Sam Gotomo’s Post

Empowering Liberian Entrepreneurs through Sole Proprietorship By: Sam Gotomo, Business Consultant, Sunglow Enterprise October 8, 2024 Entrepreneurship is crucial for Liberia's post-conflict economic growth, with sole proprietorships being the most accessible option. This article explores Liberian entrepreneurship's challenges and potential for sole proprietors. Knowledge and Skills: Growing focus on entrepreneurship education, but limited access to training, informal sector dominance, and skills gaps persist. Initiatives aim to address this. Access to Finance and Markets: Bottlenecks include limited banking, high rates, and collateral needs. Microfinance, mobile money, and government loans help, but gaps remain. Poor information, infrastructure, and low e-commerce hinder market access. Trade facilitation and initiatives aim to improve access. Viable Sectors: Agriculture, mining, services, and technology offer growth opportunities. Growth Potential: Economy driven by FDI, services, agriculture, and infrastructure. Sole proprietorships can create jobs, drive innovation, and promote diversification. Barriers: Regulatory hurdles, corruption, poor infrastructure, skill shortages, and limited tech access. Improvement Opportunities: Streamline registration, boost finance access and education, invest in infrastructure, promote digital adoption, and strengthen support services. Empowering entrepreneurs through better policies, resources, and skills is key to unlocking Liberia's economic potential. References: 1. African Development Bank. (2022). 2. Gotomo, S. (2021). J. Afr. Entrep., 15(2), 78-95. 3. Liberian Business Registry. (2023). 4. World Bank Group. (2023).

Catalyzing Social Entrepreneurship through Islamic Finance: A Sustainable Pathway for Socio-economic Impact This new report, "Catalyzing Social Entrepreneurship through Islamic Finance: A Sustainable Pathway for Socio-economic Impact," explores how Islamic finance can empower social entrepreneurs. The report identifies several barriers hindering social entrepreneurship in OIC countries. These include a lack of recognition for social enterprises as separate entities, unfavorable tax policies, limited access to mentorship, and difficulty securing funding. Islamic finance, built on principles of fairness, justice, and social responsibility, can be the foundation for a thriving social entrepreneurial sector. The variety of financing options offered by Islamic finance can address the critical issue of access to funding for social ventures. The report recommends several actions to create a more supportive environment for social entrepreneurship in OIC countries. These include developing policies grounded in Islamic values that promote human well-being and ethical business practices. Additionally, fostering collaboration between governments, NGOs, and social enterprises is crucial to build a robust ecosystem. Furthermore, creating diverse financial instruments based on Islamic financing principles will ensure equitable access to finance for social enterprises at all stages of growth. Finally, implementing clear legal structures and tax policies specifically designed for social entrepreneurship will address their unique needs and challenges. While social enterprises in OIC countries are still young, many examples showcase remarkable innovation and positive social impact despite the existing challenges. The report highlights some of these successful ventures. Download the report and join the conversation! https://lnkd.in/djPcyryQ #IslamicFinance #SocialEntrepreneurship #OIC #SustainableDevelopment #SocialImpact #Entrepreneurship #SDG

Empowering Zambian Entrepreneurs: A Groundbreaking $11 Million Funding Opportunity In a remarkable stride towards bolstering the private sector, the Zambian Ministry of Finance has announced a groundbreaking $11 million agreement with the African Development Bank (AfDB) and UNESCO. This initiative is set to provide substantial support to small and medium-sized enterprises (SMEs) across the country. The Minister of Finance's message is a beacon of hope and opportunity for all eligible business owners, companies, and organizations. A Transformative Partnership: The partnership with AfDB and UNESCO signifies a strategic move to strengthen the backbone of Zambia’s economy—the SMEs. This funding is not just an infusion of capital; it is a transformative effort designed to build resilience and foster sustainable growth within the private sector. SMEs are the lifeblood of the economy, and this initiative underscores their pivotal role in driving economic development, job creation, and innovation. Unleashing Entrepreneurial Potential: This $11 million funding opportunity is more than a financial injection; it is an endorsement of the entrepreneurial spirit that thrives in Zambia. Entrepreneurs are the catalysts of change, and this support will enable them to overcome challenges, scale their operations, and contribute significantly to the national economy. With this backing, SMEs can invest in new technologies, expand their market reach, and enhance their competitiveness. Eligibility and Application: The call to action is clear: all eligible business owners, companies, and organizations should seize this opportunity. The application process is straightforward, providing a level playing field for all aspiring applicants. To ensure transparency and inclusivity, the Ministry of Finance has made the application form accessible online. Interested parties can learn more about this initiative and submit their applications by clicking [here](https://lnkd.in/dist_Q4a). Building a Resilient Private Sector: The primary goal of this initiative is to foster a more resilient private sector. By empowering SMEs, Zambia can build a robust economic framework capable of withstanding global and local economic fluctuations. This resilience is crucial for long-term prosperity and sustainable development. The funding will enable businesses to innovate, diversify, and adapt to changing market conditions, ensuring their survival and growth. Conclusion The message from the Minister of Finance is a powerful affirmation of the government's commitment to economic development and support for the private sector. The $11 million agreement with AfDB and UNESCO is a testament to the collaborative effort required to drive progress. Entrepreneurs, business owners, and organizations are encouraged to take advantage of this unprecedented opportunity to advance their ventures and contribute to Zambia's economic resilience and growth.

Fears of Starting a Business in Zambia and a Roadmap to Success Starting a business in Zambia, like in many parts of the world, can be daunting, especially for first-time entrepreneurs. Despite Zambia’s growing economy, fertile land for agriculture, and increasing urbanization, fear often holds people back from embarking on entrepreneurial ventures. These fears stem from a variety of challenges—financial risks, market uncertainties, regulatory hurdles, and lack of technical know-how. 1. Fear of Financial Risk One of the most common fears is financial risk. Many aspiring business owners worry about the costs associated with starting and maintaining a business, as well as the possibility of losing their savings. The lack of access to affordable loans, especially for small businesses, further exacerbates this fear. Solution: To address this, entrepreneurs should start by creating a detailed business plan that outlines costs, revenue projections, and cash flow management. This plan can also be used to approach microfinance institutions, government grants, or venture capitalists for funding. Additionally, starting small and scaling up gradually allows entrepreneurs to test their ideas with minimal risk. 2. Market Uncertainty Another significant fear is the uncertainty of the market. Entrepreneurs often fear that there won’t be enough demand for their product or service, leading to a failed business. This fear is particularly pronounced in Zambia, where market research and data may not always be readily available or easy to interpret. Solution: Conduct thorough market research before launching. Engage with potential customers through surveys, focus groups, and pilot projects to understand the demand. Networking with local business associations, such as the Zambia Chamber of Commerce and Industry (ZACCI), can also provide valuable insights into market trends and consumer behavior. 3. Regulatory and Bureaucratic Hurdles The fear of navigating Zambia’s regulatory framework can also discourage many from starting a business. Licensing, taxation, and compliance with local laws can seem overwhelming, especially for those without prior experience in formal business processes. Solution: To overcome this, entrepreneurs should consult the relevant bodies for guidance. 4. Lack of Experience and Knowledge Many aspiring business owners fear that they lack the necessary experience or knowledge to succeed. Solution: Invest in continuous learning. Zambia offers various business development services, including training workshops, mentorship programs, and incubators. Roadmap to Overcoming Business Fears 1. Conduct a self-Assessment. 2. Create a Solid Business Plan. 3. Start Small. 4. Seek Funding Wisely. 5. Engage with Local Support Systems. 6. Commit to Learning. Rome wasn't built in a day.So take your business journey a day at a time, one task at a time.

For SMMEs to survive and thrive, they need robust entrepreneurship ecosystem: It’s no secret that entrepreneurs are the driving force behind economic growth and job creation. Most economies in the world are powered by entrepreneurs who, in turn, create between 60 and 90% of jobs in their various countries. For entrepreneurs to have the freedom to prosper, they need a robust ecosystem that supports their efforts. A vibrant and inter-connected system, great support networks and an open economy system help entrepreneurs succeed. This year marks a significant year for South Africa, as it celebrates 30 years since the country had its first democratic elections, thereby eliminating the apartheid era that marginalised most of the population. Since then, the government has put in place various measures to enable the development of micro, small and medium enterprises. Several interventions have been implemented to enable innovative start-ups to start and scale. However, with all the measures in place, South Africa has one of the worst unemployment rates in the world – 32.1% of the working population – which also means that more than seven million people walk around the streets without jobs. Only entrepreneurs have the power to solve the unemployment crisis in the country, but before they can solve this, we need a strong, vigorous and resilient entrepreneurship ecosystem that supports their constant growth. For this to happen, we need the following interventions: Access to innovative funding mechanisms: Some of the lending instruments and traditional financing methods used by various financial institutions are more suited to large businesses than for small and medium-sized enterprises (SMEs). We need to develop innovative financing mechanisms that looks at each SME through a developmental lens. Creating an open economy: According to the Heritage Foundation, South Africa’s economic freedom score is 55.3, making its economy the 111th freest in the 2024 Index of Economic Freedom. Its rating has decreased by 0.4 point from last year, and South Africa is ranked 18th out of 47 countries in the sub-Saharan Africa region. The country’s economic freedom score is lower than the world average and higher than the regional average. South Africa’s economy is considered “mostly unfree”, according to the 2024 Index. Various industries have many barriers to entry for SMMEs, from rigorous and bureaucratic regulatory frameworks to the inflexible labour market, are all but hindrances for SMMEs to effectively compete with bigger players. Access to skills: South Africa has been experiencing a brain drain in recent years, with many professionals moving abroad for better opportunities. Additionally, the country faces a significant digital skills shortage in the private sector. Larger companies often have the resources to attract and hire skilled individuals, leaving smaller businesses and SMMEs struggling…

SIDBI Marks 34 Successful Years of Fostering Entrepreneurs, Enriching Economy Established in accordance with the SIDBI Act of 1989, the Small Industries Development Bank of India (SIDBI) celebrates 34 years of dedicated service in nurturing entrepreneurship, fostering innovation, and driving economic growth throughout India. Read More: https://rb.gy/api7zb #SIDBI #SIDBIActof1989 #SmallIndustriesDevelopmentBankofIndia #News #DailyNews #UpdatedNews

How much does an entrepreneurial business impact the national economy of a country? Entrepreneurial businesses can have a profound impact on the national economy of a country in several key ways: Job Creation: Startups and small businesses are significant sources of employment. They create jobs across various sectors, reducing unemployment and contributing to economic stability. Innovation and Productivity: Entrepreneurs drive innovation by developing new products, services, and technologies. This innovation can lead to increased productivity, efficiency, and competitiveness in the broader economy. Economic Growth: By introducing new products and services and expanding into new markets, entrepreneurial businesses contribute to economic growth. Increased Competition: New businesses often increase competition in the marketplace. This competition can lead to better products and services, lower prices, and improved quality, benefiting consumers and driving overall economic efficiency. Investment Attraction: Successful entrepreneurial ventures can attract domestic and foreign investment, which boosts the national economy. Regional Development: Entrepreneurs often start businesses in various regions, including underserved or rural areas. Tax Revenue: As businesses grow, they generate tax revenues through corporate taxes, employment taxes, and other levies. This revenue supports public services and infrastructure, contributing to the overall economic health of the country. Skill Development: Entrepreneurship fosters skill development and human capital growth. As businesses expand, they often require a diverse range of skills, leading to education and training opportunities that enhance the overall workforce. Export Opportunities: Entrepreneurial businesses can lead to the creation of export-oriented industries. By tapping into international markets, these businesses contribute to a positive trade balance and enhance the country's global economic presence. Resilience and Economic Diversification: A strong entrepreneurial sector can help diversify the economy, making it more resilient to economic downturns. Overall, entrepreneurial businesses are crucial for economic dynamism, resilience, and long-term growth. They play a significant role in shaping the economic landscape of a country and can contribute to a more vibrant and competitive economy. #entrepreneurship

At B&B Global Investments, Inc. we are unwavering in our commitment to building the infrastructure that entrepreneurs need to thrive. Our experiences drive us to create a better path for others, ensuring they don't face the same challenges we did. We are only beginning to uncover the vast potential of entrepreneurship in Africa, and the journey is already proving to be incredibly rewarding. This is why we are dedicated to enhancing the entrepreneurial landscape even further. We believe that entrepreneurship is the key to unlocking Africa's future. Entrepreneurship in Africa is a powerful engine for economic growth and development. According to the World Bank, small and medium enterprises (SMEs) represent about 90% of businesses and more than 50% of employment worldwide. In Africa, SMEs contribute significantly to GDP and job creation, playing a crucial role in economic diversification and resilience. At B&B Global Investments, Inc., we recognize that entrepreneurs face unique challenges, including limited access to capital, inadequate infrastructure, and regulatory hurdles. To address these issues, we are implementing a multi-faceted approach: 1. Mentorship and Training: We offer comprehensive mentorship programs and training workshops led by experienced industry professionals. These programs are designed to equip entrepreneurs with the skills and knowledge they need to navigate the complexities of starting and growing a business. 2. Infrastructure Development: Recognizing the critical role of infrastructure in business success, we are investing in the development of essential facilities such as co-working spaces, innovation hubs, and technology parks. These environments foster collaboration, innovation, and the exchange of ideas. 3. Regulatory Support: We are working closely with policymakers to advocate for a more favorable regulatory environment for businesses. By engaging in policy dialogue and offering expertise, we aim to reduce bureaucratic barriers and create a more conducive ecosystem for entrepreneurship. Our mission at B&B Global Investments is to create a thriving entrepreneurial ecosystem in Africa, where innovation and enterprise can flourish. By providing the necessary resources, support, and opportunities, we are committed to making entrepreneurship a driving force for positive change and sustainable development across the continent. Together, we can unlock the immense potential of African entrepreneurship and build a brighter future for all.

Empowering Papua New Guinean Small Businesses with Technology: The Importance of Proper Documentation In the vibrant landscape of Papua New Guinea, small and medium enterprises (SMEs) play a crucial role in driving economic growth and providing livelihood opportunities for many individuals. As someone who is passionate about supporting hardworking business owners, I have witnessed firsthand the challenges and triumphs faced by entrepreneurs in this dynamic environment. Upon returning to PNG at the beginning of this year, I was inspired to collaborate with local SMEs, particularly through a project aimed at showcasing their products in the hotel where I work. Through weekly exhibits and purchasing products for hotel consumption, I sought to provide a platform for these businesses to thrive and grow. During my interactions with numerous SME owners, I discovered a common theme - many entrepreneurs rely on memory rather than proper documentation to manage their businesses. While the entrepreneurial spirit and dedication are evident, the lack of structured record-keeping poses a significant obstacle to their long-term success. Starting a business is a challenging endeavor that demands financial investment, time, and emotional resilience. It is a journey marked by highs and lows, with some entrepreneurs facing bankruptcy before achieving success, while others persevere through challenges and emerge stronger than ever. The resilience and determination exhibited by those business owners are truly commendable. In today's digital age, technology offers invaluable tools to streamline business operations and enhance efficiency. One such tool that caught my attention is Loyverse, a free application that provides the functionality of an expensive Point of Sale (POS) system. By documenting key aspects such as sales, expenses, and profits, SME owners can gain valuable insights into the financial health of their businesses. Proper documentation is not just a formality - it is a strategic imperative for SMEs seeking sustainable growth and success. Without accurate records, business owners lack the necessary information to make informed decisions and assess their financial performance. By leveraging technology such as Loyverse, Papua New Guinean entrepreneurs can take control of their businesses and pave the way for future prosperity. As I continue to support and engage with SMEs in PNG, I am committed to promoting the importance of proper documentation and the adoption of technology to drive business growth. By empowering entrepreneurs with the tools and knowledge they need to succeed, we can collectively contribute to the economic development and prosperity of Papua New Guinea. In closing, I encourage all Papua New Guinean business owners to explore the potential of technology, such as the Loyverse application, and embrace the power of proper documentation in their entrepreneurial journey. https://loyverse.com/ to learn more about this app.

🌟 The PADMPME Project in the DRC boosts entrepreneurship and creates job opportunities! 💼💡 Thanks to the support of the World Bank, micro, small and medium-sized enterprises benefit from valuable support to develop. 🚀👏 #Entrepreneurship #Employment #DRC 🇨🇩