MBUGUA ROSEMARY FOUNDATION – YOUNG ENTREPRENEURS PROGRAM
The Mbugua Rosemary Foundation selects and supports a group of extraordinary emerging-market entrepreneurs who have the potential to transform industries, communities, and even countries. The Foundation will select candidates biannually to their entrepreneurial mentorship programme set up in honour of Mbugua Mwangi and Rosemary Wahito, both young successful entrepreneurs, who inspired the formation of the Foundation.
The in-depth training Young Entrepreneurs Program (YEP) – is a curriculum that has been tailored to target young entrepreneurs. It is a resourceful set of classes designed specifically to help develop a solid plan and learn what it takes to build a thriving business. This program also aims to nurture creativity and develop the participants into socially responsible business leaders and entrepreneurs to support the local economy.
The individuals who will be undertaking the training, will have businesses that are less than 3 years, while others may have viable/ solid business ideas that they would like to take to the next step. As research shows, the first 5 years of a business will determine the businesses success rate and we have learned that several young entrepreneurs lack certain basic skills that will ensure that their businesses have a not-so-rough beginning. Such skills include knowing your market, getting funding to take your businesses to the next level, book-keeping and basic financial management, strategic planning etc. We have therefore decided to focus on this target group.
Successful candidates will be those possessed by a new idea—a new solution or approach to a business problem — that will change how people consume products or services .
Perhaps our most important criterion, entrepreneurial quality is the defining characteristic of first class entrepreneurs. It defines leaders who see opportunities for change and innovation and devote themselves entirely to making that change happen. These leaders often have little interest in anything beyond their mission, and they are willing to spend the next ten to fifteen years making a historical development take place. This total absorption is critical to transforming a new idea into reality, and it is for this reason that we insist that candidates commit themselves full-time to their ideas during the launch phase.
The traditional cliché of entrepreneurs is that they have an idea and vision. They build companies to fulfil that vision. Some people are not this type of entrepreneur. Some people use a rational thought process in evaluating business ideas to decide which business they will create or even just ‘twist’ an existing product or service to work in a completely new different way. However, to accept a candidate we do require that the idea / plan be:
* A valid business model understood from the get go – i.e. means understanding how the business is going to generate money and having a good sense of the gross and net margins at the creation of the company.
* A scalable idea – i.e. it has the ability to build and grow big quickly
* A business that is in a rapidly growing market
Entrepreneurs introducing new business ideas to society have to ask a lot of potential customers to change how they do things. If the entrepreneur is not trusted, the likelihood of success is significantly reduced. In the selection process we evaluate candidates for these qualities rigorously. To do so often requires one to resort to instinct and gut feelings, not just rational analysis. The essential question is: “Do you trust this person absolutely?” If there is any doubt, a candidate will not pass.
Key words: Inspires instinctive trust. Unquestionable integrity and respect for the rule of law. Demonstrates commitment to giving back to the community.
Candidates are required to have the following:
Be a member of the East African Community (if not Kenyan individual will be responsible for his residency & work permits);
Have a diploma or graduate certificate; Potential candidate may also be a student in a higher institute of learning;
Be Aged 30 years or below
Strong background (either in academic or work experience)
High energy levels, enthusiasm and strong drive to succeed
Excellent communication skills
Potential to become a successful entrepreneur (indicators are characteristics such as persistence, self-discipline, self-starter, good at networking, innovative thinking, tolerance for uncertainty, accountability, flexibility, hard-working, problem-solving, good at marketing)
Strong personal references (minimum of 3) i.e. from church, Chief, family-friends, schools, employers etc.
Personal Identification (national ID) or Passport