To avoid loan repayment woes, the Organisation of the Catholic Women in Tanzania (WAWATA) has been urged to develop public skills, dream bigger and invest in entrepreneurship.
Renowned local economist, Professor Honest Ngowi, said this during a one-day seminar that gathered more than 4,000 WAWATA entrepreneurs in Dar es Salaam. The theme of the seminar was wake “Woman with entrepreneurship, loans and challenge in repay ments.”
“We are in a fast-changing environment. So, any entrepreneurial activity requires differentiation, creativity and innovative. This will greatly help to attain customers and repay loans easier. You should be able to start-up your own business with passion, not because you have seen someone else doing it,” he observed.
He added that self-differentiation can be about the price, the customers and even the type of business they do.
Prof Ngowi called upon WAWATA entrepreneurs to tap existing untapped avenues in the country and the East Africa region through networking, working in groups to increase bargain ing power and gain knowledge that can expand their enterprises.
He advised WAWATA to be patient in entrepreneurship activities because the business sector was fraught with many challenges.
The don pointed out that it was nec essary to undertake a feasibility study before embarking on entrepreneur ship. Prof Ngowi warned that imitating someone’s business was not a good de cision since ‘’you do not know how he or she succeeded; and it will also lead to a reduction in terms of the market’’ .
He noted that to succeed in entrepre neurship, it is also important to have a broad vision for a business to grow. ‘’This will help to repay loans easily,’’ he advised.
However, he stated that whilst wom en entrepreneurs in Tanzania relied on physical word of mouth and street sales to sell their products, the advent of the Internet and its various prod ucts, including digital marketplace, were an opportunity not many seemed to be taking advantage of.
He told WAWTA entrepreneurs that such new opportunities could not be left to pass by.
Prof Ngowi urged businesswomen to do away with the old mindset of selling, advertising and operating a business, saying stepping to the digital market would help transform the country.
“Technology makes the world small er. One can sit at home and still be able to shop around or sell their products. ”
The don explained that operating in the digital space would help women entrepreneurs have the flexibility of running their businesses from any where while giving them a broader clientele.