Small businesses drilled on transforming ideas into ventures

About 40 small businesses and medium-sized enterprises have been drilled on on the techniques to transform their ideas and expand…

About 40 small businesses and medium-sized enterprises have been drilled on on the techniques to transform their ideas and expand their businesses into ventures.

During a three-hour round table discussion organised by the Denis and Lenora Foundation in Yaounde on Thursday, promoters of small businesses were drilled on the various ways of growing their businesses.

Organised by the Small Business Entrepreuneurship Centre, SBEC of the foundation, the roundtable was held under the theme “growing your business”, and brought together representatives from the banking sector, the Ministry of small and medium sized enterprises, social economy and handicrafts, the National Employment Fund as well as small businesses.

The representative of the Ministry of Small and medium sized enterprises… Cyrille Schouame told participants that most promoter of small businesses have little or no experience in their business domains reason why the ministry has come up with specific programs to train and empower them.

A view that was re-echoed by a banking expert Mr. Enokenwa Besong who says it is one of the major reasons why most promoters face difficulties in accessing finance to grow their businesses.

Amongst some of the challenges facing small businesses in Cameroon, he outlined the lack of desire from promoters to grow, their inability to go past the idea stage or lack of managerial competences.

He outlined several approaches to small business growth  such as designing tailored products and services for the market as well as lobby for partnerships. Basically he identified two means of growing a business; organic (growing the business from within by penetrating the market) or or inorganic growth (partnerships, alliance, joint ventures and mergers).

Most of these difficulties as well as best practices could easily be identified with by Kwajika Nyumbot,CEO of Coconut oil who shared his experiences with other participants as well challenges faced. In as much as he successfully sells the idea behind the product, Mr. Nyumbot says he still faces a major problem in branding.

Further best practices would be developed and dished out in similar workshops and roundtable scheduled in the course of the year with the next expected to take place next month, free of charge.

All these fall in line with SBEC’s vision to train, nurture and mature small enterprises to grow and expand.