Basotho Aspiring Entrepreneurs are bracing for the upcoming Bicentennial Cultural Exposition, an initiative aimed at promoting bottom-up development and showcasing the potential of grassroots innovators.
In an interview with theReporter’s ‘Mantšali Phakoana, founder of the Basotho Aspiring Entrepreneurs, Bokang Mateyisi, reveals the inspiration behind the event that will be held on November 11, highlighting the need for a shift to a more inclusive community-driven model of development. Mateyisi says the challenges that Lesotho entrepreneurs encounter time and again can easily be neutralised if this is adopted.
He also debunks the perception that the country’s problems can be solved by those who are prominent in society. The truth is innovative and inventive brains are at the grassroots level; hence, if they can be given a chance to solve national problems, Lesotho can experience a tremendous economic growth, Mateyisi contends.
Given the challenges that Basotho entrepreneurs, face such as limited access to resources and markets, how do you see the bicentennial celebrations contributing to the growth and development of businesses?
The Basotho Bicentennial Cultural Exposition is geared towards fostering a collaborative approach in solving Lesotho private sector challenges. With this initiative, we intend to establish collaboration between Lesotho and South Africa entrepreneurs, for the mutual benefit of nationals of the two countries.
The event shall serve as a platform through which we will make people aware of our unique products. We’ve attracted participation from Lesotho and RSA. The event will also lead to the establishment of important strategic partnerships between the two countries’ entrepreneurs, which will be beneficial to our business initiatives.
The most significant factor which any aspiring entrepreneur should take into consideration before venturing into business is the viability of their ideas. This includes ensuring that there is a market and adequate resources to ensure sustainability. If an idea fails when subjected to such analysis, it should never be pursued at all. The exposition of the product comes at a later stage when entrepreneurs have already fulfilled all necessary steps pertinent to business development.
Many Basotho entrepreneurs struggle to compete with imported goods and services. How do you ensure that your products are able to stand out in a crowded marketplace?
This is one of the issues to be considered prior to establishing any business. One should never start a business unless she or he has ascertained their competitive edge over competitors. Doing this requires profound market research to know the strengths and weaknesses of your competitors, so as to design or develop a product or service that can outperform those that are already on the market.
We have some entrepreneurs dealing in traditional crafts and cultural practices that are at risk of being lost due to modernisation brought about by globalisation. How do you plan to use the bicentennial expo to preserve and promote these traditional arts and traditions.
The exposition is intended to reinforce marketing strategies that an entrepreneur has already crafted for his or her product.
One of the most crucial aspects in business is to be equipped with comprehensive knowledge on how to successfully start and manage an enterprise. Any person who is knowledgeable on business principles can mitigate any obstacles.
The need for one to be conversant with the effects of the environment on businesses cannot be over-emphasized. If then aspiring entrepreneur has made an environmental assessment, that is the scrutiny of the political, economic, cultural and technological factors, before commencing the business, he/she cannot be knocked-out of business by emerging trends.
What kind of support do you think would be most helpful in enabling Basotho entrepreneurs to thrive and expand their businesses?
The support that must be offered to aspiring entrepreneurs should not start when a person has produced a particular product; rather it should begin prior to business establishment. There should be a robust training programme that must be accessible to everyone, regardless of age or gender, who aspires to be in business.
There should also be institutions that conduct market researches to explore local and international business opportunities, so that Basotho entrepreneurs can make informed decisions when starting businesses. Thirdly, there should be entrepreneur forums in all districts of Lesotho, which will be coordinated in such a way that there will be a systematic interaction between them and the government, instead of the current haphazard approach.
Lastly, I cannot underestimate the role of the media in business growth and development. If the local media can offer emerging business initiatives fair and adequate publicity or coverage, this can foster partnerships between entrepreneurs and local investors/stakeholders. Presently, our media is more skewed towards well-established enterprises rather than business start-ups or new innovations. Consequently, this delays Lesotho’s economic growth. Media practitioners need workshops to empower them to effectively play a supportive role to new businesses and innovations.
Some of the significant challenges faced by Basotho entrepreneurs include access to financing and loans. How have you overcome these obstacles and what advice would you give to other producers who are seeking funding?
One of the important principles is to avoid venturing into a business that is beyond your financial capability. If a business idea requires more money than you can afford, you must know that it is not viable; hence, one should throw it away. The best idea is to start with a small and affordable business, then later on migrate to complex businesses when financially secure.
In countries that sincerely strive for their economic growth, governments relentlessly explore various strategies of generating funds for new businesses.
However, it remains the ultimate responsibility of aspiring entrepreneurs to embrace a culture of saving. Every amount, no matter how small, should be subjected to this money-saving-technique: wants, needs and savings. A certain percentage should be allocated to things you like to buy, the other, to those that you need to buy and the remaining balance should be saved. The money that you save in this way should never be used, even if an extremely grave situation emerges: that money is solely meant to be capital for your future business initiatives.
Children can also be taught this technique from as early as primary education. The constant habit of saving money in this manner can help generate a significant amount of money that can ultimately finance a small business. I know someone who once used this method faithfully, for the whole year, at the end of which she had generated M8000.
One of the aims of the Basotho Bicentennial Cultural Exposition is to showcase the diverse talents and capabilities of Basotho entrepreneurs. Can you give a preview of some of the unique products and skills that will be on display during the event?
We expect the following participants at the event: those who produce art and craft works, for example grass products, pottery, beadwork, clothing, Basotho toys, mohair weavings, sheepskin products, leader works, jewellery, bags, literary works, technological products, indigenous Basotho products, musicians and dance groups, drama and theatre groups. In essence, we’re expecting any goods or services that Basotho are capable of producing, in particular, those produced in 2024. We will also be glad to have spectators at this event
I wish to make a heartfelt appeal to all Basotho to strive to be entrepreneurs. We all need to become entrepreneurs, but the crucial issue is that, we have to know what it takes to become one. There are controversial ‘definitions’ of the word ‘entrepreneur’ but I wish people can use this one: An entrepreneur is someone who earns a living through a particular business initiative.
For a person to attain the status of being called an entrepreneur, he/she has to acquire a comprehensive knowledge on how to start, manage or expand his/her business. Subsequent to that acquisition of knowledge, if a person can start a certain business and become successful in it, then such a person may be called an entrepreneur.
A person’s success in that case is determined by the fact that their business helps them to earn a living and buy all personal needs. When you are at that level, you may be called an entrepreneur.
On the contrary, if you have all the prerequisite knowledge that is necessary for one to be an entrepreneur, but the business initiative has not yet been successful, you are an aspiring entrepreneur.
On the other hand, if you start the business without proper business knowledge/skills, you will end up being a business owner. There is a great difference between a business owner and an entrepreneur. Entrepreneurs are the ones who bring changes and great innovations in the world. I invite all to this enjoyable journey of entrepreneurship. Lesotho and Africa at large need to groom many entrepreneurs.
