Zambian entrepreneurs on the rise
African entrepreneurship is on the rise and Zambia is leading the way. Research by the Global Entrepreneurship Monitor (GEM), which analyses the state of entrepreneurship around the world, reveals that sub-Saharan Africa has the highest number of people engaged in early stage entrepreneurial activity, with Zambia and Nigeria coming out on top in the GEM 2014 report. Total early stage Entrepreneurial Activity (TEA) refers to the number or percentage of adults who are either starting a business or have been running a business for under three and a half years.
In recent years, Zambia has produced a number of rising stars on the entrepreneurial stage. The variety of fields Zambian entrepreneurs engage in is also expanding into areas such as technology, fashion and the cuisine and restaurant business. Some of the top names in these fields include Mawano Kambeu (owner of Dot Com Zambia, Zambia’s largest online shopping platform), Faith Kabende (fashion designer and owner of Fay Designs) and Lillian Elidah Mumba (chef, food writer and owner of Twaala Kitchens).
Source: Global Entrepreneurship Monitor 2013 Global Report
Zambia is also leading the way where female entrepreneurship is concerned. GEM data from its 2014 annual report shows that 40.7% of adult females in Zambia are engaged in some form of entrepreneurial endeavour. This was the highest percentage reported globally and puts Zambia well ahead of the world’s developed countries including the UK (5.5%), Norway (3.6%) and France (3.1%). From the streets to the boardroom Zambia’s female entrepreneurs are becoming more visible. We have women supporting themselves, sending their children to school and making a living from selling goods at markets while others have reached their peak. Examples of Zambia’s rising female entrepreneurs include Miyanda Maimbo (founder and CEO the Prosoft Group of Companies), Monica Musonda (founder and CEO of Java Foods) and Cathy Phiri (managing director of Media 365). Sylvia Banda, one of Zambia’s most recognisable entrepreneurs went from operating one restaurant to 16 in just three years and now runs a nationally accredited catering college. Whatever the stage they are at, Zambia’s female entrepreneurs have shown themselves to be hardworking, resilient and adaptable. Nyamuka Zambia is tapping into the drive and enthusiasm that exists among both Zambia’s active and aspiring entrepreneurs.
Source: Global Entrepreneurship Monitor 2013 Global Report INEZ TORRE/CNN
The Nyamuka Zambia business plan competition is an initiative aiming to provide the necessary support and help the country’s entrepreneurs rise to the next level. Nyamuka Zambia is calling on all Zambian entrepreneurs with ideas that can help transform their businesses and in turn the economy of Zambia, to enter the competition for a chance to expand their networks and gain valuable business skills.
Zambian entrepreneurs clearly have a positive attitude to entrepreneurship. Only 15% of Zambian entrepreneurs surveyed by GEM said they had a fear of failure. Considering the challenges entrepreneurs face including difficulties in sourcing funding and surviving in a cutthroat business environment it is easy for them to feel defeated even before they start. However, the entrepreneurial spirit in Zambia is alive and well. What Zambian entrepreneurs need now is support to help them excel. GEM research shows that despite the high level of people starting businesses and the clear drive/ambition that exists among Zambian entrepreneurs, there is also a high failure rate, whilst a large percentage of nascent entrepreneurs discontinue their enterprises.
“Africa is rising,” so goes the popular catchphrase. There is some truth to this catchphrase and not to be left out, Zambia is among the 10 fastest growing economies in the world. However, for Zambia, to continue rising it is necessary to create an enabling environment and provide support for entrepreneurs. This especially applies to those entrepreneurs that will create jobs for others.
Nyamuka Zambia is open to all new and existing entrepreneurs and is especially looking forward to receiving applications from women and young people. This UKAID funded competition is a national quest to discover and develop entrepreneurial talent as well as change uninformed perceptions concerning entrepreneurship in Zambia.
Get involved to be a part of Zambia’s rise to the top.
Transformative entrepreneurship in Zambia: Growing the economy and changing lives
“Have the courage to follow your heart and intuition. They somehow already know what you truly want to become.”
This inspirational piece of advice from former Apple CEO, Steve Jobs, was directed at entrepreneurs and more generally to anyone with goals to achieve. It alludes to one of the benefits of entrepreneurship, which is that it allows business owners to pursue their passions as they are able go into fields closely related to their personal interests. Entrepreneurship allows individuals to follow their dreams and transform their lives, as well as to transform society.
Entrepreneurs not only gain financial independence by starting businesses, but also create jobs and wealth for many more people. Micro, Small and Medium Enterprises play a vital role in any country’s economy; the more business ventures there are the more robust economy the economy.
Despite the benefits of entrepreneurship, there are barriers that stop people from pursuing it. Many local entrepreneurs have a difficult time setting up with access to finances being the most common constraint. Business skills training is also limited. Most local entrepreneurs operate in informal settings such as markets and often sell their wares on the streets or build small shops (tu ntemba) from basic materials.
Entrepreneurship breeds innovation as long as a small company comes up with new and unique ideas to stay ahead of the game in a highly competitive business environment. It can also fulfill basic human needs and transform the way we live.
Entrepreneurs who started on a small scale created many of the items we use on a day-to-day basis. For instance, the applications we use on our phones were more than likely made by a small startup company. Examples of other important products created by entrepreneurs include the artificial heart and traffic lights. Isn’t that amazing?
A growing form of entrepreneurship is social entrepreneurship that has the same drivers of entrepreneurship but the profitability of such enterprises is derived from creating products and services that support positive social change and develop creative solutions to some of society’s most pressing problems. However, ambition and innovativeness are still at the heart of it.
An example of a local social entrepreneur is Mutoba Ngoma who founded Tapeera Industries Limited, which has produced eco-friendly soap using restaurant and agricultural waste. This socially positive initiative created jobs and encouraged an environmentally friendly lifestyle while still delivering a healthy profit. As with any other social entrepreneurship venture, it was good for the economy and good for society.
To promote transformative entrepreneurship in Zambia and to help overcome the may challenges faced by entrepreneurs, we are excited to announce the coming of a unique opportunity called Nyamuka Zambia. Funded by the UKAID, Nyamuka Zambia is a business plan competition that will discover and showcase Zambia’s most talented and dynamic entrepreneurs, offering them an opportunity to develop and grow their businesses.
Nyamuka Zambia will transform Zambia by empowering a new generation of entrepreneurs with resources and opportunities to realise their dreams. The Nyamuka Zambia package includes invaluable support and business skills development, coaching and mentoring sessions and networking opportunities, as well as providing winners with funding to set-up or boost their enterprises.
Nyamuka Zambia is looking for entrepreneurs with transformative ideas; the kind of ideas that will drive growth in the economy, create real jobs and add sustainable value. If you feel you have an innovative business idea and you have the passion and energy to drive this through to success and take it to the next level, call us on 5066 or visit our website, Facebook page to learn how you can be a part of Nyamuka. Zambia is rising and this is your chance to get involved!
www.NyamukaZambia.com , email [email protected] ,