Young entrepreneurs have been challenged to sketch business plans that will help transform their ideas into bankable, profit making ventures.
The challenge was thrown over the weekend in Dar es Salaam by Prof Elisante Ole Gabriel, the Youth Development Director of the Ministry for Information, Youth, Culture and Sports, when addressing city’s young entrepreneurs.
He clarified that young people who want to become or are already entrepreneurs should have the skills and capacity of knowing which kind of business they should venture into and its challenges.
He said that it is important for every young entrepreneur to investigate the prices of the product they are dealing with and its value in the market.
“An entrepreneur initiates an enterprise or idea, typically in business and accepts full responsibility for the outcome, often identifying a market niche within a given sector and exploiting it for profit,” he said.
Prof Gabriel said entrepreneurs are considered to be essential individuals in a capitalist society.
According to Prof Gabriel, an entrepreneur should be skilled in identifying an opening and quickly gathering resources to fill it rather than looking at the current state of a key market or business model.
For his side, Kinondoni Trade Officer, Ananias Kamundo stressed the importance of registering with the Tanzania Revenue Authority (TRA) to acquire business licenses and tax identification number (TIN) to help them in running their businesses without problems from authorities.