Margolis advises aspiring entreprenuers to be focused

RENOWNED businessman, Mr Stephen Margolis, has encouraged aspiring entrepreneurs to remain resilient and focused when establishing business ventures, saying the process is never easy, regardless of location or economic climate.

The prominent real estate and mining magnet revealed this while addressing budding entrepreneurs at the latest edition of the serial Venon Chamba Business Seminars held over the weekend.

He stressed that having the right attitude was a fundamental requirement to succeed as an entrepreneur.

Mr Margolis said the right attitude constituted resilience, adaptability, willingness to learn from failures, as well as a passion for innovation and growth.

He added that innovativeness was another key attribute needed to navigate the turbulent economic environment in the country.

He acknowledged that starting a business was a challenging endeavour globally, and Zimbabwe was no exception.

The businessman gave the example of the United States (US) where the success rate of start-ups is relatively low, with approximately 80 percent of the ventures failing.

This means only about 20 percent of startups in the US make it past the initial stages, a success he attributed to a strong work ethic and positive mindset.

According to Mr Margolis, entrepreneurs must develop a strong mindset to navigate the inevitable challenges that arise when launching a new business and this includes being prepared to face setbacks, rejections and failures while maintaining the determination and perseverance needed to push forward.

“So, the environment of starting a business is not always perfect anywhere in the world, but it takes the right attitude and personality to be a successful entrepreneur because it is you who has to say, how do I make it in this environment?

“The environment is made difficult or easy by you, personally, I have been across the world, be it Singapore, India or Dubai. I tell you it is the same story. It is just starting and consistency that matters,” said Mr Margolis.

Mr Margolis also lectured the entrepreneurs on the importance of prudent financial management, cautioning entrepreneurs against reckless spending and instead the need for continuous budget monitoring and strategic reinvestment in their businesses.

He stressed that entrepreneurs must adopt a disciplined approach to managing their finances, prioritising investments that drive growth, increase efficiency and enhance competitiveness.

The seasoned businessman emphasised that a common pitfall among start-ups was the tendency to indulge in premature spending, often before their businesses have even generated significant profits.

He highlighted that this reckless financial behaviour normally leads to a swift downfall, and many start-ups have unfortunately learned the hard way.

“Someone will say now that I have a business. I want my children to go to a big school with money from that new small business, you take that money and the business collapses, but if you put that money into business and reinvest your business will expand.”

Convener of the meeting Pastor Venon Chamba said the valuable lessons shared by seasoned business leaders like Mr Margolis played a vital role in empowering the next generation of entrepreneurs.

They help young business leaders develop the necessary skills and knowledge to drive business success and achieve financial growth.

“Insights from experienced business actors like Mr Margolis are essential in motivating the next generation of business leaders, helping them to cultivate business expertise and financial growth,” said Pastor Chamba.

The Venon Chamba Business Seminars have been growing over time and have hosted several reputable individuals including Mr Kenneth Sharpe, Dr Nigel Chanakira, Dr Chamu Chiwanza, Supa Mandiwanzira, Dr Douglas Mamvura, Mr Mudiwa Hood and Advocate Arthur Marara.-herald