By Becky Myers, KF12, Sierra Leone
Illiteracy and a lack of basic business skills are one of the primary reasons why many economic activities fail. In Sierra Leone, illiteracy rates hover around 71% for females and 48% for males, one of the worst in the world. Basic business skills of many entrepreneurs are also largely lacking. Interviewing borrowers reveals that a majority commingle business transactions with personal activities. Many times, business transactions are tracked mentally, translating to unknown sales, expenses and, crucially, profit. Under these...
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