Ever wondered how the brightest start-ups and small businesses in Rwanda have been able to take their business idea and make it a success? It’s all well and good having a great idea, but how can you bring it to fruition?
According to Chando Lydia Lauryn, managing Director of Yummy cakes while speaking to young entrepreneurs in Kigali on Wednesday said that most people venturing into private enterprise believe that money determines the success of the business as you start, “this is wrong” she cried out.
“What will make you succeed as a business person is not the money but that great idea, it is what the business is all about,” said Chando.
Like other entrepreneurs, Chando have made it –she says that money will further supplement the good idea an entrepreneur has implying that the best entrepreneurship will start with a best business idea.
“My passion was into bakery and I always believed I can make a cake that can add meaning to a celebration,”
“I started making small cakes just for my friends from home and my quality attracted them and I started receiving calls for demand. This is when I know my idea works out,” Chando who started two years ago said.
With new addictives like creamy sugar balls around the cake and designs well molded around the cake depending on the customer’s choice, Yummy cakes now slowly take a big toll on the market.
Experts too believe that the challenge of lack of innovative business ideas that would be generated into profitable businesses is affecting entrepreneurs, which has seen startups dying during their infant stages.
“Coaching and mentoring is important to help entrepreneurs…….,” said Maia Gedde, country Director of Spark Rwanda, a not for profit organization igniting entrepreneurship.
Nevertheless, the government through the Business Development Fund-BDF has set up guarantee funds of up to 75 percent to help financial institutions to lend startups with no collateral, another step to increase access to credit in the country.