Manzungu: A tale of blood, sweat and tears

LIVINGSTONE MARUFU

 

Businessman Tinashe Manzungu says founding TM Group has been his light bulb moment.

The diversified group has interests in construction, Information Communication Technologies, Health, and microfinance with a presence in Rwanda, Zambia and Botswana.

The group was established a decade ago after the executive had graduated from Midlands State University.

“When my colleagues were struggling to get employment, I saw an opportunity to be an employer by establishing a business,” Manzungu told Business Times.

“Over the years of my business experience, I have observed that the world is full of ideas. Everyone has got an idea at some time, but not everyone knows how to act upon them. Knowing is not enough, you must take action.”

The executive is a firm believer in radical candour, that is, being honest about what’s happening to decide the best course of action.

“Sometimes we are not true to ourselves and more often, entrepreneurs fail in this. The effect is that its decision-making is compromised and in business, you have to make decisions that either build or destroy empires,” he said.

He admits his rise was not on a silver platter as he came from a poor background in Kwekwe.

“It was through hard work, investments, reinvestments, and strategic planning that we are here as a group,” Manzungu said.

The TM Group runs the Zimbabwe General Medical Aid Fund, Zimbuild Property Investments, NetComs, Prime Mutual Properties, Tinrue Finance, and Africa Haven Funeral Services among other ventures.

His business expansion is driven by the catchphrase “Zimbabwe today, tomorrow the world.”

“In a bid to further consolidate our investments in Africa we have explored opportunities in Rwanda Botswana and Zambia. As TM Group, apart from investments in these countries, we have created employment across the continent,” Manzungu said.

“We have partnered with a technology company in Rwanda as you are aware Rwanda is now a technological hub in the region. As you know, technology is an enabler to the current economy and we want to work with the best in the area hence our choice of Rwanda in technology.”

He said one of the biggest challenges was securing funding to start and grow their businesses because my first business venture was capital intensive.

The immediate Zimbabwe National Chamber of Commerce past president said he explored different funding options to realise his dream, as he had to compete with seasoned businesses.

“I had stiff competition with already seasoned businesses and this is just but a graduate from University trying to establish a business. My focus then was on a differentiation strategy to offer unique products and build a strong brand.

“Managing growth scaling operations is one aspect that makes business fall but I have leveraged on building a strong team, delegating tasks effectively, and investing in technology and infrastructure to support growth. Overall, one has to be resilient, adaptable, and willing to learn and grow to overcome the challenges and achieve success,” Manzungu said.

He said the problem that nearly all entrepreneurs or new businesses face is that potential customers often do not want to be the first to try.

They want to see that your business idea is proven and tested before they try it and it can be very difficult to get that breakthrough.

It is said that capital is only the fruit of labour, and could never have existed if labour had not first existed.

Manzungu said the most successful start-ups that survive the first two to five years tend to be a team and hence he had partners and a team of staff.

The ZNCC former president said partnerships tend to be more robust than single entrepreneurs.

“My goals for the future are twofold—one is personal and two is about the continent. For my personal goal, I would like to continue to impact humanity.

“I don’t know if it’s a lack of confidence or a surfeit of confidence but you always want to prove yourself, you’re never quite satisfied and are prepared to take huge risks.

“It is like a Rubik’s cube – you see something and it is all jumbled up but you know there’s some clarity in there somewhere. And it’s being able to visualise what can result from that clutter that makes the difference,” Manzungu said.

The industrialist views Africa as a continent that is about to explode but lacks certain vital ingredients and he dreams of making sure that some of those challenges are addressed in his lifetime.

Manzungu was born in a family with a strong Christian background and being the eldest son, traits of discipline and responsibility caught up with him at a tender age. This has helped the executive to be who he is in the world of business.

The Zimbabwe Building Contractors Association boss said his bias is justified because housing is a paradigmatic example influenced by structural determinants, such as social, macroeconomic, and public policies, politics, education, income, and ethnicity race, all intersecting to shape the health and well-being of populations and Zimbuild started with a mission to provide housing solutions for the Zimbabwean people and everything follows.

“Over the years, we have been thriving to close the gap of housing backlog in the country and we stand proud that we have played our role.

“Construction sector is one area experiencing some growth in recent years thanks to the government’s efforts in revitalising infrastructure development with the support of the private sector. Several projects have been embarked on,” he said.

Manzungu’s TM Group has modelled its expansion under the banner “Zimbabwe today, tomorrow the world.”

“In a bid to further consolidate our investments in Africa we have explored opportunities in Rwanda, Botswana and Zambia. As TM Group, apart from investments in these countries, we have created employment across the continent,” Manzungu said.

“We have partnered with a technology company in Rwanda as you are aware Rwanda is now a technological hub in the region. As you know, technology is an enabler to the current economy and we want to work with the best in the area hence our choice of Rwanda in technology.”

He said one of the biggest challenges was securing funding to start and grow their businesses because my first business venture was capital intensive.

Manzungu wants the government to come up with policies that protect local contractors to develop high-profile infrastructure projects amid an influx of foreign contractors, which has taken a significant chunk.

Foreign contractors have done electricity projects in Hwange and Kariba with the Afreximbank US$80m Afreximbank Africa Trade Centre being done by India’s Oman Shapoorji Company.

This has left the local companies to do small projects, resulting in few people being employed.

Despite the local companies taking road projects, Manzungu believed that the local contractors could do more to create employment and retain much of the foreign currency in the economy.

“We need a policy that protects the influx of foreign players thus protecting us as local players. The benefit is that the downstream industries are rejuvenated and employment is created thus addressing social aspects of our economy.

“The government has opened the doors for us local players with some huge projects continuing to be awarded to foreign players,” Manzungu said.

This has, however, boosted downstream local industries.

He said many construction companies in Zimbabwe struggle to access financing to fund their projects.

“Such big projects require patient money and we need support because it limits our ability to take on larger projects. The regulatory environment, particularly bureaucratic processes can slow down project timelines,” he said.

Local contractors have been caught in the eye of the storm for allegedly fuelling the parallel market, a move that saw many contractors suspended.

Last year, the government once halted payments to manage the volatile exchange rates and rampant inflation.

“When payments on a construction project are delayed, it’s not just inconvenient, late payments can be expensive. Each day that a contractor has to wait for payment, they lose money via inflation, debt interest, and opportunity cost,” Manzungu said.

“The government needs to solve the foreign currency conundrum to help local contractors and as players, we are ready to advance the authorities’ infrastructure development plan.”

As the Zimbabwe Building Contractors Association senior vice president, Manzungu has planned to use the 2023 Leaders without Borders Development Centre (LWBDC) annual business summit as a platform to get opportunities in infrastructure development in the United Kingdom next month.

Zimbabwe faced over two decades of isolation when it undertook a land reform programme to redress the colonial imbalances.

But Manzungu believes that in recent years, the country has committed to engaging and re-engaging with the international community.

Manzungu, who will be one of the guest speakers at the LWBDC summit, which will run from May 17 to May 19, will seize the opportunity to tell the Zimbabwean story from a business perspective.

“Such platforms can create synergies that can boost investment into the sector, worldwide the private sector controls the capital,” the executive said.

“The world has to know that Zimbabwe has what it takes to be a global player. The platform presents an opportunity to share our story and change the perception out there.

The 38-year old executive sits on the boards of COMESA and Africa Business Council, among others.

The business leader also likes reading and the book is called Lean Startup by Eric Ries.

This book provides a practical guide for creating and growing a startup.

It emphasises the importance of testing hypotheses and iterating quickly based on customer feedback, he said.

Another book Manzungu enjoys reading is Stephen Covey’s Seven Habits of Highly Effective People which provides practical advice for personal and professional success.

It emphasises the importance of building strong relationships, setting clear goals, and prioritising tasks.

He admits his rise was not on a silver platter as he came from a poor background in Kwekwe.

“It was through hard work, investments, reinvestments, and strategic planning that we are here as a group,” Manzungu said.

 

 

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