Institute of Entrepreneurs South Africa

As a regional engagement strategy, we're attending the Afrika 2024 forum in Kigali, Rwanda which kicks off today.

The second edition of the AfCFTA Business Forum, branded Biashara Afrika 2024 ( ), kicks off today, Wednesday at the Kigali Convention and Exhibition Village (from 9 to 11 October), under the patronage of the President of the Republic of Rwanda Paul Kagame.

Industry leaders, policymakers, and innovators will gather over three days in Kigali to advance African trade and economic growth under the African Continental Free Trade Area (AfCFTA).

Biashara Afrika 2024 is co-hosted with the government of Rwanda under the theme: "Dare to Invent the Future of the AfCFTA."

It will provide an engaging and dynamic platform for continued dialogue between African public and private sectors, multinationals, and key stakeholders.

The dialogue will focus on the challenges and opportunities in building regional and continental value chains and establishing reliable supply chain networks which are essential to unlock the full potential of intra-Africa trade.

Secretary-General of the AfCFTA Secretariat Wamkele Mene in a press briefing yesterday highlighted the increase in the number of countries actively trading under the AfCFTA regime as one of the success stories.

“The Guided Trade Initiative (GTI), which facilitates the flow of goods among African states, has expanded participation from seven to 39 countries," Mene said during the press conference before the forum.

"This rise signals growing commitment across the continent, with an increasing number of small-scale traders, including women, benefiting from new market opportunities," he added.

As a revolutionary Institute Of Entrepreneurs South Africa we continue to open such doors to our members so that they can become part of the continental trading block.

For more information on our products and services, feel free to contact us.

12 POINTS ADVICE ON STARTING YOUR OWN BUSINESS

Almost everyone is thinking of starting their own business. That's a very good idea. Wanting to be your own boss. Becoming a director of your own enterprise.

Ask those who are already in business, they started, progressed, sustained and succeeded differently. Not everyone who starts a business will be able to sustain it, some will fail and fall along the way but in your journey, you should be different.

I will share some advice on starting your own business.

Advice Number 1

Have a mental upgrade. Unlike employment where you look up to the employer for salary, stocks, strategic direction and advice, you are now all that is. Shift from a dependency to an independent mindset.

Advice Number 2

Your business must see the beauty of ink and paper. Come up with a detailed business plan before putting any money in something that doesn't have a shape or form. Have a clear picture of what you want to do and how you will do it.

Advice Number 3

Utilise your endowments. Everyone has their own unique competitive advantage. You're an accountant, carpenter, lawyer, teacher, singer, footballer, speaker, writer, engineer, etc start from there. Start your business around your area of expertise and experience. Start from where you are with what you have.

Advice Number 4

Be passion driven and you will never work even a single day of your life. You'll always be doing what you like and enjoy doing and get your money in the process. That's the beauty of starting a business that aligns with your passion.

Advice Number 5

Amass a lot of information, or be schooled in the way of your business. Understand the processes, people, procedures, markets, suppliers, economic, social and legal environment around your area of business

Advice Number 6

Never start a business on borrowed funds. As explained in Advice 2, use your endowments. You need to develop the skill of managing funds before you plunge yourself into debts. Sell that idle asset of yours to start that business of yours.

Advice Number 7

Build a network of like minded people to guide you through on your maiden business journey. Learn from others who have walked the journey before you. In addition, have the ability to convert your contacts into your customers.

Advice Number 8

Start it formally. It pays to operate a registered company. Have your Certificate of Incorporation, Memos, Articles, Cr6, Cr5, Tax Clearance ready. If you intend to deal with the government as your customer, have your Praz Certificate handy.

Advice Number 9

Employ people who add value to your company. The quality of your employees determines the quality of your performance. So you need to get it right the first time.

Advice Number 10

Have an operating system in place, manual or computerised. Without a system, it's difficult to manage and control your business. This is where most small and medium enterprises get it all wrong. It's one thing to have a system and it's yet another thing to operationalise it. An unchecked system is as good as no system at all.

Advice Number 11

Have an understanding of basic business numbers. Know how to calculate your cost of sales, profit and expenses. Come up with a simple trading, profit and loss account.

Advice Number 12

Invest before you spend. Do not spend what you haven't earned. Learn the art of plowing back.

Hope you'll find the 12 advice points useful as you decide to start your own business.

Institute Of Entrepreneurs Zimbabwe