Quotes from the article published on Forbes Magazine:
“One day, I called my father and asked him to supplement my income... Rent for my small apartment was $30,000 a year, and I was paying over 30% of my income in taxes. Life was really expensive,” Dewji says.
Mo’s father politely declined to offer any more financial support, instead inviting him to return home and join the family business.
“My dad said I was chasing pennies in New York when there was a fortune to be made in Tanzania. He said I was just wasting my time in the U.S,” Dewji recollects with a smile.
On the heels of his father’s advice, Mo, who was 23 years old at the time packed his bags and returned to Tanzania.
Dewji, who was just 29 at the time, took a $1 million loan from his father and bought a soap manufacturing plant that was up for sale. He also acquired an edible oil refinery and a couple textile mills that were either defunct or underperforming. Using a lean management style, investing in technology and experienced personnel and cutting costs as much as possible, Dewji turned these facilities around and says he made them profitable in less than two years.
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