But some budding entrepreneurs in the country are increasingly bucking this trend by showing that all you really need to start a business is an idea and determination.
The Financial Times spoke to two entrepreneurs from the southern highland region of Iringa who travelled all the way to the country’s port city and business capital to showcase their products at the Dar es Salaam International Trade Fair (DITF), which ended on July 13. The two entrepreneurs started from the bottom, with no or little money, but did not allow their lack of capital to hold them back. Here are their stories:
Sebastian Luoga, 39-year-old yoghurt maker
Luoga started a homemade yoghurt-making business two years ago with a capital of just 300,000/-. He now owns a thriving business, selling around 7,500 litres of yoghurt every month which earns him over 20m/- in gross revenues.
“I currently sell my yoghurt mostly in Iringa Region at a retail price of 3,500/- and a wholesale price 2,900/- per litre. My goal is to reach all kinds of customers across Tanzania, even those with low income,” he told the Financial Times in an interview.
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