banker Mr Andy Hodges while giving a lecture to a group of budding entrepreneurs that convened for the Venon Chamba Business Seminar on Saturday.
Mr Hodges said establishing a business is a tall order and statistics show that more than 80 percent of small ventures fail, hence the need for consistency, due diligence and hard work.
He acknowledged how Zimbabwe has been witnessing tremendous growth of small ventures and budding entrepreneurs lately.
“Most entrepreneurs meet their Waterloo as soon as they start businesses. They spend money on themselves more than they spend on their new business, you find that many entrepreneurs use loans or capital to buy huge cars and office furniture, and the remainder is then used for business.
“Keep as much money for your business as you can, your product or your business should see more money than your personal needs, that is fiscal prudence now,” said Mr Hodges.
He said new businesses play an important role in driving economic growth in a country, given their potential to bring fresh ideas and new perspectives to the marketplace, all of which drive innovation and competitiveness.
With more than 31 years experience in banking, Mr Hodges told the youths to always find a niche when establishing a business to avoid unnecessary competition.
He narrated his entrepreneurial journey, when he established a bankers’ recruitment agency in Kuala Lumpur, Malaysia.
Mr Hodges said his Malaysian venture was a success because of hard work and that he had tapped into a specialised niche market.
“I am a banker, when I established a recruitment company for bankers in Malaysia, I was confident and I knew I was the best at it and it was a niche that many could not just tap into.
“Make sure you know what you do and be confident about it, also there is no replacement for hard work, make sure you put in more hours in your work, love what you do, always,” he said
He spoke broadly on how Zimbabwe is a consumerist country, where committed entrepreneurs especially those in manufacturing are bound to succeed.
“Zimbabweans do not make many products, that’s why we find ourselves importing even very little things, we just buy and buy, so you stand a good chance to prosper if you are making some basic goods needed in everyday life.”
He also urged entrepreneurs to delegate some duties given that no one could do everything.
Entrepreneurs often face financial constraints owing to limited personal savings and often face difficulties accessing loans for investments due to their lack of credit history.
Mr Chamba commended the Government for providing funding to traders and other growing business people around the country.
Last year the Venon Chamba Business Seminar hosted Economic Empowerment Group (EEG) president, Senator Mike Chimombe while renowned property mogul Mr Ken Sharpe graced the same in 2022.
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