Entrepreneur and motivational speaker Vusi Thembekwayo says black entrepreneurs need to stop expecting riches immediately and change their way of thinking when it comes to starting and growing their businesses.
Speaking on Sunrise, Thembekwayo warned business owners that there’s no such thing as instant wealth.
“The single worst thing we did in this country’s psyche when we made BEE transactions is we took people with no money, gave them 26% of companies that were built over hundreds of years and created instant wealth – now everybody wants instant wealth,” he said.
Instead of waiting for banks and financiers to hand out money to buy big companies, Thembekwayo said black people need to get comfortable with building things from the ground up and working on growing their enterprises one step at a time.”You’re not going to get a Range Rover tomorrow,” he said.
When asked about where radical economic transformation came in, in the quest to empower black people, he said, “Radical economic transformation starts in the mind.”
Thembekwayo says people in Jewish and Muslim communities are phenomenal at business, starting off by building something small and creating generational wealth.
“The grandfather started off with a dry cleaners,” he said. “When the grandfather died, he left the dry cleaners to the father, who created a fast-food [business] under the dry cleaners. The father leaves the dry cleaner and fast-food [business] to the son who then creates a hardware store.”
Instead of being preoccupied with the perception of success, black people need to be prepared to work hard by building things they want to own from the ground up, he said.
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