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The case for funding African tech start-ups

"If you were in the States, you'd be far by now" my cousin quipped. At that time I must admit I slightly disagreed. I just thought it wasn't yet my time. Deep in my mind, I hold this belief that when you are truly good at what you do, roads will be built to where you are... regardless if ' where you are ' is in the middle of nowhere. However, I recently stumbled on an article which said over 80% of companies which received venture funding in Africa were owned mainly by non-Africans. The bulk of the remaining 20% were owned by Africans living outside the continent. Not too sure what that implies, but I found it somewhat of great concern. Then yesterday I read another article on Crunchbase , which gave a rundown of stats on tech unicorns since as far back as 2012. For those who might not be aware- i n business, a  unicorn  is a privately held  startup company   valued  at over $1 billion. Since 2012, close to 1000 companies have achieved that status. In total,

How to register with NSSA

What is NSSA? NSSA is Zimbabwe's national social security authority.  It is the national organisation tasked with promoting occupational safety and health as well as protecting individuals in situations or conditions whereby their livelihoods are threatened. Such situations include: • Sickness • work injuries • old age • invalidity • retirement • death NSSA also provides trainings, rehabilitation services for the insured and a factory inspectorate.  Who should register? When one becomes an employer, they are required by law to register with NSSA within 30 days of hiring an employee/s. How to register with NSSA The registration process is fairly simple. You will be required to fill in the following forms: 1. Form P2- This contains the Employer's details, related company details, bankers details, contribution details and the owner/director or responsible person. 2. Form P3- This contains the employee's details, occupation details, contact details, spouse, children and other d

How to register a PBC: Step by step guide

One of the key steps of starting your own business is formalizing your business. Company registration will open up the doors to new opportunities for your business. These include the ability to apply for tenders as well as to participate in government programs. It is also a way of protecting your personal assets if things do not go well. You can therefore register your company as a private business corporation or a private limited company.  There are many companies and consultants who offer company registration services, but as you are starting your business, the funds might be inadequate. This article will discuss in detail, how to register a Private business corporation. Thanks to technology some aspects of company registration such as the name search can now be done online in Zimbabwe. You will still need to submit the PBC 2 form however and I'll cover all that in detail. WHAT IS A PRIVATE BUSINESS CORPORATION (PBC) A private business corporation is a legal entity with limited l

Business ideas that require little or no capital

  Do you dream of someday owning your own business? Are you looking for business ideas that require little or no capital? Well today's your lucky day. In this article we'll go through a number of ideas around which you could build a successful business. You must however note that not all ideas are worth pursuing. This will depend on your personal situation as well as external factors such as the size of population and amount of competition. So once you have found an idea worth pursuing, I recommend that you test it by converting it to a business model and finding out if it could work for you. I also recommend going out and actually talking to people. This will keep you from overhyping yourself or talking yourself out of ideas. The most reliable information will come from the market. Oh.. and before we get into it. This post contains affiliate links. Which means if you click on a link and eventually make a purchase, I will earn some income at no additional cost to you . Now that

Are your prices really profitable?

 

How to submit QPDs with Nil returns

So you were excited about starting a business, you've registered your company but are yet to start trading. QPDs are due and you know you have to submit your returns but haven't started making money. You have two options, one is to get a consultant to do it for you. The other is to do it yourself. Quite scary, intimidating or whatever word you choose to call it, but I’m hoping your outlook will have drastically changed by the end of this article. You can choose to go with a consultant, which is recommended when you are making significant income, but you can also simply do it yourself at no cost and I will show you exactly how.  What are QPDs? QPDs stands for Quarterly Payment Dates. These are estimates of your taxes on projected annual profits that are paid in quarterly instalments. So when the year begins, you make forecasts of how much your business will make in that year, and then break down the total estimated tax into smaller tax units that you will be paying every quarter

Startup mistakes and reasons why most businesses fail

According to   statistics , about 56% of start-ups survive beyond their 4th year. Only a handful make it past the 10 year mark. If you have ever tried to start a business , then I am sure you agree that it's not a walk in the park.  Whilst the world of business might seem highly competitive and fairly hostile, some of this failure can be attributed to the start-ups themselves.  There are numerous factors that result in business failure but the common ones are: Product does not satisfy customer needs This often results from a failure by the founders of small businesses to carry out thorough research. Many small business owners do not actively go out to find out what their customers really need . I've been there a couple of times: caught up in my own hype. Just because an idea sounds great to you, does not always make it worth pursuing. Talk to real people and find out if they would be willing to pray for your innovation. Extensive market Research might seem costly and unnecessar

What business records should i keep

Poor record keeping has kept many-a-small business from acquiring funding and other opportunities. Your word that business is doing great, stands no chance when it is not backed up by actual numbers. In most cases, because they are a one man show, many small business owners do not feel the need to keep proper records. At best, many simply keep track of the cash.... and that's about it. This article will answer the question- what business records should I keep? Most of us dream of starting and running our own businesses . Many however are thrust into the world of business without a clue what to do and how to do it. I hope this will shed some more light and help you identify the necessary records for your business to keep. The failure to keep a decent set of records could badly damage any business. We therefore need to understand the costs of not keeping business records. THE COSTS OF NOT KEEPING BUSINESS RECORDS Not keeping decent business records disadvantages your business in the

The ultimate sales guide for beginners

  Introduction Sales have often been described as the engine of any business. That is because the ability to sell is a great determinant towards the success of any business. Sales bring in the money and if they outweigh your costs, then it translates into profit. A lot of businesses struggle to make sales and they eventually find themselves out of business. This article will provide a simplified guide to help a beginner prepare and eventually close a sale and actually keep a customer by maintaining a relationship with them. Preparation • Research Start by doing thorough research. One of the most effective ways of learning about the market is by talking to potential customers . Your research should cover the following aspects: I.) Product First understand all aspects of your product. Its flaws, short comings and every other detail that there is to know. The best way to really know your product is by using it yourself. This will help you to answer a lot of key questions that your custome

The ultimate guide to car insurance

Vehicle owners are required by law to have some form of car insurance. This article will cover the various types of motor vehicle insurance as well as the benefits and limitations of the various forms of insurance. What is car insurance Academically, we can define insurance as the pooling of risk by the insurer. The responsibility of paying for losses is passed from the vehicle owner(insured) to the insurer(insurance company). Car insurance is therefore a means of compensation for loss suffered in the event of an accident.  Key insurance terms Before we get into the details, let's first get to understand some common terms that are used in insurance. • Cover   cover is the term used to refer to the amount of protection provided by insurance. • Indemnity This is the act of returning the insured to the same financial position that they were in prior to a loss. • Policy This is the written evidence of the terms of an insurance contract. • Premium This is money paid by the insured to t