WHATS WRONG WITH THE NOMADS, MAMA?

[Coloow]

ASC,

 

There is nothing wrong with Imitation, benchmarking of business ideas etc. Much of today's successful firms have in the past benefitted from copying. Entrepreneurship among the somali community (particularly in the diaspora) is one that aims at making ends meet. It is not a capitalistic based entreneurship in which the owner of a business thinks along the lines of futuristic profits; growth; development etc. Rather, for many somalis, in the absence of work , starting a small business becomes a norm- the panultimate goal of independence.

 

A crucial aspect of the somali businesses in the diaspora is that which relates to identifying and targeting customers and forsees them with their needs. In many cities across the globe, the somali business owner targets somali customers (not a bad thing, given the homogenous tastes and preferences), but the problem is that this market becomes saturated due to the many producers. The life expectency of somali businesses is short as many of them find there is no enough markets. There are no exit mechanisms to ensure stablisation. Instead, the entry mechanisms are facilitated and before, you know it, a new joint/business is started. This vicious cycle curtails the ability of long-term committed entrepreneurs.

 

Somali small businesses suffer from the various liabilities associated with all small businesses including source of finance; market info etc.

 

An important dimension, often neglected by somalis is the lack of accountability. Many businesses are run as family units; the sales from the firm and other sources of the family income are not differentiated. This causes a lack of transparency for the owner. he/she simply does not know whether his business is profitable.

 

Ome more thing; somali businesses should learn to pay taxes. There are alot of benefits that the business owner can draw from.

 

Waan sii wadi doona