Strive Masiyiwa, founder and executive chairman of Cassava Technologies and Econet Global, is urging African entrepreneurs to recognise that competition is beneficial to their businesses because it drives them to be innovative.
"One of the most important things that will help you build your business will surprise some of you; it's called competition," Masiyiwa posted on his 5.6 million-follower Facebook page.
He added: "To beat your competitor and grow at the same time, you must innovate to create new products and constantly improve what you have."
Masiyiwa went on to reference football as an example of how the game encourages competition, which he said should be the mindset of African entrepreneurs rather than attempting to prevent or suppress it.
He elaborated: “If you are a football fan, you will know that competition is what makes the team great: Imagine Barcelona and no Real Madrid? Or Manchester United and no Liverpool?!
“Every season, you can see the innovations that coaches are trying out to get on top of their competitors. This makes the game more exciting for fans and grows their businesses!”
The influential technology executive urged African entrepreneurs to avoid underhanded strategies to stifle competition and instead focus on being innovative.
Masiyiwa explained: “Some will go to quite extraordinary lengths to stop competitors rather than using innovation. They will even approach politicians and regulators to try to make it difficult for a competitor in one way or another.”
He continued: “State-owned companies throughout Africa are notorious for using power politics to stop competitors, and yet do very little to innovate with products that delight customers.
“If you need power politics to help you grow your business, it will be difficult for you to be recognised as a great entrepreneur, even though it might make you rich.
“There is a thriving industry in some African countries of ‘juju priests’ who specialise in "helping" business people curse or harm their competitors! These are not entrepreneurs. And this is a form of idiocy by the way!”
Masiyiwa concluded by advising entrepreneurs on how to defeat their competitors while also growing: "Those of you who have studied business in school know that companies fight for "competitive advantage" in many ways, including: cost leadership; differentiation; focus; reputation and strategic partnerships."
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