The Zimbabwe National Chamber of Commerce (ZNCC) says 95% of its membership is made up of small to medium enterprises (SMEs), imploring them to appreciate the changing economy to avoid collapsing.
BY TATIRA ZWINOIRA
ZNCC chief executive officer Chris Mugaga told a panel of entrepreneurs last week that SMEs would benefit from being members of a business body where they would get information.
“Most people do not believe in themselves and want to compare [themselves] to others, which is why 88% of businesses that start fail due to lack of information,” Mugaga said.
“When you start a business, you must be willing to compromise, otherwise you will not grow. The economy is no longer that economy where you get what you want.”
Mugaga said SMEs could access a wide range of information from the ZNCC and get tips on how they can improve their operations.
According to a research conducted by a think tank — the Zimbabwe Economic Policy Analysis Research Unit — the economy has undergone significant structural transformation in the last decade that has inevitably propelled the growth of the informal sector.
Mugaga said that running an SME meant that one needed to be hands-on, knowing and understanding how the business functioned.
“The moment you enter an office, you need to realise that you’re a manager by grace and you are not superior to anyone,” Mugaga said.
He also said that SMEs needed to grow for the economy to boom and that they could not continue to function as small players.
Mugaga said that SMEs played a pivotal role in contributing to the economy and that the businesses had to be run properly if they were to survive in an economy facing severe challenges.
Last week’s panel included ICT consultant Edmond Seremani and the chief executive officer of Corporate 24, Michael Joka.
The panel was organised by the Junior Chamber International.