Thomson Mpinganjira is a highly successful entrepreneur, and the first Malawian businessman to establish his own bank. In September 2019, Dr Thomson Mpinganjira spoke at the Amaryllis Hotel in Blantyre, Malawi before the Wealth Creation Forum, sharing tips on how to build a successful business enterprise.
Dr Mpinganjira explained the importance of diversification in business undertakings as a strategy to reduce investment risk. The FDH Financial Holdings Limited founder explained at Malawi’s inaugural personal finance and wealth creation conference that aspiring businesspeople should develop a circle of competence, a clearly defined industry, investment style, asset class, business model, or other area they are an expert in, investing only within that circle.
Staged by Sycamore Consult, a microfinance institution, the conference attracted several other acclaimed business gurus, including former Packaging Industries Managing Director Simon Itaye; Countrywide Car Hire owner Mike Mlombwa; Mpatsa Investments representative Jimmy Koreia; and Smile Life insurance company founder Stain Singo.
As a Fellow of the Association of Chartered Certified Accountants, Dr Thomson Mpinganjira
highlighted the importance of prospective entrepreneurs inculcating an ethos of saving more and spending less, setting aside a proportion of their monthly income as soon as they are paid in much the same way that the tax authority immediately deducts PAYE contributions. He underlined the benefits of resisting borrowing to establish a business, explaining that borrowing to expand a business once the entrepreneur truly understands it can be much more effective.
Dr Mpinganjira also said that diversification is key in business undertakings to offset investment risk, pointing out that business success and personal success go hand in hand, and explaining that entrepreneurs must concentrate on building strong personal credit worthiness.
In addition, he tipped that there is no single formula for investment and savings success. However, the key to such success requires risk taking and taking baby steps. Dr Thomson Mpinganjira advised the audience to forget big goals, concentrating instead on incremental steps for small, daily wins, starting gradually by setting aside small amounts every month.
In his presentation, titled Investment Lessons from an Entrepreneur, Thomson Mpinganjira advised entrepreneurs to start investing as soon as they start earning, since how much wealth it is possible to accumulate depends entirely on when an individual starts investing. Further tips and advice on how to build a successful business enterprise are contained in the attached PDF.
Also speaking at the event, entrepreneur and philanthropist Napoleon Dzombe outlined the importance of engaging communities, explaining that this helps them become productive, potentially expanding national wealth as communities contribute to economic growth. Mr Dzombe pointed out that unity is power, explaining that by everyone coming together, so much more is possible than by individuals working in isolation. He said that the creation of groups and cooperatives teaching and sharing knowledge could potentially lead to the production and export of quality staff. To learn more about Africa’s top trending industries, view the attached infographic.
About FDH Financial Holdings Limited
FDH Financial Holdings Limited is a diversified financial solutions and investments centre that was established by Dr Thomson Mpinganjira, a respected Malawian businessman, in 2007. Find out more about Dr Mpinganjira by viewing the attached video.
Today, FDH Financial Holdings Limited is jointly owned in the following shares:
- Development Limited (55%)
- Old Mutual (Malawi) Limited (40%)
- FDH ESOP Limited (5%)
FDH Financial Holdings Limited wholly owns the following subsidiary companies:
- First Discount House Limited (incorporated in 2002)
- FDH Bank Limited (incorporated in 2008)
- FDH Money Bureau Limited (incorporated in 2009)
FDH Financial Holdings Limited prides itself on offering high quality services to all of its clients. The organisation has established a formidable reputation in all of its business arms, providing innovative financial solutions to meet the diverse individual needs of all of its commercial and private clients.