Awards shows usually focus on the distribution of certificates and achievement plaques, but the Small and Medium Enterprises Association of Zimbabwe (SMEAZ) Local Legends Awards emphasised sharing resources to scale and improve their businesses with the entrepreneurs in the room. The award categories were recognition, merit, sector (the best in different value chains) and companies transitioning from small to medium enterprises. I sat at a table with the most decorated young entrepreneur of the night and I can safely say that young entrepreneurs are making waves on mainstream awards platforms.
A Human Resources Expert’s perspective
The guest speaker was a Human Resources Expert who transitioned into an entrepreneur in the security field after leading two redundancy exercises at an international bank. While delivering the bad news to his colleagues, he had the sobering realisation that his job was not guaranteed for a lifetime. His move from traditional employment to entrepreneurship brought some key lessons:
- Support comes from all over, don’t just expect it from friends and family
- Starting is difficult so don’t lose hope in the teething stages
- Hire qualified staff because their work will pay for their own salaries and more
- Create a succession plan for all positions in the business
- Keep an eye on market gaps and work to fill them
The resource you need to start: SMEAZ Savings and Credit Cooperative Society (SACCO)
One of the resources highlighted was the SMEAZ SACCO, a savings and credit society that is offering both aspiring and established entrepreneurs loans valued at up to $10,000 each. This cooperative’s unique selling point is low-interest credit to assist people to realise their business ideas and help established businesses to expand. In addition, the SACCO offers a broad basket of services like financial advice, networking and growth opportunities.
Resources you need once you start: Old Mutual and the Standards Association of Zimbabwe
Old Mutual boldly stated that SMEs are the core of Zimbabwe’s economy so they have created an integrated financial solution targeted at businesses. This product allows companies to incorporate employee benefits, includes financial services, property insurance, loans and banking transactions.
The Standards Association of Zimbabwe collaborates with various entities on standardisation issues to enhance efficiency, quality, and safety while increasing customer trust and ensuring that products manufactured in Zimbabwe are fit for export. Currently, they are running a promotion, offering standards at $5 each.
A resource for young entrepreneurs: Youth Empowerment and Transformation Trust (YETT)
The Youth Empowerment and Transformation Trust sponsored the Young Entrepreneur of the Year Award. The Trust was clear that its mandate is to create an environment where young people can reach their full potential, noting that 2.5 million young people in Zimbabwe are classified as not in employment, education, or training. They are working to improve that statistic.
This business awards season has showcased the scale and diversity of entrepreneurial ventures in Zimbabwe. Young Zimbabweans, in particular, are defying unemployment statistics by transforming their passions into profitable businesses. I am hopeful that these enterprises will grow and become significant employers for Zimbabweans currently pursuing tertiary and secondary education.
