By: Thoboloko Ntšonyane
MAFETENG
The business seminar held in Mafeteng, organised by Finite Magazine over the weekend drew a diverse crowd of both established entrepreneurs and aspiring business owners.
This business seminar held in Mafeteng marked the second in a series, following the successful one hosted in Leribe.
With plans to host similar events in all districts, the initiative is set to empower entrepreneurs across the country and foster economic growth.
Participants expressed general approval of the capacity building and have hailed the valuable business insights that they have gleaned.
The seminar provided a platform for both seasoned business owners and newcomers to share experiences, network, and gain valuable insights into overcoming these barriers. With an atmosphere of optimism, the event proved to be an important step toward empowering Mafeteng’s business community.
Despite their enthusiasm, participants highlighted the challenges they face in their entrepreneurial journeys.
From a lack of knowledge to difficulties in accessing funding, many attendees voiced their struggles. Aspiring entrepreneurs expressed fear of approaching successful business figures, while others admitted to being unaware of available funding opportunities.
Bam Group Foundation President, ‘Mamashiya Ntšepeng Tšita-Tikiso and businesswoman, Ntsepeng, said one needs to have a trained mind to identify the challenges that need to be solved with their business.
She expressed their aspiration to create a business network where in future Finite Lifestyle members can attend seminars, learn, and grow. She highlighted that they already have a network of business affiliations across the continent.
Tikiso reminded the participants that the government is concerned about the lack of businesses, adding that in advanced economies, they are wealthy due to a strong business community.
She further challenged the Mafeteng residents to instill the business spirit in their children. “Those who stay at home, looking for a job and doing nothing, will stay in that position for a long time.”
She shared her business journey, explaining how she joined a computer business company after graduating from the National University of Lesotho, and worked as though it were her own business. She said that when she joined, she had told herself that she was not there to stay forever but would eventually move on to start her own business.
Having joined with a mindset of leaving, she said her colleagues were surprised at her decision, but it was an easy transition after six years in the company.
“For you to determine whether you are ready to have a business, it depends on how quickly you spot the opportunities,” she challenged the participants.
She said one needs to be truthful about where they are working. “If there is malpractice you are involved in, it is bound to catch up with you later. If you are running a business now, change your mindset to make it work for you.”
She advised that business owners should not make assumptions about their product or service but should go out and hear from the market.
Sharing her experience when her business suffered, Mpho Ranko Salamane said she was selling bottled motoho, which was different from her competitors’ products as it was organic and got stale quicker, while others had preservatives.
She said her business suffered because many people bought the one with preservatives, leading to a decline in sales. She explained that due to hardships she faced in her family, she started to dip into the business funds just to survive.
Meanwhile, Tikiso emphasised that in business, one needs to multiply their products and maintain discipline. “Save, add more stock, save, and add more stock, then save.”
She continued, “Respect the money of your business; it is not yours. Keep daily records. It is not that businesses do not grow, but the challenge often lies in not keeping books daily.”
One of the participants, Khothatso Ranko, commended the business seminar for the valuable insights he gained. He shared his aspirations of expanding his business beyond the country’s borders.
Another business owner, Limpho Moerane, expressed how energised she felt by the key takeaways and plans to implement them in her business.
She revealed that her business suffered a downturn during the COVID-19 pandemic but is now working tirelessly to revive it. Moving forward, she intends to keep detailed records to monitor her business’s performance.
The shopkeeper couple, ‘Mabafokeng Thobakela and Paul Khasake Thobakela, said the seminar had opened their eyes in many ways. They pledged to put in greater effort to ensure the growth of their business, emphasising that profit should be reinvested to foster expansion.
They also learned the importance of listening to their customers and noted that despite having a wide variety of stock, customers tend to buy only what they truly need.
Tikiso said that the business should generate more income than expenses. If the business does not make more income than the expenses, she advised considering lowering standards, changing location, and reviewing expenses. At times, she said, even downsizing staff might be necessary.
“If you want to have a successful business, work on firing yourself from your business,” she said.