Youth Speak forum shares business knowledge

THE third Namibia Youth Speak forum which took place in Windhoek last Wednesday has helped to empower the youth through sharing of valuable ideas and lessons about conducting business.

Various speakers from different industries addressed the 150 delegates who attended the Bank Windhoek-sponsored annual event whose theme was “Youth and Business: Creating value in Namibia and the Entrepreneurship Paradox”.

This was the second time Bank Windhoek has sponsored the event which was hosted by the International Association of Students in Economic and Commercial Sciences in Namibia (AIESEC).

Special adviser to the minister of economic planning, Suta Kavari said: “With over 60% of Africa’s population made up of youth and young people, Africa and Namibia’s future growth prospects lie in harnessing the potential of this demographic.

“But, while the youth are the future anchors of growth, development and innovation, that very prospect is also at risk of being squandered. The biggest challenge of course is unemployment. But how can we, as young people, be the catalyst of the change we seek?

“We need to create an ecosystem where entrepreneurs can thrive. A collaborative space that allows the growth and the scaling up of start-ups. Enterprise development can be the tool that can reduce the high unemployment among youth.”

Business woman Twapewa Kadhikwa related how she started off her entrepreneurship journey from a hairdresser to growing into an entrepreneur.

She now employs 250 people in various business ventures, including Xwama Traditional Restaurant and a chicken farm that produces 8 000 birds per week.

Mbo Luvindao, manager at Bank Windhoek’s small and medium enterprises branch told delegates about the importance of creating value for themselves and their business ventures.

“As entrepreneurs, you must understand what value creation entails and that it is essential to have a culture of providing solutions to problems,” Luvindao said.

“People do not simply buy products and services because of the price. Other considerations to include are quality, convenience, delivery and payment terms. It is important to consider all of these factors. To succeed in selling products, or services, an entrepreneur must take the emphasis away from price and focus on the value addition offered by your product,” said Luvindao.

Luvindao said aspiring entrepreneurs can add value to their products or services by bringing something different to the table and making sure that whatever they are offering is unique.

“Differentiation can be based on technology, convenience, accessibility and innovation,” said Luvindao.

Luvindao referred to the fact that potential entrepreneurs should select an ideal customer sector and identify problems that the sector faces. Entrepreneurs should also identify how the benefits from a product, or service, will solve the customer’s problem.

“If your product or service offers no solution to your customer’s problems, start all over. The value creation process must answer the question: what makes my product or services different to similar offerings in the market. As young Africans wishing to build a more peaceful and prosperous continent, one of our priorities must be value addition. Instead of selling commodities (raw materials), we must sell value,” said Luvindao.

AIESEC Namibia’s president, Justice Uzoma, desribed the event as a success and expressed gratitude to sponsors and delegates who attended the forum.

“Once again, AIESEC has reinforced its desire to build a generation of entrepreneurial youth leaders in Namibia by successfully hosting the third Namibia Youth Speak Forum. We would like to thank Bank Windhoek for supporting this platform once more. To the delegates that showed the zeal to change the face of the Namibian economy through entrepreneurship, we appreciate you,” said Uzoma.

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