Empirical evidence found in a recent strategic grant awarded by the International Trade Center (ITC) and the United Nations Capital Development Fund (UNCDF) to 18 women entrepreneurs in the country speaks for itself. Subsidies, entrepreneurship, or entrepreneurs can transform and fuel a country by steadily creating, building, and growing its economy.
Within 3 months, 18 women entrepreneurs have recorded commendable success stories and positive results, supported with grants totaling USD 300,000 to expand and grow their businesses, thereby creating jobs. (Points April 19, 2024).
According to media reports, this support was facilitated by the International Trade Center (ITC) and the United Nations Capital Development Fund (UNCDF). In addition to grant support, the entrepreneurs also received support such as business coaching and digital and financial literacy courses.
According to reports, the grant was made through the Jobs, Skills Finance (JSF) program, a collaboration between the Gambia Women's Chamber of Commerce and Industry, a grant committee that included representatives from the Gambia Chamber of Commerce and Industry, and the ITC and UNCDF. That's what it means. , Sponsored by Gambia Investment and Export Promotion Agency, Gambia Junior Chamber of Commerce and Industry, Ministry of Trade, Industry, Regional Integration and Employment.
This development has once again proven that with meaningful support to entrepreneurship in the country, unimaginable or exponential growth can be achieved for individuals, nations and economies through business expansion, job creation, wealth generation, poverty reduction, increased GDP and economic transformation for the country.
Entrepreneurship must be encouraged and businesses start up and grow if countries are to reduce unemployment and poverty, increase business investment and improve GDP. Without entrepreneurs, there would be little or no business. The country's greatest business asset is its stock of small-scale entrepreneurs, such as Gunbrix, clothing manufacturer K Creations, herbal tea producer Yakusare, and fashion designer Dignified, who struggle every day. It has been pointed out that there are thousands of small-scale entrepreneurs. To expand business and grow the economy. People who take such risks must be supported.
Today, entrepreneurs are the heroes and heroines of our time in rich countries. Well-thought-out systems and institutions are in place to enable new products and processes to be developed, and old products to be presented in new guises.
The most prosperous economies in the world today are also the countries with the largest number of successful small and medium-sized enterprises. The huge economies of the United States, the United Kingdom, China, India, and other developed countries are not necessarily supported by large corporations, corporations, and corporations. These economies are actually powered by millions of small entrepreneurs who are constantly striving to improve their businesses.
Support must therefore be given to those who have the ideas and ambition, determination, energy, skills and courage of conviction to set up and build businesses and grow the economy.
For the 18 women beneficiaries, a very important buffer to the grant support was the capacity building they were given in the form of business coaching and digital and financial literacy courses. It is of great importance for guiding and honing the skills and business acumen of small and medium-sized entrepreneurs. I would also like to say that in order to have a high level of guidance in your entrepreneurship journey, you need to uphold and maintain reliable characteristics that are germane to your business.
The fact remains that running a business is not just a matter of sales and financial management that most people consider. Economist and author Rodney Willett says that business is about people: the people who start it, their customers, employees, and other business partners. It's about integrity, thinking, decision-making, humor, desperation, joy, and self-discipline.
Finance and business experts Graham Bannock, Evan Davis, Paul Trott and Mark Uncles all agree on the fact that entrepreneurship is a process that generally leads to the creation of new ventures. There is. They say that new ventures are responses to new business opportunities, such as the creation of new companies to take advantage of business opportunities in emerging markets. They argue that this process involves at least the following stages: opportunity recognition, strategy formulation, specification of venture requirements and possibilities, assembly of resources and funding, and venture initiation.
A narrower explanation considers entrepreneurship to be concerned with the development of innovative new ventures. With a focus on invention and innovation in response to a changing environment, this group of financial professionals says: “New ventures may be developed by independent organizations, the latter referred to as “corporate entrepreneurship'' or “intrapreneurship.'' Developments in industrial sectors such as telecommunications, media, electronic business, computing, and biotechnology have increased interest in entrepreneurship. In addition to these sector-based opportunities, there were also geography-based opportunities. For example, new ventures in the emerging Chinese market (called “international entrepreneurship”). ”
Entrepreneurship can go a long way in positively transforming the Gambian economy. But the ideas, ambitions, energy and skills of risk-takers and people who are always striving to improve their businesses, supported by the International Trade Center, the United Nations Capital Development Fund and Jobs and Skills Finance (JSF) The courage of conviction to create and build businesses and grow the economy, including 18 women entrepreneurs.
