Africa-Press – Zimbabwe. MONEYMART Finance chief executive officer (CEO) Ethel Mupambwa has urged young entrepreneurs to strengthen their negotiation skills and identify business partners who can support their long-term growth.
Mupambwa was speaking to women entrepreneurs from the Old Mutual Eight2Five Innovation Hub at a luncheon in Harare last week.
The meeting followed Mupambwa’s initiative to donate US$500 to each of the women who pitched their ideas at the Ideas Tank during the In Conversation with Trevor Ideas Festival held in Nyanga, recently. The Ideas Tank was a segment of the festival to pitch new and innovative start-ups or ideas that help shape communities.
The money will assist Noreen Musa Mangena, CEO of Zela Enterprises, Isabel Mhlandhla (CEO and co-founder of Flying Protein) and Jennifer Makusha (CEO of Innofuz Venture) to help expand their ventures and boost working capital.
“The first microfinance went under, but there is a lesson there; when you are in business, you need to have negotiation skills,” Mupambwa said.
She said her business journey involved negotiating her way through difficult phases.
“If I am to come to you and tell you that I am going to bring that cheque, I will bring it; I will negotiate. You know I moved one credit after the other, negotiating my payment plans,” Mupambwa said.
She stressed that business success often depended on the ability to negotiate effectively.
Mupambwa also encouraged the entrepreneurs to be deliberate when choosing the people they work with, emphasising the importance of supportive partners.
“As you’re moving, you will start employing people, right? Some people will stand by you. Be able to identify them. Be able to identify, ‘this one will cover my back no matter what’. Ask them about their passion and invest in them,” Mupambwa said.
“Business is politics. Get people who stick around you. I’m telling you, these things are found in business.”
The executive said she was impressed by the creativity and commitment shown by the participants of the Ideas Tank during the festival, prompting her to personally pledge the prize money to the three women.
“The other lesson I wanted to share with you is that should remain yourselves,” Mupambwa said.
“I’ve remained Ethel inasmuch as MoneyMart has grown this far. I think it’s because of my lessons from the failure of the other time.”
The Eight2Five Innovation Hub is a vibrant space for entrepreneurship and innovation that has supported over 8 000 entrepreneurs, incubated 140 startups and built strategic partnerships that drive sustainable growth.
Female participation has grown to 40% this year from 15%.
For More News And Analysis About Zimbabwe Follow Africa-Press
