Last week, the Ministry of Trade and Industry launched a campaign dubbed ‘Hanga Umurimo’, or ‘Start Your Own Business’, meant to foster the entrepreneurial spirit among Rwandan youth.
The campaign is part of the government’s efforts to significantly boost the number of Small and Medium Enterprises (SMEs) which will also contribute towards creating at least 1.4 million jobs by 2020.
The programme will provide youth and women guaranteed funds to start up businesses as well as boost already existing competitive and innovative enterprises.
This is without doubt a great initiative because it will not only provide employment but it will also expand the private sector which is the engine of the economy.
However, in addition to the financial support, it is important that the youth adopt the right attitude and discipline required to run and grow a successful business.
The programme should include training and mentoring to ensure that they have the necessary skills to manage profitable ventures and guarantee return on investment.
Traditional work ethics such as hard work, financial discipline, record keeping and team work are especially key for business survival and growth.
A little research into the starting points of the world’s biggest brands will show that not one of them became successful overnight. Before going into a business venture, the youth should be aware that it may take some time before a business becomes profitable.
With patience, determination and creativity, the chances are that the enterprise will eventually flourish.