adminSharon Chigeza Correspondent
Most businesses fail within the first five years of inception because of lack of information on how to manage them sustainably, president of Junior Chamber International (JCI) Zimbabwe Mr Ngonidzashe Chikurunhe has said.
Mr Chikurunhe made the revelations when he addressed a group of young entrepreneurs aged between 18 and 40 during a power talk on entrepreneurship in Mutare recently.
He said research had revealed that most businesses failed at inception as it is the most crucial stage of a business.
It is at this stage that entrepreneurs need to be conversant on what they will be doing, he said.
“Research has shown that nine out of 10 start-up businesses fail within the first five years of inception as a result of lack of information on how to steer and sustain them,” said Mr Chikurunhe.
“Business is one of the areas of opportunity and we encourage young people to start businesses because they have the potential to empower a person to make a positive change in the community.
“For one to make an impact, it is crucial that he or she be empowered with the necessary knowledge and entrepreneurial skills in running and sustaining a start-up business.”
Mr Chikurunhe said young people should be able to identify opportunities and capitalise on them.
Challenging economic circumstances, Mr Chikurunhe said, had made entrepreneurship the only avenue to financial freedom.
“This has led many to start their own businesses, but lack of the necessary knowledge and skills on how to sustain and expand the businesses has been their biggest undoing,” he said.
JCI is a membership-based non-profit organisation of young active citizens aged between 18 and 40 and operates in more than 100 countries that are dedicated to creating positive change in their communities.
Each JCI member shares the belief that in order to create lasting positive change, they must improve themselves and the world around them.
JCI members take ownership of their communities by identifying problems and creating targeted solutions.
JCI Zimbabwe, which is an affiliate of Junior Chamber International, has a presence in Harare, Mutare, Bulawayo and Gweru.
Online Reporter