MBABANE – Most entrepreneurs fail because they do not have knowledge or are not prepared enough.
The main thing that comes between an entrepreneur and the success of their business is fear. They fear failure, making mistakes, losing money, fear being embarrassed, and fear being left out.
This is what has contributed to about 80 per cent of businesses failing to operate beyond five years in Eswatini. Organisations in the country are at the helm of the challenge, trying mitigation strategies to sustain the existence of businesses locally.
This has recently led to the Small Enterprises Development Company (SEDCO) collaborating with Women Farmer Foundation (WFF) to sustain and develop micro small and medium enterprises (MSMEs).
SEDCO and WFF signed a Memorandum of Understanding (MoU) that would facilitate access to business development services for MSMEs.
The agreement between the parties shall run for a period of three years, being the first day of July 2022 to the last day of June 2025. The parties may agree to extend this
MoU in writing for a subsequent period of three (3) years under the same terms and conditions.
Both organisations would collaborate in terms of service delivery but have different roles to execute.
SEDCO will facilitate market linkages and access to incubation services for MSMEs affiliated with WFF as well as mentorship and coaching to MSMEs.
SEDCO will also participate jointly in resource mobilisation for purposes of advancing both SEDCO and WFF mandates and identify projects and events to conduct jointly for the furtherance of shared interests.
SEDCO will further conduct activities and attend events organised jointly or by either party that promote business management skills such as training workshops, stakeholder engagement workshops and webinars.
They will also implement monitoring and evaluation activities to ensure the efficient delivery of both parties’ mandates as it relates to this agreement.
WFF, on the other hand, will collaborate in developing training modules pertaining to training and workshops and further participate jointly in resource mobilisation for purposes of advancing both SEDCO and WFF mandates.
Depending on the availability of funds, WFF will also engage SEDCO in entrepreneurship and agribusiness management training for adult and youth farmers.
They will further conduct joint field visits, including site tours with donors and potential sponsors as well as conduct continuous mentoring and evaluation of trained farmers, ensuring they implement principles of agribusiness in their enterprises.