Tuesday September 3, 2024
Fatima Khalif Abdi, a Somalian refugee in Ethiopia and mother of five, transformed her maize business with support from Business Plan Competition, expanding her offerings and setting ambitious goals for the future.
Fatima exemplifies the transformative power of Business Plan Competition (BPC) launched by the ILO and Hasi Consulting in Ethiopia.
Living in Ethiopia for past 35 years, Fatima always dreamed of expanding her maize selling business but being a refugee limited her access to capital for procure grains and other items in large quantities.
She participated and won the BPC, a unique business development support initiative which helped small and micro business owners to learn business development strategies and provided them with a monetary stimuli for expanding their business. The precisely developed and sustainable plans won an award of ETB 90,000 (US$900) and even access to invaluable business development services.
This support has enabled Fatima to diversify her offerings, now including grains, butter, and even coal – all catering to the needs of her local community.
All the BPC winners including Fatima are receiving guidance from Business Development Service Providers, supporting them in refining their business practices.
"Even now, the business development service providers visit me," she says, expressing her newfound sense of security amidst country’s economic uncertainty. With a determined spirit, Fatima sets her sights on an ambitious goal: owning a shop within the next five years.
By providing financial support alongside crucial business development services, BPC fosters not only economic growth but also a sense of self-reliance and a brighter future for both refugees and host communities.
Business Plan Competition - a snapshot
In June 2023, the BPC launched in the ILO and Hasi Consulting Ethiopia’s Somali region, drew remarkable attention, attracting 1,931 proposals from young entrepreneurs across various sectors. After a rigorous selection process, 100 of the most promising business plans were chosen as first-round winners. These aspiring entrepreneurs received intensive training and mentorship from the Business Development Services Providers Association of Ethiopia (BDSPA), enabling them to refine their ideas, craft comprehensive business plans, and enhance their entrepreneurial skills.
The competition culminated in a high-stakes pitching event, where the winners presented their polished business plans to a panel of judges and industry experts. Ultimately, 50 exceptional businesses were awarded grant funding to launch or expand their ventures, along with ongoing coaching and mentorship to ensure their long-term success.