Tanzania is the land of opportunity for entrepreneurship due to fact that regions and district are growing fast, which increase demands for both goods and service.
If you are a graduator, don’t waste your time finding a job for long time, starting your own small business can change everything, as education is not only the bridge to get employment, but also increase possibility of establishing entrepreneurship.
Entrepreneurship is not only for graduator, most of non-graduators have successful outcomes from doing it, we have witnessed most them are becoming rich.
Education is the key of life, that means it eradicate ignorance about something, but it doesn’t mean is necessary for living or give you a direct pass to better life, that’s why other success with little or no education background.
These are things to consider when establishing an entrepreneurship in Tanzania;
Business is risk
On becoming an entrepreneur, you should know any business is a sacrifice. You should know that business can lead you into failure or success, that is why you should work very harder to archive your goals. You have to sacrifice yourself for it, use your most of the time to figure it out how to manage and make it last long. If you are not ready to sacrifice your time, money and resources to an entrepreneurship, then failure is your outcome.
Demand
When you are ready to use your most of time, money and resources to invest in, then demand is next. Any business is establishment from demand, you cannot start something that has no interest to people you are targeting. You should choose a thing that is either needed by majority or something is more profitable. In Tanzania, if you are selling consume goods like glossaries, then it will increase high chance of business surviving, because many people are obviously looking for it. If demand is not high like consume goods, then choose something that will be more profitable to cover the expense of your business, like home hardware or luxury things.
Target
After find out what goods or services are the most demanded or profitable in the market, then choose the right target. When I speak about target, it means you should choose goods or establishing a service by targeting group of people. For instance, you choose glossaries, then it will target the households which will be regularly demanded, let’s say you choose women clothes, then you will target women, or you choose fast foods, then you are targeting day-workers, employed workers and other entrepreneurs who reside around you.
Location
Business surviving also it will depend with location, some are high demanded and other have low demands. If you establish your business in cities like Dar es Salaam, Mbeya, Mwanza, Arusha or towns, then business surviving has high chance compared to remote area. If you want to establish either farming business, then choosing local area like remote of Mbeya, Songea, Sumbawanga, Njombe or Morogoro, can accelerate achievement compared to coast and lake regions. Remote area for agriculture things and livestock due to availability of land, while selling goods for growing area like towns or cities.
Tax and license
If you succeeded to establish your venture and able to handle it on market and financially, then tax and other dues are after you. Most of countries in the world depend tax to flourish their economy and development. So, as entrepreneur, you will be subjected to tax, license if your venture has permanent address of business and not street vendor. Tax and license are very important not only for accelerating development and economy, also increase chance of getting loans and tenders when your business grow-up.
Final Thoughts: For business starters, sacrifice, target, location, demand, tax and other dues are the important things to consider before and after starting your own venture. These are the basic things for wanna-be entrepreneurs to know, these things will prepare your business from small-scale to large scale, and becoming successful entrepreneurs. Entrepreneurship is about identifying market-problem through demands, developing a solution through target and location, and creating a structured business plan, accepting risks after sacrifice your time, money and resources.