eBusiness Weekly
Joseline Sithole
The first time I heard the term microwave entrepreneurship, was in a Grow your Business Workshop that was facilitated by my friend Kenneth Mangemba. Since then, I have heard it being mentioned, several times in business workshops I have attended. Kenneth is fond of discouraging start-ups and Micro-Small and Medium Enterprises (MSMEs) from circumventing the process of enterprise growth using long held solid business principles.
However, it is possible that the current state of our economy and high unemployment might have deterred future entrepreneurs from taking the “marathon” route to acquiring wealth.
Who is a microwave entrepreneur? Allow me to gloat a bit here as I know that, for some of you, this will be your very first time to hear this term.
Many MSMEs interviewed (89 percent) were not aware of what the term meant though there were some plausible “intelligent guesses”.
One entrepreneur described a microwave entrepreneur as “a street hustler”. Another good definition, came from Simba a web developer, who noted that “Microwave entrepreneurs are those people, “who are not patient with the struggle of growing their businesses into valuable entities.”
Anesu Hove, a young entrepreneur who has recently wrote a book was harsher and said; “Microwave entrepreneurs are hot on the surface but at the centre they are cold.”
Though this term does not actually exist in the dictionary or any other business dictionaries, it is now used increasingly in the business field to describe entrepreneurs who make money too quickly, and to some extent are equally adept at spending it at the same rate.
Though the term normally conjures negative connotations, we have seen some people getting rich quickly through identifying some opportunities especially in the supply chain field. These entrepreneurs are, however, few. Similarly, the internet is also awash with an over-abundance of resources that coach on how to get rich very quickly.
What is the makeup of a microwave entrepreneur? If you could not understand the definition, perhaps you have seen some of these “folk around”. They are usually young and male though the female species is furiously gaining ground.
Their greatest business tool are their cell phones (and they normally have a number of these). Their driving skills are most peculiar. The car seats are pushed far back though they somehow manage to see the road in front of them.
That same care is normally the office though some are now sophisticated and have offices.
They earn their money fast and furiously spend it with a slay queen or two. Some, however, have made good their earnings and build houses and invested in other businesses. Again, this latter group is not extensive in numbers.
If you are as ancient as myself, you will probably have heard of Stanley Kirk Burrell aka MC Hammer, whose signature look was big parachute pants.
Though his start was noble enough; painstakingly selling CDs from the boot of his car, he forgot all about this formative start when he hit the big times with his most successful album “Hammer Please Don’t hurt Them”. Thereafter things got a little haywire. He travelled with an entourage of 200 mostly his “boys from the hood” and bought several cars.
Today he is a lay preacher in Oakland and lost most of his fortune. We also only remember all too well, the rags-to-riches stories of some Zimbabweans who are now wallowing in poverty but had sudden wealth and used in carelessly.
When I worked in Mpumalanga, South Africa, I used to buy good second hand tyres at a certain garage in town. These used tyres used to belong to microwave entrepreneurs who changed their tyres every month because their cars “could be hurt” (I miss that garage).
What are the real challenges of microwave entrepreneurship?
According to Kisma Orbion, CEO of Illumination Academy; “Getting rich too quickly can mean going broke fast”.
She goes on to note that; “If you ran a marathon without any training you could expect to injure your body.”
As such, the art of building wealth muscle needs a lot of training and should be respected.
Lack of long term goals might lead to unnecessary spending on expensive watches, cars and clothes. When one has a projected strategic plan it is easier to save money in order to reach those goals. In that way your business remains sustainable and the indispensable business skills that one learns to grow a business are also not lost.
In some instances, too much sudden wealth might lead to psychological problems and extreme behaviour changes that include; anxiety, and arrogance respectively. According to Mr Muzaruwetu, a senior consultant at BDO, a leading Chartered Accountancy firm in Zimbabwe; “Entrepreneurs need objectivity, integrity and professionalism.”
What do you do if you are already a microwave entrepreneur?
Firstly, realise that, Rome was not build in a day or not even a year. The business of building a solid business is demanding which needs a lot of proper planning and training. I looked at Zimbabwe’s most successful heritage companies which are still in existence, their growth trajectory did not surprise me. Though some companies have folded, these establishments, have stood the test of time. Meikles was founded in 1915: Tanganda Tea Company (1924); Cairns Holdings and Zimplow (1939); Colcom Foods (1943) and African Distillers (1944).
These companies have stood the test of time because of their focus on building brands that last for a long time and that satisfy their markets. Allow me to get a little sentimental here!! One of my most favourite indulgences is a pork pie. When I was growing up in the township of Dangamvura, in Mutare, buying and eating a pork pie earned you respect and a badge of honour in the “Ghetto Hall of Fame”. Buying a pork pie meant you would have persevered for months of saving. Saving that 28 cents in the early 80s was hard work.
In addition, Zimbabwe is indeed open for business. Building strong partnerships with internal and external investors, requires one to have a track record, including solid financial inclusion tracks, traceable references and places of operation.
No foreign investors would like to be seen doing business with a person parked under a tree. Your line of business should also be easily discernible and identifiable. Building a personal brand as a “dealer” or a “hustler” is not advised for future growth.
Getting financial advice is also of utmost importance. Christopher Tracy writing for the “Entrepreneur Magazine” advises that financial advisors, such as Investment guides, business coaches and mentors are absolutely necessary. Oprah Winfrey does this very well.
Her empire includes a Cable TV Network, several prime real estate and a stake in Weight Watchers. It is thus not difficult to see why she has thrived in the media business as a black woman for such a long time.
In conclusion, I would advise our microwave entrepreneurs to start getting business advice and build lasting entities that bring value to people’s lives.
They should also take a good look at the businesses they are conducting and question the legality and sustainability of it. If not, it is better to start looking for products that will stand the test of time. For those who are taking the marathon route to building riches keep at it. Zvinoita chete!!!!I will end this one by a quote from Warren Buffet; “Getting rich quickly is not easy”.
Joseline Sithole is owner and founder at Southern Africa Development Consultants (SODECO), an SME consulting firm. For comments write to [email protected]
