Critical skills and Competencies that MSMEs need to succeed in business.
Local business owners have been urged to develop certain competencies in order to ensure their success in the current business climate.
Speaking at International MSMEs Commemoration Day that occurred recently in Bulawayo, Executive Director of Empretec, Busisiwe Bonga outlined eight skills that are critical for Micro, Small and medium-sized enterprises (MSMEs) to succeed in business.
Furthermore, Bonga stressed the importance of generating or identifying opportunities to start or grow a business, as MSMEs cannot operate without opportunities. She urged entrepreneurs to tap unused resources to create solutions and solve problems, such as looking at export possibilities and experimenting to break out of their comfort zones.
“The ability to identify or generate opportunities is key,” Bonga said. She added, “Without opportunity, businesses cannot succeed. Entrepreneurs need to have a passion for creativity, and to be willing to constantly experiment and try new things.”
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Informed Decisions
Moreover, Bonga also emphasized the need for MSME leaders to make informed decisions and have clarity on their mission and objectives.
“You need to know where your vision is… know what you want to contribute to your community…[and] know what you are dealing with but more importantly as [Bonga] said, always put yourself in the business,” she stated.
Setting goals and objectives is crucial for MSMEs to not waste time and resources. Bonga added that it is important to have technical skills and competencies relevant to the business, such as digital skills for today’s world.
Additionally, Bonga also shared insights on the importance of other skills such as the willingness to take calculated risks, negotiation skills, confidence, and networking.
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“The other competency is when you don’t have confidence, it’s a problem,” Bonga said, adding that confidence is important to attract clients and grow a business. She also encouraged MSME leaders to network and analyze whether the people they meet can be strategic for their business objectives.
“Skills and competencies are important, but so is the ability to speak confidently and negotiate with partners and suppliers. MSMEs need to be willing to take calculated risks, and to be able to push themselves to try new things,” she said.
Sharing Knowledge
Business owners in attendance at the event said they found the information provided by Bonga to be helpful and relevant to their businesses.
One attendee, Edith Ndebele, said the advice on negotiating skills was particularly valuable.
“I struggle with negotiating prices with my suppliers, so it was really helpful to hear some tips on how to do that more effectively,” Nkosi said.
Bonga’s insights were freely shared during the Commemoration which aims to provide support MSMEs in the country. Empretec is an international organization focused on promoting entrepreneurship and enabling MSMEs to start and grow sustainable businesses.
COVID-19 Impacts
To add, the COVID-19 pandemic has severely impacted MSMEs across the world, with many experiencing reduced demand, supply chain disruptions, and financial stress. In Zimbabwe, where MSMEs account for more than 90% of businesses, many have struggled to survive during the pandemic due to limited access to capital and government support.
Lastly, the ZNCC recently launched the MSMEs virtual expo aimed at giving local MSMEs a platform to showcase their businesses and network with potential customers and investors. The expo also seeks to highlight the challenges MSMEs face and promote policies that support their growth.
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