The 2013 Global Entrepreneurship Monitor (GEM) Sub-Saharan African Regional Report has shown that there is a positive correlation between education and a country’s entrepreneurship activities. THE 2013 Global Entrepreneurship Monitor (GEM) Sub-Saharan African Regional Report has shown that there is a positive correlation between education and a country’s entrepreneurship activities.
Speaking when presenting findings of the report during the International Development Research Centre (IDRC) conference held in Lusaka, GEM executive director Mike Herrington said lack of basic education was a constraint on business development as it reduces a person’s efficiency and productivity.
Mr. Herrington emphasised the need to improve education so as to improve the entrepreneurship sector of the country.
“Entrepreneurship in any form is a vehicle for creating new jobs, generating revenue, advancing innovation, enhancing productivity and improving business models and processes,” he said.
“Understanding and encouraging entrepreneurship in a country is critical for all organisations both big and small,” Mr. Herringtone added.
The report also revealed that all Sub-Saharan African countries had high levels of small scale entrepreneurs.
Mr. Herringtone explained that there were a lot of great opportunities for people in Sub-Saharan Africa to start businesses.
However, low levels of high potential businesses, high levels of corruption, nepotism and crime, low levels of education and skills including unemployment and underemployment are noted as major inhibiting factors to the growth of entrepreneurial activities in Sub-Sahara.
He noted that youths all over the world face different levels of unemployment and urged them to venture into entrepreneurship activities.
He said simpler modes for youths to acquire finances in order to come up with businesses should be devised in order for youths to venture into profitable businesses.
The conference was attended by delegates from Canada, Ghana, Malawi, Uganda, Botswana and Namibia including University of Zambia Lecturers and students.
During the conference, panellists from the Citizens Economic Empowerment Commission Likando Mukumbuta, Francis Mwape from the National Council for Construction and a programme officer from the Private Sector Development Programme Penias Chabwela discussed and answered questions around the subject of entrepreneurship and development.
Michael is supporting the team behind the Luska Star. He is a big fan of Zambia and loves to work with the local talents at UNZA.