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</o:shapelayout></xml><![endif]--></head><body lang=EN-ZW link="#0563C1" vlink="#954F72"><div class=WordSection1><div align=center><table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=1010 style='width:757.8pt;border-collapse:collapse'><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=246 height=120 id="Picture_x0020_8" src="cid:image001.png@01D6FBBE.85AC06D0" alt="cid:image001.png@01D6FBBE.85AC06D0"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='color:#1F497D'><a href="http://www.bullszimbabwe.com/"><span style='text-decoration:none'>Bullszimbabwe.com </span></a> <a href="mailto:info@bulls.co.zw?subject=View%20and%20Comments"><span style='text-decoration:none'>Views & Comments</span></a> <a href="http://www.bulls.co.zw/blog"><span style='text-decoration:none'>Bullish Thoughts</span></a> <a href="http://www.twitter.com/BullsBears2010"><span style='text-decoration:none'>Twitter</span></a> <a href="https://www.facebook.com/BullsBearsZimbabwe"><span style='text-decoration:none'>Facebook</span></a> <a href="http://www.linkedin.com/pub/bulls-n-bears-zimbabwe/57/577/72"><span style='text-decoration:none'>LinkedIn</span></a> <a 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style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='margin-bottom:12.0pt;line-height:105%'><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif;color:#1F497D'>Entrepreneurship Zone: 23 September 2021 :: Entrepreneurship in Zim: A reflective perspective</span></b></span><span class=style30><b><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p></o:p></span></b></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> </span><span style='font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><a href="http://www.zitf.co.zw/"><span style='color:windowtext;mso-fareast-language:EN-ZW;text-decoration:none'><img border=0 width=990 height=756 id="Picture_x0020_2" src="cid:image004.jpg@01D7A875.9DFBBDC0"></span></a><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=1005 rowspan=3 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:36.0pt;background:white'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:3.75pt;margin-bottom:3.75pt;margin-left:0cm;background:white'><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>ENTREPRENEURSHIP the world over is known for its catalytic role in fostering economic development. It is the magic behind the invention of new products, services, industries, and continuous improvement to existing ones.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>This creates jobs for citizens, improves living standards of the populace, increases government revenue, and prevalence of peace in nations. However, entrepreneurship activity levels differ across countries, regions, and continents. So are the benefits of the practice to respective communities.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>In that respect, developing countries tend to lag behind developed and emerging markets in entrepreneurship activity levels and enjoyment of its fruits. It is acknowledgement of this reality that nations can introspect and promptly implement strategies that harness the power of entrepreneurship.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Zimbabwe is not an exception on the need for self-scrutiny. In my opinion the country needs to self-study more than any country in the world considering her economy’s lack of creativity and innovation, informal sector dominance above 60%, youth unemployment around 80%, and a poverty-stricken citizenry.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>To find herself, Zimbabwe must study successful entrepreneurial nations on the African continent like Kenya and Rwanda, as well as those from other regions such the United States, United Kingdom and China are able to answer the what, why and how questions to entrepreneurship.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>The fortunate thing is that research has already been done to provide answers to these questions in contexts analogous and dissimilar to Zimbabwean milieu.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>This article, therefore, focuses on answering “what” and “why” questions in introspecting the country’s entrepreneurship conditions, leaving the “how” question for another day.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>What?</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>This is a question of the state of entrepreneurship in the country. It can be responded to by describing entrepreneurship activities in a country in terms of type (formal, necessity or opportunity driven), quality (innovative, productive, high growth) and quantity.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Type of entrepreneurship</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Entrepreneurship practices in the country are highly informal. Studies conducted by the International Labour Organisation (ILO) and International Monetary Fund (IMF) in 2018 and 2019 respectively profiles Zimbabwe among top informalised economies.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Another research by Medina and Schneider in 2018 showed that the Zimbabwean economy was 60,6% informal, ranking it above the global average of 32%, positioning it on number 1 in Africa, and falling behind Georgia (65%) and Bolivia (62,3%) globally.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Researchers concur with the notion that informal business activities reflect necessity driven entrepreneurship. It is a push factor driven entrepreneurship born out of the need for survival, especially when people are retrenched or cannot find job opportunities in an economy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>With no or limited choice of work, citizens are forced to set up unstructured businesses for livelihoods rather than out of opportunity recognition.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Most of these practices are prevalent in the retail sector, which is precisely the situation in Zimbabwe since the beginning of the new millennium.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Mass exodus of foreign companies due to an increase in political risk in the country following the “fast-track” land reform programme of 2000 and the subsequent Western human rights violation targeted sanctions regime rendered tens of thousands of workers jobless.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>The remaining companies could not absorb both retrenched workers and graduates from local learning institutions, which left masses on the streets vending as the main option for upkeep.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Today a majority of urban dwellers are into informal retailing on the streets, recycling of metal and plastics, and manufacturing in home industries like Mbare-Magaba in Harare and Green Market in Mutare.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Quality-wise, shadow economic activity-dominated economies are said to be less innovative. Informal entrepreneurs’ products and their ways of producing in most cases are similar and less efficient.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>This means that there is reduced productivity and a majority of firms are not growth oriented. In the Zimbabwean context, common entrepreneurship activities are less differentiated, inefficient, produce less and production is for subsistence.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Quantifying an informal entrepreneurship dominated economy is difficulty. It is impossible to know the exact number of businesses in the economy, those coming in and leaving, and their contribution to the economy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>This ultimately distorts economic figures in terms of the country’s GDP. Informal entrepreneurship problems go beyond enumerating economic activities, government failing to control activities of economic actors and comprehensively collect tax from business.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Today one of the greatest challenges facing the Finance and Economic Development ministry, and Zimbabwe Revenue Authority (Zimra) is to collect revenue from unregistered businesses in the economy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Why?</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Authorities and/or policy-makers of an underdeveloped entrepreneurship environment like Zimbabwe must ask themselves an intriguing question like: “Why the nation underperforms entrepreneurially?” Providing answers to this question helps in designing an entrepreneurship ecosystem that magically turn economic fortunes of the nation. Fortunately, answers to this question are already given in entrepreneurship literature.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>They include among others institutional factors, social and cultural factors, infrastructure, political stability, education and training. Nevertheless, this paper will focus on institutional factors and leave other elements for another day.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Institutional framework</span></strong><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'><o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>The quality of institutions is the bedrock to functioning of markets. That is the ability of judicial arrangements to provide fair court systems, secure property rights, availability and fair pricing of debt and equity financing that support exchange of goods and services in an economy. How these institutional elements operate in the Zimbabwean context determines entrepreneurship activity level in the country.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>When analysing the relationship between quality of institutions and productivity of entrepreneurship Sobel once argued that institutional environments with relatively fair judicial systems which provide balanced judgments, secure property rights, offer effective contract enforcements, and limit government power to transfer wealth through regulations and taxes nature high growth, opportunity-driven and formal entrepreneurship practices.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>The opposite is true for their counterparts, and Zimbabwe is a good example. I would want to comment on fair judicial system, secure property rights, contract enforcement and government power in transferring wealth using the land in the country since Zimbabwe is a primary industry backed economy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>If managed well, land use, especially through agriculture can generate many small- to large-scale farmers who can contribute immensely to job creation, productivity, and government revenue.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Currently, farmers do not have any real property rights documents to the land they are using. This presents a dilemma to agricultural financiers such as banks, who are reluctant to capitalise farmers due to lack of collateral security.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Lack of financing which comes through absence of property rights in the land is hindering growth of entrepreneurship in the sector. With the State as the sole owner of land in Zimbabwe, government has more power to take and give land to whoever it deems necessary.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Such power has been controversial for a while with some sectors of society complaining that land is being used for political expediency. This in turn repels non-politically connected would-be agricultural entrepreneurs with the potential to grow the sector, create jobs, and increase government revenue base.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Looking at government’s power to transfer wealth through taxes and regulations, Zimbabwe is a typical example of nations that stifle entrepreneurship through taxes and regulations.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>These are the responses which continue to be cited by majority of participants in a study I am currently conducting to ascertain reasons why Zimbabwean informal start-ups are reluctant to formalise. Most informal entrepreneurs at Harare’s Mbare-Magaba, Glen View Area 8 complex and Gazaland home industries view regularising their businesses as burdensome due to many regulations which must be followed when formalising.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>They also cited that it will be the genesis of continuous submission of taxes to Zimbabwe Revenue Authority, which they deem to be unfair considering their capital and revenue sizes. Simplifying business formalisation processes and reducing taxes and allowing tax holiday to start-ups can go a long way in reducing shadow activities in the economy.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>The importance of entrepreneurial funding cannot be underestimated if any country is to reap fruits of entrepreneurship development. Most entrepreneurial ideas which came to fruition had support of either equity or debt finance.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Even companies that make up the fortune 500 companies like Microsoft and Apple were not an exception in their gestation phases. For them to experience growth we see today, external funding had a role.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Entrepreneurial funding has for long been a missing piece of the entrepreneurship development puzzle in the country. If one is to look for venture capital register in the country, one will be surprised not to find any from anywhere. Availability and accessibility of venture capitalists’ names, the amounts they support businesses with, and their conditions should be open for entrepreneurs to explore.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>When it comes to debt financing, microfinances, banks, and loan shacks are the main sources of business funding in the country. However, their loans are hardly accessible to start-ups due to prohibitive conditions and exorbitant interest rates. On one hand loans on offer are immovable property backed collateral debt, which is an unrealistic demand to young entrepreneurs that are just starting. On the hand the loans on the market will charge between 15% and 35% interest rates per annum. These interest rates are excessive for start-ups with a growth agenda.<o:p></o:p></span></p><p style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:19.5pt;margin-left:0cm;background:white;box-sizing: border-box;overflow-wrap: break-word'><span style='font-size:11.0pt;font-family:"Verdana",sans-serif;color:#222222'>Having exposed how our entrepreneurship activity level has been subject to the prevailing institutional environment in the country, there is need to examine other contributory factors before looking at “how” the situation can be corrected. The coming paper will focus on some of the factors hindering entrepreneurship growth this article left out.-newsday.co.zw<o:p></o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr style='height:10.05pt'><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;padding:0cm 5.4pt 0cm 5.4pt;height:10.05pt'><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Invest Wisely!<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Bulls n Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Cellphone: </span><span style='font-family:"Verdana",sans-serif'><a href="tel:%2B263%2077%20344%201674" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>+263 77 344 1674</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Alt. Email: </span><span style='font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Website: </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com</span></a></span><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'> </span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Blog: </span><span style='font-family:"Verdana",sans-serif'><a href="https://bullszimbabwe.com/category/blogs/bullish-thoughts/" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.bullszimbabwe.com/blog</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Twitter: @bullsbears2010<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>LinkedIn: Bulls n Bears Zimbabwe<o:p></o:p></span></p><p class=MsoNormal style='line-height:105%;background:white'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Facebook: </span><span style='font-family:"Verdana",sans-serif'><a href="http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimbabwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA" target="_blank"><span lang=EN-US style='color:windowtext;text-decoration:none'>www.facebook.com/BullsBearsZimbabwe</span></a></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'>Skype: Bulls.Bears <o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><img border=0 width=278 height=110 id="Picture_x0020_5" src="cid:image005.png@01D6FBBE.85AC06D0" alt="cid:image005.png@01D6FBBE.85AC06D0"></span><span lang=EN-US style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p></o:p></span></p><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal style='mso-margin-top-alt:auto;margin-left:36.0pt;line-height:115%;background:white'><span style='font-family:"Verdana",sans-serif;mso-fareast-language:EN-ZW'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm;height:10.05pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#1F497D;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif;color:white'>DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from sources believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other Indices quoted herein are for guideline purposes only and sourced from third parties.</span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-GB style='font-size:8.0pt;font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=top style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>(c) 2021 Web:</span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="http://www.bullszimbabwe.com"><span lang=EN-US style='color:windowtext;text-decoration:none'> www.bullszimbabwe.com </span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'>Email: </span><span style='font-size:8.0pt;font-family:"Verdana",sans-serif'><a href="mailto:info@bulls.co.zw"><span lang=EN-US style='color:windowtext;text-decoration:none'>info@bulls.co.zw</span></a></span><span lang=EN-US style='font-size:8.0pt;font-family:"Verdana",sans-serif'> Tel: +263 4 2927658 Cell: +263 77 344 1674<o:p></o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr><tr><td width=1005 valign=bottom style='width:753.4pt;border-top:none;border-left:solid white 1.0pt;border-bottom:none;border-right:solid white 1.0pt;background:#F2F2F2;padding:0cm 5.4pt 0cm 5.4pt'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></td><td width=6 style='width:4.4pt;padding:0cm 0cm 0cm 0cm'><p class=MsoNormal style='line-height:105%'><span lang=EN-US style='font-family:"Verdana",sans-serif'> <o:p></o:p></span></p></td></tr></table></div><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span lang=EN-US style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-family:"Verdana",sans-serif'><o:p> </o:p></span></p></div></body></html>