Thu, 20 Jul 2017 08:53:52 +0000
By NATION REPORTER
ENTREPRENEURSHIP is the linchpin to counteract Zambia’s high levels of unemployment, says a United States (US) influential entrepreneur Todd Palmer.
Mr Palmer, founder and president of Diversified Industrial Staffing, said the high unemployment levels placed Zambians in an advantageous position to be a nation of successful entrepreneurs.
“In the United States entrepreneurship is an option. Here, it is a matter of necessity, and reconciling this in practical ways has the potential to create a nation of highly successful entrepreneurs,” he said
He was speaking in Lusaka at a public lecture on empowerment towards development organized by the University of Africa.
Palmer’s prescription to existing and potential Zambian entrepreneurs focused on discovering and providing superior value to customers, both now and the future.
It also entailed doing it faster and better than competitors and learning different approaches.
“You will fail, and accept to fail as long as you are learning different approaches and finding combinations that work best,” he said.
He cited his spectacular failure when his company was riddled with a USD600, 000 debt and faced bankruptcy as an example of failure leading to success.
“That failure jolted me into re-engineering the business model and re-negotiating terms with
financers. This led to a turnaround that has made us successful,” he said.
On addressing the challenge of accessing financing faced by budding Zambian entrepreneurs, he advised sourcing funds from family, friends and what he described as individuals bold enough to invest in a compelling idea.
In 1997, Palmer with just a landline telephone, directory and a couple of hundred dollars, founded his company that specialises in providing highly skilled manufacturing employees to industrial clients.
The company generates an estimated USD120million in revenue per annum.
Along the way, he has won multiple business awards. This includes winning a record six times the coveted INC5000 Award that recognises America’s fastest growing private companies.
His debut book, “The job search process” provides practical guide to landing a job. While his second book on developing entrepreneurs is set for release this year.
Speaking at the same event, University of Africa Vice Chancellor Dr Tobias Doyer said the manufacturing sector held huge potential to generate wealth for Zambians.
“Manufacturing is one of the best generators of wealth for an economy, requiring processes, materials and work skills that create employment,” Dr Doyer said.
He called on researchers, politicians and business leaders to come together and formulate strategies to accelerate job gains and investment in manufacturing.
Dr Doyer said revitalizing Zambia’s manufacturing sector could spark economic growth.
