Entrepreneur advises young aspiring entrepreneurs to develop a saving culture
Thirty-year-old local entrepreneur, Lydia Shipateko is a businesswoman with a heart of steel. She is the sole owner of Otjomuise Accounting and Consulting and Velm Investments.
Currently, her companies employ eight people: five are on full-time and three on part-time basis. They comprise of five females and three males.
Otjomuise Accounting and Consulting offers services such as bookkeeping, company secretarial services, immigration, tax and financial advisory, while Velm investments, named after her late father, specialises in business consultations, catering and cleaning services.
“Jobs were scarce after I completed my tertiary education. I saw a need in this market and went for it. The goal was to create employment for myself and others,” she said.
After she matriculated at Hage Geingob Secondary School in 2009, Shipateko went on to study Accounting and Finance at a local tertiary institution. With the financial assistance from her life-partner, she managed to save enough start-up capital. Upon graduating in 2012, she immediately registered her companies and went into business.
In 2016 Shipateko sought financial assistance from Bank Windhoek’s Emerging Small and Medium Enterprises (ESME) Finance Branch to purchase a company vehicle. Her application was approved within a week.
“ESME Finance Branch also focuses on empowering women and young entrepreneurs. What was evident with Shipateko is her business acumen and financial discipline. Her track record in this area made it much easier for us to assist her,” said Bank Windhoek’s ESME Finance Branch, Credit and Sales Manager, Aune Hamukonda.
According to Shipateko challenges faced by many entrepreneurs are similar and include lack of capital and collateral, but for her to succeed she had to face them head on of which she said the trials made her stronger and business thrive.
“Despite the current depressed economic activity affecting the volume of projects secured, we have maintained positive financial growth,” she said.
Shipateko advised young aspiring entrepreneurs to develop a saving culture. “They must reinvest their funds back into the business for sustainability and avoid spending money on expensive luxuries,” she said.
Meanwhile, the young business woman is grateful for the relationship and trust that has developed between her and Bank Windhoek.
In future she plans on expanding her business and believes that Bank Windhoek will be with her through the journey.