Former Reserve Bank of Malawi (RBM) governor Charles Chuka has advised aspiring young entrepreneurs to develop focused business plans to attract financiers.
He said this during the opening of a youth entrepreneurship training organised by Christian Business Finance (CBF) in Lilongwe on Saturday.
Chuka said: “There are financiers out there but they consider security as well. So, it’s only well-focussed business plans that financiers will be willing to support.
“Times have changed a lot and so has the economy. It was better in the 1970s/80s when the demand for graduates was high in both the public and private sectors but things changed in the 90s when the industry begun shrinking while the number of graduates kept rising.”
Guest speaker and chief executive officer for Mother’s Choice, a meat products processing enterprise, Peggy Ngwira, encouraged participants to regard their ideas as the best capital.
“That idea you have, just translate it into action because financiers will follow you when they see what you are doing and how you are doing it. We all have natural capital in our minds but we only need to unleash it,” she said.
The training included aspects such as market research, business plans and business pitching.