Day 3 of our trip was the most inspirational and enlightening. We meet with Reginald Mengi founder and Executive Chairman of the IPP Group the first part of the day. The IPP Group is one of the largest East African industrial groups. It consists of a Financial Consulting firm, soft drink bottling partnership with Coca Cola, IPP Bodycare Ltd a soap, detergent and toothpaste manufacturer and IPP Media which is composed of 11 newspapers, 2 television channels and 3 radio stations. Reginald Mengi is also an avid philanthropist.
He shared his business experience and life lessons with us. It was great. His words were simple, clear and they really connected with everyone in the class.
He shared his business experience and life lessons with us. It was great. His words were simple, clear and they really connected with everyone in the class.
(1).Mantra: “I must, I can, I will.” Do not leave room for doubt. Evict it from you mind. Don’t say if I can or I hope I will. Once you have a vision, commit to you goal and you will accomplish it. If you aspire to do something and you don’t really believe you can do it, you have failed before you got started.
(2). “Start small, but think big.” Mengi’s first business was manufacturing ball point pens on a very small scale. He bought the pen parts and put them together. A pen is a common, small thing but it became the foundation of his conglomerate. He advised us not to out rule any opportunity and to always think big, even though our start may be small. Think lake, not fish bowl.
(3).No one can increase the value you put on yourself, so always set a high value on yourself.
(4).1st Priority: Commitment, 2nd Priority: Competence
(5).To run a successful business, be confident, delegate wholly with trust, be honest in negotiations.
(6).Build a sense of belonging with your employees, “it’s our business.”
(7). “Money is a blessing.” Find ways to say thank you to: God, Customers and people in general.
(8).Do not pollute your pollute the environment in your business.
(9). “There is no such thing as individual happiness.” Here the example he gave: If you see a man walking down the street alone laughing, you will say that he is crazy. If you see 2 or 3 people walking down the street laughing together, you will say that they are happy.
(10). “Fear is the biggest enemy for an entrepreneur.” Every opportunity has inherent risk. Understand and weigh business risks.
