Strive Masiyiwa is a Zimbabwean billionaire with a net worth of $3.1 billionaire. However, his wealth was not built in a day. In his business journey, he experienced many ups and downs, such as his case with the Zimbabwean government that almost left him bankrupt.
He owns around half of Econet Wireless Zimbabwe, a publicly-traded part of his Econet Group. He also holds a little more than half of Liquid Telecom, a private firm that offers fibre optic and satellite services to telecom companies in Africa. He has consistently provided insightful advice and lessons to business-minded people, and here are some of the lessons you can learn from the Zimbabwean billionaire Strive Masiyiwa.
Identify a need and make an effort to meet it
This, according to Masiyiwa, is the surest path to business success. As of 1994, 70% of Africans had never heard a telephone ring. People throughout Africa were in dire need of a dependable and cost-effective way to communicate with their loved ones and friends, no matter where they were on the globe. That was a problem encountered by people. He, therefore, solved the problem by launching Econet Wireless. When you proffer a solution to things, You will wear the crown, which is a success. According to him, “We didn’t wake up and say we wanted to make billions of dollars; we said we wanted to extend telecommunications to all the people of Africa”.
Own your numbers
Owning your figures as an entrepreneur is the best strategy to build your business and be focused on your objective. You do not necessarily have to be an accounting expert, but you must have a basic foundation of numbers to have your way around it. According to him, “Businesses are built on numbers, and the entrepreneur must operate in numbers at all times. Therefore make numbers your best friend”.
Hone the art of pitching
According to Masiyiwa, there are two fundamentals to pitching. The first is you must have done your homework and have an in-depth understanding of your product and service to present it within two minutes.
Secondly, you must comprehend what the investor desires and who the investor is. Your business might benefit the investor, but it isn’t what drives the investor’s decision-making process. Therefore, ensure you are pitching to the right investors and telling them what they want to hear, such as the benefit and shortcomings of business.
Work hard And stay focused
This is self-evident. Nothing good comes easy in life, least of all prosperity. Hard work is required for success. Masiyiwa works long hours and has developed the necessary discipline to stay focused. You must work hard and keep your eyes on the prize.
Learn to give
He is a believer in the act of giving as tenfold will return to you. Masiyiwa is a philanthropist and co-founded the Capernaum Trust with his wife, Tsitsi, a Zimbabwe-registered privately financed Christian charity that funds the education of over 28,000 Zimbabwean orphans. In addition to offering scholarships, the charity offers food and healthcare to the orphans. Masiyiwa contributes to the trust with his own money. His charity paid off as he is currently worth $3.1 billion.
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