International Investors Choose South Africa, Nigeria and Kenya as Top 3 in 2011
Africa Business Communities, a fast growing network of entrepreneurs and professionals, just published a survey stating that international investors choose South Africa, Nigeria and Kenya as the best African countries on the continent for investment in 2011. All signs pointing out that entrepreneurship is, once more, the way to a greater Africa!
‘A survey conducted by Africa Business Panel among 800 business professionals involved with Africa shows that these 3 countries were earmarked as the continent’s favourites when it comes to international investment. Ghana, Angola, Tanzania, Rwanda, Botswana, Uganda and Mozambique are the runners up and complete the top ten countries for investment out of 53 economies on the African continent.
Virtually all African economies show promising year-on-year growth. This is attracting the attention of the international investor community who increasingly see Africa as ‘the last frontier’ for attractive growth opportunities. Research and numerous survey results among the international investor community consistently indicate that investors expect over half of the ten fastest growing economies in the world in 2011 to be African.’ If you had one doubt about the benefit of investing on the African soil, this should definitely rub your fears out.
‘The Africa Business Confidence Index has published a month-on-month business confidence index since January 2011. The index results for Africa based on surveys of 800 business professionals from more than 30 countries on the continent consistently show growth. Calculations are based on the purchase managers index methodology used globally. The outcome of the business confidence index for the African continent is consistent with the trust of the international investor community. The manufacturing business confidence index for May is 53.8 and for non-manufacturing 57.1 for the same month. Any number over 50 indicated growth.
It is no coincidence that the top-10 countries selected by the international investor community in 2011 are all sub-Saharan. Northern Africa has suffered a setback in confidence from investors owing to the political turmoil which started at the beginning of the year.
Another interesting outcome with regard to the most attractive African economies to invest in is the fact that they are among the largest on the continent and – with the exception of Rwanda – non-Francophone.
The top-10 African countries selected by the international investor community in 2011 in order of preference:
The top-10 African countries selected by the international investor community in 2011 in order of preference:
1. South Africa
2. Nigeria
3. Kenya
4. Ghana
5. Angola
6. Tanzania
7. Rwanda
8. Botswana
9. Uganda
10. Mozambique
2. Nigeria
3. Kenya
4. Ghana
5. Angola
6. Tanzania
7. Rwanda
8. Botswana
9. Uganda
10. Mozambique
Lourens van Niekerk, Senior Manager at Standard Bank, South Africa: ’Angola is still growing its economy at a massive speed and with the oil price appreciation it is bound to continue. A distinct lack of certain products and services is growing instead of declining and makes Angola a frontier market of the first order. You should also watch stock exchange developments, construction, green sector and professional services. As far as South Africa is concerned it needs to iron out its strategy after joining the existing BRIC countries, but its inclusion will surely result in increased trade. Using South Africa as a springboard into the rest of Africa is an attractive option for investors and I expect to see government initiatives to encourage this. Ghana’s economic and political stability persists as commercial oil production comes on stream for the first time. Trade with its neighboring giant Nigeria is key and Accra is an attractive commercial center to conduct business from with West Africa.’’
A very interesting survey, analyzed and explained in details by Linda Larbie, which shows, once again, how investors can find on the African soil, safe and sustainable businesses to grow or buy. Entrepreneurs, the future is in your hands.
Friday, 1 July 2011
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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.
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.
Leading Entrepreneurs: Vision, Passion and Perseverance
Being an entrepreneur, as defined by on-line encyclopaedia Wikipedia, applies to ‘a person who is willing to help launch a new venture or enterprise and accept full responsibility for the outcome.” Being willing to jump two feet first into a new adventure is not an easy task. But it can be hugely rewarding. And once at the head of a successful venture, one has to lead. This is a snapshot of what it takes to be in leadership.
You have now settled your business, let it be a flourishing internet-based company or a chain of restaurants. Based on a simple idea, you have developed a business plan, target your market, evaluate potential risks and outcomes and shared your vision with the relevant partners. The few steps prior to the launch of a business are already marked with the stamp of leadership.
One may think it only takes bravery and courage – and a little bit of wildness too – to be an entrepreneur, but the reality is: it takes leadership skills. One has to go through all obstacles, often alone, lead potential teams and partners towards an idea that has yet to emerge. How do you get to this state? How do you become a leader?
Leadership can be taught and learned. There are some tricks and tips that can help you gain confidence and the trust of people around you, may it be your team or your partners.
One may think it only takes bravery and courage – and a little bit of wildness too – to be an entrepreneur, but the reality is: it takes leadership skills. One has to go through all obstacles, often alone, lead potential teams and partners towards an idea that has yet to emerge. How do you get to this state? How do you become a leader?
Leadership can be taught and learned. There are some tricks and tips that can help you gain confidence and the trust of people around you, may it be your team or your partners.
The Golden Key: Listen
One of the most important rules to be a great leader is the ability to listen. Leaders take the time to listen to others, grasp information, let one’s creation and contribution be heard and valued before emitting a comment. It is crucial not to miss this step and cut people off. Don’t judge before you have taken the time to listen to the whole story. Allow others to express themselves. And only then, give your opinion and advice.
One of the most important rules to be a great leader is the ability to listen. Leaders take the time to listen to others, grasp information, let one’s creation and contribution be heard and valued before emitting a comment. It is crucial not to miss this step and cut people off. Don’t judge before you have taken the time to listen to the whole story. Allow others to express themselves. And only then, give your opinion and advice.
Image by glennharper via Flickr Recognition Of Talent
As a leader, it is important to be able to recognize who is doing what and who is succeeding at certain tasks. Your team needs support and attention and although criticism can be constructive, regular acknowledgement of one’s success is essential. Has one of your employees exceeded his sales for the month? Share his story with others. Call him personally to give him your congratulation. Use his example as an inspiration to others. And even give him a reward. It doesn’t need to be overwhelming, but acknowledgement of success is what will make your employees trust you as a leader.
As a leader, it is important to be able to recognize who is doing what and who is succeeding at certain tasks. Your team needs support and attention and although criticism can be constructive, regular acknowledgement of one’s success is essential. Has one of your employees exceeded his sales for the month? Share his story with others. Call him personally to give him your congratulation. Use his example as an inspiration to others. And even give him a reward. It doesn’t need to be overwhelming, but acknowledgement of success is what will make your employees trust you as a leader.
Accept Your Mistakes
Being a leader doesn’t mean being irreproachable. It doesn’t prevent you from being human. Escaping this reality will only make people less respectful. So whenever you make mistakes, be honest about it. You don’t need to share them with the world, you don’t need to post them on Twitter or Facebook hoping to get repentance for it – and risking to ignite fire instead – but don’t blame someone else for something you have done wrong.
Being a leader doesn’t mean being irreproachable. It doesn’t prevent you from being human. Escaping this reality will only make people less respectful. So whenever you make mistakes, be honest about it. You don’t need to share them with the world, you don’t need to post them on Twitter or Facebook hoping to get repentance for it – and risking to ignite fire instead – but don’t blame someone else for something you have done wrong.
Set The Right Example
Do what you preach. This is as simple as stated. If you ask your employees to be on time, don’t arrive late to meetings. If you want them to respect you, respect them in regards. Equal standards apply if you want to be a good leader. Show your team, your partners, how to drive the business by respecting a certain ethic and not compromising on your core values.
Do what you preach. This is as simple as stated. If you ask your employees to be on time, don’t arrive late to meetings. If you want them to respect you, respect them in regards. Equal standards apply if you want to be a good leader. Show your team, your partners, how to drive the business by respecting a certain ethic and not compromising on your core values.
Get Inspired And Inspire
You became the entrepreneur you are because you had an idea, a passion, a vision. Something that drove you to launch the business you are in and make it a success. Well, keep the fire going. In order to have a driven team behind you, you will need to inspire them. To show them why it is worth waking up every day and go to work. This might require you to get inspired too, so don’t hesitate to join workshops, establish connections, go to conferences that may be relevant to the field you work in and never stop learning. This way you will keep on growing and help others grow along.
You became the entrepreneur you are because you had an idea, a passion, a vision. Something that drove you to launch the business you are in and make it a success. Well, keep the fire going. In order to have a driven team behind you, you will need to inspire them. To show them why it is worth waking up every day and go to work. This might require you to get inspired too, so don’t hesitate to join workshops, establish connections, go to conferences that may be relevant to the field you work in and never stop learning. This way you will keep on growing and help others grow along.
Many say being a leader can be walking on a very lonely path. But it doesn’t have to be this way. It is up to you to make sure that your team backs you up, follows you and respects you so that your path as a successful leading entrepreneur is never a lonely one.
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
Agribusiness Focus on Africa
AFRICA – International Agribusiness Conference to focus in on Africa and its agribusiness sector.
Key stakeholders in the agribusiness industry have been invited for an international forum that will discuss ways to promote sustainable agriculture in Africa.
The two day AGROTEC-EMRC International business forum to be held in Lisbon, Portugal on 20 & 21 January will bring together more than 300 participants worldwide. Among these participants will be entrepreneurs, farmers, micro-finance institutions and bankers from across the world.
The participants will cast the light on Africa and discuss ways to improve agriculture in the continent with the invention of new technologies. It will also study current trends and look at ways to change current modes of operation in order to boost agriculture on the continent. The forum is a platform for private sector partnerships in agribusiness.
Lack of innovation and skills among farmers, rain shortage, floods and bad soils are some of the challenges that have limited the growth of agribusiness in Africa.
Governments can support the sector by establishing better infrastructure for efficient delivery of farm produce and ease access to credit for farmers.
The AGROTEC-EMRC International Business Forum has been organised by the Lisbon hosted AGROTEC Fair which showcases agricultural innovations and the EMRC, a global body that brings together entrepreneurs and financiers.The forum will also serve as a networking session and will be a platform for the start of new projects in agriculture and related sectors. The forum is a follow-up to a similar event that was held in Kampala, Uganda this year.
EAC Discuss Access to Microfinance
EAST AFRICA – The EAC is studying the possibility of eliminating Microfinance Institution licenses in the five member states to encourage greater access to financial services to SMEs.
This is one of the moves the EAC is considering as it seeks to harmonise MFI regulations in the region.
In a workshop recently held in Kigali to discuss the matter, 26 regulators of the Microfinance sector from the EAC region discussed how the harmonization of the MFI regulations would affect the performance of the sector, access to financing, supervision and regulation of the institutions.
The EAC observed that elimination of the Microfinance license would enable more microfinance institutions to set up and expand their operations in the region.
MFIs operating in either of the five states comprising of Kenya, Uganda, Tanzania, Rwanda and Burundi would then be allowed to operate anywhere in the region without requiring a license.
Microfinance institutions have played a key role in the region by providing financing for small businesses in rural areas, most of which are considered to be high risk by commercial banks.
Microfinance institutions have been providing training and financial services such as loans and insurance policies through partnerships with other organisations to mostly women and the youth.
This has contributed considerably to improving access to financial services in rural areas, the emergence and growth of entrepreneurs and the eradication of poverty.
Finance & Expertise Leads to Success
Being an entrepreneur primarily means being able to turn one’s creative and innovative idea into a lucrative business. Whether you are starting up a business or revamping an existing one, it will require expertise and financing. GroFin is an interesting and valuable option.
Banks, apart from the little few that are now entering the league of venture capitalists, often fail to meet the needs of entrepreneurs, stuck into an often too conservative and rigid way of thinking business. What could be the alternative?
‘GroFin is a leading multi-national financier and advisor to small and medium enterprises (SMEs). As growth finance experts since 2004, we invest in the future value and potential of entrepreneurs who own businesses at any stage of development (from start-up through growth to expansions), across all sectors.’
The company, operating in eight countries across the African continent is offering expertise and financing specifically tailored to one entrepreneur’s needs.
Why? Because the company understands that SME entrepreneurs are not corporates already in synch with the market. They often need guidance, help, individual attention, time in addition to finance support.
While bigger companies don’t want to waste time and have the internal resources to find solutions to day-to-day problems and obstacles, SMEs face constant challenges alone and would welcome expertise and help from specialists.
And this is just what GroFin is offering entrepreneurs: ‘We offer business finance solutions tailored to suit each client’s unique needs and aim to increase the ability of SMEs to succeed by providing them with more than finance. Success is achieved by affording each client access to GroFin’s in-house, local expertise for the duration of their loan.’
GroFin’s approach differs from a bank as the in-house experts strive to increase the ability of small and medium enterprises to succeed by providing entrepreneurs with support that addresses the unique challenges that they face.
The company’s finance is structured according to one’s business needs: ‘we will work with you to develop a financial plan that enables you to better understand and manage your business for its long-term profit and growth. We will assist you with a financial model, business plan and structure all at a market related price. This unique business finance offering combined with our continuous expert business support and guidance is your formula for success.’
A dream for willing entrepreneurs. There is a downside though, unfortunately, GroFin does not invest in primary agriculture or any businesses which do not comply with applicable environmental, legal and social requirements.
The limit for financing goes from US$50,000 up to US$1.5million.
Yet, in developing long-term partnerships with each entrepreneur individually, GroFin gets a better understanding of their business, providing support that is adapted to each and every entrepreneur. A tailor for your business? Yes, this is what GroFin could be for you.
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.
The Power of Strong Relationships in Business
The Power of Strong Relationships in Business
– We all have heard the infamous rule – widely spread by Donald Trump – don’t mix personal with business. If this may be true, it should however never mean that you cannot build close relationships with your clients. Here are a few tips on the power of strong and honest relationships.
Take the Time to Listen
In an era of an extremely fast flow of information, where people’s minds are constantly challenged, it remains essential to be able to listen to your client. Give them the time to tell you what they need, what they are looking for and why they chose to come see you. And yes, some clients may be more personal and start opening up to you, but this will help you get to know them better and make sure you give them what they need back.
In an era of an extremely fast flow of information, where people’s minds are constantly challenged, it remains essential to be able to listen to your client. Give them the time to tell you what they need, what they are looking for and why they chose to come see you. And yes, some clients may be more personal and start opening up to you, but this will help you get to know them better and make sure you give them what they need back.
Find Out: Ask the Right Questions
Asking questions will allow you to know your customers better. The more you know, the better you will be able to respond to their needs. It does not mean you should be invasive, just be honest and interested. Questions about someone’s family may tell you a lot about their lifestyle and in turn, their needs.
Asking questions will allow you to know your customers better. The more you know, the better you will be able to respond to their needs. It does not mean you should be invasive, just be honest and interested. Questions about someone’s family may tell you a lot about their lifestyle and in turn, their needs.
Pick Up the Phone and Call Back
Strong relationships are based on little attentions. If you said you will call a customer back as soon as you have a new delivery, then do it. Don’t wait for them to call you back. Make sure that you have a dedicated notebook on your desk where you pinpoint the date, the name of the customer, their request and leave some space to indicate the day you should call them back.
Strong relationships are based on little attentions. If you said you will call a customer back as soon as you have a new delivery, then do it. Don’t wait for them to call you back. Make sure that you have a dedicated notebook on your desk where you pinpoint the date, the name of the customer, their request and leave some space to indicate the day you should call them back.
Build Trust
Not being personal does not mean not being trustworthy. Trust is at the basis of any strong relationship. Make sure that your customers know they can rely on you, that you won’t fool them around. The simplest way to do this is to be honest. Tell the truth if there is a delay; don’t wait until days have passed to inform waiting customers. Treat others the way you would like to be treated; it is a simple, but golden rule.
Not being personal does not mean not being trustworthy. Trust is at the basis of any strong relationship. Make sure that your customers know they can rely on you, that you won’t fool them around. The simplest way to do this is to be honest. Tell the truth if there is a delay; don’t wait until days have passed to inform waiting customers. Treat others the way you would like to be treated; it is a simple, but golden rule.
Coffee or Tea?
More and more businesses around the world offer little extra luxuries that make a big difference. Offering coffee or tea to your customers, even if they are not meant to stay long, is a simple way to break the ice and start up a conversation without making it too obvious that you want to sell something. It does not take much and it will make them want to stay longer feeling more comfortable and treated.
More and more businesses around the world offer little extra luxuries that make a big difference. Offering coffee or tea to your customers, even if they are not meant to stay long, is a simple way to break the ice and start up a conversation without making it too obvious that you want to sell something. It does not take much and it will make them want to stay longer feeling more comfortable and treated.
Personal versus professional should not be a choice; there will be clients whom you will be closer to than others. What matters is how strong your relationships are. If you can build a network of relationships based on trust, honesty, integrity and respect, then you will have the foundations for a strong and prosperous business. No matter how personal they are.
Thursday, 30 June 2011
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Why You Need A Business Plan?
– Being a budding entrepreneur, you might find yourself asking the question if writing a business plan really is necessary. Formulating your ideas and spending time contemplating your business will increase your chances of actually following through and going into that business of choice.
Here are three answered questions about business planning and what to think about when going ahead with it:
Why Make A Business Plan?
In writing a business plan you should aim to analyse markets and research the industry you are going in to. The plan will give you the time to consider what opportunities are out there, what resources you need to find and who would make up the right team for a successful enterprise.
In writing a business plan you should aim to analyse markets and research the industry you are going in to. The plan will give you the time to consider what opportunities are out there, what resources you need to find and who would make up the right team for a successful enterprise.
Why Do I Need a Formal Plan?
You will need to evaluate your finances and project what finances will be needed in the future. Planning is about looking ahead, which will ensure a sustainable and growing business. If your business is going to need funding or investment from a bank, micro-financier or venture capitalist, these organisations always require a formal business plan. This is essential for someone to consider your ideas and company seriously.
You will need to evaluate your finances and project what finances will be needed in the future. Planning is about looking ahead, which will ensure a sustainable and growing business. If your business is going to need funding or investment from a bank, micro-financier or venture capitalist, these organisations always require a formal business plan. This is essential for someone to consider your ideas and company seriously.
Where Do I Start and End?
Traditionally business plans were very extensive, but people do not have the time to read long-winded material anymore. Keep your business plan short and concise, no more than 20 to 40 pages. The more visually stimulating it is the better and you can even prepare a presentation. Make sure your ideas are clear and researched, as well as that you have covered all aspects of the entity you would like to achieve.
Traditionally business plans were very extensive, but people do not have the time to read long-winded material anymore. Keep your business plan short and concise, no more than 20 to 40 pages. The more visually stimulating it is the better and you can even prepare a presentation. Make sure your ideas are clear and researched, as well as that you have covered all aspects of the entity you would like to achieve.
What Will They Look For?
Investors will look for entrepreneurs who they can see have examined the market for the product or service, made contact with potential or even accumulated real clients, has a network or team to support them and has a decent business model. They will also look for an executive summary, marketing plan and your financials of cash-flow.
Investors will look for entrepreneurs who they can see have examined the market for the product or service, made contact with potential or even accumulated real clients, has a network or team to support them and has a decent business model. They will also look for an executive summary, marketing plan and your financials of cash-flow.
The main reason any entrepreneur should invest time in making a business plan is for the soul reason of creating a more successful entity. A business plan allow others to understand your goals, ideas and company; as well as you will be focused and knowledgeable of your aims and business.
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.
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