Entrepreneurship is increasingly viewed as a desirable career option in Botswana and at the same time, the accounting profession is undergoing rapid development. What can these two fields offer each other?
As Botswana’s business landscape evolves, entrepreneurs will increasingly value accounting skills and vice versa, say academics and researchers.
Across Africa, the appetite for entrepreneurship is increasing. The latest Global Entrepreneurship Monitor (GEM) report notes that in Botswana, the rate of perceived entrepreneurship opportunities is at 57.8 percent, ranking 7th out of 65 countries. At the same time, 74 percent of the adult population aged between 18 and 65 believe that they have the ability to start a business, ranking the country 4th. Total early-stage entrepreneurial activity (TEA) comes in at 33.2 percent, which is the third highest in the world.
However, there is a lower rate of established businesses, those that survive longer than three-and-a-half years, suggesting that entrepreneurs are struggling to keep their companies going. The established business rate is just 4.6 percent, ranking 47th – which means entrepreneurs have some distance to go before they can start to impact the country’s high unemployment rate.
Justin Kyriakou, International Development Manager for the Association of Accounting Technicians (AAT), says that it is now well established that a stronger financial skill set could help Botswana’s entrepreneurs break through this three-and-a-half-year barrier.
Read more on: http://www.botswanaguardian.co.bw/news/item/2988-accounting-professionals-and-entrepreneurs-the-future-botswana-s-dream-team.html