Hundreds of young people who turned up for season eight of the Men’s Business Convention initiative, were tipped on the importance of financial management and record keeping.
The three-day training, which was held at Victory Church Ndeeba sought to promote a culture of mentorship among young men in the business space.
Themed: “The hands-on experience,” the initiative focused on providing young entrepreneurs with the knowledge, skills, and abilities to improve how they operate their businesses aiming at beating losses.
The Executive Director of Diamond Trust Bank-DTB, Maina Kariuki, said young entrepreneurs should always first evaluate their business cash flows before taking loans.
He said many people don’t have the knowledge on how to run enterprises and whether they actually needed the money they are borrowing.
Kariuki emphasized double-checking the capacity to repay the loan, the contribution to the business, security coverage, the character in terms of integrity or creditworthiness, and the viability of the business in the environment.
He also opined on looking out for banking covenants once loans are approved to avoid misunderstandings once the payment grace period elapses. Some of the covenants include period, disbursement covenants, collateral required, insurance costs, and annual returns submissions, among others.
While sharing her successful story, Justine Thomas Nassiwa, an agribusiness expert, from Buzibwera Charity Green Acres Farm said young businessmen should pick a leaf from the operations of the highly established businessmen in the country.
“The businessmen and women you see in the limelight know how to control their money, spend time exploring new business ideas, and read on how best to grow their businesses. If you waste time and money spending on family contributions and attending every function, your business can not grow. Do yourself a favor,” said Nassiwa.
She cautioned the entrepreneurs on having a passion for their own invented business, time management, and working hard for their future.
The annual convention that was attended by over 5000 people saw them also tipped on government securities that have investment opportunities such as treasury bills where one can invest within 3 to 12 months at a discount and recoup face value at the period end of the investment.
Also, treasury bonds which are meant for long-term savings for up to 20 years and have got 6 months of coupon interest ranging between 12-16% interest rate.