ELEMENTS OF SELF RELIANCE AND ENTREPRENEURSHIP
i.) Vision with judgment – ability to see opportunities plan for future and make sensible decision
ii.) Risk taking/ taking calculated risk
iii.) Optimism – having hope that positive outcomes will be realized
iv.) Endurance – ability to continue performing activity for a long time without complaining
v.) Courage – ability to face threats, challenges or new situations without fear
vi.) Uniqueness – ability to perform activities in a different way
vii.) Effective communication
viii.) Determination – the ability that makes a person to continue performing activity in a difficult situation
ix.) Power of creating cooperation
THREE APPROACHES USED TO DETERMINE ELEMENTS OF SELF RELIANCE AND ENTREPRENEURSHIP
i.) Where and how they are applied
ii.) How they affect the structure organization and success of small enterprises
iii.) How nations further an entrepreneurship climate
DEMONSTRATION OF SELF RELIANCE AND ENTREPRENEURSHIP SKILLS
i.) Through creativity risk taking and opportunity undertaking
ii.) Through showing open ended opportunity and challenges
iii.) Through making profit
iv.) Using the learned skills to make right skills
v.) Becoming bosses of their own destiny
vi.) Applying supervision skill for their undertaking
*Entrepreneur can change their strategies so as to maximize profit, can work more hours and change even locality BUT a businessman always does the same thing regardless on profit or loss
CONSTRAINTS/REASONS FOR FAILURE OF YOUTH TO BE ENTREPRENEURS
i.) Lack of self reliance and entrepreneurship education
ii.) Lack of appropriate identification system
iii.) Lack of initiatives to face risk in business due to the fear of getting loss
iv.) Strict or hard conditions put by loan giving institutions – Many youth/entrepreneurs lack security(collateral)
v.) The nature of innovative skills. Some are new business so it becomes more difficult to plan and understand it compared to a well established business
vi.) The reluctance of people to accept changes from ways of acting even if better alternative is available
vii.) Presence of bureaucracy in registration. Some of the projects need to be registered but it can take many months before securing registration or certificate of registration
viii.) Presence of bureaucracy in the process of requesting loans
STRATEGIES FOR PROMOTING SELF RELIANCE AND ENTREPRENEURSHIP
i.) Provision of education and training to the youths and entrepreneurs
ii.) Government should introduce national identification system. This might be seen as an experience exercise, but extremely important in order to enable Tanzania‘s to benefit not only from borrowing but also from other public services which they deserve
iii.) SME/Entrepreneurs should deliberately build their credibility with banks even when they do not need to borrow
iv.) Banks should use a more active approach dealing with SMEs/ entrepreneurs instead of waiting for SMEs to visit banks. They should go out identify potential clients and convince them to work with the banks.
v.) To improve/modify the school curricular as to accommodate self reliance and entrepreneurship.
vi.) Government should introduce entrepreneurial programs in vocational and technical school
vii.) Government should establish a regulatory framework which does not favor borrowers in order to give financial institutions the confidence they need to lend
viii.) Government should simplify tax system and introduce tax incentives to entrepreneurs or SME’s
ix.) Government should direct the financial institutions to avail financial capital to entrepreneurs with soft loan or less restrict conditions
ADVANTAGES OF ENTREPRENEURSHIP AND SELF RELIANCE IN TANZANIA
– Creates employment opportunity
– Adds to government revenue
– Assists in provision of social services
– Poverty reduction
– Individual and national development
– Decrease the rate of crimes
– Increase of goods and services production
– They promote development of science and technology i.e use of ICT
– Help the government of Tanzania to realize vision 2025, MDG 2015
