We share with you some top business quotes from the continent of Africa. The quotes were originally posted by one of our favourite business websites, ‘How we made it in Africa’. The site is arguably Africa’s best website for Entrepreneurs. We have added Mutumwa Mawere and Strive Masiyiwa to the list of quotes at number 22 and 23.

 1. “Discipline yourself, pay yourself a salary, and whatever other revenue you generate, put it back into the company. Do this for at least the first five to eight years before you start looking to buy a Lamborghini.” – Basilio Makendengue, co-founder of NomeX in Equatorial Guinea

2. “It is all about creating value for customers. And if you can’t do that, then you shouldn’t be in business.” – Nadir Khamissa, South African entrepreneur and co-founder of Hello Group

3. “Entrepreneurship does take a toll on your social life. You are always focused on the business, thinking about work, even when you’ve taken time off to unwind… You need to be passionate about what you are doing. Then you need to have a purpose – for me it’s building a legacy and having a positive influence in society. Then you need perseverance to stick through the tough times; a plan to get you where you want to go; and good people to walk with you.” – Trushar Khetia, CEO of Society Stores in Kenya.

4. “I don’t think there is ever a right time. A lot of times an entrepreneur has to make a decision and make a move. If you keep waiting for the right time, which means the safest time, you might wait forever.” – Carole Mandi, founder of Carole Mandi Media Limited in Kenya

5. “As an entrepreneur I believe that no one can do it all. Never try to be a jack of all trades. But the lesson I’ve learned the hard way was never count on someone else to make your business a success. It’s your dream, your passion. If you want to succeed you have to make it happen. Don’t try and do it all yourself but be involved.” – Johan Meyer, Nambian entrepreneur and founder of Wallettec

6. “There is always an alternative way to doing things and it might end up being simpler, easier and cheaper than conventional ways. So as long as you have that mindset you will be able to innovate. And if you have passion, it will drive you through the whole difficult process of bringing it to success.” – Olufemi Odeleye, founder of Tryctor in Nigeria

7. “We have had a lot of issues in the past with people we have worked with because people over-promise and under-deliver. So the biggest lesson has been to always do a trial run before entering into a formal relationship.” – Moira Johnston, co-founder of EventRoom in South Africa

8. “The first lesson I learned was that patience and perseverance overcome mountains. Niger, like some other markets, is nascent and complex. The lack of frameworks, infrastructure and information demands a lot of patience in dealing with setbacks and delays. What truly defines success in such challenging markets is the ability to recreate oneself from one failure to another.” – Rohan Garg, co-founder of Belvie in Niger

9. “Entrepreneurs have to learn the power of networking and the value of mentorship, as these are the things that most entrepreneurs take for granted. And also they must know that opportunities will not come to them; they have to go out there and create them by knocking on corporate doors with proposals. Personally, I am where I am because of a business mentor who changed the way I see things.” – Anda Maqanda, founder of AM Group in South Africa

10. “Surround yourself with people that really believe in you… I found, especially when I was working while starting this business, that there will be moments when you are really down, scared or worried, and just aren’t ready for some of the challenges and the setbacks. It demands a lot of patience and courage, but that courage comes from the people around you.” – Saheel Shah, co-founder of Adpack in Kenya

11. “I think the first mistake we made was thinking we could be our own accountants. We did not hire an accountant right away and that led to some mistakes in our financial system as we mixed up personal and company resources.” – Pascal Murasira, co-founder of snack label Winnaz in Rwanda

12. “[Entrepreneurs] need to get a business plan. And that is a term that is easily misunderstood. People think this is a sheet of paper that people go the internet and download and fill in the gaps. What they need to do is outline their business. You need to understand what you are selling, who you are selling to, why people will buy from you and how much people will pay you.” – Kehinde Oyeleke, founder of Seedvest in Nigeria

13. “Life is about having something to give in order for you to receive. And what is it that you have? You’ve got the brains, the intellectual capital and that will actually open many doors for you. So the first capital that you need, more than money, is intellectual capital.” – Lufefe Nomjana, founder of Espinaca Innovations in South Africa

14. “I have had to be very meticulous with my time, very disciplined, and forfeiting some things like going out with friends on a Friday night. It is challenging but it is worth it. I don’t think of my business as a side hustle. It is something I do with a lot of passion and I am working towards building a sustainable business.” – Sharon Njavika, founder of Ajani Handmade in Kenya

15. “Sometimes you fix one problem and another arises. So you have to be focused, be flexible, and be willing to adapt to changes. Going into employment can be tempting – but I stay put knowing that I will achieve my goals one day, even if it takes 10 years.” – Sam Turyatunga, founder of Tursam Investments in Uganda

16. “Our biggest mistake was perfectionism. For months, we did not want to go out without having a perfect and fully-finished product. But we realised that our main source of improvement would be customers’ reviews. And thus we decided to go out with a MVP [minimal viable product] and gather customer feedback. This made us progress a lot more quickly and efficiently.” – Ted Boulou, founder of Somtou in Cameroon

17. “The secret is in paying your debts. When an investor or a bank gives you their money, just pay it back. They will trust you and help you in future. Even with suppliers, if you build a tradition of paying on time, one day when you’re in trouble they’ll be willing to wait because they know you’re not a conman…. Do not get caught up in trying to impress people with things you can’t afford. Don’t take all your profits and buy a big car to show off. I have been able to work with the same investor, and grow my business because I don’t waste funds trying to live a life that’s not yet mine. I believe any money saved is money earned.” – Obado Obadoh, founder of Café Deli and Delicatessen in Kenya

18. “You can’t succeed if you don’t start. Start your idea with friends and family being your focus group. Also make sure the market is in need of your product and then push ahead. In Africa it’s key to have connections in place. Make sure you build them… The further you can take the idea yourself the easier it will get funded – and the more fundable you will become for investors. It’s a journey worth taking because you contribute towards Africa’s success while building your own – and that’s a journey filled with joy.” – Chris Folayan, founder of Mall for Africa

19. “Younger people are always in a hurry to do things. They want to become billionaires in two years, but in another two years, they collapse. That is why I always advise business people that only time allows you to [get there].” – Mike Mlombwa, founder of Countrywide Car Hire in Malawi

20. “No matter how good a product you have, still in Africa it is your reputation that counts.” – Ivan Mbowa, co-founder of Umati Capital in Kenya

21. “There will be a lot of obstacles on the way. But I never look at failure as failure – I look at it as: ‘What have I learnt from what happened – so that next time I can do things better?’” – Alfredo Jones, founder of Alduco in Equatorial Guinea

22. Never disclose a deal until its clinched –Mutumwa Mawere, Zimbabwe

23. “Integrity is better capital than money. You can accumulate it just like money, and you can use it just like money, but it goes further, and is enduring.”

Many people are not aware of the benefits of registering their companies. Whenever the subject crops up the number one fear expressed by most entrepreneurs is paying tax. Few entrepreneurs are interested in paying tax and most will do the best they can to avoid ZIMRA and NSSA. This is one of the major reasons why most would rather remain backyard and not register their businesses. The sad part though is they do not know the opportunity cost of being unregistered.

Can you imagine what would have happened to Strive Masiyiwa if he had wanted to dodge paying taxes? Would Econet be around if Masiyiwa had wanted to remain underground without attracting the attention of the Zimbabwe Revenue Authority? He formally registered Econet and attracted a lot of investors who poured in money into his business, this is how Econet grew.

So be low we will try and summarise some of the major advantages that can accrue to your business when you formally register it.

1.Separate Legal Identity and Limited Liability: A limited company has a legal existence separate from management and its members (the shareholders).The protection given by limited liability is perhaps the most important advantage of incorporation. The members’ only liability is for the amount unpaid on their shares. Since most private companies issue shares as “fully paid”, if things go wrong, a members’ only loss is the value of the shares and any loans made to the company. Personal assets are not put at risk. The protection of limited liability does not, however, apply to fraud. Company directors have a legal duty not to incur liabilities in their companies which they have reason to believe the company may not be able to pay. If creditors lose money through director fraud, the directors’ personal liability is without limit.

2.Continuity

Once formed, a company has everlasting life. Directors, management and employees act as agent of the company. If they leave, retire, die – the company remains in existence. A company can only be terminated by winding up, liquidation or other order of the courts or Registrar of Companies

3.New Shareholders and Investors can be easily introduced

The issue, transfer or sale of shares is a relatively straightforward process – although existing shareholders are protected via their “preemption” rights and by company legislation that seeks to protect the interests of minority investors.

4.Ability to access credit: Banks prefer extending credit facilities to registered companies. Your chances of getting a loan become higher when you are registered, when you can show that you company is a law abiding citizen who pays taxes and comply to all relevant local laws.

5.Access to tenders: This is is my favourite, have you ever seen tender adverts? I urge you to look closely at the requirements on adverts for tenders. The first requirement is that you should submit certifications of registration; you will be required to show tax compliance certificates. So if you would like to participate in tenders and compete against other companies then make sure that you have your ‘papers’ in order and this includes registration and tax compliance. The big monies are on tenders for the supply of goods or services and rarely do they consider applicants who are not registered.

So there you are good folks, you have more to lose by not registering your company! In the next article we will explore various options available to you for registering your company. We will provide all the resources of various service providers who assist with company registration and their costs.