Businessman Charles Mbire and MTN Uganda chairman. PHOTO/FILE
There are many things we often overlook. Yet in entrepreneurship, they can be critical to success. For instance, have you ever thought about how a simple reference could be the key to unlocking your business breakthrough?
This concept has been tried and tested by city tycoon Charles Mbire, proving just how powerful the right connections can be.
Mr Mbire, who also serves as the MTN Uganda chairperson, shared his insights with young entrepreneurs attending the Global Entrepreneurship Week, on how they can break through in the business world. Reflecting on his journey, he revealed how a single reference provided him with the initial foothold that still supports his ongoing pursuit of success, making him the accomplished businessman that others admire today.
He shared that during his travels, he stayed with a family friend in Geneva. After a long flight, he was invited to an exclusive party in Geneva. He mentioned being the only black man in the room, and people assumed he must have been important, maybe a prince or president.
One guest, particularly intrigued by him (Mbire), kept trying to figure out who he was. Eventually, he handed him his business card, offering him a connection to his network.
"Years later, when I was trying to secure a contract in England, I was asked for references. I handed over a few, but then I pulled out that card. The person at the company said, "Do you know this man?" I replied, "Yes, I do. Call him." They did, and the response was immediate: "Oh, Charles, what a wonderful young man. He is the future of Africa," Mr Mbire said, emphasizing that a single connection, built on respect, honesty, and humility, opened doors for him.
To Mr Mbire, that is proof that being genuine and grounded can change everything. This successful businessman encourages young entrepreneurs to live with integrity and authenticity, emphasizing that the ability to create real value will propel them further than any quick fix or shortcut.
“Remember, you are the future. Embrace the journey ahead with passion and purpose,” he said.
Offering further advice on success to entrepreneurs, Mbire shared an important insight: When faced with genuine sarcasm, it is often better not to shut it down right away.
Mbire asserts that the sincerity behind their words may be more valuable than it seems at first glance.
“Once you are in the game, and people like you, whether they respect you or not, you will create value,” he said.
However, he also cautioned them against stealing from others, stressing the importance of integrity in the journey to success.
True entrepreneurship is about creating something new, generating wealth, and adding value, not just taking from others.
Mbire notes that this is what distinguishes him from those who merely take. While standing before the crowd, his voice was steady but filled with conviction. "I have come here today," he began, "not just to speak with you, but to show you the way forward. Most importantly, I am here to remind you of the immense power that lies within entrepreneurship. In a world where political borders are slowly dissolving, it is the corporate borders that are becoming the new frontiers we must navigate. It is here, within this dynamic landscape, that we find the real challenges and opportunities. You are the future, and it is up to you to shape it."
In his narration, he took the entrepreneurs back a few years to the time when he was about to leave university. He recalled how he had been offered a scholarship for a Master’s program at Essex. But then, a professor approached him and asked, "Charles, why don't you start a programme?"
He said that the professor took him to his office and revealed a simple truth: Money in the economy is constant, but the key is understanding which direction it is headed. This insight changed his entire perspective for good.
Another valuable lesson the professor shared was, “It is not always about the size of the startup. What matters is the direction you take and the strategy you implement. That insight stayed with him, shaping how he viewed growth and success in business.
When Mr Mbire introduced his first investment into Uganda, the journey was anything but easy. He started with an initial $150,000 (Shs550.2 million) loan from the bank.
Over the next five years, he faced countless challenges, including dealing with a receiver appointed to manage the bank's affairs.
One morning, at 7a.m, he received a call, demanding the immediate repayment of his loan. The receiver was firm, insisting that the money had to be returned right away. Without hesitation, Mr Mbire responded with a firm "No," asserting that the repayment could not be rushed.
That moment became a pivotal, albeit tough, lesson for him. He reflected, saying, "It taught me the importance of reading between the lines and knowing when to stand my ground. Integrity, I realised, is collateral. It is something you can rely on when everything else seems uncertain."
Businessman Charles Mbire (right) gives tips to entrepreneurs during the 15th Global Entrepreneurship dinner in Kampala. Looking on is the chief executive officer and chairman of Global Entrepreneurship Network Jeff Hoffman and PHOTO/BETTY NDAGIRE
Jeff Hoffman’s insights
American billionaire Jeff Hoffman emphasized that the key to scaling a business is not funding, it is talent.
He explained that many entrepreneurs mistakenly believe that a lack of money is the primary cause of their struggles. In reality, the true issue lies in a lack of innovation and the right team to bring ideas to life. Without the right people and a clear vision, no amount of funding can save a business.
Reflecting on the success of his own companies, Hoffman shared that the difference was not having more money than competitors, it was having the best team. When companies fail, it is common to hear them say, "We ran out of money."
Hoffman challenges that narrative, saying, "While money is undeniably important, human capital is, by far, the most valuable asset a business can have.”
Think about it. If you give a large sum of money to average people, nothing remarkable happens. However, if you give a small amount of money to talented individuals, they will find ways to innovate.
Excessive funding can lead to complacency, whereas a team of exceptional talent pushes boundaries and maximises the potential of limited resources.
Building a strong team is essential. His most important lesson on leadership is this: True leaders don’t just create followers, they cultivate other leaders. No one shared this with me when I first started. I mistakenly thought that leadership meant being the boss—the one who tells everyone what to do.
However, that approach did not lead to success.
“The breakthrough came when I embraced servant leadership. It was only when I focused on leading by serving others that everything began to fall into place,” Hoffman said.
Despite his humble beginnings, he had big plans for his life. His dream was simple: he just wanted to see the world. But everyone around him said the same thing: "You have no money. Your mother has even less, you are not going anywhere. Just get a job."
But Hoffman ignored the doubters and channeled his determination into creating companies in the travel industry.
His first venture, Boogie.com, was a travel company in the U.S. that would later become known as Priceline.com. For Hoffman, this about aligning his work with the lifestyle he envisioned.
Through the journey, Hoffman learned a great deal about what it takes to launch and grow a company. He shared that one of the driving reasons he mentors others is because, in the early days, he had no one to guide him.
He would often sit alone, reflecting on his mistakes. Without mentorship, he faced many struggles. This lack of support motivates him to mentor other entrepreneurs, especially those in Uganda, who display immense zeal for starting businesses.
For Hoffman, it is not just about having ideas, it is about knowing how to build on them and how to make them work. Over time, he built several companies, some of which failed.
After many trials and errors, he got it right with two strong companies. These companies became global giants, worth billions of dollars.
For Hoffman, the key lesson is that failure is not the end. It is a natural part of the journey. What matters is perseverance, the ability to learn from mistakes and keep moving forward. This resilience, paired with a willingness to adapt, is what eventually leads to success.
People often ask him, "What worked? How did you take your company global? What fueled that rapid growth?" He said he did not have the answers back then. But looking back, he can now pinpoint the strategies and principles that were pivotal.
Noting that he is just an engineer who has always been focused on creating solutions to problems. He is hopeful that what worked for him might work for someone else.
