Debt is expensive

Spot a problem and create a solution

27 July 2020 | Business

Debt can be good or bad, as an entrepreneur you just need to be strategic. Afra Schimming Chase, founder of Chase Associates.

PHILLEPUS UUSIKU

Innovative business ideas are very crucial in Covid-19 uncertain times. The One Economy Foundation has done extensive work on grassroots entrepreneurship, through its One Nation Fund Microfinance and Entrepreneurial Training Programme (ONF).

The programme aims to equip young upcoming entrepreneurs with the necessary skills, knowledge and positive psychological mindset to ensure that they excel in these tough economic and uncertain times.

The foundation hosted an event on Saturday under the theme “rebuilding the capacity, confidence and capital of young entrepreneurs during the Covid-19 pandemic”.

The programme taught consequential lessons about the needs and challenges of entrepreneurs. Therefore, it is the firm belief that the programmes have made a far-reaching impact on grassroots entrepreneurs. Their office has also linked entrepreneurs to free business capacity building and training.

The immediate and long-term impact of Covid-19 to the Namibian socio-economic fabric is becoming more apparent, therefore much needed attention is being placed on mitigation.

Mental health, confidence

The focus of the foundation is to assess the impact of Covid-19 on the mental health and confidence on young entrepreneurs, and how it impacts the natural rhythm of entrepreneurship risk taking, innovation and motivation to pursue future plans.

In response, the One Economy Foundation convened an event to explore the impact of Covid-19 on young entrepreneurs in an effort to by building resilient minds, providing capital for entrepreneurs during a times of economic turmoil, provide a platform for entrepreneurs to share their lessons learned and strategies on digitalization and future proofing businesses.

The forum further had open and helpful discussions on the impact of Covid-19 on the mental health and ability to innovate of youth entrepreneurs. The forum encouraged peer to peer discussions and sharing of key experiences in order to develop a shared understanding of how these lessons can be leveraged to benefit a wider audience.

The second part of the series focused on innovation. The forum discussed on how entrepreneurs can identify business opportunities amidst a crisis and envision the future landscape of entrepreneurship. This is in addition to brainstorming how youth entrepreneurs can modify and better position their business models to be relevant and sustainable post Covid-19.