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).

Image 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.

Image 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. 

Website: www.NyamukaZambia.com 

Email: info@nyamukazambia.com 

Hotline: 5066
(Article courtesy of Nyamuka Zambia and Cutting Edge PR)