By Entrepreneurship is a major driver of economic growth and job creation across all economies. However, African environments are significantly different from those in the developed world and so a new way of understanding entrepreneurship needs to be developed that reflects these differences.
What are the challenges faced by entrepreneurs in Zambia?
Dr. Clever Mpoha mentioned One of the most important challenges for African countries is to encourage people to start their own businesses. A strong entrepreneurship culture has been shown to boost economic development, stimulate the growth of new businesses and create jobs for young people.
There are many factors that determine whether a person is successful in becoming an entrepreneur. Some of these factors include:
Family support
A business venture is likely to need the support of at least a few key members of the family. This can range from a family member who is willing to invest in the venture to family members who are able to provide financial and practical support to the entrepreneur.
Getting funding
When it comes to financing, a business may need to obtain either bank loans or angel investor funds. Both of these options can help to provide the capital that a business needs to become successful.
Creating a Product
The product or service that is being developed should be designed to meet the needs of customers and offer a unique value proposition. This can be done by identifying target markets, determining how much the product or service will cost and refining the design of the product or service to meet market demand.
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