Casino Economy; surviving and steering through the storm as young entreprenuers in Copacabana, Harare CBD, Zimbabwe between (2018-2023) a journey of resilience.
- Author
- Kanotunga, Emmy S.
- Title
- Casino Economy; surviving and steering through the storm as young entreprenuers in Copacabana, Harare CBD, Zimbabwe between (2018-2023) a journey of resilience.
- Abstract
- This dissertation looks into the resilience strategies of young entrepreneurs operating in Copacabana, Harare CBD, Zimbabwe, from 2018 to 2023, in the middle of a challenging economic environment often described as a "casino economy." Utilizing a mixed-methods approach, the research combines quantitative data from structured surveys with 100 young entrepreneurs and qualitative insights from in-depth interviews with 20 participants. Additionally, observational fieldwork and document analysis provide an understanding of the entrepreneurial environment during this period. The findings indicate that young entrepreneurs in Copacabana have faced severe economic challenges including hyperinflation, currency fluctuation, and complex regulatory challenges. Despite these difficulties, many have displayed remarkable resilience by diversifying their income sources, leveraging informal networks and adopting innovative business practices. The survey results reveal that 75% of entrepreneurs experienced a decline in profits at the height of the economic crisis. Nevertheless, 60% reported implementing successful adaptive strategies, such as digital marketing and alternative financing methods. In-depth interviews highlight the importance of community support and mutual aid among entrepreneurs, which has been crucial in overcoming economic difficulties. Based on these insights, the study recommends several measures to support young entrepreneurs in similar uncertain economies. Policymakers should focus on creating more business-friendly regulatory environments and improving access to financial resources. Enhancing digital literacy and promoting online business models can help entrepreneurs expand their market reach and mitigate local economic challenges. Additionally, promoting a supportive entrepreneurial ecosystem through mentorship programs, networking events and business incubators can enhance resilience and innovation. Establishing emergency funds or financial safety nets is also suggested to provide critical support during economic downturn. This research emphasizes the critical role of resilience and adaptability in entrepreneurial success and offers practical strategies to help young entrepreneurs progress despite economic instability
- Date
- MAY 2024
- Publisher
- BUSE
- Keywords
- Entreprenuership, Economic Instability in Zimbabwe
- Supervisor
- Dr Siziba
- Item sets
- Department of Geosciences
