Best Ideas 2021 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Material Goods Financing (MGF) Enterprise
Published on July 27, 2021 um 08:34
Explain your idea in details:
Main OBJECTIVES The project entails to:- 1. Enhance economic empowerment to women whereby 80% of women and girls have reliable source of income after 3 years. 2. Reduced dependence ratio at family level from 0.5 to 0.3 in the country after 3 years of enterprise operation. 3. Reduced Gender inequalities, gender based violence, and disparities by 90% in the country after 3 years MAIN ACTIVITIES 1. Project awareness creation in the country by starting at regional level via radio and television 2. Business training to women and girls; focusing on business planning, financial management, lending and loan servicing, record keeping, product branding and positioning in the market, market segmentation, business monitoring and performance evaluation. 3. Formation of entrepreneurs groups based on Same Nature Business Group (SNBG) for easy coaching and mentor-ship 4. Material goods procurement and disbursement to the trained entrepreneurs 5. Coaching, Mentor-ship, monitoring and evaluation of business performance for each disbursed group. 6. Graduation of successful business group INNOVATIVE APPROACHES The idea is based on lending material goods to entrepreneurs instead of lending money. Most of entrepreneurs when given money use differently and not investing on the business as was requested during loan application and disbursement process, hence leading to unsuccessful business operation and general failure to pay the loan. Through this approach women and girls will have opportunity to directly engage in business operation and achieve maximum profit as expected to be. Likewise, the support through business knowledge training, continued coaching and mentor-ship to build business competence and skills to beneficiary entrepreneurs.
Expected impact of your idea on sustainable development
The idea has great contribution in attaining Sustainable Development Goals (SDGs) through enhanced autonomy and empowerment to women as supported by national strategy for gender development ( https://www.tanzania.go.tz/egov_uploads/documents/Tanzania_-_National_Strategy_for_Gender_Development_sw.pdf ). It will ensure improved livelihood through increased access to food services like ability to afford three meals per day, ability to solve day to day family health care challenges and education services. Also, improved income gains to women will enhance efficacy use of human labor power while closing the prevailing gender gap, stereotyping, disparities and inequalities between women, men and children (http://www.svri.org/sites/default/files/attachments/2018-05-03/NPA%20on%20VAWC%20Mainland%202017.pdf). To add, ongoing pressure over environmental resources which are encroached every day for wood and non-wood products for the sake of getting money will be reduced. Targeted material goods for financing entrepreneurs will include; improved cooking stoves, charcoal briquettes, solar products, agricultural inputs and products (Crops and Livestock processed products), packed honey, processed fish products, cloths, soft drinks and other environmentally friendly products as the market segment will allow for each group. Likewise, the enterprise to use key performance indicators to track progress and success trends. Setting of indicators will base on number of entrepreneurs recruited, number of supporting stakeholders, change in household income, affordability to food, health, shelter and education services just to mention a few. In monitoring performance of the enterprise tools to be used will include; Focused Group Discussion (FGD), Result Based Approach, and Questionnaires to beneficiaries and other relevant stakeholders. Therefore a good hope is anticipated to ensure Tanzania as a nation of people living in harmony life with reduced poverty level and inequalities.
Plans for implementation and sustainability
The business idea looks forward to generate income through lending material goods to trained entrepreneurs organized in same nature business groups. Under this model material goods will be given to women and girls after business training course, and become obliged to refund the goods in monetary value at a small interest rate which become reinvested to sustain the business enterprise. Each group recruited will be trained, coached and graduated thereafter to run business on their own as a result of competence built and capital accrued. The enterprise allows partnership and investors who are interested with the model in the form of debt, equity and grants. Flexibility of the model will help attract as many investors as possible. It will start serving community of Njombe region and after gaining stability will extend to other regions. For ensuring control of enterprise privacy and conflict of interest, the investment policy and financial management policy will be formed to manage financial systems and benefit sharing among investors and enterprise operators while maintaining business sustainability. For risk management, the model will work closely with village government leaders to easily understand entrepreneurs' behavior, traits, economic, and socio-cultural backgrounds as well as their perception towards cross-cutting issues of gender inequalities and global environmental challenges in relation to sustainable development.
My name is Dauson Msumange aged 35 years old. I was born in separated family whereby my mother became married with the second father who took care of me since childhood. My step father was not wealthy enough to accommodate secondary education school fees. I worked in small paying jobs during holiday to help pay school fees and purchase some school facilities like books, shoes and uniforms. Luckily, obtained ordinary level secondary education, Advanced secondary education plus bachelor degree as I planned. Since then, I have volunteered in different fields as secondary school teacher for Chemistry and Biology, Natural Resources officer (Conservator) and Consumer Committee member for EWURA ( Energy and Water Utilities Regulatory Authority) regulated services to which I'm still volunteering. Also I worked as a Client relationship officer in one of International Financial Institution (FINCA International) to which successful serviced clients with lending services and facilitation of entrepreneurship education. Likewise I'm among team members who started a regional exhibition that showcases agriculture, livestock and fisheries technologies held every year in Njombe region, Tanzania. To add, volunteered with regional and national officials to supervise the World Food Day of 2020. Social interactions built the idea to help other people who have lost a hope of living due to hardship life to revive their dreams by having reliable source of income. While working toward implementing my aspiration of starting a new social enterprise for serving disadvantaged group (women and girls), I came across Entrepreneurship Campus link which influenced me to apply as was one of light towards achieving my goals and ambitions. Therefore, with Entrepreneurship Campus I will contribute to national development strategies by creating a new atmosphere to my fellow women and girls who are day after day struggling to get reliable source of income.
Stage of Idea
Material Goods Financing (MGF) Enterprise Business Model
A mother with a child begging for support along the highway.
Dauson Msumange, a Founder of Material Goods Financing (MGF) Enterprise