The Sunday Mail
Business Forum
SINCE 1999, Zimbabwe has been under siege from forces hostile to the decision by Harare to reclaim land lost through colonisation.
The economy has suffered as a result and both the private and public sector are paying the price.
Boardroom fights and corruption are threatening to take over.
It is quite a challenge, and the youth, who will take over the country’s governance and management in the future, have to step up.
Economists are generally agreed that developing countries such as Zimbabwe can yield a demographic dividend from an ever-growing youth population or youth bulge.
The 2012 National Census shows that of the country’s 13 million people, 77 percent are under the age of 35.
Youths aged between 15 and 34 number 4,7 million, which is 36 percent of the national population, while those between 15 and 24 years make up 20 percent.
The youth have been the most affected by the present economic circumstances. Dwindling formal employment and reduced disposable incomes are negatively affecting local economic growth.
An illiquid market has also equally affected the ability of those who are not formally employed to venture into income-generating projects in the informal sector.
But funding is not the answer: a good idea is.
Any good and sound idea can attract meaningful investment. Money is not the only avenue of creating wealth. Not all big businesspeople started off with money.
It all started on a piece of paper.
Many budding youthful entrepreneurs often get it wrong by assuming that success comes from debt and, as a result, they fall prey to easy loans to fund things they cannot really afford.
If you borrow to fund your lifestyle, you are effectively living beyond your means. The message is simple: Live within your means after saving first.
Debt must be kept under control. When borrowing, make sure you can comfortably afford the repayments (after saving).
It has to be inculcated within the youth that budgeting effectively and managing expenses is key.
Entrepreneurs must always look for opportunities to cut back on expenses and free up more money to save. This naturally feeds into the country’s savings stock.
It is generally believed that savings that stand at 30 percent of a country’s GDP are ideal for promoting economic growth.
Government, however, has to chip in to ensure that youths are adequately trained and prepared for either the job market or the informal entrepreneurial sector.
It is difficult to run a business without knowledge.
Arguably, this might be the reason why many youths struggle to repay loans.
So, it is imperative for Government to ensure that it also bridges the generational gap in order to promote a seamless transition between the old guard and the new guard when the time comes.
Most often, the workplace now consists of “old-timers” that have over 30 years of experience under their belt and the young “hot-shots” who think that they know it all.
While younger workers have historically viewed older workers as stuck in their ways, older workers have historically viewed younger workers as interlopers looking for a fast-track to the top.
It is beyond contestation that an effective team harnesses the strength between the two generations.
A mix of experience and diversity usually works well for organisations. However, it seems as if youths are marginalised when it comes to big appointments.
While in most cases age usually implies maturity, those responsible for recruiting staff should make sure that appointments are based on merit and skill rather than age.
Zimbabwe produces some of the finest young talent on the continent.
Youths, typically, have the innovation and energy that is required to drive successful enterprises and organisations.
Partnering younger workers with older workers can have a positive impact on larger teams. Younger workers can learn the value of structure and face-to-face interaction.
They can benefit from Boomers’ experience with the company.
Boomers can also learn from their younger counterparts. They may pick up new technology skills and begin to embrace work-life-balance.
They can also learn new and faster ways to complete tasks.
The contribution that the older generation has played in safeguarding the well-being of the country is unquestionable, and it is now time for the youths to put their shoulders on the wheel to ensure that the country prospers.
Africa is currently brimming with youthful entrepreneurs such as Ashish Thakkar of Tanzania to Nigerian Abiola Olarin and Zimbabwe is not an exception.
Youths only have to change their psyche from being dependents to wealth creators.
This is not the time for youth to wait for loan angels, but it is time for them to identify their challenges and transform themselves into global players in industry.
From its origins in America, Facebook has been able to grow into a global phenomenon. There is also need for youthful Zimbabweans to believe that such feats are not beyond them.
The current status quo, where we are content to be consumers, is unsustainable.
With the Internet, we really have an opportunity to be partners with global players. The world has become so small and a great idea can create massive wealth.
It is high time Government considers youths for key positions in institutions such as Zimra and NSSA. Their voice also needs to be taken into account when policies are formulated.
The country however doesn’t need youth who are endlessly discussing problems, but youths that are geared to also deliver. Africa is rising and all that is needed is to open doors for the youths.
Taurai Changwa is an articled accountant with vast experience in tax, accounting, audit and corporate governance issues. He is MD of SAFIC Consultancy and writes in his personal capacity. Feedback: [email protected], Facebook page SAFIC Consultancy and WhatsApp +263772374784
