Philanthropist and business mogul Napoleon Dzombe has challenged businesses to diversify, innovate and plan ahead, saying that is key to business success and wealth creation.
He said this on Thursday in Blantyre during a wealth creation conference organised by Sycamore Consult under the theme ‘Resilience and reinvention in a tough economic environment’.
Dzombe, who is Mtalimanja Holdings Limited founder and managing director, said it is important to always be in a state of readiness to embrace the things that are coming.
He said: “We need, as a country and citizenry, to work hard and always be forward-looking.
“Given uncertainties in the economy, one has to always plan ahead to overcome eventualities. Our focus should not be placed on one area, but several to counter risks that could emerge should one sector fail.”
Quoting Psalms 12 verses nine to 11, Dzombe urged Malawians to work hard, observing that most Malawians have been content with working for others and in the end have not gained any economic independence.
During the conference, industry captains and experts called for a hardworking spirit among Malawians, observing that wealth creation could help the country to move away from abject poverty.
Siku Group of Companies managing director Abdul Rashid Suleman, who was one of the presenters, said Malawians should embrace change and inclusiveness to wealth creation and achieve self-reliance.
“We need to be forward- thinking to tame potential risks. During the Covid-19 era, our business almost collapsed, but because we diversified our portfolio, we managed to sail through the storm,” he said.
Sycamore Consult Limited managing director Audrey Mwala said Malawians need to develop the spirit of perseverance and determination, observing that without fighting and forward-looking wealth creation will be a challenge.
She said: “We are not disputing the fact that Malawi economic environment is challenging.
“It could be even more challenging than our peers. This, however, does not mean nothing good can come out of Malawi.”
World Bank data shows that in Malawi, the poverty rate was 50.7 percent in 2010 and has remained broadly unchanged during the last decade.