Author: Fidelis Fengu

Book online «Zimbabwe Business Manual 101, Fidelis Fengu [book club recommendations .TXT] 📗». Author Fidelis Fengu

Go to page:

Business Manual - Enjoy

Welcome to the Zimbabwe Business Manual a simple document that seeks to guide the layman through the business maze. The business manual provides very basic guidelines on setting up a business in Zimbabwe.

Special thanks to Mr. Brian Mudumi of the Zim China Youth Forum, for his skills and services towards the compilation of this Business Manual. Special thanks to various Bishops and pastors for the prayers and encouragement. Special thanks to Mufaro Ndirayire the chief of staff. To one of the most practical financial engineers Cde. D. N. Chiwara the man who will not rest until Africa is empowered, thank you very much my brother. Farai Diana Mapokotera, Abigail Maketani , Linda K. Sibanyoni, C. Madziyauswa, Ntokozo Msipha of Dashboard Inc and Zibusiso Mbambo , thank you all and finally Diana Samkange special mention to you maNgwenya.

Kind regards

Fidelis Fengu

Author Zimbabwe Business Manual 101

The Zimbabwe Business Manual 101

Hie there dear reader

Do you feel the need to set up a business in Zimbabwe and create an income generating project that will help you achieve some of your desired financial goals? This is not a motivational book or a how to get rich quick manual .The Zimbabwe Business Manual seeks to offer practical steps that can be followed to start up a business in Zimbabwe.

Through this manual you will learn how to register a business, how to raise capital to fund your business idea and make it a viable enterprise. The manual will also help prepare you mentally and emotionally for the journey of entrepreneurship in Zimbabwe. As it is not an easy task, yet the rewards are worth the hard work and time invested into making your business ventures a success.

Sibusiso Media a Private Business Corporation put this manual together to help every reader with the vital information on business in Zimbabwe which is not readily available. We realised that a lot of individuals are losing money to consultants who over charge for very simple services and information.

It is our hope that this manual will help you in your journey to a better financial life and a profitable business. Thank you for taking the time out to read through this manual, and we pray that God grants you favour and mercy to fulfil the financial desires of your heart.

Moving on to chapter 1, let business begin.

In the Beginning – starting a business: the basics

Statistics say there is a lot of unemployment in Zimbabwe and yet reality has proven that we have a large number of entrepreneurs in Zimbabwe. While many might be unemployed, everyone is doing something to survive. The art of doing something to survive (kiya-kiya) is the epitome of being a Zimbabwean; it is also a vital skill for entrepreneurship. Entrepreneurship in our view is a Biblical principle which began in the Garden of Eden when God said " be fruitful and multiply, conquer the earth and subdue it and have dominion". Entrepreneurship in modern terms is simply finding a cost-effective and profitable way of solving the world's problems.

This manual seeks to help you turn your small venture into a formidable business that can employ others, pay tax and reward you the owner more than you could have imagined. This manual will help those who have no idea what to do to stretch their dollar. If you feel the need to improve your financial life, or the need to provide solutions that might change the life of those around you, then entrepreneurship is the place and activity for you. Entrepreneurship is not just about making profits, but it is also about improving the lives of people through profitably meeting a need. This manual is not a get rich quick guide.

The manual will help you come up with a profitable business idea, register a suitable form of business , source capital for your business and start operating your business. You might call it Zimbabwe's business manual for dummies or as we like to call Business 101.

Before you dive into starting a business there are a few serious qiestions you need to ask yourself in order to create a profitable business. The trend in Zimbabwe is that you do what you see your neighbour doing. This is a horrible trend to follow as it has created unstructured, unlicenced and disorganized businesses that short change the owner, the community and the nation at large. The prevailing breed of entrepreneurship in Zimbabwe is merely disorganized vending on steriods and it will not build a fortune for the owners or those employed in vending. Zimbabwe needs a new breed of entrepreneurs, a breed that has formal business systems, a breed that pays tax and creates employment for others while solving problems in our communities. This is truthful entrepreneurship that built the larger economies such as China, USA, Germany etc. Entrepreneurs are the bavkbone and engine of every vibrant economy. Entrepreneurship is sustainable and it creates wealth for generations to come and that is why we should be seriously engaged in structured entrepreneurship.

Is Entrepreneurship For You?

Just like the body has many parts with different functions, we cannot all become entrepreneurs, as much as we all cannot be president of this country. The business landscape in Zimbabwe is very dynamic and requires a mental and emotional fortitude that is found only in champions and conquerors.

When answering the question “is entrepreneurship for you”? You will need to be very honest with yourself and understand the road ahead in its purest form and a lot of introspection will help prepare you for the journey. There is no way to eliminate all the risks associated with starting a small business. However, you can improve your chances of success with good planning and preparation. A good starting place is to evaluate your strengths and weaknesses as the owner and manager of a small business.

Do you want to run a business?

Are you a self-starter? It will be up to you, not someone else telling you to develop projects, organize your time and follow through on details.

How well do you get along with different personalities? Business owners need to develop working relationships with a variety of people including customers, vendors, staff, bankers and professionals such as lawyers, accountants or consultants. Can you deal with a demanding client, an unreliable vendor or an angry staff member in the best interest of your business?

How good are you at making decisions? Small business owners are required to make decisions constantly, quickly, under pressure, and independently.

Do you have the physical and emotional strength to run a business? Business ownership can be challenging, fun and exciting. But it's also a lot of work. Can you face 12-hour work days, six or seven days a week?

How well do you plan and organize? Research indicates that many business failures could have been avoided through better planning. Good organization of financials, inventory, schedules and production can help avoid many pitfalls.

Is your drive strong enough to maintain your motivation? Running a business can wear you down. Some business owners feel burnt out by having to shoulder all the responsibility on their shoulders. Strong motivation can make the business succeed and will help you survive slowdowns as well as periods of burnout.

How will the business affect your family? The first few years of business start-up can be hard on family life. The strain of an unsupportive spouse may be hard to balance against the demands of starting a business. There also may be financial difficulties until the business becomes profitable, which could take months or years. You may have to adjust to a lower standard of living or put family assets at risk.

How disciplined are you? Starting a business requires a lot of discipline, to ensure that you carry the business through the start up phase as it is the most challenging and demanding phase of the business.

How well do you understand your community? Your clients are largely going to come from the community you are in , how well do you understand the needs of the community you seek to service .

How well do you understand Zimbabwe? Zimbabwe is a country with a unique way of doing business, sometimes people do not pay , and many a time some will try to take advantage of you and your business, how well do you understand some of the things that happen in Zimbabwe and have a direct bearing on your business and its profitability.

These are some of the few questions that we came up with to help you prepare for the exciting challenges that you might have to face in your quest to create a viable business in Zimbabwe.

On the Upside

It's true; there are a lot of reasons not to start your own business. However, for the right person, the advantages of business ownership far outweigh the risks; a few of the advantages are listed below.

You get to be your own boss

Hard work and long hours directly benefit you, rather than increasing profits for someone else.

Earning and growth potentials are far less limited

A new venture is exciting

Running a business will provide endless variety, challenge, and opportunity to learn

Servicing a need comes with great rewards as you see smiling customers and

Entrepreneurship creates wealth for generations to come

Entrepreneurship gives you an ever ending pension in case you decide to retire

Entrepreneurship gives you freedom to be the best you want to be

Well, let’s admit it PROFITS ARE BETTER THAN WAGES.

Entrepreneurship requires more than just vending skills. Entrepreneurship demands that you create a sustainable business system that can grow into a giant. TM shops are a good example of entrepreneurship. Thomas Meikles the owner and founder of TM created a business that has lived on longer than him . This leads us to the next topic

How to Start a Small Business

The most important part of starting a small business is asking : WHAT PROBLEMS EXIST IN MY COMMUNITY. Every problem is a business opportunity for the entrepreneur. The moment you come up with a profitable solution to a problem you have found a profitable business. If you want to have a million dollars then solve a billion dollar problem. A commuter omnibus is a solution to a transport problem and many have made a fortune from solving a transport problem in their areas.

When you have identified a problem and a profitable solution you can now start and manage abusiness. Starting and managing a business takes motivation, desire and talent. It also takes research and planning. Like a chess game, success in small business starts with decisive and correct opening moves. Although initial mistakes will not kill your business, it takes skill, discipline and hard work to fix them. Entrepreneurs are not afraid of failing or making mistakes.

To increase your chance for success, take the time up front to explore and evaluate your business and personal goals. Then use this information to build a comprehensive and well thought out business plan that will help you reach these goals. The process of developing a business plan will help you think through some important issues that you may not have considered yet. Your plan will become a valuable tool as you try to raise money for your business. It should also provide milestones to keep track of your success.

Getting Started

Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are:

You want to be your own boss

You want financial independence

You want creative freedom and

You want to fully use your skills and knowledge.

The most profitable reason is that you have identified a problem and created a solution that people will pay you for your solution.

Choosing the Type of Business?

Next you need to determine what business is "right for you."