Subsistence or Commercial, Rummaging Into the Influence of Entrepreneurial Motives on Economic Development in Zimbabwe
Journal Title: IOSR journal of Business and Management - Year 2018, Vol 20, Issue 3
Abstract
Zimbabwe is characterized by a dual economy, made up of the subsistence sector and the business sector (Chiwome and Mguni 2012). Subsistence sector is mainly concerned about producing goods and services for family consumption and survival, whilst the commercial sector, concentrates on producing goods and services to fulfil the needs and wants of a broader market at a profit. Against this background, this paper focuses on the nature of Entrepreneurial drives in Zimbabwe and their bearing on economic growth. This research targeted the small scale retail entrepreneurs in Bindura and Shvamva Zimbabwe. A sample of 60 small scale retail entrepreneurs was selected through purposive sampling. The research adopted both descriptive and correlational research designs. Qualitative and quantitative research paradigms were adopted also. Of the 60 entrepreneurs, 40 responded to questionnaires and 20 were interviewed. 30% of the respondents concur that the drives of Entrepreneurs are not static, but are responsive to the business environmental forces and sensitive to personal interactions with the environment. 40% of the entrepreneurs indicated that they started their entrepreneurial ventures as a means of subsistence (with the subsistence mentality). However, 30% of the 40% stated above indicated that they managed to change their focus towards commercial purposes, but some still operate with the subsistence mentality. 80% of all the respondents concur that their business philosophies influence their business decisions and degree of investment. It is therefore recommended that, only sponsoring existing and potential entrepreneurs is not sufficient to facilitate economic growth and development. There is a need to work closely with the entrepreneurs so as to enable them to migrate from subsistence mentality to the commercial mindset if quick economic growth is to be realized.
Authors and Affiliations
Faustino Kufakunesu, Tapiwa Takundwa, Tonderai Kapesa
Keywords
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- EP ID EP410123
- DOI 10.9790/487X-2003114248.
- Views 44
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