Dr Ernesto Sirolli, the chairman of a US based non-profit Sirolli Institute, some of the basics includes proper financial management and as well as the quality of products.
Dr Sirolli was speaking during a capacity building and empowerment seminar to entrepreneurs in Mbozi district, Songwe region.
The project to empower small scale entrepreneurs is locally supported by Heifer International in collaboration with Sirolli institute.
He was concerned that most businesses around the globe (80 percent) fail due to poor planning as owners do not consider the basics of business which includes having a marketing team, quality assurance officers and professional people to supervise the assets and funds.
He said the two years initiative is meant to help entrepreneurs to start and grow successful businesses. The project started in October 2017 and is expected to end in June 2019.
Similar projects are implemented by Sirolli and Heifer International with focus on communities in Tanzania, Bangladesh, Honduras, Mexico, Nepal and Uganda.
“We give room to people to innovate and build their own future. We assist them in preparing business plans and ways to look for markets,” he said.
Rose Marando, the Vice-Chairperson for Heifer International (T), said they are mostly focusing on entrepreneur groups. She said the decision to initiate the project was reached after realizing that most SMEs were not aware of basics of business management.
Some budding enterprises didn’t know how to keep their sales records, hence engaged in unplanned expenditures, she pointed out.
“They need to be equipped with business skills to be able to grow their businesses,” she said.
Heifer International (T) Public Relations Officer, Mercy Nyanda urged participating entrepreneurs to apply the acquired skills to further improve their businesses.