26 Apr 2022

Young entrepreneurs should exude confidence in their ventures and boast belief in their business pitch in order to win investor confidence, says Mr Patrice Motsepe,  South Africa’s mining billionaire businessman.
“I am not advocating for arrogance or cockiness on aspiring entrepreneurs but it is of high importance that they should demonstrate a high level of belief in their product or their investor luring pitch,” he said.
Mr Motsepe who became Africa's first billionaire to be listed in the Forbes magazine said during a  panel discussion with  Forbes content officer Mr Randall  Lane that he too faced push-backs from investors who did not have the same belief in his vision.“If you look at the most successful entrepreneurs worldwide, the common feature among the many is that they were at some point told that their business idea will not work out or their product will not be sustainable,” he said.
He said a small per cent of young business startups in Africa do not succeed primarily due to lack of venture confidence which he attributed to the African culture as compared to their international counterparts.
He thus said Africa was rich in entrepreneurship and innovation possibility adding that there was the need for a mindset change in Africa to impart the spirit of self-belief and confidence within aspiring entrepreneurs.
“The risk profile in starting a business in Africa could be very high but a lot rests on how to take advantage of those risks and work around them to one’s advantage,” he said.
He highlighted the importance to establish youth innovation centres across the continent to house young entrepreneurs with business ideas that need to be nurtured and mentored.
He said it was important to consider Africa’s competitive advantages like tourism, agriculture, education technology and mining.
 Mr  Motsepe said it was equally important for governments across the world to create an enabling environment and enact legislation in support of prosperity of young business start-ups.
He said governments should be encouraged to consider the effects of new regulations on start-up businesses, as they tend to be disproportionately affected by even small legal changes.
He noted that start-up businesses compete in international markets and must navigate complex regulatory regimes, often with limited resources hence the need for friendly policies and legislations to assist young entrepreneurs to overcome economic and financial hurdles.
Further, he pleaded for full participation in the digital economy saying E-commerce and the use of information and communications technologies  (ICT)  increased the average sales of small businesses as it allowed them to reach new markets thereby making their businesses more competitive globally. ENDS