Firm tips startups on sustaining businesses
By Imam Wali:
Local business advisory firm, Project Innovation Center (PIC) has tipped entrepreneurs to have their businesses registered with relevant authorities to attract investors and source funding easily.
This follows a financial literacy Training that the firm hosted in Lilongwe over the weekend.
It attracted over 150 entrepreneurs.
PIC Chief Executive Officer, Kondwani Ngwira, said they have rolled out a project called, One million entrepreneurs by 2025, in order to raise one million small and medium enterprises, nurture their ideas and connect them to potential investors.
“In order to achieve this we are conducting financial literacy and entrepreneurship training’s in all districts across the country. So far we have more than ten thousand small and medium entrepreneurs (SMEs) connected to us.
“50 percent of the entrepreneurs we train have registered their businesses and this is good news thus far” Ngwira said.
He added: “no bank or microfinance can provide loans to an uncertified business hence the need for business registration to access funds.”
The firm further coached the businesses on preparing a business plan, saving, re-investing and credit management among others.
One of the participants, Dyna Chikwese, said the training was insightful.
“We have gained knowledge on how best to grow our businesses, write funding proposals and come up with good business plans.
“The main focus is to develop businesses as solutions to already existing problems in our communities so that at the end of the day an entrepreneur is benefiting and also Malawians are benefiting,” Chikwese said.
She emphasized that lack of funding remains a major setback for growing businesses among SMEs.
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