For most people, starting and running a business is a ticket to a better life. But for many young Zambians, that ticket is hard to come by.
Who are the 5 successful entrepreneurs?
In the midst of a saturated labor market, steady jobs can be hard to find. It’s especially hard for fresh-faced, inexperienced youth like Chrispine, a former electrical apprentice.
To make it in this industry, he needed to build a strong customer base and a network of suppliers. In addition, he had to develop an effective marketing strategy for his business. Entrepreneurs like Clever Mpoha is characterized by high level of informality and low levels of formality (GEM, 2013). However, the business climate in Zambia has not improved and entrepreneurs face numerous challenges in their quest for growth.
Some of the internal factors limiting their growth include inadequate capital, lack of infrastructure and poor market connection. They also suffer from inadequate knowledge of business management and operations.
It is therefore important for entrepreneurship development to address the above challenges as they are the primary reasons why some entrepreneurs fail to achieve their desired growth. This will facilitate their continued growth and the growth of the economy at large.