IN today’s competitive business landscape, companies fight for resources, where the main constraint often revolves around capital. While there are numerous innovative ideas, the deciding factor between success and failure frequently hinges on access to capital. Securing capital is a significant milestone for entrepreneurs.
Zimbabwe offers a conducive business environment, with opportunities available across sectors. However, challenges arise when skills are underfunded. The old adage, “it takes money to make money,” rings true in this context.
For businesses to grow, they must consider options such as debt or equity capital. Loans or issuing shares are common models, albeit with inherent financial risks.
Profit generation is a critical indicator of success, akin to winning an annual race. Conversely, losses deplete capital. Time is a crucial factor in business, as capital accelerates processes that might otherwise take years to accomplish.
A well-funded business can achieve more rapidly, leveraging its financial resources to attract and retain top talent by offering competitive salaries and incentives.
Effective cash flow management is vital for hiring the best skills available.
With high unemployment rates, many businesses start and fail. The initial step in securing capital is personal savings, known in economics as saving for investments.
Business activities typically begin with an injection of personal savings, derived from a portion of one's income.
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Before embarking on a business venture, it is advisable to work and save, requiring effort and sacrifice from one's usual routine.
Although beginnings may be modest, businesses grow over time. Gaining experience by working for clients or similar businesses is crucial for success.
Experience and favourable conditions differentiate successful businesses.
Environmental factors must be considered, as highlighted by the PESTLE Analysis, which underscores the importance of technological and educational factors.
Staying competitive requires state-of-the-art equipment and knowledge. For instance, managing a bank necessitates relevant qualifications and extensive experience.
Competition is ubiquitous across industries, with businesses striving to win awards and customer loyalty.
Knowing your competitive advantage is essential, as both companies and clients seek value. Customers desire value for their money, and businesses must offer valuable products and services in exchange for sales
In public procurement, competition is fierce among suppliers.
To remain competitive, suppliers should consider manufacturing products to lower costs or importing directly to reduce final prices.
A sound pricing strategy is crucial for sustaining business operations. Applying for import licences from relevant ministries can facilitate competitive bidding. In procurement, meeting specifications and pricing are key considerations.
Patience is an often-overlooked aspect of business.
Entrepreneurs must be prepared to wait for results, as sales may fluctuate throughout the day or be seasonal.
Persistence and patience are essential for overcoming initial failures and achieving success over time.
Managing a business involves effectively managing activities and resources. In branding, a company's competitive advantage lies in its value proposition.
Offering personalised customer service is essential. In financial services, knowing your customer is a fundamental rule.
Edson Zvobgo, a Zimbabwean national hero, former minister and freedom fighter, reminds us that understanding the reasons behind our efforts is crucial for progress. Zimbabwe's past revolution brought independence and freedom, and today's challenge is achieving social and economic advancement.
A stable middle-income economy is a stepping stone toward social advancement.
The newly introduced gold-backed Zimbabwe Gold (ZiG) has solid fundamentals, with scientists suggesting that reducing foreign currency dependence will increase demand for ZiG.
Globally, the financial sector witnesses immense transaction volumes daily. Competition is a constant, from Olympic games to daily interactions. Success in various fields, whether academic, athletic, or business, correlates with effort and performance.
Winning is a universal motivator, experienced by both participants and supporters.
The essence of playing and watching world cups in various disciplines is to win the trophy.
The player and the supporter experience the same sensation from winning, in psychology this is through mirror neurons.
Mirror neurons means the neuron mirrors the behaviour of the other as though the observer were itself acting. When a player scores, the supporter feels the same sensation. A winning salesman can make their customers win.
In business, a successful salesperson can create a win-win situation for customers. In relationships, mutual victories foster trust and confidence.
Negotiations aim for peaceful resolutions, with true victory being the establishment of peace.
Elections and independence movements underscore the significance of winning in shaping nations.
People from all walks of life love a winning team, and the Mighty Warriors and Gems are sweethearts of the nation.
Every day, individuals are driven by the desire to win, with money serving as a key incentive.
Market winners consistently create value and drive economic progress.
A better Zimbabwe, a more confident Zimbabwean.
- Chikwenhere is the author of Affirmative 21 Laws How to Confess. He is a brand strategist, image consultant and founder of Zimbabwe Brand Association. — [email protected].
