Zambian entrepreneur’s tips on raising cash

Maybin Madiba Mudenda, a Zambian who specialises in private equity, started out as a schoolboy selling CDs for pocket money before becoming an insurance sales agent.

As part of the latest series of African Dream, the businessman, who now owns a wheat farming project in Chisamba and Insieme, which holds fifty percent of African Grey Insurance and twenty percent of Genesis Finance, shares his tips for those seeking backing for their business ventures and suggests how governments should help.

Zambian entrepreneur Maybin Madiba Mudenda tells the BBC how entrepreneurs can improve their chances of raising cash and what governments should be doing to help them.

Don’t rush it: Entrepreneurs are often too quick to present their business ideas. An idea must be perfected first through extensive research and planning before being presented to a potential investor

Have confidence:  Lack of investor confidence in young entrepreneurs may be partly because young entrepreneurs lack confidence in themselves. No-one wants to entrust their money to someone who does not trust him- or herself. Fear is one of the greatest obstacles to success

Learn from mistakes: One of the most important ways to assess an entrepreneur is to see how they respond to failure. Many young entrepreneurs do not learn from their mistakes and carry the same mistake on with them to every individual or organisation they approach later.

 

Source BBC