As part of efforts to build an entrepreneurial spirit in communities, Midlands State University’s Graduate School of Business Leadership (GSBL) conducted an entrepreneurship training workshop for small to medium enterprises (SMEs) at Zimbabwe Power Company Munyati on the 11 of October 2023.

The workshop had several sessions which aimed at educating communities on innovation and value addition, working capital management and financial planning, business survival strategies in the current volatile, complex, uncertain and ambiguous (VUCA) environment.

In his introductory remarks, lecturer at the Graduate School of Business Leadership (GSBL), Dr. Takaidza Sibanda, indicated that the school offers, development-oriented programmes that produce innovative and internationally acclaimed entrepreneurs.

In sessions titled, ‘Innovation and Value Addition’ and ‘Working Capital Management and Financial Planning,’ conducted by GBSL lecturers, Ms. Mbuyisa and Mr. Mr. Mutanga, respectively, discussions were held on how SMEs can produce advanced goods and services and effectively manage their working capital to avoid bankruptcy as it gives a business the cash balance it needs to fulfill its obligations.

‘Keeping your customers coming,’ and ‘Marketing Strategies for SMEs,’ sessions coordinated by Dr. Sibanda and Dr. Chawuruka, explored how SMEs need to have requisite customer knowledge, stay focused on their goals and objectives as well as employ marketing strategies that work for their businesses.

The self-employed entrepreneurs were also educated on the importance of well-designed pricing strategies that take into consideration the cost of production and the target market’s willingness to pay which can help increase revenue and maximise profits.

Participants were also encouraged to employ Industry 4.0 whose benefits include productivity improvements, cheaper and faster customisation of products or services, better maintenance, and savings across labour or manufacturing costs.

The heritage-based Education 5.0 which guides the University’s activities misses no word in highlighting the importance of community engagement and the use of local knowledge systems as well as natural resources for the production of goods and services towards a modernised society.

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