Botswana’s journey toward a more diversified and resilient economy will depend heavily on the success of its entrepreneurs, according to Lucara Botswana Managing Director Naseem Lahri. Speaking during the first-ever in-person recording of Conversations with Gofaone, Lahri called on the country to place small businesses at the heart of its economic development strategy. She argued that small, medium and micro enterprises, commonly known as SMMEs, represent Botswana’s greatest opportunity to create sustainable growth, generate employment and reduce reliance on traditional industries. Her message encouraged entrepreneurs to think beyond current limitations and embrace innovation as a catalyst for long-term success. Lahri’s remarks highlighted the growing recognition that entrepreneurship will play a central role in shaping Botswana’s economic future.
Opening her address with the memorable statement, “I am a diamond and I want to be gold,” Lahri challenged entrepreneurs to adopt a mindset of continuous growth and self-improvement. The statement served as a reminder that success should never be viewed as a final destination but rather as an ongoing journey of development and innovation. She encouraged business owners to constantly refine their ideas, improve their products and seek new opportunities to create value. According to Lahri, the willingness to evolve is one of the defining characteristics of successful entrepreneurs. By embracing change and innovation, businesses can remain competitive in rapidly changing markets.
Lahri emphasized that SMMEs already make a remarkable contribution to Botswana’s economy. She noted that the sector accounts for an estimated 75 percent of formal sector employment while supporting nearly 300,000 jobs across the country. These figures demonstrate that small businesses are not merely supporting individual business owners but are providing livelihoods for thousands of families. Their contribution also extends to Botswana’s Gross Domestic Product, making them an important pillar of national economic activity. The scale of their impact reinforces the argument that investing in entrepreneurship is an investment in the country’s overall economic wellbeing.
Employment creation remains one of the most significant benefits of a thriving SMME sector. Small businesses often provide opportunities for first-time job seekers, young professionals and individuals who may struggle to find work in larger corporations. They also stimulate local economies by purchasing goods and services from other businesses, creating a ripple effect that benefits entire communities. As more entrepreneurs establish and expand their businesses, demand for skilled workers, suppliers and professional services also increases. This interconnected growth strengthens economic resilience and contributes to broader national development.
According to Lahri, Botswana’s long-term prosperity will depend on its ability to nurture entrepreneurs and create an environment where businesses can thrive. While acknowledging the continued importance of large corporations, she stressed that SMMEs remain the true engine of sustainable economic growth. Unlike economies that rely heavily on a single dominant industry, diversified economies are generally better equipped to withstand global market fluctuations and economic shocks. Encouraging entrepreneurship allows countries to develop multiple sources of income and employment while fostering innovation across different sectors. This approach can help Botswana build a stronger and more balanced economy over time.
A key theme of Lahri’s address was the need to reduce Botswana’s dependence on a single economic sector. For decades, mining has played a dominant role in the country’s economic success, particularly through diamond production. However, Lahri argued that future development requires expanding into complementary industries capable of generating additional economic opportunities. She highlighted the importance of stronger collaboration between corporates, financial institutions, innovators and entrepreneurs to create an ecosystem that supports business growth. Such partnerships can provide emerging businesses with access to funding, mentorship, technology and new markets that enable them to grow sustainably.
Innovation and financial services were identified as essential components of Botswana’s next phase of economic development. Lahri explained that industries supporting mining, together with modern financial solutions, can help create an environment where high-growth businesses are able to flourish. Access to finance remains one of the biggest challenges facing entrepreneurs, making collaboration with financial institutions particularly important. At the same time, innovation allows businesses to develop unique products, improve efficiency and compete in regional and international markets. Building an ecosystem that combines financial support with innovation can significantly strengthen Botswana’s entrepreneurial landscape.
Lahri also encouraged entrepreneurs to think beyond Botswana’s borders when developing their businesses. She argued that local companies should aspire to compete in regional and international markets rather than limiting themselves to domestic opportunities. Expanding into larger markets allows businesses to increase revenue, diversify income streams and strengthen their long-term sustainability. She further noted that every challenge presents an opportunity for innovation and growth. Businesses that are willing to solve problems creatively often discover new opportunities that can lead to significant success.
Highlighting the importance of bold thinking, Lahri said that radical business ideas frequently produce radical returns. She called for greater support from both the private and public sectors to help entrepreneurs develop innovative concepts that have the potential to transform industries. Encouraging calculated risk-taking and creative thinking can lead to the development of entirely new products, services and business models. Governments, investors and established companies all have a role to play in creating an environment where innovation is encouraged rather than discouraged. Supporting ambitious entrepreneurs today could result in the creation of globally competitive businesses in the future.
Young entrepreneurs received particular encouragement during Lahri’s address as she reminded them that meaningful experience is not limited to formal employment. She emphasized that creativity, determination and resilience can be just as valuable as years spent working for established organisations. Many successful entrepreneurs have built thriving businesses by identifying opportunities, learning through experience and adapting to changing circumstances. Lahri encouraged young innovators to remain confident in their abilities and continue developing solutions that address real challenges within their communities and beyond. Her message reinforced the belief that Botswana’s next generation of entrepreneurs has the potential to become a driving force behind national economic transformation.
Naseem Lahri’s address delivered a compelling vision for Botswana’s economic future, one built on entrepreneurship, innovation and collaboration. By placing SMMEs at the centre of the country’s diversification agenda, Botswana can strengthen job creation, expand economic opportunities and reduce dependence on traditional industries. Her call for stronger partnerships between businesses, financial institutions and innovators highlights the importance of creating an ecosystem where entrepreneurs can thrive. Encouraging bold thinking, supporting ambitious ideas and investing in young innovators will be essential for building a more resilient economy. As Botswana continues pursuing sustainable economic growth, empowering entrepreneurs may prove to be one of the country’s most valuable investments for generations to come.
