3-17-08 Monday

oday we spent some time to discuss our business plan assignments and threw around some ideas. We also went over the remainder of our trip and what we have confirmed on the agenda.

We managed to get time with Tanzania's most famous entrepreneur Reginald Mengi. He was truly an inspiration to us all and even though the room was 100 degrees,time flew by listening to his words of wisdom. He came from a very poor background, born in a mud hut, growing up with no shoes and one school uniform, eating only one meal per day. Most people in the US are unable to understand growing up like he did and the challenges he had to overcome. He almost makes it seem easy, even though he says putting hard work into whatever you do is one of the keys to success. He is a unique person and great example for his fellow Tanzanians. Starting small but thinking big is his philosophy along with always having a set destination and plan. What is also inspiring about him is that he gives soo much back to Tanzania. He is not greedy or selfish, but one of the nicest people I will probably ever meet. You cannot help but admire and like him for all that he is accomplished. I would hope to one day look back and think I did something even half as great as he has in my lifetime.

After we met with the Chief Executive of the NMB bank to discuss microlending, banking, and foreign investment in Tanzania. I received a better understanding of the country and what is being done to set up a structure to allow locals to understand about managing money. I also found out that saving money is a completely foreign idea to them. The culture here is to borrow, and borrow more. I was confirmed in my assumption that customer service here is lacking because it is not part of the culture yet. The head of the bank explained that it will take some time for them to understand and they currently take their new employees to Holland to experience it themselves. He is actually from Holland and is living in Tanzania to head the branch. He also explained how it is difficult to manage banks when they are so scattered across hard to get to rural areas. Employment is also a challenge as there aren't enough qualified candidates and the government doesn't want foreign workers taking jobs so there is a gap. This meeting allowed us to get a better sense of the challenges faced when starting a business here in Tanzania.