The entrepreneurs’ dilemma, the employees discomfort and the hard lessons for the Gambian and The Gambia entrepreneurial ecosystem
Entrepreneurship is the backbone of every economy. The role of entrepreneurs in nation-building could not be undermined by the severity of COVID-19. Since December 2019, with china’s confirmation of the corona virus in Wuhan, entrepreneurs have been at the forefront of using their skills and creativity needed to anticipate needs and bring good new ideas to market to mitigate and provide contingencies to curb the spread of the disease.
Entrepreneurs who defy the odds to take on risks are more likely to become successful and are rewarded with profits, fame, and new levels of growth. Those who circumvent risks are likely to fail, suffer losses, and become less prevalent in the market.
A year ago, the demand for PPE’s, hand sanitizers, nose masks among other purported safeguards was not as high as it is now. Who would have thought that this could happen? Conversely, there is a rapid decline in demand for the labor force in hospitality sectors of the country.
Recently, UNDP predicted that close to half of the jobs in existence could be lost in Africa due to the impact of COVID-19.
This also means more jobs need to be created by government and innovation must be encouraged. The question worth asking is: should the agents of socialization concentrate their efforts on converting talents into jobs or nurture talents even if it may no pay off early? Today’s hardship requires an innovative thought about prosperity.
The outbreak of COVID-19 saw the increment of some goods and services. Most especially the products that were enablers of WHO’s protocols such as hand sanitizers and masks. Before the outbreak, a typical hand sanitizer ranged from GMD50 to GMD75. In the heat of the pandemic, prices rose steadily to GMD 100 and GMD 150. This was the basis for lamentation and a call by some citizens for the Government of Gambia to regulate the prices of these items. How soon do some people forget that the rise of some jobs is temporal?
How should these people also forget that most often, nobody or little interference is done to their pricing mechanisms especially with the jobs they do? One is quick to say that it is inhumane to charge exorbitant prices in the middle of a pandemic like this. Certainly, that is not crime also. From this, one can draw the line that society cares more about moderation. This is where society should find the balance: morality and love.
The government’s ability to allow the forces of demand and supply to operate without any intervention is known as the free-market. Not only does one witness a fall in prices of these items due to economies of scale and healthy competition but also an innovation that satisfies customer needs.
So far, what we know is that government has created poverty than wealth. It has been good at protecting itself through legislative powers than allowing the rule of law to enhance individual liberty. In all these, Gambians must be guided that popular opinion does not guarantee effectiveness and sustainability. Most often truth rests with the minority, COVID-19 is a good case study thus, question everything as far as you can.