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    Friday, 12 February 2016

    Engagement and innovativeness for business growth


    Many of our business people we see today in our beloved country have done well over the past years. Given the harsh conditions that are prevailing in the economy, where it is almost impossible to survive, one wonders how they are making it, but they are striving to stay afloat. Thumps up to the brave entrepreneurs, you have kept your heads above the water and survived. This week I am going to talk about growing a business through engaging other partners. "No one is a master of all'', that is what my A level teacher used to say, "Engage with others to learn more and exploit the opportunities that are in front of you", he would say. In a way he was encouraging teamwork. More often businessmen hide information from each other and yet they dwell in ancient ways of doing business. In case of adopting a business venture, if the business you are managing today is the same as your predecessor used to run, then this is the time for you to be innovative and grow it beyond your imaginations through partnerships and also consider engaging in Private Equity funding.

    Many family-owned companies or businesses need to transform the way they operate and expand (even beyond geographical means) the markets they operate in, so that they can achieve a step-change in performance and grow their market share. To achieve this dream, the entrepreneurs need access to finance, industry know-how and managerial expertise. With these factors as a nation we will reduce the risk of failure and it is for this reason why as an individual I favour private equity funding than credit funding. Every single dollar employed in the company is accounted for thereby becoming allocative efficient. Ultimately, they need to adapt to a changing macro-economic environment and market conditions, by becoming more innovative in marketing their wares and also being productive and enhancing their competitiveness with special attention being given to changes in technology and also embracing it. Our entrepreneurs are running their businesses to feed their families, yet with such a philosophy there is no business growth for our country we can talk about. The greatest investor of all times Warren Buffet once said "Never depend on single income, make investment to create a second''. A successful private equity industry is not always a panacea for macro-economic underperformance and poor competitiveness. But it can make an important contribution to the re-generation of the economy by nurturing new enterprises and reenergising existing small companies. In so doing, it can lay the seeds for sustained growth and job-creation and assist in the drive to be increasingly regional and globally competitive.

    The business environment is not a vacuum where one individual operates alone, our entrepreneurs need to coordinate and come up with partnerships that may see our industries booming again, thereby increasing economic activity within our economy. As we move towards recovering our economy as alluded by ruling party at the Conference in Victoria Falls in December 2015, businesses need to employ intellectual graduates with necessary skills that can bring the necessary innovation for business growth and hence resulting in productivity and competitiveness in the region. Steve Jobs once said "It doesn't make sense to hire smart people and tell them what to do rather, hire smart people so they tell you what to do'' hence this promotes new ideas within the business circles. This movement or transformation affects everyone within our economy from graduates coming up with new ideas to the town councils, to business owners, to property owners (giving entrepreneurs longer lease agreements and favourable conditions to allow renovations on properties thus allow smooth production and attracting business) and lastly we all need to be involved to make Zimbabwe the busiest economy with tremendous economic activity again. opinion
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    Item Reviewed: Engagement and innovativeness for business growth Rating: 5 Reviewed By: Staff Reporter
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