Tips For Entrepreneurs: Funding Your Business & Learning From Failure

World Economic Forum on Africa 2011

VENTURES AFRICA – Aspiring entrepreneurs often struggle with finding their first seed-fund or funds to expand their venture. In the last interview feature with Ashish Thakkar, Founder Of The Mara Group, he said, “It is always the tough part. However you need to be passionate about your venture and persistent. Eventually it always works out. It is easy to quit but also very boring.”

How did he finance his first business venture?I started with $6,000 load and slowly grew it from there. I created a track record from day one, which meant doing everything above board and officially, which allowed me to access debt once I built a few years of good track record. Always think long term and never be short sighted when creating a business…short-term pain are long-term gains,” says Ashish.


It has not been an all jolly-ride for the entrepreneur. From his experience, we learn that entrepreneurs should quit being afraid of failing. Failure is part of the growth process. Drawing from his experience of making a bad business decision, Ashish said, “I was too desperate for business and trusted the wrong clients. This meant losing cash flow as some debtors turned out to be fake. This was a huge blow for me as I was playing with very little cash flow and this made it even tighter. But instead of dwelling over this, I got up and learnt from the mistake. Never be too eager, you end up not thinking through things and you never end up looking at the worst-case scenario, which is critical.”

 

Read the full interview here: I’m Just Getting Started- Ashish Thakkar, Founder Of The Mara Group