I really enjoy the stories in this book. Very insightful...it let's us know of the challenges people face and how a little determination and a little bit of financial help can make an impact in the life of a focused person.

Zidisha microfinance provides a way to directly interact with people who use loans to create better lives for themselves. The stories give an insight into lives and cultures I would not otherwise know about. Quite an interesting and inspiring collection.

Disclaimer: I received a free copy of this book from the publisher in exchange for sending them my feedback and writing a candid review. I like to think that I like being candid more than I like free books, but either way, you should know the context in which I'm reviewing this book.

The introductory chapter of Venture is great. It states: "...the range of outcomes that result from microfinance is no different from the range of outcomes that result from conventional finance in developed countries...We believe the collection of stories presented here is fairly representative of the range of outcomes typically achieved with microfinance loans: many dramatic successes, many modest improvements, and some failures...What emerges clearly from this narrative is a vibrant kaleidoscope of human talent, ambition and indomitable spirit in the face of overwhelming obstacles."

Yup. That is exactly what the book delivers.

Each chapter is one or two pages written by an employee of Zidisha, describing their visit to a particular entrepreneur. They talk about that person's life and personality, the family they must support, the general hardships they face, the business venture they are working on, and any successes and failures they have met along the way. This is followed by about half a page of text taken directly from the borrower's Zidisha page, expressing their story and thanks in their own words.

There is a wide range of awesome stuff in here.

First, there is the sheer variety of business ventures. You've got your typical farms and general stores, but you've also got fashion, fruit juice, construction materials, medical supplies, tourist lodging, motorbike repair, homemade disinfectants (seriously?!), and rabbit farming.

Second, it is inspiring to see all of the ways people persevere for their own benefit as well as that of others in their family and community. The book is worth it just for the stories of two people: Rose Karanja and Alassane Diop. Rose gave up a college education to care for her orphaned siblings, built a construction materials supply company from the ground up to become a respected businesswoman in the construction industry, and aspires to go back to school to study civil engineering. (As a female engineer in the US, I am basically bowing down in awe to her. Dear Zidisha: I would read an entire book about her.) Alassane writes eloquently about how the loan money has improved his life and that of his family, and gives detailed descriptions of the poverty and political chaos in his home region. Just trust me, it is worth reading.

Finally, the book is surprisingly rigorous in discussing how the borrowers make business decisions. Even though each chapter is only a few pages long, many of the borrowers themselves discuss diversification, insulation from purchasing power declines, marketing, market growth, and so on. It is great to read about entrepreneurs deciding what to sell, whether to buy stock or equipment first, divesting of failed businesses in favor of new and growing markets they just recognized, and pondering the impacts of price volatility on their venture.

The book does not shy away from failure, which is also to its credit. It therefore provides an honest look at the limitations as well as the benefits of microfinance. Many borrowers go through unimaginable nonsense- medical emergency, theft, fraud, drought, economic collapse, and yet still do everything they can to repay the loan. When they fail, we are reminded that microfinance may be awesome, but it can't solve bigger societal problems. We need better health care, rule of law, education, and so on in order for microfinance to work properly.

Also, it reminds us that some businesses will fail! Something like 9 in 10 start-ups in the US go bankrupt. We shouldn't get any more hung up on the risk of lending to the poor than the risk of lending to the wealthy.

Bottom line: worth a read, if for nothing else than for the descriptions of a couple dozen awesome people accomplishing impressive things despite great hardship.

*Disclosure: I am an advisor to Zidisha and have received a free copy of the book.*

Microfinance borrower stories. You've seen them on any microfinance website or brochure - a farmer, a market trader, a shopkeeper - all briefly relating how microfinance loans have helped them grow the business, send the kids to school, maybe build a house. Dale Adams, an deeply influential, but largely unrecognized founder of modern microfinance, calls them "Dona Maria stories" - stories selected for their PR value, not even remotely close to reflecting the average client's experience.

These are NOT Dona Maria stories. They probably don't form a statistically representative sample - Zidisha makes no claims of scientific accuracy here. But the stories get you close to the borrowers in ways that are rarely done elsewhere. You learn about the borrowers' businesses, their families, their ups and downs.

One thing stands out: a number of Zidisha's clients are truly dynamic individuals. Whether it's investing in greenhouse farming or going online to learn rabbit rearing techniques, they are willing to take risks and do things differently. It's a rare microfinance lender who would support such missions, yet it provides a lot of inspiration for lending via Zidisha. Not sure why that is, though I'd guess a part of this comes from the combination of technology and novelty along with low interest rates or the payment flexibility. These are the standout client success stories.

At the same time, this Zidisha compilation doesn't hide failures. Several featured borrowers have run into difficulties and stopped their payments as a result. It seems most of these cases are due to serious illness (either of the borrower or of a close family member). In other cases, clients made bad business decisions (misplacing trust in a business partner, or simply had a stroke of bad luck (theft of inventory goods). While some clients bounced back, the prevalence and seriousness of these situations underscores just how vulnerable such clients are to changed life circumstances.

Overall, the book is well-worth reading.

The collection of stories provides the reader with a perspective on life in the broader world beyond the States. It does a good job of pointing out the needs of many. Unfortunately, execution of the "zidisha" program in practice leaves much to be desired. A never ending flow of ultra low cost loans does little to prepare the recipient for actual business survival when the gifts stop. It sets up program recipients for failure. There are other feeding and assistance programs that are a broader and more efficient use of aid money.

If you've heard of Zidisha Microfinance before, you're likely to have experienced a sense of curiosity and awe at their modus operandi. This unusual publication offers a glimpse into the lives of their beneficiaries (primarily in Kenya and Senegal, with some in Indonesia), and is written in a style that reflects the qualities of their organisation- simple, direct, and quite surprising at times.

Zidisha is a non-profit organisation with online and offline components: 1. Its online platform matches micro-lenders with recipients, and provides recipients with a page on which they may post information about their business and personal life. It allows the two parties the freedom to select their interest rate (as long as the rate remains within a relatively low range), without itself taking a cut of the monetary transaction. 2. It manages teams of volunteers on the ground, who interact with local merchants and conduct background checks on recipients to verify their eligibility.

The system relies on trust and reputation- face-to-face meetings with beneficiaries are the crucial first step and must be done in person. Ideal candidates should already have a good financial track record, and possess strong ties within their local community. Once that foundation is established, the responsibility rests upon lenders, to choose recipients with whom they feel comfortable. Both parties negotiate an interest rate, money is exchanged, and the relationship lasts until the borrower returns the agreed-upon sum.

This collection of writing documents a diversity of interactions between volunteers, lenders, and recipients, over extended periods of time. The accounts provide details of the life histories, inspirations, and goals of the borrowers, often showcasing interesting personalities and highlighting their determination and hard work. Stories cover an insightfully wide range of businesses, occupations, backgrounds, ages, and challenges.

I was particularly intrigued at the editorial choices made, in the selection and sequencing of stories for the collection.

One of the first things to strike me: near the beginning of the book are tales of hardship, and loans that go unpaid for a long time (e.g. stories 5 and 7). The introduction should have prepared me for this:

"These are not all success stories. Some of the investments described in this book fail, due to poor business decisions, illness, or changing market conditions, and many other factors -- leaving the entrepreneurs no better off than before they received their loans. We believe the collection of stories presented here is fairly representative of the range of outcomes typically achieved with microfinance loans: many dramatic successes, many modest improvements, and some failures."

All the same, I'd been expecting rose-tinted accounts of against-the-odds successes- exposure to relentless marketing and advertising in the media in general tends to make one cynical and accustomed to air-brushed images. Zidisha reports an overall success rate of 97% for loan repayment, so I'd expected this publication to include, perhaps, a couple of less-successful tales, buried in the later part of the book. Instead, among the first few accounts were stories that elicited a visceral flush of disappointment. As I thought about this, it brought home the realisation that many of the recipients face a constant uphill battle. An injection of cash does not necessarily change things for the better overnight, and in the cases where it does make a rapid, positive difference, we should remain aware that these are likely to be exceptions rather than the norm. I'm grateful to the editors for making the conscious effort to include a variety of outcomes, rather than just the feel-good ones. It gives lenders a better idea of what to expect, and reminds us that change is neither simple, nor a guaranteed result of making an electronic transaction from one's bank account.

Another point that caught my attention was the writing style- anecdotal, descriptive, simply-worded, and for the most part, relatively unpolished. This stands in stark contrast to formal reports, which include at most just a few paragraphs of quoted material, if any.

Each account is comprised of a third-person description of the borrower's situation, followed by a section in the borrower's own words.

The first part of the narrative, from the perspective of volunteers, reads like a blog, kept by a wide-eyed visitor who is constantly soaking in new experiences and making discoveries. It comes close to what I imagine I'd be feeling, if I were in their position- positive in tone, able to see a silver lining amidst descriptions of difficult situations, and appreciative of the optimism amongst borrowers.

Statements from the borrowers themselves are refreshingly conversational and plaintive in tone, and broach difficult issues- direct observations and frank opinions abound, and one gets the sense that the authors have not been conditioned to engage in self-censorship and indulge in overly-politically-correct pleasantries. Hyperlinks at the end of each account bring you to the borrower's profile page.

This collection was an eye-opening, inspiring read, and my impression was of realistically-presented case studies, designed to engage the reader through logic as well as through emotions. After reading articles online about the history of Zidisha, the team behind it, and the shoe-string budget on which it is run, I'm all the more impressed by the sheer hard work, dedication, and selflessness that went into both the compilation of this volume, and the creation of Zidisha.

To start with a disclaimer, I was a Client Relationship Manager for Zidisha in Senegal, and therefore my opinion is understandably biased regarding the capacity of microcredit to create meaningful changes in the lives of entrepreneurs. The stories recounted in this collection pierce directly to the core of what microfinance should be: they give a sense of connection between people in the developed and developing world. What I admire most about the entrepreneurs and business owners represented in these accounts is their courage and adaptability. Beneficiaries of microfinance live on thin margins in impoverished societies, where minor problems can quickly escalate into major crises. These stories, featuring the words and experiences of Zidisha borrowers, are at time heartbreaking-- it is painful to read about Aida Sow's cancer diagnosis or Ndeye Sarr losing her workshop to reconstruction-- but are also a must-read for any conscientious lender to understand the circumstances of the people she or he lends to.

I recommend this book to anyone who is interested in getting a realistic picture of the lives of everyday businessmen and women in developing countries. I found it enlightening to see the extent to which I could find parallels between my life and the lives of Zidisha borrowers, and it was inspiring to learn how they confront and overcome economic and social hardships. This book is not a collection of glossy success stories or microcredit propaganda. It is a varied and unadulterated account of the circumstances, enterprises and challenges of some of the world's most ambitious developers.

I have been a lender through Zidisha for about six months. It is wonderful that through this nonprofit organization people can participate in microlending on a small scale. Just a few dollars from each lender can be pooled together to help someone else in another country tremendously. Especially because Zidisha, unlike many other microfinance groups, offers low interest rates to the borrower.

If you like to read about the everyday lives of people in different cultures you will enjoy the short essays in this self-published book. At the time of my posting this review, 689 people on Zidisha had received loans for their small business endeavors.

Julia Kurnia, the remarkable woman who founded Zidisha, has focused on 35 of these borrowers in this book. Sure you could read these stories in a more fragmented form if you had time to read through all, as of now 689 profiles and their comments and related blog posts, but who has the time for that? The essay about each person was written by a volunteer who actually visited them. Also included are some of the comments the borrower has posted on their own profile page.

The book is wonderfully interactive. If you are fascinated by a particular person's story you can click on a link at the end of the chapter about them and it will take you to their Zidisha profile page, where you will see their picture and can read more details about their loans and possibly find more blog posts, photos and borrower comments.

I'm sure you'll be inspired by the difficulties many of these people face and the grace with which they handle challenges in their lives. You'll get a glimpse into the workings of the communities in which they live, their family lives and the successes and in some cases failures of their businesses.

This book helps answer the often debated question of whether microfinance loans really help lift people out of poverty or harm them. Judge for yourself by reading the borrowers comments in their own words.

By purchasing this book you will be helping to support Zidisha's operating costs.

Very inspiring stories and also good that both sides were shown explaining how sadly some struggle mostly through no fault of their own.