Smare explains entrepreneurship

PERSONAL development is needed if one is to become an entrepreneur, Kumul chairman Anthony Smare (pictured) says.
Smare told the Kumul Game Changers entrepreneurship programme information session that many people rushed into business ill-prepared.
“I actually think that most people who go to apply for funding are not ready to be entrepreneurs,” he said.
“They have not really thought out their business. They have not really studied their market. And many of them tend to go into businesses that are already highly competitive.
“For instance, to go into the PMV business, and there are already thousands of PMV operators out there, to go into trade store business on the street when there are already a lot out there so most don’t really put much though into what it is they are getting into. No one is focusing on entrepreneur development first.”
Smare told The National that the programme aimed to build promising individuals into successful entrepreneurs as that was vital in creating successful business
“I will not give you funding unless I have confidence in you  and that you are working on a product that actually fits that market and that you and your team have the personal attributes to make that business successful.
“Then I will either buy equity in your business or lend you money.
“The problem is that people go onto the next stage of funding. But if you are not ready and you go in and borrow money, it will be an obligation that will cause you more problems later.”