Entrepreneur of the Year 2025, Duncan Dlamini, has cautioned young business owners against resorting to unethical shortcuts under operational pressure, warning that a lack of integrity can permanently damage both businesses and personal credibility.
Dlamini spoke at the Youth Entrepreneurship Masterclass, hosted by the Municipal Council of Mbabane under its Smart City Living initiative, at Coronation Park, where he addressed aspiring entrepreneurs on the fundamentals of sustainable enterprise development.
He stressed that integrity must be embedded in a business from the outset, beginning with a well-structured business plan that clearly outlines the enterprise’s vision and values.
“Many companies include integrity as a value, but integrity begins with you as the business owner,” Dlamini said. “Even when you are out of stock, you do not make an alternative plan (a contingency plan), but you stick to the plan. That is how you protect your integrity.”
According to Dlamini, a business plan is not merely a funding requirement but a governance tool that guides decision-making, especially in difficult periods. He warned that compromising values to pursue short-term gains often leads to long-term failure.
He further underscored the importance of thorough research and market analysis, noting that inadequate preparation is a leading cause of business failure. Dlamini said that understanding market gaps and learning from others’ mistakes can significantly reduce risk and limit reliance on external funding.
“Without research, the business will fail,” he said. “When the foundation is properly laid, you will find that money becomes a secondary concern.”
Drawing on his personal experience, Dlamini explained that he started his business without collateral and grew it by relying on strategic planning, transparency, and stakeholder trust.
He highlighted the role of honest relationships in business sustainability, citing his working relationship with a key supplier during periods of cash-flow strain. Dlamini said that transparency with stakeholders helped him maintain operations despite delayed client payments.
“Relationships in business are built on trust,” he said. “If you are transparent and faithful in your arrangements, that trust will carry you in the long term.”
Dlamini also warned young entrepreneurs against mixing personal and business finances, noting that poor financial discipline can disqualify businesses from accessing funding. He advised entrepreneurs to maintain separate accounts and pay themselves salaries to ensure clear cash-flow records.
On compliance, Dlamini said many businesses fail not because they are unprofitable but because they ignore regulatory requirements. He cited his experience during the October 2025 foot-and-mouth disease outbreak, when movement restrictions affected meat-related businesses.
“My business was spared restrictions because I had long complied with standards,” he said. “Others had to scramble to meet requirements because they were not compliant.”
He added that non-compliance with institutions such as the Eswatini Revenue Service can quickly escalate into crippling penalties, urging entrepreneurs to adopt compliance practices early.
“Failure to comply comes with heavy consequences that can lead to total closure,” Dlamini said. “If you start being compliant from the beginning, it becomes a habit.”