Entrepreneurs urged to embrace innovation

24Oct 2017
Getrude Mbago
The Guardian
Entrepreneurs urged to embrace innovation

ENTREPRENEURS and Tanzanians in general have been urged to take the existing cash crunch challenges as an opportunity for being more innovative in their businesses.

Sokoine University of agriculture (SUA).

“It is high time now business people should know how to manage their finances for sustainable business.”

Jaunt Africa Ltd managing director Acquiline Mlulla, one successful entrepreneur, told ‘The Guardian’ at the weekend that many people especially entrepreneurs fail when it comes to managing funds.

“Business owners have to bear in mind that they are going to lose if they don’t change the way they manage their businesses...fund management is very important at this time,” she said.

Mlulla was briefing on the recent two-day training provided to entrepreneurs, graduates and students at Sokoine University of agriculture (SUA) on how to add value to their products; tap market opportunities and how to brand their products.

She wants women to do away with old methods of producing and packing their products instead make use of new and quality methods for them to experience better businesses.

“Traders should now start thinking outside the box when establishing businesses and be ready to use the challenges they face as opportunities for them to go forward...In the just ended training in Morogoro it brought together over 30 people who were well trained on how to process and add value to their products, innovation in tapping market opportunities and being confident,” she said.

She said that Tanzania is still virgin in many areas having marvellous opportunities yet to be grabbed.

Tanzanian businesses must invest in creating brand value. “A strong brand value leads to a brand equity that is imperative to a company’s business growth thus improve lives and income of a trade,” she added.

The training was provided in partnership with the Sokoine University Graduate Entrepreneurs Cooperative (SUGECO) with funds from the International Trade Centre (ITC).

She cited value adding and packaging are among the areas which are very important in businesses.

“Our project is based on facilitating packaging, product-labelling and marketing...we want to see people’s businesses improved through innovation,” she added.

Mlulla further added that their company through various projects is meant to stimulate innovate thinking and foster a sense of entrepreneurship amongst Tanzanians.