Firm urges entrepreneurs to be systematic, radical

Firm urges entrepreneurs to be systematic, radical

Post was last updated: March 2, 2020

By Imam Wali:

Local innovation firm, Project Innovation Centre has urged entrepreneurs to be radical and systematic in approach to businesses if they are to significantly contribute towards the national economic development agenda.

The call comes as the country continues to grapple with adverse poverty and attempts to find lasting solutions to economic growth challenges.

The firm has since expressed dismay over bottlenecks to growth of businesses in the country.

Project Innovation Centre Executive Director, Kondwani Ngwira, said the firm is concerned that most entrepreneurs in the country are operating businesses without proper plans and without registering.

He was speaking during financial literacy training for budding entrepreneurs on Saturday in Lilongwe.

“Entrepreneurs have capacity to transform our economy because most are already running businesses. The problem is poor management of their businesses,” he said.

Ngwira then called for mindset change on approach to business, saying most limiting factors are manageable.

He said one of the key challenges is resistance to change.

“But so far we have developed a strategy to combat all those challenges among entrepreneurs we are working with,” Ngwira said.

One of the participants, Elijah Chitedze, an entrepreneur running EC Investments, said most entrepreneurs lack basic knowledge.

“There are many challenges that entrepreneurs are facing countrywide. The number one challenge is lack of knowledge,” Chitedze said.

The firm is training entrepreneurs in urban and rural areas, focusing on financial planning, savings, investment, importance of registering businesses, importance of business insurance and tax compliance among other areas.

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