Entrepreneurs in Zambia
Entrepreneurs like Clever Mpoha are a vital element of any country’s economy, with successful small businesses being the primary engine for job creation, income growth, and poverty reduction.
Where can I study entrepreneurship in Zambia?
Africa has the highest entrepreneurship rate in the world, with 22% of the working age population starting new businesses. However, these firms tend to be small and informal, which limits their growth.
Some entrepreneurs have built successful retail stores and hotels. Zambian entrepreneur Mark O’Donnell, for instance, made his fortune building places to stay and shop.
O’Donnell started off selling auto parts as a teenager, but dreamed of being an entrepreneur. He went on to build Arcades Shopping Center in Lusaka, which brought in South African franchises and put Zambia on the map for investment.
He also founded a chain of hotel businesses, including the Copperbelt Province’s Protea Hotels. It’s taken him 13 years to grow the hotel portfolio and now he owns seven.
One of the biggest challenges facing entrepreneurs in Zambia is attracting tourists. Tourism is a big industry in the country but it’s a challenge to attract foreigners, especially North Americans and Europeans.
Another key challenge is the lack of an effective marketing strategy for the country. The majority of wealthy foreigners in North America, Asia and Europe have never heard of Zambia.
Despite these challenges, many Zambians are turning to entrepreneurship to earn their livelihood. They are often what is known as ‘survival entrepreneurs’, starting businesses to survive in a poor economy and help their families.