Master fundamentals or fall behind, start-ups urged
Boikobo Mmolai - Katlego Rantsho | Tuesday June 17, 2025 11:48
He made the plea during a thought-provoking session held at the Botswana Digital and Innovation Hub (BDIH) last week. Selolwane, who was addressing a room full of emerging business leaders during the Botswana Stage Programme, urged entrepreneurs to go beyond passion and ideas by equipping themselves with solid understanding of industry dynamics, financial systems, human behaviour and technological trends. He also highlighted the critical influence of social trends and technological awareness, describing them as foundational elements for business success. “These are the essential components to understand when building a World Cup-winning team,” the strategist underscored the strategic insight necessary to excel in entrepreneurship, when drawing an analogy to football. He further emphasised the importance of understanding human behaviour in the entrepreneurial journey. Entrepreneurs, Selolwane advised, should cultivate strong relationships and networks with customers to grasp demand patterns and the psychology behind outperforming competitors.
Additionally, he noted that “money is a feeling,” advocating startups to master the language and mechanisms of capital raising. Selolwane also stressed the need to understand not only customers, but also employees, investors, and competitors pointing out that people’s actions are often driven by hope or fear. The gathering was also advised that self awareness was vital for entrepreneurs to understand their motivations and their role within the broader business ecosystem. ‘A clear comprehension of financial flows particularly revenue and expenses, is equally important, as ambition and fear often influence financial decisions,’ he said. The Botswana Stage Programme was held last Thursday at the BDIH and brought together entrepreneurs to address the common challenges faced by early-stage businesses, particularly the lack of foundational knowledge on how to build and scale sustainable ventures. The event provided participants with practical tools, strategic insights, and essential frameworks to navigate the business landscape with confidence.
During the session, Selolwane reiterated the importance of mastering business fundamentals for entrepreneurs aiming to build and sustain impactful enterprises. He likened building a successful business to assembling a World Cup-winning team, stressing that one cannot embark on a business journey without a deep understanding of the industry. Entrepreneurs, he said, must immerse themselves in the industry's culture, politics, trends, key players, pain points, and inefficiencies to develop meaningful solutions and competitive advantages.