Harnessing Youth Entrepreneurship in Zimbabwe: Key to a Better Future
Entrepreneurship is the key driving tool for most African economies. It facilitates effective economic growth and development for enhanced sustainability. Most young Zimbabwean entrepreneurs who strive to see a better Zimbabwe in the near future have taken this to heart.
The youth peak bulge has not spared Zimbabwe, as estimates reflect that it is probable that 60% of Zimbabwe’s national population is under the age of 30. Like many other young people in Africa, Zimbabwean youth have been challenged by the predicament of high unemployment rates and limited civic engagement opportunities, amongst other adversities.
The informal sector dominates the Zimbabwean economy. More youth are now entering the scene with hopes of economic survival, yet the job market is not opening up enough opportunities for them. This has been lamented by many youth entrepreneurs. Despite many of them having received a good education, some are still unable to find stable, formal jobs.
Most universities are churning out more graduates than the economy can sustainably accommodate in its current state. However, many of the schools are also channeling out students who have more book knowledge than the technical skills required for self-sufficiency in the current market.
The MY World global survey shows that in Zimbabwe most people want a good education. The sampled entrepreneurs in Zimbabwe reinforced this. They want to see an education system which explores more and delves deeper into instilling an entrepreneurial mindset in its curriculum. They wish to have an education system which is not over-reliant on job acquisition immediately following graduation, but one that instead focuses on acquiring a set of business skills which will help in the development and sustenance of entrepreneurial ventures. It is with this notion that the entrepreneurial spirit could be embraced and fueled by graduates, or within the universities’ immediate communities.
The exact unemployment rate in Zimbabwe is currently unknown, but estimates as high as 95% have been calculated for the country. Youths face an uncertain future, but for many of them hope has been rekindled with the surge of entrepreneurial ventures. The hope is to create self-employment opportunities that will lead to a constant revenue flow, allowing sustainability in line with household expectations.
The Building Bridges’ Road to Nairobi 2016 project seeks to harness the spirit of entrepreneurship within all youth to inspire hope for the future, in which effective growth and sustenance is in reach.
Zimbabwean youth entrepreneurs face a range of challenges such as lack of financial assistance and restrictive government regulations on company registration. These difficulties hinder them from seeing their dreams as viable ventures.
Despite the many struggles that youth encounter along the way in changing the current economic landscape, they continue to shed light on the hope that entrepreneurship is key to a better future. From the exuberant energy exhibited by most entrepreneurs, it has been established that youth have the innovation and energy that is required to drive successful enterprises and entrepreneurial ventures
Youth are characterized as vibrant, go-getters and enthusiastic, and such energy if well applied, will lead into the successful implementation of the SDGs. Zimbabwean entrepreneurs are working on challenges they identify in their communities, such as the lack of access to basic education, unaffordable healthcare, health problems due to poor cooking fuels and many more.
The future is in the hands of youth who define and map the journey that lies ahead. It is with this notion that youth could be effectively equipped with the necessary business skills to be the ones to see through the successful implementation of the SDGs.
These are a few of the solutions to improve the entrepreneurial spirit amongst youth in Zimbabwe deduced from the hearts and minds of the surveyed entrepreneurs:
- Terrence: Government should create an enabling environment, incentivize people through the creation of funding structures, and build a strong database for youth entrepreneurs to access mentorship who will oversee the successful running of the businesses.
- Candice: Youth should be made aware of the beauty of entrepreneurship. People have great ideas but they can’t develop them without assistance.
- Shaun: Government could have proxies in youth businesses to ensure that they are run sustainably. This way you can give funds and ensure they will be paid back.
- Tinashe: Entrepreneurship should be made part of the curriculum. The youth needs to get inspired, motivated.
- Tichaona: We need a hub for entrepreneurs. We need IT skills and to make changes through technology.
- Chiedza: We need a transparent government where ministers are held accountable. They should focus on advancement of the country rather than how much they can make by helping you.
Author: Kudzanai Chimhanda (Country Team Zimbabwe of the the Building Bridges Foundation)