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Insight 1 2017

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  • Leone
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Insight - it's the only magazine for those who do business in Sierra Leone. In this issue Sierra Leone's Minister of Finance talks exclusively about tough economic decisions; we profile creative entrepreneurship as exemplified by the Senesie siblings and take a look at the remaking of the Freetown Port. Plus lots more.

Entrepreneurship

Entrepreneurship Business Environment Obstacles The Country Profile for Sierra Leone is based on data from the Enterprise Surveys conducted by the World Bank. The benchmarks include the averages for the group of countries in Sub-Saharan Africa and the Sierra Leone income group. Below is a snapshot of the biggest business environment obstacles as perceived by firms. The first graph presents the top 10 constraints as identified by firms in Sierra Leone benchmarked against the regional average. The second graph shows the top 3 constraints broken down by large, medium, and small firms in Sierra Leone. Pitch perfect Designed to celebrate entrepreneurship and promote innovative businesses and initiatives, the new monthly Freetown Pitch Night (inaugurated on the 1st March) was a massive success. Five amazing entrepreneurs from the food processing sector pitched their business ideas to a full house, which included some of Sierra Leone’s most critical business “Dragons”. More than 90 people attended the event. 30 Percent of Firms Identifying the problem as the main obstacle Seventeen year-year old Regina Clarkson is one of a new generation of young entrepreneurs in Sierra Leone. She has a dream of making it big in business. Her company Clarkson Cupcakes produces homemade cupcakes for events, and for sale in schools and universities. She is currently selling over 135 cupcakes weekly. 25 20 15 She’s combining her budding business with full time studies at Milton Margai College in Freetown. Sierra Leone desperately needs people like her to succeed and help grow its GDP. Presenting at iLab’s Pitch Night, gave her a great opportunity to get the backing she needs to grow her business and get noticed by potential investors, partners and customers. She can pitch her plans for expansion and hopefully receive support. It is also a great opportunity to receive valuable feedback in real-time. FT Insight 15 10 5 Tax rates Access to f inance Electricity Practices informal sector Corruption Access to land transportation Political instability Labor regulations Customs & trade regulations 30 Percent of Firms Identifying the problem as the main obstacle Small f irms (1-19 employees) Medium f irms (20-99 employees) large f irms (100+ employees) 25 20 15 10 5 Tax rates Access to f inance Electricity Corruption Political instability tax rates Labor regulations Political instability Access to f inance www.ftinsight.net

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