Editors Note: My new book Entrepreneurship On Trial now available. You can contact me for copies. Herewith a sampling of the book.
“Blinded by false promises based on spreadsheet illusions of a golden future and the misleadingly reassuring memories of past successes, companies often grope their way into unseen danger and disaster” Donald Mitchell and Carol Coles
Entrepreneurship has taken the stand. It is on trial. On trial from environmental challenges as inflation and scarce resources constrain its effectiveness. On trial from regulators as they take measures to contain what they perceive as distortions in the market. On trial from major stakeholders who challenge its usefulness and contribution to society. Entrepreneurship is on trial as enterprising business founders come face to face with their own managerial weaknesses. It is on trial from selfish ambition and greed which, once in a while, all human beings have to deal with. On trial from the vulgaries of ever-changing business rules. On trial from failure to understand and grapple with rapid whitewater changes that characterise today’s business environment. Indeed the rules of the game change constantly as the desires and demands of the customer fluctuate.
Entrepreneurship is on trial from the managerial and competences deficiencies of the entrepreneur. On trial from the failure by would be entrepreneurs to appreciate that the skills of building businesses is as important as the technical and professional knowledge – if not more important. As someone has argued business concepts are only as good as the entrepreneurs’ ability and capacity to apply them in his own situation and organization.
Zimbabwean banking entrepreneurship stands trial from excessive growth propelled by a hyperinflationary environment. Entrepreneurship stands trial from the limitations of models that are applicable in developing countries. On trial from the failure to access capital funding. On trial from competitive rivalry within the industry. These challenges face most entrepreneurs – that is why an entrepreneur requires a strong dose of self efficacy, self-confidence, tenacity and inner fortitude. Entrepreneurship requires sweat, effort, perspiration and the ability to think on one’s feet based on incomplete knowledge.
The purpose of business according to Mitchell and Coles is, “to continually develop and employ better ways to create and serve customers, while fairly rewarding stakeholders”.
Lets embark together dear reader on a journey of the Zimbabwean banking entrepreneurship and sample the trials that entrepreneurship goes through. I trust that this journey will expose the challenges that entrepreneurship faces.