Tips for executing a business idea

Fostering an entrepreneurship culture will enable more SMEs to graduate and become larger business ventures.

30 January 2018 | Banking

A business idea should come about as a solution to a challenge in a given community or society at large. - Mbo Luvindao, Manager: Bank Windhoek ESME Branch

Entrepreneurship is key to job creation. Not all SMEs create jobs, however, especially during the early stages of the venture. By nurturing and encouraging entrepreneurship, an environment can be created to grow informal survivalist businesses into more structured business ventures that could have a longer lifespan and create much needed employment.

Entrepreneurship seen from this point of view, contributes to economic growth, toward empowering women, the youth and disabled members of the community, says Mbo Luvindao, manager at Bank Windhoek’s Emerging Small and Medium Enterprise Branch.

“I have no doubt that entrepreneurship is key to job creation. I do however believe that there is more that needs to be done to foster an entrepreneurship culture in Namibia. This will enable more SMEs to graduate and become larger business ventures,” says Luvindao.

Daunting

The most daunting questions that face entrepreneurs who would want to start a business, are: How do I formalise my business idea? Why is a business plan necessary? What steps are involved in developing a business plan? Where to find help in getting the business started?

Entrepreneurs are often defined as innovators. They are creative and often start a business because of a need or gap they have identified in their communities.

“A business idea should come about as a solution to a challenge in a given community or society at large. If the solution is applied efficiently, adopted by the community with ease and subscribed to repetitively, the business will grow. The willingness of the entrepreneur to keep his finger on the pulse and continuously respond to the changing demands of his market will determine the success of the business in the long term,” says Luvindao.

Sticking to the basics is crucial, though. Once you have identified a need for a particular service or product, you will most probably come up with a business idea to meet that need. You will then need to formalise your business idea and create a business plan, he says.

Business plan

A business plan is document that clearly sets out the goals and objectives of your new business and explains how they will be achieved. The plan should also include any anticipated challenges and plans on how these challenges will be overcome.

A business plan is a document that states a business’ background, goals and objectives. It also includes plans for reaching these goals and objectives and plans to overcome challenges. In simple terms, a business plan is a road map that indicates a business’ goals and how the entrepreneur plans on achieving these goals.

Business plans differ, but in general they should include the following;

• The description of the business, its products and services

• Target market

• Details on the management of the business and staff

• Details on competitors

• Marketing strategy

“The most important thing is that once the plan is completed, the entrepreneur must fully understand it and be able to defend what it states about the business,” says Luvindao.

Assistance

The lack of start-up capital remains one of the major obstacles for entrepreneurs. Bank Windhoek understands this and the ESME Branch was established to mitigate this challenge, says Luvindao.

Bank Windhoek’s ESME Branch caters for Namibian entrepreneurs with the potential to contribute positively to the country’s economy. With its new improved service offering, entrepreneurs can now gain access to finance and conduct their business banking activities at one convenient location.

“To further strengthen its relationship with customers, the bank offers support such as mentoring and training programmes. These targeted programmes are designed to guide entrepreneurs to successfully manage their business’ finances and assist business owners in any other areas where they require guidance,” says Luvindao.

Similar News

 

TEST

2 weeks ago - 22 July 2021 | Banking

TEST Story

More savings for FNB customers: Alternative channel fees unchanged

3 weeks ago - 09 July 2021 | Banking

“When conducting the annual review of our pricing for transactional banking, we considered the current operating environment coupled with the unique circumstances businesses and individuals...

Nedbank Namibia invests in skills and knowledge

1 month - 25 June 2021 | Banking

Wetumwene Shikage The bank has awarded bursaries amounting to N$400 000 to 10 students, including seven of its staff members. Education continues to be a...

Capricorn Group gives Women’s cricket wings

1 month - 08 June 2021 | Banking

Capricorn Group and its subsidiary Capricorn Asset Management, and Capricorn Private Wealth sent off the Namibian National Women’s Cricket Team – The Eagles – today,...

Hard work works

2 months ago - 31 May 2021 | Banking

Hartung was born in South Africa, Cape Town, where he spent his early childhood. He later moved to Namibia where he completed his primary and...

Get your spice on

2 months ago - 21 May 2021 | Banking

Mariselle StofbergThe 2021 Nedbank Kapana Cook-Off Competition was launched on Friday, 7 May in Windhoek with a media launch which saw 14 Namibian media houses...

Get your spice on

2 months ago - 14 May 2021 | Banking

Mariselle StofbergThe 2021 Nedbank Kapana Cook-Off Competition was launched on Friday, 7 May in Windhoek with a media launch which saw 14 Namibian media houses...

!Gawaxab: ‘Banks must be affordable’

2 months ago - 12 May 2021 | Banking

Jo-Maré Duddy - While ensuring a financial sector at the cutting edge of the technological revolution, banks should not be oblivious to perceptions of high...

Success is no accident

2 months ago - 07 May 2021 | Banking

Nedbank Namibia honors its top achieversWetumwene Shikage On Friday, 30 April, Nedbank Namibia held its annual Employee Top Achiever Awards at the site of the...

Success is no accident

2 months ago - 07 May 2021 | Banking

Nedbank Namibia honors its top achieversWetumwene Shikage On Friday, 30 April, Nedbank Namibia held its annual Employee Top Achiever Awards at the site of the...

Latest News

Vaccinated northern chiefs urge subjects...

2 hours ago | Health

TUYEIMO HAIDULA OSHAKATI Communities often look to traditional and religious leaders for advice on how to live. In northern Namibia, these...

EDITORIAL: Happy 80th birthday, Mr...

2 hours ago | Opinion

Today we pause to wish, though belatedly, President Hage Geingob a revolutionary and happy birthday.On the day he turned 80, the usual pomp and fanfare...

DRC fire victims get new...

2 hours ago | Accidents

Adolf Kaure SWAKOPMUNDHome affairs minister Albert Kawana recently handed over 33 identity documents (IDs)...

Suspected stock thieves on the...

2 hours ago | Crime

OTIS DANIELS SWAKOPMUNDPolice confirmed an incident of stock theft that took place at farm Waldheim between last Thursday and Sunday in the...

Delgado-Lühl citizenship judgement postponed

2 hours ago | Justice

JANA-MARI SMITH WINDHOEK The much anticipated judgement in a citizenship case of...

Food security assessed this month

2 hours ago | Agriculture

ELLANIE SMITWINDHOEKThe latest assessment to determine the status of livelihood and food insecurity countrywide is scheduled to take place this month.Anna Dumeni of the Office...

The basic form and structure...

2 hours ago | Agriculture

STAFF REPORTERWINDHOEKIt is important to know the basic form and structure of plants to understand how plants grow and produce seeds and fruits.The technical advisor...

Rangeland management for better grazing

2 hours ago | Agriculture

KIRSTY WATERMEYEROKAHANDJAA Namibian farmer is proving the benefits of holistically managing farmland for better cattle farming results.“The more grass you have, the more cattle you...

Global community must unite against...

2 hours ago | Opinion

NALEDIA PANDOROn 18 July the world marked 103 years since the birth of our late beloved global icon and first president of our democratic republic,...

Load More