Helping young people foster practical entrepreneurship at an early stage will help Tanzania become a semi-industrialized country by 2025



Tanzania aims to become a semi-industrialized country by 2025, for which the contribution of manufacturing to the national economy must reach a minimum of 40% of the GDP; do you think this is possible when the government is looking at addressing this matter on their own? Will we be able to reach that Goal if everyone as a citizen is not involved? At my side I am not so sure of that, I don’t know about you… But for me I believe that

One possible and effective way to address youth unemployment, poverty reduction, and becoming a semi-industrialized country is to support young people in creating their own businesses; this includes both major and minor manufacturing industries and service oriented businesses. And when I talk about young people I don’t mean only those living in urban areas, I am also talking about those living in rural areas where many opportunities are less likely to be recognized and appreciated.

Without an inspired spirit of practical entrepreneurship the government is less likely to achieve this goal on their own. To become that country by 2025 every aspired citizen has to contribute to the attainment of that Goal and this can only be achieve if we all come to understand that, the engine to achieving success is the empowerment of  practical entrepreneurship. Taxes alone cannot drive our country to become an industrialized country. If we as a nation desire to become an economy with a broad and diverse base of manufacturing, processing and packaging industries that leads to both the productive as well as the export trade sector we need to get everyone involved, starting with the young generation.

Young people who grow up in an entrepreneurial environment are much more likely to see starting their own business or going self-employed as a viable career option. These individuals aside, however, the majority of young people have very little exposure to the world of business and it seems a risky and unknown option.

Helping young people become motivated about starting their own businesses should be fostered both by the government and training institutions such as colleges and universities if we want to become an industrialized economy by 2025. This starts when our universities and all other training institution involved in delivering education understands the importance of teaching practical entrepreneurship in their curriculum.

Starting a business at university is one of the hardest things young people will do, but it’s also the best time in history for young people to set up a business and test ideas that could create value and wealth in the economy, however, this is only possible if those institutions are fostering a practical entrepreneurship curriculum.

When I was in collage I was taught only the theory of it, I never got the chance to practice or contribute in any form of project that would have opened my mind. The lack of these practical entrepreneurial skills leads so many young Tanzanians devastated when they can’t secure a job. It would have been different if our curriculum fostered practical entrepreneurship skills to start with. The future of our economic growth does not only depend on the government, it also depends on the contributions made by entrepreneurs.

If we want our country to become industrialized we have to get everyone involved not just the government. Young people are the key leaders in tomorrow's economic development. Our government should start by inspiring the spirit of entrepreneurship so as to lead young people in starting industries that will benefit the economy, on the other hand, universities and other training institutions should start by improving its entrepreneurship curriculum to become more practical allowing young people to start testing out ideas at an early stage and to have a mindset of creating value and wealth for the nation.

And when I talk about industry I don't mean only the majors, even those at the community level do contribute to economic level, and if they are not stimulated to grow it will be a dream to have a well industrialized economy. The government cannot do this by itself, they needs the support of its people. I believe that every citizen with a spirit of entrepreneurship should have a share and contribution to the growth of our national economy to become an industrialized economy by 2025.

So how can training institutions empower young people at an early stage to become entrepreneur who contributes to the 2025 goal of becoming an industrialized economy country? Those institutions should start by shifting their entrepreneurial curriculum from theory entrepreneurship in class to practical entrepreneurship both in class and out in the field for real life experience.

I have also found some practical ways that were shared by a contributor from Ashoka (Dr. Emad Rahim) on Forbes, and those practical ways Universities Can Improve Entrepreneurship Education include:

Focusing More on Case Studies: Case studies are an effective method to spur students’ curiosity, putting them face-to-face with real-life business situations
Linking Curricula to Real-World Business Challenges: Universities can jumpstart their business degrees by linking their curricula to real-life business challenges
Creating Opportunities for Students to Participate in Social Entrepreneurship Contests: This includes both social entrepreneurship businesses that may focus more on a social cause and tech startup ventures
Partnering with Businesses: Entrepreneurship-in-Residence is also an innovative way to foster practical knowledge and allow young professionals to rub elbows with established and experienced entrepreneurs
Invite Entrepreneurs and Business Executives to Deliver Lectures: invite business executives and ask them to teach a full course, make a presentation, or share their experiences with students, this give the students an opportunity to engage and learn from experts in the field.
Provide Consulting Services to Small Businesses and Nonprofits: Conceptually, a professor would lead the consulting team of students, formulating operational priorities and guiding students throughout the consulting engagement.
Help Students Launch Their Own Businesses: Universities can work in partnership with student-entrepreneurs—and institutions to conduct market research, obtain financing, and create viable businesses.
Emphasize Technology Topics in Curricula: Technology has asserted its supremacy on today’s global economy. Higher-learning institutions can jumpstart their students’ careers by incorporating more technology topics in curricula.
Foster Global Exchange Programs with Other Institutions: Global exchange programs are nothing new, but the concept has not expanded as it should to business programs.
Encourage Student-in-Residence Programs: Student-in-residence programs are comparable to internships, except that students get hands-on experience, work a specific number of hours at the host company—say, 20 hours a week—and complete coursework that ultimately is graded and counts towards the course’s final GPA.

To encourage entrepreneurship in students, whether it be social or for-profit, universities must offer more practical coursework, blending the theory in the traditional economic literature with the tangible needs of everyday business management. The education should be experiential, hands-on, and action-driven to give students a real-world experience.

TO LEARN MORE ON THESE PRACTICAL WAYS PLEASE READ THE ARTICLE HERE ON FORBES

The success of the 2025 goals depends on the contribution of young generations, especially those in colleges and universities across the country. Empowering youth by building their skills as citizens, professionals, and leaders is the solution for a bright future toward an industrialized economy.

How can the government play a role in this:
> They can start by lowering tax rates to stimulate investment and simplify tax laws so everyone can understand.
> They can urge banks to lower interest rates on loans for start-up entrepreneurs
> They can make the formation of entrepreneurial activity a government priority
> They should enhance and encourage competition amongst the foreign players, which enhances growth and productivity among the local players.
> The Government should ensure that the startup has the ability to sell its product widely into domestic as well as international market easily.
> Encouraging risk taking:
> The government should also focus on uplifting its people to become more successful by creating more jobs and encouraging individual effort towards social improvement.
> The government should provide a fair legal system with strong property rights and contract law
> The government should streamline business registration, easy up the process of business registration and its procedures
> Government can encourage development of new capital sources—such as equity crowdfunding and peer-to-peer lending.
> Destigmatize business failure. The government should support entrepreneurs and give them a second chance.
> Finally the government should Invest in entrepreneurial education, especially in practical entrepreneurship.

An economy is much dependent upon the performance level of its entrepreneur. He or she plays a vital role in the growth of the national income as well as raising the per capita income of the people. With both the government and high education institution promoting the spirit of practical entrepreneurship in young people, we will e able to become an industrialized economy by 2025.

Hope this article will shades an insight on the matter.

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The author of IACTips

About The Author:

Rumishael Ulomi (RyChris), the Publisher and Creator of RYCHRIS JOURNAL is a Christian Believer, Singer, Entrepreneur, and an Independent Social Sector Consultant residing in Moshi, Tanzania interested in helping others thrive and grow. LEARN MORE HERE
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