Expanding Internet Opportunity in Kenya
An event held by the Kenya ICT Board demonstrated a challenge where ICT entrepreneurs were given the opportunity to present business pitches involving internet technology, development and enterprise to selected venture capitalists and other entrepreneurs.Those with the best ideas stood the opportunity to receive investment and funding for the setup of their IT proposal. The entrepreneurs presented business models on which they were analysed and judged by a select panel.
Venture capitalists and advisors were looking for focused and viable business ideas that have solid plans for revenue and show capability of success as an IT business in Africa at the event and from entrepreneurs. In East Africa internet usage and access is still limited, therefore strategies had to have a global strategy and the panel was seeking individuals to meet their criteria.
The Kenya ICT Board was established in 2007 and together with the Government aims at realising ICT industry that will contribute to the economy and its growth.
“The achievement of an information-based society is one of the main priorities of the Government towards the realization of national development goals and objectives for wealth and employment creation. ICT is one of the fastest growing sectors in the country. Harnessing of ICTs will therefore help the Government to realize a number of its key public policy objectives. In general, ICT will contribute significantly to the process by improving government operations as outlined in the e-government strategy.” Kenya ICT Board
The event was an exciting venture into progress for East Africa and Kenya where the internet is growing and spreading rapidly, as well as a platform and opportunity for financiers and entrepreneurs to meet.
Friday, 1 July 2011
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Easy Tips to Find New Clients
We all know that a company runs its business off people. Building relationships is a key factor to bringing in business, but how do we do this?
Ever thought of using those people who you already know as resources for expanding your business? Find out that building up a client base is not as hard as you thought it was.
Name Your Target Market
You need to figure out who your ideal client is. Know what their age group, lifestyle, location, and marital status is and any information that can help you to access them and their needs more easily. You need to know these factors for your business to be moving forward. If you are having trouble figuring this out, find out what main qualities your three top clients have in common.
You need to figure out who your ideal client is. Know what their age group, lifestyle, location, and marital status is and any information that can help you to access them and their needs more easily. You need to know these factors for your business to be moving forward. If you are having trouble figuring this out, find out what main qualities your three top clients have in common.
Get Yourself Out There
There is no point having a company that no one can find. Your company name, brand, contact details and all other information needs to be available to clients and customers. This is called your marketing material. The more visual and creative this material, the better chance you will have at bringing in clients. This includes a website, business cards and brochures or any other material that lets people know who you are what you do.
There is no point having a company that no one can find. Your company name, brand, contact details and all other information needs to be available to clients and customers. This is called your marketing material. The more visual and creative this material, the better chance you will have at bringing in clients. This includes a website, business cards and brochures or any other material that lets people know who you are what you do.
Use Your Existing Leads
Communication to friends and family is the most valuable place to start. Be proactive about telling people about what you do, as you never know who they might tell about your services. They possibly will even need you themselves and can spread the word about your business to their clients and contacts. Send out a personalised, but official mail to all your existing contacts about your company.
Communication to friends and family is the most valuable place to start. Be proactive about telling people about what you do, as you never know who they might tell about your services. They possibly will even need you themselves and can spread the word about your business to their clients and contacts. Send out a personalised, but official mail to all your existing contacts about your company.
Be Positive and Friendly to your Contacts
People do not only seek expertise, but also people that leave them feeling good and they know they can trust. When spending time with someone, whether it be work or play, one wants to know that it is going to be a good experience. No matter what is happening personally or with your business, present yourself in a good light an d with a good attitude. When things go wrong or a problem occurs it is a chance to prove your trustworthiness as a business and person by following up and fixing it.
People do not only seek expertise, but also people that leave them feeling good and they know they can trust. When spending time with someone, whether it be work or play, one wants to know that it is going to be a good experience. No matter what is happening personally or with your business, present yourself in a good light an d with a good attitude. When things go wrong or a problem occurs it is a chance to prove your trustworthiness as a business and person by following up and fixing it.
Know Your Client
For any existing clientele that you do have, you need to know them and their business very well. You should know your clients’ needs and sense what questions they need to be asked before they come to you. Your clients should feel you are there for them even when there is not a sale being made. Focus on the client and ask them question instead of telling them only about your services, this way you can offer them resourceful when they need it.
For any existing clientele that you do have, you need to know them and their business very well. You should know your clients’ needs and sense what questions they need to be asked before they come to you. Your clients should feel you are there for them even when there is not a sale being made. Focus on the client and ask them question instead of telling them only about your services, this way you can offer them resourceful when they need it.
Join a Group and Attend Events
A great way for gaining insight, making contacts and picking up advice is by joining a group. Try to find a group associated to what you are doing, possibly an entrepreneurial group or even a charity group. Find one that meets regularly so you can build up relationships, which is the key to your business spreading. Whenever you have the opportunity attend an event, as doing this regularly will mean over time and repetition people will get to know you and your business. Even if you do not enjoy events, you will enjoy the fact that you attended when it starts bringing in the business!
A great way for gaining insight, making contacts and picking up advice is by joining a group. Try to find a group associated to what you are doing, possibly an entrepreneurial group or even a charity group. Find one that meets regularly so you can build up relationships, which is the key to your business spreading. Whenever you have the opportunity attend an event, as doing this regularly will mean over time and repetition people will get to know you and your business. Even if you do not enjoy events, you will enjoy the fact that you attended when it starts bringing in the business!
Tips for Running an Online Business
The internet has made the world a small community. Today it is easier to sell your products and services across a large geographical area. Having a website has become an essential for most businesses. Here are a few tips to help start and successfully run a business online.
#1 Build a Customer Friendly Website
Develop and build a user friendly website. Your website should be simple to use, but should also grab the users’ attention in just a few seconds. It should have enough information about your business and the products and services you sell. It should also give users the option to buy online if they wish to. Users can for instance have the option to either leave questions and comments or have a live chat with a customer care personnel.
Develop and build a user friendly website. Your website should be simple to use, but should also grab the users’ attention in just a few seconds. It should have enough information about your business and the products and services you sell. It should also give users the option to buy online if they wish to. Users can for instance have the option to either leave questions and comments or have a live chat with a customer care personnel.
#2 Use Email Marketing
It is important to constantly market your business. Why not use email marketing which is cheaper compared to newspaper, radio and TV Advertisements? You can send emails to customers and subscribers. This is likely to be very effective since users who leave their contacts imply they have an interest.
It is important to constantly market your business. Why not use email marketing which is cheaper compared to newspaper, radio and TV Advertisements? You can send emails to customers and subscribers. This is likely to be very effective since users who leave their contacts imply they have an interest.
#3 Attend Online Forums
Attend online forums to interact with consumers. This will give you a picture of what potential customers are looking for. You can then use your findings in developing short articles and videos that offer solutions to customer enquiries in the sector you operate in. This will generate traffic to your website, as users can get useful expert advice.
Attend online forums to interact with consumers. This will give you a picture of what potential customers are looking for. You can then use your findings in developing short articles and videos that offer solutions to customer enquiries in the sector you operate in. This will generate traffic to your website, as users can get useful expert advice.
#4 Reward Customers
Want to have a following of loyal customers? Reward your customers. You can give loyalty points for a meal, a drink, entry into a competition draw, or a discount on the products and services you sell. The idea is to encourage customers to buy more.
Want to have a following of loyal customers? Reward your customers. You can give loyalty points for a meal, a drink, entry into a competition draw, or a discount on the products and services you sell. The idea is to encourage customers to buy more.
#5 Have a Physical Branch
To have maximum success in your online shop it is important to have a physical presence. This will come in handy say when potential customers want to try out products before they buy, want a demonstration or would like to know more about the product.
To have maximum success in your online shop it is important to have a physical presence. This will come in handy say when potential customers want to try out products before they buy, want a demonstration or would like to know more about the product.
#6 Generate Traffic
To sell more you have to generate traffic to your website, after all it is your online store. You can for instance use the Pay-Per-Click Advertising with search engines to help generate traffic to your website.
To sell more you have to generate traffic to your website, after all it is your online store. You can for instance use the Pay-Per-Click Advertising with search engines to help generate traffic to your website.
Six Money Management Tips for Start Ups
One of the reasons behind the failure of most business start ups is poor money management skills among entrepreneurs. To avoid making such mistakes we have prepared six money management tips for you.
#1 Watch your Expenditure
Be careful how you spend money. You can for instance outsource services or hire part time employees instead of employing staff on full time basis. You can also run your business from home during the early months of operations.
Be careful how you spend money. You can for instance outsource services or hire part time employees instead of employing staff on full time basis. You can also run your business from home during the early months of operations.
#2 Draw a Financial Plan
It is important to have a financial plan outlining the expected growth of your business. Include your expected expenditure, investment, sales and profits. This will help you determine whether your business is on the right path.
It is important to have a financial plan outlining the expected growth of your business. Include your expected expenditure, investment, sales and profits. This will help you determine whether your business is on the right path.
#3 Involve a Professional
Seek assistance from professionals like accountants, auditors and financial advisors. They will help you draw a financial plan, offer advice on areas you need to improve on and can raise a red flag in the case that they see any warning signs in your business.
Seek assistance from professionals like accountants, auditors and financial advisors. They will help you draw a financial plan, offer advice on areas you need to improve on and can raise a red flag in the case that they see any warning signs in your business.
#4 Save for the Future
Like life, business has both its highs and lows. One day you could be making huge profits and the next extreme losses. The performance of your business can be affected by very many internal and external forces, such as bad weather, conflict, economic recession or labour laws. It is crucial to put aside money for future.
Like life, business has both its highs and lows. One day you could be making huge profits and the next extreme losses. The performance of your business can be affected by very many internal and external forces, such as bad weather, conflict, economic recession or labour laws. It is crucial to put aside money for future.
Image by Toban Black via Flickr #5 Include your Salary
Most entrepreneurs would happily pay their employees, but do not bother to pay themselves. Draw your salary and that of other co-founders; after all, you can’t work for free forever. In the long run if your business cannot meet your salary expectations then you might have to review the viability of that business.
Most entrepreneurs would happily pay their employees, but do not bother to pay themselves. Draw your salary and that of other co-founders; after all, you can’t work for free forever. In the long run if your business cannot meet your salary expectations then you might have to review the viability of that business.
#6 Be Realistic
Whereas it is okay to dream big, be realistic with your growth projections, revenue targets and price of services and products. For instance, do not assume you will make millions in profits in the first year just because your products are unique. Set both long and short term achievable goals.
Whereas it is okay to dream big, be realistic with your growth projections, revenue targets and price of services and products. For instance, do not assume you will make millions in profits in the first year just because your products are unique. Set both long and short term achievable goals.
How to Find An Angel Investor And Get Started
You have the perfect idea, it’s time to get financed and bring your project to the next level. Being an entrepreneur is all about talent, perseverance and funding. You can chose to knock at a bank’s door or send your application to an Angel Investor. Here is what you need to know to be ready when meeting a venture capitalist.Finding a venture capitalist willing to take the risk to invest in your project will require you to get prepared. The process might be long and venture capitalists only go with very few entrepreneurs. In order to be one of them, you will need to prepare yourself and learn how to sell your project. As Marketing expert and ex-Venture Capitalist Tomer Tzach explains ‘You should prepare for a process that can take six or nine months or even a year, depending on the market conditions. You need to prepare for people with little knowledge of your technology or market who are comfortable telling you that there is no market for your technology.’
Brace Yourself And Have All The Right Ammunition
Yes, prepare yourself as you don’t want to miss any opportunity to get financed. This simply means that you will need to know everything about your project even though it has been launched. A book which can be very helpful in this process is, Venture Capital Book: An Entrepreneur Guide To Obtaining Capital To Start A Business (…) by David Gladstone[1]. The author demystifies interactions between investors and entrepreneurs, giving keys to present one self, and sell one’s ideas, go through the deal process and understand the jargon. Since you will need to present your project professionally and uniquely enough to catch the investor’s interest, making sure that you have your business plan, projections and references in hand is essential. Don’t go for mediocrity or your chance to get financed will drop drastically.
Yes, prepare yourself as you don’t want to miss any opportunity to get financed. This simply means that you will need to know everything about your project even though it has been launched. A book which can be very helpful in this process is, Venture Capital Book: An Entrepreneur Guide To Obtaining Capital To Start A Business (…) by David Gladstone[1]. The author demystifies interactions between investors and entrepreneurs, giving keys to present one self, and sell one’s ideas, go through the deal process and understand the jargon. Since you will need to present your project professionally and uniquely enough to catch the investor’s interest, making sure that you have your business plan, projections and references in hand is essential. Don’t go for mediocrity or your chance to get financed will drop drastically.
Pick Carefully, You Are Building A Trust Relationship
Tomer Tzach also advises to carefully plan how to target which VCs you will contact. In short, make some research prior to contacting them and don’t pick randomly. Surely, there will be venture capitalists closer to your town, your field of expertise or who have already invested in similar projects. This will be translated in them being more in synch with what you want and clearly better able to help you get started. Rank the VCs you have chosen according to their ability to finance you. Tzach insists: ‘I’d recommend beginning the VC outreach process with the lower ranked VCs who are also less likely to invest in your company, so that you can get some practice under your belt, and if you make a mistake, it won’t be critical.’ You can find VCs on the Internet:
Tomer Tzach also advises to carefully plan how to target which VCs you will contact. In short, make some research prior to contacting them and don’t pick randomly. Surely, there will be venture capitalists closer to your town, your field of expertise or who have already invested in similar projects. This will be translated in them being more in synch with what you want and clearly better able to help you get started. Rank the VCs you have chosen according to their ability to finance you. Tzach insists: ‘I’d recommend beginning the VC outreach process with the lower ranked VCs who are also less likely to invest in your company, so that you can get some practice under your belt, and if you make a mistake, it won’t be critical.’ You can find VCs on the Internet:
Check also Business Universities with Entrepreneurship Programs, as they will be a great source of angel investors, Business Incubators and local Chambers of Commerce.
It Doesn’t Stop With Money
Once you will have been financed, you will be ‘stuck’ with an investor checking that he/she gets returns on the money invested. The relationship doesn’t stop once you get the money. You are building a long-term relationship with a potential partner so make sure that you have delimited the boundaries and set the rules. Both sides of the relationship need to agree and walk hand in hand for the business to be a success. Also, make sure that you know when you will need to take the reins and go on your own. And be clear about it.
Once you will have been financed, you will be ‘stuck’ with an investor checking that he/she gets returns on the money invested. The relationship doesn’t stop once you get the money. You are building a long-term relationship with a potential partner so make sure that you have delimited the boundaries and set the rules. Both sides of the relationship need to agree and walk hand in hand for the business to be a success. Also, make sure that you know when you will need to take the reins and go on your own. And be clear about it.
A Very Small Family
VCs are part of a small family where they all know each other. This means that if you screw the relationship up, it may end in everybody knowing about it within the industry. So communicate with your VC at all times, make sure that you support and create a healthy relationship with the person who has been willing to take the risk with you.
VCs are part of a small family where they all know each other. This means that if you screw the relationship up, it may end in everybody knowing about it within the industry. So communicate with your VC at all times, make sure that you support and create a healthy relationship with the person who has been willing to take the risk with you.
Angel investors are out there, no matter the international crisis or the decrease in general investment. Get your gear ready and go get your business the finance it deserves. It’s up to you to be successful.
Tomer Tzach on Venture Beat http://venturebeat.com/2011/03/24/smarter-entrepreneur-vcs/
Venture Capital Book: An Entrepreneur Guide To Obtaining Capital To Start A Business (…) by David Gladstone http://www.amazon.com/Venture-Capital-Handbook-New-Revised/dp/0139415017
Steps to Making The Best Out Of Social Networks
Twitter, Facebook, LinkedIn, Myspace, the World Wide Web is a real playground to build and expand your network. Updating status regularly on all platforms can quickly become very time consuming. We are giving you in five steps, the art of spreading the word without wasting your time.
Do you remember the last time you placed a stamp on an envelope? The last time you walked to a mailbox to slide a letter in the hole? Don’t blame your memory if you can’t pin a date, you haven’t done this in a probably very long time.
Today, the vast majority of businesses’ communication is done either via emails or/and social media. The rise of smartphones and mobile phones in general, allows users to check their emails and stay informed from almost everywhere in the world. Whether you are sitting in a bus on your way to work, shopping for groceries or attending a conference, staying in touch is about making sure that your cellphone is charged and that the Wi-Fi is on. It is a lot cheaper and faster than sending normal letters via the post.
The shift from normal post to e-communication means a different way of sending information. If emails still give you a bigger space to share what you need, people on the other end of the line may not have the time to read lengthy messages.
The era of short, punchy, straight-to-the-point communication has started. This the how-to list to make the best out of your social network.
1. Learn The Tricks
If it usually is very easy to get started, some Social Networks have their very own language and vocabulary. Before you start updating your status and send information about your business across the void, make sure you spend some time reading the user guide. Twitter, for example, works around ‘@’ to send messages to someone specifically and ‘#’ to highlight a word you would like to be easily found in the search engine.
If it usually is very easy to get started, some Social Networks have their very own language and vocabulary. Before you start updating your status and send information about your business across the void, make sure you spend some time reading the user guide. Twitter, for example, works around ‘@’ to send messages to someone specifically and ‘#’ to highlight a word you would like to be easily found in the search engine.
When posting a link to your website, make sure you don’t live it as it, as links will often be too long and twitter only allows messages 160 words long. You can shorten links on websites like bit.ly.com.
2. Get Ready: Download A ‘Social Media Dashboard’
There are few dashboards that will allow you to register for all your social networks and post status simultaneously on all of them. These are precious tools that will spare you from the hassle on posting the same status onto each and every page. Our favorite is Tweetdeck: http://www.tweetdeck.com/desktop/
There are few dashboards that will allow you to register for all your social networks and post status simultaneously on all of them. These are precious tools that will spare you from the hassle on posting the same status onto each and every page. Our favorite is Tweetdeck: http://www.tweetdeck.com/desktop/
It is simple to use, uncluttered and the general look is very professional. You can also check HootSuite or Threadsy. Now you can get all your coms out in one click.
3. Get Feedback & Interaction
In order to make the best out of your social networks, try to get feedback or comments from your customers. Roll out weekly polls, ask questions, present options. Followers and friends will be inclined to reply and the benefit for your business will be priceless.
In order to make the best out of your social networks, try to get feedback or comments from your customers. Roll out weekly polls, ask questions, present options. Followers and friends will be inclined to reply and the benefit for your business will be priceless.
4. Promote, Share & Discuss
Use those platforms to present a new product, share ideas or discuss matters that are pertinent to your business. But don’t forget to add links to redirect people to your website!
Use those platforms to present a new product, share ideas or discuss matters that are pertinent to your business. But don’t forget to add links to redirect people to your website!
5. Brand Image
Whatever you post, make sure that it respects your brand image. This is not about your personal opinions but about making your business heard, known and seen. If you decide to allocate someone specifically to head the Social Media Portfolio, spend some time explaining this person what are your ideas, your core values and your essence. The last thing you want is some offensive personal comments made under your business’ name.
Whatever you post, make sure that it respects your brand image. This is not about your personal opinions but about making your business heard, known and seen. If you decide to allocate someone specifically to head the Social Media Portfolio, spend some time explaining this person what are your ideas, your core values and your essence. The last thing you want is some offensive personal comments made under your business’ name.
How Can I Protect My Business Idea?
You have a brilliant idea that you think if executed can make a profitable business enterprise. Unfortunately, you have no capital to turn your dream into reality. Who do you turn to? A potential investor, partner or even enter a business plan competition. Can you trust them with your idea? Seasoned entrepreneurs will tell you that holding onto your idea is not the solution.
Sharing your idea with the right people or in the right environment gives you exposure and a platform to meet and interact with other entrepreneurs, business leaders and potential customers. It is also an opportunity that helps you streamline your ideas with real market needs on the ground. Here a few tips to protect your business plan.
Don’t Tell All
When talking to potential investors, one of the best ways to reduce the risk of your idea being duplicated and implemented by another company is to limit the amount of information you disclose, especially during the early stages of discussions. For instance, instead of sending an entire business plan to an investor you can send a detailed executive summary. Later, as discussions progress, you can reveal more information.
When talking to potential investors, one of the best ways to reduce the risk of your idea being duplicated and implemented by another company is to limit the amount of information you disclose, especially during the early stages of discussions. For instance, instead of sending an entire business plan to an investor you can send a detailed executive summary. Later, as discussions progress, you can reveal more information.
Include a Confidentiality Notice
You should include a disclaimer in your business plan to avoid wrongful distribution or use. The financier you are presenting the business plan to should sign the disclaimer.
You should include a disclaimer in your business plan to avoid wrongful distribution or use. The financier you are presenting the business plan to should sign the disclaimer.
For instance, you can write the following:
The content of this business plan is confidential. The information herein has been prepared for review by XYZ Bank and should not be shared without written permission.
XYZ Bank
____________ (signature)
Date
____________ (signature)
Date
Seek Legal Advice
Have a great idea that you think can be of use to a big company and at the same time generate money for yourself? Before you pitch talk to a lawyer. A big company probably has the finances needed to execute the plan, hence it is important to get legal advice and find out how safe your idea is once you disclose it to another party.
Have a great idea that you think can be of use to a big company and at the same time generate money for yourself? Before you pitch talk to a lawyer. A big company probably has the finances needed to execute the plan, hence it is important to get legal advice and find out how safe your idea is once you disclose it to another party.
Understand Intellectual Property Rights
Intellectual property rights simply means that if you come up with an idea, you have the exclusive right to implement the idea for a period of time. For instance, if you have a technology business and come up with a new innovation it is important to patent or copyright your innovation, so as to have exclusive rights to exploit the commercial benefits of the innovation.
Intellectual property rights simply means that if you come up with an idea, you have the exclusive right to implement the idea for a period of time. For instance, if you have a technology business and come up with a new innovation it is important to patent or copyright your innovation, so as to have exclusive rights to exploit the commercial benefits of the innovation.
Thursday, 30 June 2011
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