Entrepreneurs like Clever Mpoha are key players in Zambia’s economy and play a critical role in addressing many of the country’s socio-economic challenges (Boateng, 2011). However, despite its vast wealth of resources and a growing youth population, Zambia remains an underdeveloped country.
How do I become an entrepreneur in Zambia?
There are many factors that hinder small business growth and most entrepreneurs in developing countries have low profit margins, often failing within five years of opening their enterprises (McConnell, 2011; Sather, 2012). These challenges include inadequate or non-existent access to capital, lack of appropriate physical infrastructure, poor market information and connection, labour shortages and poor management.
Despite these challenges, some governments have provided support to the small business sector, for example by providing loans at subsidized interest rates or a reduction in taxes. These policies can be effective in promoting small business growth by creating a conducive environment for them to operate.
Education is essential in enhancing the capacity of an individual to perform various tasks involved in running a business (Dabson, 2001; Malecki, 2001). The highest level of education is generally considered as a prerequisite to becoming an entrepreneur, but it does not guarantee success.
There is a lot of research on the relationship between entrepreneur education/training and growth. It has shown that entrepreneurs who have higher levels of education and training are more likely to grow their businesses and seek out business opportunities. They are also more likely to pursue business ventures that will lead to higher profits than their counterparts who do not have such a high educational qualification.