Creating Wealth Recap
AWiB, with its astute discernment, recognized the necessity of early discussion on this matter and presented “Creating Wealth” for the June monthly event. Attendees arrived with determination, seizing every opportunity to develop their leadership abilities. The event welcomed AWiB members and guests, creating an atmosphere of anticipation and engagement.
The event focused on the paramount importance of wealth creation, not only in terms of financial gains but also encompassing various aspects of life. As our nation progresses towards stability and success, understanding the significance of wealth creation becomes increasingly evident.
AWiB’s President, Samrawit Meressa, extended a warm welcome to all and introduced the event sponsors, [emerge sponsors] Enat Bank, R&D Group, Gesha Village Coffee Estate, & Ethioiobs, and [connect sponsors] Chapa Financial Technologies (Chapa Capital) & Addmas Ethiopia Tour & Travel. Each sponsor had a brief moment to advertise their respective businesses, and Nyala Insurance, one of AWiB’s corporate members, also had the chance to highlight their services.
Menna Selamu, a strong advocate for improving the education system in Ethiopia, co-founder of Flipper International School, and a founding member of Eneho Fikir, moderated the event. She warmly introduced the esteemed guests, shedding light on the mysteries behind wealth creation. Menna emphasized that true wealth encompasses physical, emotional, and financial well-being, requiring long-term planning, financial insight, and a range of resources.
Speakers Ermias Eshetu, CEO of FSD Ethiopia, and Dr. Abush Ayalew, CEO of Cellular Consultancy, with their extensive experience in leadership and entrepreneurship, embarked on an exploration of wealth creation from both national and individual perspectives.
Ermias and Dr. Abush presented statistical evidence highlighting our generation’s critical point, with Ethiopia failing to establish comparable income levels with other countries. The immense disparity raised concerns about deep-rooted issues and the urgent need for greater productivity and efficiency. To address this, Ermias proposed three key ingredients for building wealth: startup capital, efficiency in production, and access to economic opportunities aligned with core competencies. Dr. Abush emphasized that wealth creation involves creating a comfortable life through quality education, healthcare, and other factors. He underscored the need for a wealth-creating environment, stable currency, and a committed government working in tandem with a driven citizenry. The audience eagerly took notes and prepared to have their queries addressed during the Q&A session.
The engaging Q&A session addressed various questions related to wealth creation with topics ranging from conflicting perspectives of Robert Kiyosaki’s “Rich Dad Poor Dad” [‘The love of money the root cause of evil’ vs. ‘The lack of money is the root cause of evil’] to the process of starting a business.
Dr. Abush notified participants that the love of money itself could lead to adverse outcomes, but the process of creating and utilizing money ethically enables us to contribute to the well-being of ourselves & others and brings us a sense of tranquility. Gaining, managing, and growing money ethically not only leads to personal satisfaction but also provides a profound sense of purpose and peace of mind. Starting a business was emphasized as a long journey, requiring perseverance and a mindset focused on growth.
As the famous African proverb goes, “If you want to go fast, go alone. If you want to go far, go together”. Menna concluded by emphasizing the importance of working together to build wealth. She stressed the main ingredient to grow our businesses has to do with governance but to expand our businesses we need to focus on systems and strategies. The famous wealthy entrepreneurs: Bill Gates, Jeff Bezos, Steve Jobs, Mark Zuckerberg, the Rockefeller family, and the like all built their wealth by pulling others with them. If we want to create wealth (which involves a holistic approach), and wealthy as a nation let’s strive to develop and grow together!