South Africa’s billionaire Patrice Motsepe, is one of Africa’s richest people, with a net worth of approximately $3 billion. The mining billionaire became the first African to sign Bill Gates and Warren Buffett’s Giving Pledge, committing to donate at least half of his fortune to charity in 2013.
Despite Mostsepe being born during the apartheid era, he didn’t limit himself in pursuing his dream of being a wealthy businessman. Motsepe began his career as a lawyer before abandoning it to pursue a career in mining, a decision that has been crucial to his current success.
Patrice Motsepe recently became Confederation of African Football (CAF) President. Last week, he also bought Hidden Valley, a prominent luxury wine farm near Stellenbosch and Somerset, South Africa. As part of the deal, a 28-hectare farm valued at R160 million was purchased for between R100 million ($5.5 million) and R120 million ($7.9 million) in cash.
Patrice Motsepe has granted numerous interviews over the years, discussing his experiences and advising entrepreneurs on navigating the business terrain.
Here are seven business tips from South Africa’s billionaire Patrice Motsepe.
Don’t be afraid of failure
It’s critical as an entrepreneur never to give up if you fail. In one of his interviews, Motsepe mentioned that he had failed numerous times in business. “I’ve had so many failures in my life,” he says, “and I know that I’m still going to make a lot of mistakes in the future.” However, this should not deter you. You must feed your self-confidence and self-belief before you start a business.
Keep moving forward. Continue to fantasize
My parents were in business when I was five years old. My father used to wake us up at 5 a.m. to go to the Pretoria market and buy fruits and vegetables, and we closed the family business at 2.am. Working behind the counter taught me a lot about how to make money. Later in life, I pursued my aim of becoming a lawyer, and I rose through the ranks to become the first black partner of a large law firm. While I was there, I realized that business was my true calling. So, whatever stage you’re in right now, daydream about what you’d like to do next. It’s fine if you have a different dream in ten years. The essential thing is to keep moving, working, and expanding rather than standing stagnant.
Surround yourself with the smartest people you can find
Another of Motsepe’s success rules is that you should never stop learning as an entrepreneur. The finest business solutions and ideas, he claims, come from those around you. “It’s also critical that you surround yourself with the smartest and brightest and that you build cultures where individuals are encouraged to have diverse points of view and politely argue with the company’s senior executives”, he added.
Follow your dreams, and the money will come
Motsepe has consistently emphasised in many of his interviews that having money does not equate to happiness. Yes, money is vital. However, what is far more important is that you pursue your aspirations and hobbies. Do the things that thrill you, and you’ll be incredibly successful if you combine them with hard effort and sacrifice. Concentrate on what you’re most passionate about and endure in the face of adversity.
Never stop innovating
Because certain firms are being disrupted by technology, you must be pragmatic as an entrepreneur. “You must be honest with yourself when it becomes evident that your business has been interrupted, as much as you must persevere.”
Believe in your business idea and persevere
Focus and do the things you are most passionate about and you love the most, don’t get discouraged. Persevere and believe in the viability and the long term success of the business you want to start. If circumstances dictate that you review your business, do so.
Don’t get discouraged by the critics
In one of his interviews, Motsepe said, “If you want to start a new business, you’ll find those who will tell you it won’t succeed.” He believes that if you allow the noise of the world to drown you out, you will never be successful. However, if you look at the most successful people in any field, you’ll see that they all have one thing in common: a desire to work hard, sacrifice, and follow their goals.
Do not wait for the government
Waiting for the government for a loan or a more favourable environment for your work will be at a risk. Despite the government commitment and desire to help you succeed, the government has a lot of other obligations that they are seeking solutions for.
Make sure you’ve done your homework
Take the time to complete the necessary research, study, and evaluation before getting into any business, according to Motsepe. The goal of conducting thorough due diligence for every business venture is to avoid paying more than the business is worth.
Focus on the positive than negative
Prosperous countries or entrepreneurs have never succeeded by focusing on the negative. There will surely be challenges, but the problems are opportunities to create determinants and create a positive future.