Local businessperson Edward Kalua has urged the country’s budding entrepreneurs to manage their finances and prioritise essential needs if they are to be successful.
Kalua, who is owner of freight forwarding firm Combine Cargo, made the call at Sunbird Mount Soche in Blantyre on Thursday during Blantyre Entrepreneurs Pitch Night organised by a grouping of Blantyre-based entrepreneurs.
“Without a financial plan in place, it is difficult to be disciplined about how to spend money because you do not have any guidelines,” he said, urging entrepreneurs to curb unnecessary expenditure.
“If you are not deliberate about how to spend money, you will be caught up in a vicious cycle of working to earn more to spend more.”
Kaluwa said the cost of living will continue to rise, adding that the only thing that can take a business off the spending trap is wealth creation and financial discipline.
Blantyre Entrepreneurs Pitch Night is a monthly gathering of budding entrepreneurs which provides a platform for entrepreneurs to get specialised insights from established businesspersons.