How do you identify the young entrepreneurs?
Information will be needed to identify the potential size and make-up of the client groups; this should identify the following-
Age (18-35)
Residence
Economic status
Business experience
What is the age range of those helped?
18 to 35.
What is a business mentor?
An experienced local business person who works with the young entrepreneur as a guide, teacher and friend for the critical first two or three years. Mentors commit themselves to about 5 or 6 hours a month and offer their expertise in areas such as marketing, accountancy, production.
Do mentors receive training?
Yes, BIDAYA trains their mentors to ensure they understand their role, clarify procedures and know who they can seek advice from.
How does BIDAYA match the mentor to the young entrepreneur?
The process is usually conducted by the General Manager who has personal knowledge of both the entrepreneurs and the local mentors but the local Board may wish to be involved in the process. It is important that the skills and characteristics of the business mentor are matched to the personal and professional needs of the young entrepreneur
What is the sustainability of the young businesses started?
On average 72% of businesses are still trading in their third year. This high level of success can be attributed in great part to the allocation of an experienced mentor who can guide the entrepreneur during the first three years of the business
Do the young people have to pay back the seed funding?
Yes. Firm action is taken to recover all loans.
How are loans guaranteed?
Before any loan is agreed the entrepreneur should be visited at the proposed site of his/her business. References should be requested and checked. The entrepreneur will be asked to sign a loan agreement form which clearly states the amount of the loan, the repayment rate, any interest rate or administrative charge and the duration of the loan. A promissory note is used to further guarantee a loan and in some cases a co-signer is requested as well.
