“If the banks don’t want to know, approach Venture Capitalists, but never give up” -V. Karri
The Entrepreneurs Club – Episode 1 part 2
This is the second part of my interview with Vijaya Karri. In the first part, Mrs Karri took us back to when she started out in business and the difficulties she faced as a person of colour. In this 2nd instalment I asked questions about funding for aspiring business owners, government support (or the lack of it) and many more questions of interest. Her expensive knowledge of business is quite clear in this video and you can tell her success is by no fluke by any means..
Here is a summary of what I learnt from our interview.
- Support from government and local councils is still very much on the low side. Government and local councils can help small business owners by keeping business rates low.
- Small business ministers should at least know the basics of small business and must connect with business owners.
- For Entrepreneurship to work in Africa, there must be stability. Developed countries should also help Africans stay in their countries by investing in farming, manufacturing and service industries.
- This investment will help Africa produce more food and give financial power to more people.
- To raise funds for a business you need clear plans. You must be able to identify what it is you want to go into business for – product or service, the idea must be solid. You also have to investigate the market to see if the market needs your product as well as identify who your competition is.
- If the banks don’t want to know or lend you money, approach Venture Capitalists, but never give up.
- For restaurant owners, the secret of staying beyond the dreaded 1 year failure mark is to keep your overheads very low.
- On starting various other businesses, she advises not to open businesses that are not associated with your main business unless you are prepared to learn new skills.
Like the previous videos, I have 2 versions for you to watch. The short version and full version. I recommend you watch the full version to fully appreciate the advice she gave, but it is entirely up to you.
If you have any questions about the show or you as a business owner will like to participate or be interviewed, you can contact me via email: firstname.lastname@example.org
Enjoy the videos below:
Here is the short version –
Here is the full version –