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

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