Recently, Zungu Investments Company celebrated 21 years of existence. It is an encouraging milestone, especially considering that if it were a human being it would have received the symbolic key, which signifies both “freedom” and the responsibility that comes with being an adult. As its founder and chairman, I had the pleasure of steering the company through its greatest successes and depressing obstacles.
Entrepreneurship requires extraordinary perseverance to carry one through the many failures and disappointments.
It is these failures that make success ever more fulfilling and bitter-sweet. As an entrepreneur I have had my fair share of failures and disappointments, just as I also enjoyed successes.
However, I have always treated my failures, disappointments and obstacles as lessons to share with aspiring entrepreneurs.
I will start with the significance of having a vision. It is important to enter entrepreneurship with a vision because that vision informs your choices.
It is important to decide from the get-go whether you are entering the world of business to make ends meet or to build a legacy. I knew even before I started that I wanted to establish an enduring legacy. I wanted to build something that outlives me. Every business decision I have taken and will make is about serving this vision.
But for the vision to materialise, it is important to first learn the business environment of the sector in which you want to do business. Knowing your environment means understanding the major players, the rules and regulations, and the market forces that shape the environment.
A good example is the mining industry, in which we have invested. By being in the resources sector, the company we invested in is automatically a price-taker because the prices of commodities are set elsewhere. Global events that have nothing to do with the SA business environment influence prices.
When Russia attacks Ukraine, for example, prices of coal and fertilizers rise sharply. When global demand is low, prices fall.
Understanding how such factors influence your business could be the difference between you succeeding or failing.
In the business world, there is a difference between “complete” and “finished”. That difference lies in the kind of partners you attach yourself to. If you choose the right partners, you will be complete. But if you choose the wrong ones, you will be finished.
As entrepreneurs, the right partners are the ones with whom you have a similar vision. These partners not only share your vision but also contribute to co-developing your business goal and contribute at the highest level to the business.
The right partners can often come through networking. I cannot overstate the value of worming yourself into the right kind of networks, where you meet experienced and reputable industry players who can add value to your vision. You should also work to attract the right people into your network.
Finding a good mentor to advise, coach, bounce off ideas and walk the journey with you pays great dividends. The same goes for the employees you recruit.
Every company requires employees to achieve its goals and fulfil its vision. The best entrepreneurs surround themselves with even smarter employees. The employees should be smarter and more knowledgeable than you in their areas of expertise.
As a business owner, your name is one of the most valuable assets you possess. It is one that you should guard jealously.
For the most part, protecting your name means avoiding anything that can compromise your ethics and values. This involves spending even more time doing due diligence on business opportunities and the individuals behind those opportunities. No amount of money is worth irreparable damage to your name.
The same goes for what you do in your personal life. My advice is to stay as far away from the limelight and only feature on your terms. Bad publicity can add a layer of obstacles to an already complex path to success.
Also, hard work pays its dues and integrity sustains gains. This is an important mantra to live by. It is a reminder that nothing valuable and worthwhile can be achieved without hard work and integrity.
Hard work also means working smart, which is not synonymous with cutting corners. For instance, business advice from a trusted acquaintance with years of experience in the said business sector is more valuable than a 100-page report.
Sacrifices are a staple of an entrepreneur. Chasing a deadline and/or polishing a presentation or document could mean missing out on family time.
Perhaps the most important lesson is that failure and disappointment are constantly at the door. Always remember that success is seldom in a straight line. Success often takes the scenic, yet treacherous, route.
Be single-minded but there is a difference between being single-minded and being stubborn. Being single-minded means assessing situations with a sober and realistic mindset, knowing when to ride the wave, and when to let go of the surfing board. Stubborn people, on the other hand, will stand in front of a moving train and expect to somehow not be run over.
- Zungu is the chairman of Zungu Investments Company and chancellor of Mangosuthu University of Technology
