Spotlighting Wealth and Job Creators

Foreign direct investment fuels economic growth in a developing economy, but the greater importance of domestic investment must never be ignored.

Sustained economic growth hinges on a country’s ability to facilitate the development of an enterprise culture and foster entrepreneurship among individuals, particularly the youth.

Empirical evidence gathered from extensive research over a long period of time shows that when there is a prosperous private sector, a country achieves consistent economic growth, which ultimately leads to good jobs and incomes.

Entrepreneurship is the process of creating and operating a new business venture to generate revenue.

It is also essential to create new jobs, foster innovation and promote market competition.

In the process, entrepreneurship is beneficial to local communities and the entire country.

Entrepreneurs enhance economic growth by introducing innovative technologies, products and services.

This is why the growth of competition from emerging entrepreneurs starting a business in a sector that is plagued with complacency is so crucial; it challenges existing firms to become more innovative and competitive.

Successful entrepreneurs do not only create jobs, they also create wealth for themselves and their employees.

As their businesses expand and become more successful, they generate profits that are taxed, and this benefits the nation.

When entrepreneurs begin a new business, they need staff to assist, and as the enterprise grows, the number of employees increases, which leads to a wealth distribution ripple effect.

On Friday, Lake Oanob Resort celebrated its 30th anniversary and credit is due to Christie Benade for transforming the surroundings of a new dam into a unique resort.

Located 100km south of Windhoek, the young entrepreneurial Benade had a business vision that many sceptics never believed would become a business reality.

Benade, the son of the iconic Rehoboth entrepreneur, the late Oom Land Benade, visualised a facility with a game sanctuary, luxury accommodation and campsites, as well as a restaurant overlooking the dam with water sport, angling and complementary entertainment offerings.

The fledgling entrepreneur, a chip off the old block, ventured into hospitality and tourism, which was at the time a closed-shop industry.

As experienced by his father many decades earlier when he first ventured into business, Christie Benade seemingly faced but also managed to overcome insurmountable challenges.

With the support of family, friends and a few nervous investors, Benade toiled. And over three decades, he has created a superb holiday destination – judging by the number of choice day-trippers wishing to escape the humdrum of city life.

Driving around the resort with its impressive infrastructure, developed from scratch out of virgin scrubland, on Saturday was engrossing, and it boasts roads, pathways, bridges, water, renewable energy and sewerage reticulation.

Despite his involvement in creating a resort, Benade still made time to help develop private sector representation.

Assisted by iconic entrepreneur, Navin Morar, they spearheaded the formation of a Namibia Chamber of Commerce and Industry branch banner at Rehoboth.

Morar went on to serve as president of the national business chamber, and Benade later followed in his footsteps.

Benade has demonstrated that entrepreneurship enhances the quality of life for individuals and communities.

It also enables pathways for wealth and job creation, which drives a nation’s economic growth from the bottom up.

• Danny Meyer is reachable at danny@smecompete.com