Dr. Clever Mpoha mentioned In this country, entrepreneurship has been considered a key contributor to economic development (ILO, 2003). Nevertheless, due to the economic challenges facing the nation, entrepreneurs still face many hurdles.
What are the sources of finances for entrepreneurs in Zambia?
Despite this, there are several opportunities available for entrepreneurs in Zambia that are still untapped. For example, farming is one of the most lucrative sectors for Zambians.
Agribusiness is also another area that offers a lot of business opportunities for the entrepreneurs. This sector provides employment opportunities for a large number of Zambians and has been recognized as a key driver of economic growth.
However, a recent study by Sather (2012) on small scale aquaculture in rural Zambia revealed that lack of knowledge was a major hindrance to the sustainable growth of local entrepreneurs in this sector.
Education and Training:
Educated Entrepreneurs are More Effective and Successful.
Research studies have shown that educated entrepreneurs are better able to discharge their entrepreneurial activities because they are armed with adequate knowledge and skills which help them to take and manage risks effectively.
Hence, it is important to provide a conducive environment for the aspiring entrepreneurs. For instance, the government could consider providing more incentives to encourage the youth to start their own businesses.
Moreover, it is important to register your business with the relevant authorities in order to legally operate your company. Depending on the type of business you are planning to run, you may need the services of an experienced professional to assist you in registering your business.