The Youth Citizen Entrepreneurship Competition is an activity within the framework of the UNESCO Global Action Programme (GAP) on Education for Sustainable Development (ESD)

Bad Debt's Purchasers (Madeni Sugu) Co.Ltd

Published on August 1, 2016 um 16:02

Explain your idea in details:

My idea is about buying debts which owner's need to sell, debts which cannot easily be recovered, buying debts will include collection of debts for the company. The seller will surely have to sale the debts at a discounted value form the nominal value of the debts. The company will contain a team of lawyers and supporting staffs who will be deployed in buying and collection of the debts bought. The skill of the staff shall surely involve the legal know how. The company will be available online to make easily accessible. Our potential client shall be common people,other companies, NGO and some branch of the Government.

Expected impact of your idea on sustainable development

my idea covers MGD No. 8,16 & 17 moreover it shall create employment and reduce unemployment, it shall go into partnership with other companies and individuals as some of the jobs will surely need outsourcing. The approach of work will surely be centred on law therefore no one will be offended. The company will pay all necessary taxes to improve our national economic growth & development.

Plans for implementation and sustainability

The company shall employ workers and freelancers. Mostly the company shall hold and use partnership to accomplish some jobs, the company shall secure a CRDB bank loan and shall as well secure financial support from local government initiatives and moreover the company will be deploying win-win contracts in the end result joint venture will not be left at large.

Your profile

I am a law graduated from the law school of Tanzania. I am a young advocate aged 28 years old . I am the best finance lawyer in the country. While at work I came across this brilliant bussines idea of buying debts. I am also a social entrepreneur as I managed to get an accolade after winning the 3N mengi competition which strengthen my passion towards entrepreneurship.

Stage of Idea

planning stage

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Comments

August 28, 2016 15:16

Hi Temba, your idea to recover bad debt for clients is bright.
Could you explain clearly how a company that intend to secure loan as seed capital for startup, can sustainably buy toxic assets from clients, and yet be able to sustain salaries for its own staff in the short-run?
For example, take the case of Nigeria, the Asset company of Nigeria (AMCON), which was mandated by the Central bank of Nigeria, to buy toxic assets from deposit money bank, as 2015, the AMCON experienced difficulties of non-payment of salaries, partly because bad debt is not easy to collect when their is a systemic dowturn in economic activities.

How do you intend to respond to potential challenges like this? for they constitute a major business risk to plan for

August 8, 2016 23:05

Great financial idea. All the best. Just don't give up!

August 4, 2016 17:01

Good job, man!