An entrepreneur recognises a problem or an opportunity gap and creates a business to fill it. Schaper & Volery (2008:3) “ an entrepreneur is the new phenomenon of the individual who had formulated a venture idea, developed it, assembled resources and created new business venture”.
An entrepreneur puts together all the resources needed, the money, the strategy, and the risk bearing ability to transform the invention into a viable business. Moreover, the business is a risk because an entrepreneur cannot predict whether a business will succeed or not. According to Schaper et al (2007:31) risk refers to the possibility that a situation may end with a negative outcome for the firm, such as a loss of sales, a loss of money or even the collapse of the business itself.
Business plays an important role in the development of economy of the country. Economic activity has moved in the direction of smaller entrepreneurial firms, which may be due to their unique ability to innovate and focus on specialized task. The more the businesses are being created is the more unemployment rate is reduced.
BUSINESS IN LESOTHO
In Lesotho, many businesses fail, not because the entrepreneurs did not work hard enough, but they fail because there was no real opportunity to begin with. An entrepreneur should not be excited about the business idea until he/ she proves that is the right one. It is crucial to understand whether the idea fills a need and meets the criteria for opportunity. When entrepreneurs realized that an idea qualifies to be an opportunity then it will be much easier to serve the market.
MARKET IN LESOTHO
There is the market availability in Lesotho and its upon the entrepreneurs to create jobs
as to assist the potential buyers so that they can have enough money to buy. Apart from
that, there is a need to increase productivity to avoid importing goods into our country
that may be expensive to Basotho customers.
During the past years Basotho believed that publicly held or owned companies are the ones which have the potential to succeed, but it has been proved that they do not improve the growth of the economy of Lesotho. Furthermore, individual were not confident enough to run the big companies because they were afraid of failure as there are chances in every business that it may or may not succeed. As a result, it takes more than an effort to shift Basotho’s mindset to believe in privatization with regard to entrepreneurs.
Private companies are then main ideal to improve the economy of Lesotho as most countries in the world have realized. The government itself depends on entrepreneurs when buying goods. However, how can this mindset be transformed?
– As the future entrepreneurs, we are going to come up with innovative ideas, to start our own businesses as being examples in business owned organizations in the country.
– By training small entrepreneurs to enhance their skills of turning their businesses into viable businesses.
– The training will equip the small entrepreneurs to convince investors to give them money because investors (banks) only give money whose entrepreneur’s request is convincing.
As learning entrepreneurs, we have a strong believe that we are the new generation that can change the mindset of Basotho, to see public organization owned by government as the story of yesterday but rather see a business as a good game to play. We can make Basotho
have potential to produce and trade profitably, if they get essential skills and assistance.
We hope we are the smart, creative and innovated generation that Lesotho today eagerly needs to fulfil its 2020 vision successfully. If our country Lesotho can invest in entrepreneurs, Lesotho will never be the same again.