The Unique Challenges of Youth Entrepreneurs in Zimbabwe: Is Access to Credit Enough? PRESENTED AT MAKERERE UNIVERSITY BUSINESS SCHOOL BUSINESS AND ENTREPRENEURSHIP CONFERENCE 24 MAY 2013 IN KAMPALA, UGANDA Kudzai M Mubaiwa Zimbabwe Youth Council, University of Stellenbosch Business School E-mail: 16307712@sun.ac.za, kumubaiwa@gmail.com Tel: +263 772 526 543 The study investigated the challenges faced by Zimbabwean youth entrepreneurs in the multicurrency era. The objectives of the research were to: Determine what motivates youth entrepreneurship in Zimbabwe; identify the unique challenges faced by youth entrepreneurs across Zimbabwe’s provinces that are starting and running small businesses; recognize the contribution of the presently available Youth Development Funds and consider the specific financial service requirements and entrepreneurial support services required for youth-run enterprises to succeed. Focus groups of 15 respondents were conducted to gather data from 90 respondents in total. Cluster sampling alongside simple random technique was used for selection of candidates in each of six provinces. Data was also collected through interviewing the fund managers and analysed using descriptive statistics. Findings of the study showed that youth required a customized microfinance product offering for youth in business as a possible solution, as well as other ongoing enterprise support initiatives in the form of business and technical training, workspace, market linkages and a youth-friendly business operating environment. Key words: Microfinance, entrepreneurship, youth, challenges, capacity building, support. INTRODUCTION Microfinance is unique as an economic process that can flourish successfully in particularly difficult economic conditions, including lack of infrastructure, deficient macroeconomic policy, and low levels of national growth (Bernal-Garcia 2008) – a situation Zimbabwe finds itself in. According to a recent African Development Bank report, between 2000 and 2008, a sustained and broad-based decline in economic activities led to a cumulative decline of nearly 50 percent in real GDP growth. The inflation rate increased substantially from 2000, reaching triple figures in 2006. It then moved to severe hyperinflation in 2007 before peaking at five hundred billion percent at end-2008, and only being arrested by a shift to multi-currencies in early 2009. The unprecedented economic decline in Zimbabwe from 2000 onwards witnessed the emergence and growth of the informal sector in leaps and bounds to the extent that it now contributes significantly to the national economy. While there are no official statistics on the number of people operating in the informal small to medium enterprise (SME) sector, it is estimated that they constitute at least 65% of the GDP. A significant portion of that SME space is occupied by the youth (defined as age 18 to 35 - African Youth Charter) who represent more than half of the nation’s population; and have been pushed to entrepreneurship by necessity due to high unemployment rates. The rate of youth unemployment with regard to both formal and informal sectors of the Zimbabwe economy stood at 19 percent for females, 11 percent for males (Chakanya, 2008). Many young people have since reverted to small business as a means of self-employment. Rusakaniko (2007) observed that in Zimbabwe micro, small and medium scale enterprises were increasingly playing strategic roles in national development. Furthermore, the youth themselves in a global UN/ILO youth dialogue held in 2004, strongly recognized their involvement in small business development as an important vehicle for national development. Against that backdrop and knowledge, the Government of Zimbabwe elected from 2009 to make available micro financing for youth - to alleviate poverty among the youths who constitute a greater percentage of the population, fund their income generation projects and create employment. While this generally addressed the capital problem, other issues emerged. Core amongst these was skewed culture of doing business – which was brought about by the hyperinflationary period. Objectives The primary objective of this research was to investigate the unique challenges Zimbabwean youth entrepreneurs face in starting and running small businesses in the multi-currency era. Youth unemployment peaked during the decade of long political and economic crisis that plagued Zimbabwe since 2000. The unstable economic environment during this period led to the proliferation of the informal sector and parallel (black) market which absorbed most young people as agents and dealers (rather than bona-fide business owners). With the signing of the Global Political Agreement, the economy stabilized and these activities came to a sudden halt, worsening the situation of the youth (Zinhumwe, 2012).The consequence of this was unemployed youth now living in an economy stable enough to run a small business, but without the requisite tangible and intangible resources to do so. Other resultant objectives of the research were to: 1. Determine what motivates youth entrepreneurship in Zimbabwe; 2. Identify the unique challenges faced by youth entrepreneurs across Zimbabwe’s provinces that are starting and running small businesses; 3. Ascertain the contribution and /or impact of the CBZ Youth Development Fund to youth entrepreneurship, and; 4. Recommend the specific financial service requirements and entrepreneurial support services required for youth-run enterprises to succeed. LITERATURE REVIEW Microfinance Microfinance is considered to be the act of availing financial and non financial services by microfinance institutions (MFIs) to people with low income that can only offer intangible security, but will be involved in income generating activity. (Lidgerwood, 1999 and Christen and Rosenberg, 2000). Services offered are savings, credit, payment facilities, remittances and insurance. The non-financial services mainly are business skills and technical training. Young people tend to fit this description as they typically own no assets that can be put up as collateral. Globally, the main objective of microfinance is facilitating access to financial services by the poor and marginalized sections of the community. Microfinance targets those members of the community that would ordinarily not be able to open a bank account or access loan facilities in the mainstream banking sector because of stringent requirements. (Reserve Bank of Zimbabwe, 2013). In Zimbabwe 150 MFI’s exist, but microfinance funds for youth are managed in four banks through their microfinance or SME divisions. These typically offer credit and payment facilities, with only one; CABS, offering capacity building for youth clients. The Youth Development Fund, the particular fund this study focused on, was established in 2009, just after the economy turned to multi-currency use. Around the world, provision of micro finance services to the youth has been considered an innovative and sustainable approach to youth financial and microenterprise activities for empowerment; leading to generation of income so as to improve their livelihoods and contribute to economic growth (Ondoro and Omena, 2012). Youth microfinance is a preferred way of funding youth entrepreneurship in Zimbabwe from the perspective of Government; which has committed an allocation from the fiscus, as well as funds from ongoing indigenization transactions; toward the Youth Development Funds. Entrepreneurship Ryan (2003) states that as traditional job-for-life career paths become rarer, youth entrepreneurship is regarded as an additional way of integrating youth into the labour market and overcoming poverty. Supporting this shift in policy is the fact that in the last decade, most new formal employment has been created in small enterprises or as self-employment. Given global demographic trends, it is important that the social and economic contributions of young entrepreneurs be recognized. Entrepreneurship can unleash the economic potential of young people. Much of the youth entrepreneurship in Africa may be attributed to necessity (Rogerson, 2001). Empirical evidence indicates that young people get involved in enterprise to solve socio-economic problems such as lack of employment, income generation and contending with poverty (Chigunta, 2001). Youth entrepreneurship reduces crime, poverty and income inequality. This indirectly induces an environment for national and regional economic growth and development (Mutezo, 2005: 33). The drive for youth entrepreneurship in Zimbabwe is premised on the need to get young people gainfully employed and contributing economically, despite the inevitable challenges. Challenges The challenges of youth entrepreneurs globally are remarkably similar; and this necessitates investigation into the financial and non-financial support required to enable their success. Schoof (2006) argues that there exist five key constraints and barriers to youth entrepreneurship in general: social and cultural attitude towards youth entrepreneurship, entrepreneurship education, access to finance/start-up financing, administrative and regulatory framework, and business assistance and support. Llisterri et al (2006; 5) also note that lack of experience and resources causes early failure of business. Zimbabwean youth entrepreneurs have largely the same cocktail of difficulties, in the main access to capital for starting or scaling up projects, lack of business and technical skills, unavailability of operational space, non-existence of mentors and limited access to markets. Some challenges are unique to particular provinces, based on proximity to the provincial capitals, hence limited access to information. Finscope (2012) data on Zimbabwe indicates that the nearer the location to the major centres, the greater the financial inclusion and vice versa. Though the market is much more stable youth entrepreneurs also have to deal with other matters that emerged during the hyperinflationary period: a culture of senseless profiteering, poor service standards along the supply chain, rent seeking behaviour/corruption in some registration offices, and competition with established monopolistic or deep pocketed local and foreign players. All this is in a business environment that regards youthfulness with suspicion, as many are still finding their feet since entrance into the multi-currency regime. Last but not least, they are attempting to build sound business in an economy with a liquidity crunch and political uncertainty. There is a clear need to capacitate youth entrepreneurs to conduct normal business; through training. Capacity Building UNDP defined capacity building to cover human resources development and the strengthening of managerial systems, institutional development that involves community participation and creation of an enabling environment. Azikiwe (2006a) defines capacity building as the process by which an individual of either gender is equipped with skills and knowledge they need to perform effectively and efficiently in their different callings. The key issue is that it is expedient for entrepreneurs to undergo trainings that will build capacity which will in turn drive sustainable development. The quality and relevance of such capacity building must be unparalleled. Various models can be used, ranging from the traditional classroom training methods, on-the-job training, vocational entrepreneurial training, and internet and off-the-job training. METHODOLOGY Research design and methods The research made use of primary data as well as secondary data, and especially inclined towards qualitative research. The most persuasive evidence comes through a triangulation of measurement processes (Webb et al, 1966) and this was utilized to merge quantitative and qualitative research methods. Quantitative research is an inquiry into a social problem, explaining phenomena by gathering numerical data that are analysed using mathematically based methods e.g. in particular statistics (Aliaga and Gunderson,2002),while Patton (2002) defined qualitative research as attempting to understand the unique interactions in a particular situation. The purpose is mostly to understand in depth the characteristics of the situation and the meaning brought by participants and what is happening to them at the moment. Data collection This research used survey research, one of the three primary data collection methods – including observation and experiment (Gerber-Nel et al., 2005). Pinsonneault and Kraemer (1993) defined a survey as a means for gathering information about the characteristics, actions, or opinions of a large group of people. Focus groups were conducted in each of six provinces to gather data. A focus group is a form of qualitative research in which a group of people are asked about their perceptions, opinions, beliefs, and attitudes towards a product, service, concept, advertisement, idea, or packaging (Henderson, 2009). The researcher prepared structured questions as a guide to the interactive discussions within each focus group and these also allowed the ranking of motivation for, as well as challenges of entrepreneurship faced in each geographical location. Additional essential data was also collected through interviewing the CBZ Youth Development Fund manager and analysed using descriptive statistics. Population and sampling Youths that have received funding from the CBZ Youth Development Fund provinces of Zimbabwe were the targeted population. The sampling frame comprised 1,860 recipients of the fund since inception. A sample frame is a list or other device used to define a researcher's population of interest. (Currivan, 2004). Sampling is a process of selecting some elements from a population to represent that target population in conducting a research survey. Thus, the ultimate purpose of sampling is to be able to draw general conclusions about the entire body of units known as the population. Simple two-stage cluster sample technique was used – first selection of the clusters, namely the provinces; by simple random sampling which yielded Bulawayo, Harare, Matebeleland North, Mashonaland East, Matebeleland South and Masvingo. The 15 elements in each of the selected clusters of the first-stage where then sampled in the second-stage by simple random sampling. According to Goldenkoff (2004), the key to focus groups is participant chemistry. He states that to encourage participation and openness, select participants with common concerns or backgrounds who don't know each other. In that respect the researcher used provinces as clusters and all cluster members had accessed the youth loans through their provincial offices. They were randomly selected within clusters for that common characteristic in addition to matching the 18-35 year age range, which defined youth in the Fund. Focus groups were conducted on six separate occasions in each selected province. Data analysis Data analysis may be relatively simple, involving a summary of major themes, or may call for more complex content analyses and comparisons of groups (Goldenkoff, 2004). Content analysis was used for qualitative data and reliability and validity checked by some interviewees in the focus groups signing off on the accuracy of the results. Quantitative data was analysed using descriptive statistics. Descriptive statistics is the discipline of quantitatively describing the main features of a collection of data (Mann, 1995). RESULTS Six focus groups were conducted separately with groups of 15 each, totalling 90 respondents. Structured questions were distributed to all and 78 were returned with at least 80% of the questions answered before the discussions. This translated to a high response rate of 87%. Gender disaggregation was 33% female and 67% male. The majority of the respondents (56%) were motivated into small business due to necessity – catering for living expenses. confronting youths in both urban and rural areas. Another 22 (24%) were stimulated to entrepreneurship by opportunities they could see for business which “others were already doing”. Only 8% of the respondents were motivated to business due to family legacy. An analysis of focus group results suggested that the major challenges faced by youth in doing business were internal factors – lack of technical and business planning skill, and poor financial discipline; rather than the external ones. All the respondents felt the loan product should be customized for youth entrepreneurs and this notion was further cemented by the over 50% rate of non-performing loans, suggesting a structural issue. Challenges faced in starting a business According to focus group discussions, cross cutting challenges in the provinces were access to capital, unavailability of work space and equipment, competition and little market access, bureaucracy and corruption, negative perceptions of indigenous youth entrepreneur’s products quality, and a difficult operating environment – high licensing fees, erratic utilities, political uncertainties and fluctuating exchange rates. Access to capital was mentioned in all the provinces (100%), as the respondents felt that getting information on the available fund was difficult, and the processing itself was too long; both processes were said to be characterized by bureaucracy and corruption. Respondents indicated that their local offices as well as the disbursing bank officials seemed not to have full information on the mechanics of the fund. By the time loans were processed some economic opportunities would have been lost. Approximately 83% of the clusters highlighted unavailability of workspace and equipment as a challenge. The areas where youth would typically afford have been largely “invaded” by foreigners, particularly Nigerians and Chinese, who tend to offer better rentals and crowd out young Zimbabwean businesspeople. This forces many of them to manufacture from home or inferior unsecure workspace, and retail on a door to door basis rather than have established shops. The pricing of equipment was also beyond many youth entrepreneurs as they often cannot afford to purchase locally manufactured pricier options – and where affordable, transporting the equipment to operational points is a mammoth task. More than 60% of the respondents indicated competition and limited access to markets as a notable challenge. This was attributed to the monopolistic behaviour of some companies in certain provinces, inhibiting the entry of new players without critical mass. In addition, the geographical location of some youth-run enterprises makes it difficult to move goods to where the markets are due to lack of the transport infrastructure, or where present; the exorbitant transport costs. Lack of market information has also affected these youth, as they can be abused by more knowledgeable agents who buy off them at discounted prices for onward selling to end-users at superior prices. This had resulted in many businesses struggling or failing as they also cannot service loan obligations. Bureaucracy and corruption were mentioned as standalone challenges in 50% of the provinces. Respondents noted that formalizing a business was a difficult task due to distance from the major centres. Local agents of the registering institutions would either take very long to process or give fragmented information, creating opportunity for rent-seeking behaviour as some youth clients would end up paying extra to “move things along”. Some 60% of respondents in the discussion raised the challenge of negative perceptions towards products or services offered by the youth, what is termed “Musiyamwa” – a description given to indigenous entrepreneurs. The major perspectives where twofold, first that indeed young people who have little skill and/or experience may bring to market unpolished goods – and that secondly the market itself has low regard for local product; preferring imported goods or those made by established companies over new entities. It is extremely difficult for young people to overcome this perception without some strong endorsements from respected opinion leaders. Last but not least, about 80% of the respondents mentioned a difficult operating environment as a major challenge, and this was common in all clusters. They further elaborated mentioning high licensing fees charged in foreign currency as being a deterrent to the formalization of businesses in terms of company registration, sector licensing and tax registration thresholds. Erratic utilities also contribute to operational difficulties, as the local power and water companies are inconsistent in supplies, and the alternatives are not economic for small businesses. Political uncertainties were cited as a challenge for youth on the premise that they become reluctant to invest much into their businesses, with the fear that political and policy directions may change and impact committed investment, though little; negatively. Finally the fluctuating exchange rates do make trading a risky issue in some provinces, as prices are constantly moving, and make it difficult to sustain going concerns without losing disgruntled clients or absorbing the costs. Youth business owners often do not have the resources to deal with exchange rate losses. Contribution and Relevance of Microfinance Product The study also looked into the contribution of the Youth Development Fund to youth entrepreneurship in Zimbabwe. Uptake of the loans was higher in and around the provincial capitals, suggesting the existing information gap. Average loan size, was about $1,500 against the indicative maximum of $2,000; implying young people require bigger loans. Most loan applications were for trading and services (57%), then manufacturing of goods (33%) and agricultural projects (20%) and this was evidence of the strong inclination towards retailing rather than production. Male applicants (65%) clearly overshadowed female participation (35%), as young women tended to shy away from loans due to lack of self- confidence, fear of risk, and lack of information on the loan requirements. Some would also only apply as fronts for male members of the family. While the CBZ loans were appreciated as a positive contribution, all of the young people interviewed felt the loans should be increased in size, and be part of a holistic support package encompassing training and market access as add-ons. Most of them had taken up the loans due to the supply factor, rather than actual demand, hence when the loans were deposited in their accounts they tended to be diverted towards immediate domestic use. Being an inaugural fund, it was also politicized by some local politicians and gave the impression of a grant, rather than a commercial transaction. This resulted in weak commitment for repayment, until the bank began to follow- up on defaulters. As a result that Fund has not been revolving as imagined. Business Support Services Most of the focus group respondents (78%) had not received any business or technical skills training prior to receiving the CBZ youth loans and all the youth felt deliberate skills training would improve their chances to succeed in business. Only 5 (6%) young people had a business mentor, and this was a relative or close family friend. Youth specifically also mentioned a need for family, community and government support in giving their businesses start-up support in the form of policy, quotas, incubation facilities and initial orders. DISCUSSION This study managed to identify and discuss the top challenges faced by youth entrepreneurs in Zimbabwe as they start and grow businesses in the multi-currency era. The findings show that Zimbabwean youth face a lot of challenges similar to other disadvantaged groups. Obstacles that are faced worldwide include: a lack of financial capital, inadequate human capital potential, lack of adequate network structures, especially one lacking in access to international networks and stifling government policies (Jalbert, 2000, Bitler et a l, 2001).The results were further supported by a study in Latin America (Llisterri et al, 2006) which stated that young dynamic entrepreneurs face several obstacles to create and manage their ventures. Gaining access to financing, managing cashflow, purchasing appropriate equipment and technology, finding and hiring skilled employees, and entering the market (finding reliable long-term customers) are among the main challenges for new entrepreneurs. Research by Zimtrade (2011) identified lack of collateral security resulting to inaccessibility to loans, lack of skills and difficulties in business registration as some of the challenges faced by disadvantaged groups in business in Zimbabwe, which is again in line with the results. Studies in Nairobi, Kenya conducted by the Kenya Youth Business Trust identified challenges as start-up/working capital, the youth’s attitude, extended family and community responsibilities, cultural expectations and conventions, the education system, lack of role models and Government policies. The other studies also clearly exhibited the need for both internal and external interventions to remedy the noted challenges. While access to credit was shown to be important, it would not suffice to avail it without making input to the operating environment and the capacity of the recipient. RECOMMENDATION The following recommendations are suggested based on the preceding results. Studies by Chigunta (2002) suggested that the key challenge for youth entrepreneurship institutions and programs is to provide practical support services; in particular business management training and access to working capital, aimed at promoting the growth of youth run enterprises. These include business management, management of business finances; time management; stress management; improving sales; managing and reducing costs; debt recovery techniques; stock control techniques; marketing; recruitment (employing the right people); risk management, and; negotiation skills (White and Kenyon, 2000) as well as access to working capital, and advisory services. In response to the findings, the following are key recommendations: Policy shifts for enabling environment Taking account of the background of the Zimbabwean economy, there is need for policymakers to deliberately create space for new enterprise growth, especially by youth players. While it is appreciated that business is pure capitalism, from a developmental eye it must be recognized that an enabling environment is required to get youth enterprise off the ground. Government should operationalize the Revised National Youth Policy which provides for access to empowerment opportunities for youth, and more specifically enforce the 25% youth participation quota. Eligible and willing youth can then have clear opportunity to enter and participate meaningfully in the economy. For the budding entrepreneurs, Government must deliberately commit to revisiting the school’s syllabi to actively incline towards entrepreneurial training, and revive the already present vocational training centres. A mindset shift towards enterprise growth instead of employment alone can then be enshrined. Capacity building for entrepreneurship The present and future youth development funds must compulsorily be one part of a comprehensive capacity building package. At entry into such programs, one must undergo customized business skills training, followed up by technical skills training in the chosen field of venture. Next, funding will then be released; and immediate engrafting into a market linkages and mentorship program, which ensures enhanced business performance, translating into serviced loans and building of sustainable small businesses. This may be done by geographical location or by creation of economic zones – groupings of young people interested in the same sectors for easier processing. Tailored microfinance products Microfinance products for youth must be tailored to suit and address their challenges. They must not be based on collateral as many young people will not have this, but can be extended on the basis of guarantee by friends, family or government through shares acquired in ongoing indigenization transactions. Loan sizes should be determined through engagement between loans officers and the youth clients – taking light of relevant technical factors. Preferably only working capital must be deposited in cash, with the bulk of funding going straight to providers so that youth can, on their first loans, receive the actual inputs. It is further suggested that a grace period be mandatory to allow time for the new businesses to take shape and gather cash resources for payment. As much as is possible, there must be sector specific funds created within the general funds to increase efficiency in assessment as the indicators will be similar. In addition the same suppliers of inputs can then be engaged so as to also achieve better pricing from the assured volumes of trade. Initial assessment of loans must be done through a local youth officer or local government officer – hence a two pronged benefit of a decentralized structure for information dissemination; and accumulation of social capital/collateral acting as another deterrent to non-performance on the loans. Finally, it is worth recommended that initial loans be priced competitively, low enough to enable business growth but high enough to militate against the thinking that it is a donation. Access to markets Youth funds must place special emphasis on the need to identify a market before applying for credit. All stakeholders will be required to participate in identifying off-takers, and in some instances compelling some level of uptake; of youth manufactured products. Engagement with local youth workers and local bigger businesses will be key; as well as the deliberate creation of youth trade platforms (both virtual and real) – with periodic, consistent events showcasing product to local, national and international markets. This will give youth exposure and confidence to create better quality output. Ongoing technical support New businesses require time to grow, as do their owners. This observation necessitates the need for an aftercare program after new youth business owners have had access to credit to start. Funding institutions and programs can secure their investment in youth run enterprises by offering short courses after certain periods of running the business and proffering advisory services on an ongoing basis. This will ensure accountability for young business owners and the opportunity for interventions before businesses totally collapse. Increasing the body of research material There will be need for investment in dedicated in-depth entrepreneurship research into the negative impact of the hyperinflationary period on the model of doing business in Zimbabwe – and the clear solutions to this to be further investigated at macro-level. The findings will also be able to critically inform Government on how best it can utilize the proceeds from ongoing indigenization transactions to positively impact the lives of many young people in Zimbabwe. While unemployment of youth is documented, investment into further research will give proper empirical evidence and databases to inform economic policy into the future. In addition, ongoing research will be valuable as a means of monitoring and evaluating the running youth development funds and creating practical models that will ensure success, as business is the only source of livelihood for many young Zimbabweans. Private-Public Partnerships Government’s core business and competence is governing policy, while private players are better placed to implement. The study recommends that lessons be drawn from the CBZ Youth Development Fund, which was structured along the private-public partnership model, especially the need for each party to complement the strengths of the other. For youth funding to succeed, government must play the role of enabler and to some extent communicate with and mobilize clients (the youth) while the financial institutions may incline towards the credit processes and entrepreneurial educators operationalize skills trainings and mentoring. This makes the process of supporting youth enterprise more efficient, as youth welfare is a shared responsibility. Technology The use of various technologies has great potential in delivering information to young entrepreneurs. Mobile use can be harnessed to address the issues of information gaps on funding, grant access to markets, and other technology such as social networks, podcasts can be leveraged to reach previously unreachable areas. Payment and transfer solutions such as Ecocash already have wide acceptance and financial institutions can introduce youth business banking products through this. CONCLUSION The challenges to youth entrepreneurship in Zimbabwe were identified and discussed; and possible solutions to these suggested. The type of financial products required by youths was also explored. This research concludes that access to credit alone will not suffice if youth run enterprises are to succeed in Zimbabwe, particular attention must be given to customizing available funds and availing ongoing enterprise support at micro, meso and macro levels. REFERENCES Aliaga, M. and Gunderson, B. (2002). Interactive Statistics(2nd Edition). New York: John Wiley and Sons, Inc. Azikiwe, U. (2008). 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