How Patrice Motsepe Become South African Mining Businessman and Billionaire

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Patrice is not only the founder but also the executive of the African Rainbow Minerals. He has high positions in many different company boards. One of his positions is being chairman amongst other big companies.

Back in 2003 he became the owner of the well-known Mamelodi Sundowns. In 1994 during the period where people where getting used to democracy Motsepe being about black empowerment founded Future Mining. This gave black people an opportunity to work for a salary.

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Back in 1997 the price of gold wasn’t very high Motsepe used this to his advantage by buying goldmines from a company called AnglGold for $7.7 Million to the company that would today be known as African Rainbow Minerals.

This his method for several other business deals to buy more operating mines.

Since 2004 Motsepe has also been a non-executive director for ABSA. Motsepe was also the chairman of mining corp. back in 2005. His achievements were noticed by Forbes when he appeared on Forbes World Billionaires List in 2008 ranked 503rd.

What role has this entrepreneur played?

The main reason why Motsepe created a mining empire in the first place was so that black people could have work opportunities especially after the regime. Motsepe has created opportunities for those who couldn’t work because of certain issues creating employment in an industry where not muck skill is needed for one to work which at the time was widely available for many to work in his mines.

Why did he become an entrepreneur?

Motsepe an entrepreneur because he saw a gap in the market there was an opportunity in the industry and took that as an advantage of this he became an entrepreneur and invested during the right time. He saw the benefits for the long term of the empire he was about to start. He helped create jobs and later impacted the South African economy majorly.

Characteristics of the entrepreneur

Motsepe has many entrepreneurial characteristics such as risk tolerance Motsepe took a financial risk when deciding to invest in the mining scene at the time the price of gold was low which indicates a problem in the economy at the time but he still took that chance.

Flexibility Motsepe was socially flexible when the regime was ending which was the time he decided to invest in the mining scene.

Opportunity seeking Motsepe observed and saw a gap and acted on this gap in the industry. This helped with the problems that might have arisen in his community such as unemployment.

The factors of production entrepreneur used

The factors of production Motsepe used include raw materials which is a huge part of his businesses he needs the raw material for production and for his business to survive as they are based on this.

He used capital by investing in more than one business just like Trump this helped with the finances of the businesses the input of one is the output of another.

Entrepreneurship Motsepe founded his business and is the chairman which means most profits could go to him and he also gets to make executive decisions.

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