DID YOU KNOW THAT…
More and more women are leaving formal employment because of gender bias, a change in patterns of behavior after child birth, because it has been said that women do not know how to apply for jobs, some find it daunting to ask for help, but for those without any of those reasons, it is because they want to run their own businesses. The statistics show that there is a global downhill fall in the desire for women to join the formal sector.
The trend for the youth is that their participation in the labor market has continued to fall, Young people face several different types of constraints that hinder their entry to the labor market because of a lack of job-relevant skills: Young people often have insufficient basic literacy and numeracy skills largely due to inadequate educational preparation; a lack of technical skills, ranging from manual skills to computer literacy; limited knowledge of the competencies which are sought on the job market; a lack of behavioral skills; or insufficient entrepreneurial skills and sadly an inadequate number of mentors to take on the challenge to help the larger number in need, to bridge the gap. Statistics also reveal that the younger people are also losing their interest in the formal sector.
The labor market is challenging and opportunities may not rise where they are expected, that is not say that opportunities cannot be created. Instead of being discouraged or languishing some people have opted to put their resources, capital, talents, abilities and experience to good use.
The current status of women in employment according to ILO is close to 49%. For men, it’s 75%. That’s a difference of 26 percentage points and that is a great decrease, in 1990 the participation of women was 51.0%.
With 1.8 billion young people between the ages of 10 and 24, the current global youth population is the largest in history. Developing economies are home to almost 90 per cent of this generation of youth.
Opportunities can always be created and one such way is by taking the Entrepreneurship Route because entrepreneurs live in the context of geography: local, national and sometimes supranational economy and society. There is always a way to start a business and Zambia is part of the Global Entrepreneurship Network which has an array of programs in 180 countries aimed at making it easier for anyone anywhere to start and scale a business, global networks are becoming more important for ease.
An entrepreneur is someone who recognizes opportunities and takes the risk of responding to them by creating goods and services using the most efficient combination of resources for both monetary rewards and personal satisfaction. (Based on definitions from Peter Drucker 1985, Joseph Schumpeter 1934 and OECD)
It all starts with an idea and one has to weigh the pros and cons, ultimately every person settles for what works for them. Identify your interests by looking at your skills, talents, abilities and best of all your experience in an area, although in terms of experience, some businesses work well with new talent that is raw and innovative, bringing in new ways of thinking, exploration and results that are incomparable. Sometimes old ideas are just given a new twist and they are merged with a new idea to reveal a fantastic conclusion because it is your interest and passion that determines the business activity. The needs and wants of the end user have to be met effectively and have to be addressed and delivered, hence the importance of knowing your target group right from the beginning. Your business ideas will need equipment and capital inherent with the business model chosen and the target customers are reached by marketing, purchasing and through transport and logistics. REVENUE will be determined by the products and services and what your customers are willing to pay. So far it sounds easy, but it is not.
The proper support network of family and friends is needed to overcome; negative perceptions of entrepreneurs in some local contexts, as well as the stigma attached to the possibility of failing in front of friends and acquaintances can discourage many potential entrepreneurs, as if that is not enough. Gender biases can make pursuing that route, especially difficult for young women.
To be a successful entrepreneur, one needs Business opportunity and recognition, personal interest and knowledge (Opportunity-driven) for the vision and mission to become a reality.
There is no specific criterion to success, but successful entrepreneurs demonstrate passion, hard work, determination, and innovation in pursuing their ideas.
The right combination of knowledge, technical and managerial abilities, soft skills, and personality traits can all be considered to form the building blocks of entrepreneurship.
Other added abilities would include:
- Technical Skills, Managerial abilities as well as the soft skills required to concretely apply your knowledge.
- Soft skills such as communication, problem-solving, negotiation, persuasion and leadership are another significant cluster of abilities what are useful to help your business succeed.
Entrepreneurs must personally perform a wide range of roles and tasks in their business, particularly during the initial stages of operations. Delegating these roles and tasks to others will become feasible once the business is firmly established.
MULTIPLE research from Harvard, and other renowned schools including some research I have personally conducted on a sample of 20 entrepreneurs on the research method based on observation for a period of 15 days by looking at resources, income and spending habits, has shown that women are better entrepreneurs than men and show higher levels of commitment, showed up early to prepare for the day and always want to add that personal touch to woo customers, big businesses have started from the kitchen, garage or backyards.
One example of ownership and branding that we can all be proudly associated with is our very own Zambians in the Diaspora. By understanding the principle of Relative Advantage and market offerings, A mother and daughter have proved that extended identity through branding can add value, bring an income and form the Brand Essence of a business by understanding, market opportunity. Customer satisfaction is a much better target to aim for than customer service and this brand also understands the value of e-commerce. E-Commerce makes personalization is easier, has content amplification, interactive content and is predictive because the customer’s relevant profile is developed. If you want to look good, feel good and different, then you know the exact niche you will be attracted to.
(pictures of the girls side by side)
Business Name: Laced by an angel hair
Business Type: Hair Industry
Business Goals: Laced by an angel hair main goal is to offer our clients a variety of high quality customized wigs to choose from; whether they lost their hair or just want a different look they can gain instantaneously, or want a change in color without dying their own hair.
The history of the business Laced by an angel hair is a wig line by a daughter and a mother Grace and Mable that is based in Texas, USA and primarily online @ www.lacedbyanangel.com.
Grace is a 20 year old college student whose part time hobby is hair styling and Mable is a working mother who has a niche for business. These two have managed to work together and create laced by an angel brand.
‘We came up with name to carry on the name of our late sister/daughter Angelika; to honor her short loving life we hope one day as our business prospers to give back to organizations that help children living disabilities. And that’s what inspires us every day to grow our business not just for profit but to include our angel in offering a brand of wigs that create a scalp like look and versatility.’
Running a business locally is not easy and running a business as Zambian in the Diaspora, has its own share of challenges which may range from a cultural shock to legal hurdles that need to be overcome, but, before the business takes off the most important thing to do is to carry out some background research, adapt to the environment and merge with the business goals
The road to entrepreneurship is not an easy one and there are numerous ways to attain the desired goals, but the following tips may prove to be helpful:
- Entrepreneurs should have a personal interest and passion in their own business. When combined with the applicable knowledge, managerial and technical abilities, soft skills, and entrepreneurial traits, such an interest and Passion play a large role in helping entrepreneurial activities succeed.
- A globalised and deeply integrated world, it is possible for entrepreneurs to consider going global right from the beginning of their business activities.
There are so many platforms that can aid any person that is interested in becoming an entrepreneur and it is just a matter of choice and being open minded and sometimes a place where one resonates the most with, give yourself a chance to explore possibilities that could lead to great achievements,
An example of a person who understood networking and opportunity is Edwin Zulu, of ELIF Business Solutions Ltd, the CEO Think Tank Network, GEN Zambia Acting Managing Director, GEW Country Host, Entrepreneurship World Cup Country Host, GSEA Country Chair, 2016 CEO Global Titans: Building Nations, Country Award Winner in the SME Category. In 2017 he was the award winner for Most Promising recognition in his outstanding performance in the SVUM 2017 International Trade Show for developing bilateral trade and investment with India. Since networking is his stronghold the interest can find him at:
Chawama Youth Project (Skills Training Centre)
Plot 132/400 Lusaka, Zambia.
Cell: +260 977 531 821
Whatsapp: +260 960 664 989
Email: ezulucamp@yahoo.com, edwinzulu68@gmail.com.
Web: http://www.elifbusinesssolutions.com
Skype: Edwin,zulu16
The Global Entrepreneurship Network in makes it easier for anyone anywhere to start and scale a business,
Prospero Zambia is a UK aid funded private sector development entity that creates growth opportunities for MSMEs and their focus is on Food and Agriculture, Mines and Mining Services, Tourism and Hospitality and Investment Services.
She Entrepreneur also supports women in Zambia through capacity building and they work with small businesses and give networking opportunities to women.
FSD Zambia works with rural families, women, youth, low income people and households to give them affordable, comparable and affordable financial services.
Find out which banks offer Trade Finance and before long, a business plan can become a reality that will help you expand innovation and enjoy a wide range of financial services from a variety of partners.
Remember, it is always important to have a business plan, that should inform an entrepreneur (or an investor, partner, or client) of the existing business situation, clearly detail the strategic direction of the business, as well as provide plans for marketing, production, finance, management and operations.
When setting up your business, you should always consider the most suitable legal structure for it and register it as such. It is also important to comply with all applicable regulations and obtain all required permits, licenses and certifications. This legal and regulatory dimension will provide credibility to your business.
For those just starting up or wishing to go International for their business holding, there are some laws, regulations and reminders you need to know about. Copy and paste the link below in your browser:
https://docs.google.com/presentation/d/1dKBnJAfxcqiyjedO8FiPVr8WAkmFyuUqf_83Oh-JM_E/edit#slide=id.p
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