By Kilo Mgaya
In a world where the lure of easy money through betting and gambling is ever-present, more than ever, many young people are drawn into these activities as a way of making quick, easy money. However, experts warn that the risks associated with these activities far outweigh the potential rewards. Instead, they advocate for the embrace of entrepreneurship.
Starting a small business is never easy but it can be an excellent way for young people to gain experience and build a foundation for future success. Entrepreneurship provides an opportunity for young people to develop valuable skills such as critical thinking, problem-solving and creativity while also providing a platform to innovate new ways of doing business and leverage on technology to reach a wider audience.
The rise of e-commerce platforms and social media has provided an unprecedented opportunity for young entrepreneurs to create brands that resonate with their target market and reach a global audience. By starting small, young entrepreneurs can learn from their mistakes, refine their approaches and develop a solid foundation for long-term success.
In addition to starting small, young entrepreneurs should also take advantage of financing programmes offered by Tanzanian banks that target youth empowerment. These programmes can provide financial support needed to get a business off the ground while also offering valuable resources such as mentorship, networking opportunities and business development training.
Ultimately, the pursuit of easy money through betting and gambling is a high-risk activity that often leads to financial ruin and can have negative impacts on mental health and relationships. By embracing entrepreneurship and starting small, young people can develop the skills and mindset needed to succeed in the long term while also contributing to the growth and development of their communities.
The road less travelled may be challenging but it offers greater rewards and opportunities for growth and success. Young people should resist the lure of easy money and instead embrace entrepreneurship. Starting a successful business does not necessarily require millions of shillings in capital. While some businesses may require significant capital investment, there are many examples of successful businesses that started small and grew over time through hard work, dedication and smart decision-making.
It is important to remember that success in business is not just about how much capital one has, but also about factors such as market demand, product or service quality, effective marketing, customer service and strategic planning. By focusing on these critical factors and leveraging their strengths, even small business owners can achieve significant success over time.
One of the best ways for young people to come up with a business idea is to identify a problem that needs solving in our communities. By identifying challenges and creating solutions that address them, young entrepreneurs can make a positive impact on their communities while also building a successful business.
This approach, known as ‘social entrepreneurship’, has gained popularity in recent years. Social entrepreneurs are driven by a desire to solve social or environmental problems and they use their businesses as a vehicle to create positive change.
In addition, stakeholders can also play a role in promoting entrepreneurship as a viable career path for young people. This can include working with educational institutions to provide entrepreneurship training and resources, supporting business incubators and accelerators and advocating for policies that support small business development.
In Tanzania, like many other developing countries, youth unemployment rate is a growing concern. Each year, between 800,000 and one million young people enter the job market but only a small fraction of them, around 40,000, secure formal salaried employment. This has created a crisis as more and more young people are left without work and struggling to make ends meet.
Investing in young entrepreneurs is not only a smart business decision but also a way to support the growth and development of the economy. Young entrepreneurs are the drivers of innovation and change, and they have the potential to create new products and services that can disrupt entire industries.
While it is true that stakeholders and policymakers can play a significant role in promoting and supporting youth entrepreneurship, the ultimate responsibility lies with young people themselves to take the initiative and seize the opportunities available to them.
Aspiring young entrepreneurs should begin by identifying their passions, interests and skills, and looking for potential business ideas that align with these factors.
Networking and building relationships with other entrepreneurs and industry experts can also provide valuable insights and connections to help bring their ideas to fruition.
The author is a Senior Public Relations Manager at CRDB Bank Plc. He can be reached at kilo.mgaya@gmail.com. The views expressed in this article are his own and have no relationship with the Bank.
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