Young Entrepreneurs on the rise

Enterpreneurs applying for this year’s round of the Nyamuka Zambia business plan competition

Record numbers of young people are excited at the prospect of starting their own businesses, according to new data released by Nyamuka Zambia that shows an increase in the number of young people looking to participate in the acclaimed business plan competition.
The 18-35 age bracket saw the steepest increase in activity. In the 2015 inaugural edition there were 349 business ideas submitted by young people. By April of 2016, it had jumped by 30 percent to 451 applicants, representing 68.5 per cent of total applications received.
“Young people are leading the charge in the entrepreneurial stakes. This information shows us that younger generations are no longer pinning all their hopes on finding the perfect job, they are taking their destiny into their own hands and creating a business around a skill, a passion or a much needed service and Nyamuka Zambia is excited to create a platform for them to realise their dreams.” said Mr. Shalin Jethi, Nyamuka Zambia business plan competition manager.
The 2016 business plan competition, which registered interest from over 2,100 entrepreneurial hopefuls, doubling last year’s 1,000, also saw an increase in the number of applications from women; 199 put forth business ideas compared to 136 last year.
“We actively encouraged women to participate in Nyamuka Zambia. We had coaching and mentoring sessions along with business workshops and clinics specifically tailored for women. This is because we believe women have the capacity to excel in business as was demonstrated when three of last year’s top five winners were women,” he added.
The contest’s first-place prize package valued at K250, 000 is every entrepreneur’s dream and could see the rise of Zambia’s and possibly Africa’s next successful home grown business. Meant to stimulate entrepreneurship in the community and increase diversity in business sectors coming forward, the competition is a chance for innovators to put forth their ideas for new product- or service-based businesses.
Applications for the competition were launched on March 10 and Nyamuka Zambia has been supporting entrepreneurs and small and medium-sized enterprises (SMEs) with an intensive  series of workshops and clinics in Lusaka and the Copperbelt that helped them develop more bankable business proposals to help them grow their businesses.