WRITE A STRONG BUSINESS PLAN TO GET FUNDING, SAY NYAMUKA EXPERTS
Investors and financial experts give advice to entrepreneurs
Lusaka, Zambia – Lack of a convincing business plan is one of the main reasons why entrepreneurs fail to get financial support for their businesses, according to finance experts.
“We need to see how your business performs on paper and that you can show that you have a positive trend,” Kukula Capital managing partner Tue Andersen advised delegates at the Nyamuka Zambia National Business Conference in Lusaka this week.
“As an investor we want to invest in a positive story – a positive development, so if you have that and you can demonstrate it, that is what you should work towards,” he said.
Mr Andersen was joined by ZANACO SME relationship manager Cynthia Mulenga and the co-founder of Abacus 360, Joe Liswaniso, in one of ten panel sessions during the Nyamuka Zambia National Business Conference at Mulungushi Conference Centre. The conference was opened by the Minister of Commerce, Trade and Industry Hon. Margaret Mwanakatwe along with Acting British High Commissioner Sean Melbourne.
During the other sessions, participants learnt from 30 business leaders and entrepreneurs on issues such as how to build their brands; setting up in property & construction, growing and adding value to agribusiness industries; competing in the public service industry and also on factors that lead to business success.
The business leaders and entrepreneurs included Cavmont Bank Chief Commercial Officer Betsy Nkhoma, KPMG senior manager Mafipe Chungu, Maybin Mudenda of Isizwe, Monica Musonda of Java Foods, Dr Jacob Mwanza of Zambeef Products, Chibamba Lopa of Grofin and Keira Irwin of Proflight Zambia, amongst others.
The Nyamuka Zambia National Business Conference was a key part of the Nyamuka Zambia Business Plan Competition, which seeks to unleash entrepreneurial talent across Zambia and to promote diversity, especially by encouraging more women and young people to enter the entrepreneurial space in Zambia.
The competition was launched in March, receiving an overwhelming response with more than 550 people applying, from which 60 semi-finalists were selected last month to go forward to the next stage of the competition. The business conference celebrates their success in getting so far and also celebrated the vital role small and medium sized entrepreneurs play in the Zambian economy.
The business conference provided entrepreneurs with the building blocks to move their businesses to the next level and to transform them into sustainable enterprises that will create jobs, wealth, and contribute towards the growth of Zambian economy, explained Nyamuka Zambia Manager Shalin Jethi.
The conference brought together entrepreneurs and small and medium enterprises to enrich their business journeys, helping them move towards becoming the transformative enterprises of tomorrow that can go on to create sustainable jobs and wealth to help with vital role of growing the national economy.
During the one-day event business experts and leading entrepreneurs shared their knowledge, skills and tools to enable participants to go away equipped and motivated for success. This was done by networking, interacting with captains of industry and successful entrepreneurs as well as through interactive learning panel discussions and expert sessions.
The Nyamuka National Business Conference also provided a platform for conference-goers, including semi-finalists, other entrepreneurs and growth-orientated SMEs, to interact with each other actively learning from each other’s experiences.
The Nyamuka Zambia conference and the business plan competition is part of the Private Enterprise Programme – Zambia (PEPZ), a five-year initiative funded by the UKAID that strives to enhance productivity and competitiveness in Zambia’s private sector by strengthening the capacity of micro, small and medium enterprises to deliver inclusive economic growth.
Conference sponsors include ZANACO, the Zambia Development Agency, the Lusaka Chamber of Commerce and Cavmont Bank.