My Five Year Battle To Set Up A Cell Phone Business (Part 1)

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The investment from the IFC had taken me to a completely different level. For the first time, I had real EQUITY in the business and I was not just relying on bank LOANS.
I had to meet tight conditions on how I conducted every aspect of the business. I now had a “boss” again; they were called the BOARD OF DIRECTORS, experienced businessmen and women who took their job very seriously.
My management team were well selected; a team of the best young professionals, I could find in my country. They were absolutely the best. I was finally doing the kind of projects, I always dreamed about. We were making money, and growing fast.
Although I had worked for our national telecoms company, called PTC (now TelOne); since leaving them, I had not had anything to do with telecommunications as an industry, because my business was in electrical power construction work. I had however kept subscriptions to all my professional magazines on developments in telecoms. I knew that Mobile Communications was beginning to emerge as the next frontier. And yet in Africa, there were less than 5 countries that had built such networks, at the time. Most countries only had state owned fixed line operators providing poor, poor service.
I began to put together a business plan for a network in Zimbabwe. I travelled to trade shows, and I visited manufacturers, and operators, to gain greater understanding.
That was 1993 … To be continued.
3 Key Business Lessons
Securing equity investment over relying solely on loans can significantly raise the bar for your business. With equity, you gain not only financial backing but also the obligation to adhere to governance standards that can enhance operational efficiency and accountability. This shift can help entrepreneurs transition from a survival mode reliant on debt to a growth-focused mindset fueled by collaborative leadership and strategic oversight.
Establishing a strong board of directors is essential for maintaining high standards of governance and strategic planning. Diverse perspectives from experienced professionals can provide valuable insights and mentorship that ultimately drive better business decisions. Entrepreneurs should prioritize assembling a board that can challenge them constructively, ensuring that the business navigates its growth trajectory with sound judgment and expertise.
Staying informed about industry trends and emerging markets can position your business advantageously for future opportunities. Continuous learning, attending trade shows, and networking with industry leaders keep entrepreneurs ahead of the curve. By cultivating a comprehensive understanding of other sectors, leaders can identify new avenues for investment and innovation, particularly in nascent industries poised for growth.
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