ZIMSEC O Level Commerce Notes: Importance Of Entrepreneurship Skills To The Economy

  • In order to understand the importance of enterprise skills within the Zimbabwean Economy
  • We first have to understand the important role that enterprises and entrepreneurship have in the economy
  • Successful entrepreneurship can lead to:
    • Economic transformation and development
    • Boost and increase the Gross Domestic Product of Zimbabwe
    • Lead to economic empowerment of the entrepreneurs and their employees
    • Lead to the development of communities within which these businesses are located
    • Increase productivity within Zimbabwe and reduce reliance on imports
    • Reduce the demand for foreign currency
    • Reduce the demand for imports as they are substituted by locally produced products
    • Lead to a reduction in unemployment
    • Eradicate and alleviate poverty
    • Help tame runaway inflation
    • Create economic stability
    • Act as an engine for economic growth
  • For all this to occur entrepreneurship needs to nursed and nurtured
  • This will involve creating a culture of entrepreneurship as well as cultivating entrepreneurship skills within the population
  • Having the necessary skills will allow entrepreneurs:
    • To minimise the risk of their businesses failing
    • Maximise their potential to succeed
    • Allow them to identify and exploit new business opportunities in the market
    • Enable them to compete with foreign-owned and larger businesses
    • Follow proper business regulations including paying their taxes and contributing to the economy
    • Improve their planning and networking skills
    • Improve their communication skills
  • All of which again improves their chances of success and allow them to contribute further to the growth of the economy

To access more topics go to the Commerce Notes page

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