Provide entrepreneurs with financial skills to sustain in business

FINANCIAL experts will definitely confirm that developing entrepreneurship skills can greatly contribute to economic growth by enhancing employability and labour productivity and helping the country become more competitive.

That is precise! This is because they play a major role in empowering the grassroots people to start their own income-generating activities, because majority of their small businesses should be sustainable for their livelihoods, and households.

In a situation where there are few formal sector jobs being available, developing practical skills will give young people an opportunity to embark on entrepreneurship activities for income generation and that is what every nation longs for.

As Tanzania is currently reviewing and evaluating its education curricula, it’s important that the development of entrepreneurship skills starts from preschool through post-secondary education to vocational training to enhance its role in the country’s development endeavours.

Hence, more emphasis must be put on programmes to help entrepreneurs in the field of technique, finance, market and entrepreneurial development so that they help to accelerate and adopt the changes in industrial development.

The review of the country’s education curricula will help develop necessary skills which are highly needed in the industrial sector as well as for self-employability.

On the note, education stakeholders from both Tanzania Mainland and Zanzibar have started to provide their views on how to improve the syllabuses to suit the current labour demand.

This is because, investing in youth skills development is fundamental and support entrepreneurship initiatives such as personal finance, networking and corporate governance.

The advent of digital technology has increased the ability of young people to develop new skills that are necessary for accessing various digital opportunities.

In the World Bank report, investment in a high-quality workforce can create a virtuous cycle, where relevant and quality skills enable productivity growth and foreign direct investment, which result in more and better jobs for the current workforce and more public and private investment in the education and training system.

This may, in turn, increases the employability and productivity of both the current and future workforce.

According to the UN, the education 2030 devotes considerable attention to technical and vocational skills development, specifically regarding access to affordable quality Technical and Vocational Education and Training (TVET).

Most employers in many developing countries report that a lack of skilled workers is a major and increasing bottleneck for their operations, affecting their capacity to innovate.

Therefore, it is important that the government quest to review and evaluate the education curricula gets needed to support that would develop necessary skills to meet labour demand as well as self-employability.

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