Evaluation of strategic entrepreneurship approaches for sustainable growth in the commercial banking sector in Zimbabwe

Abstract

The major motivation for this study was the stagnant growth and competition being faced by the commercial banking sector in Zimbabwe. Further, previous researches on strategic entrepreneurship were not within the context of banking nor of developing economies like Zimbabwe. The aim of the study was to ascertain the existing strategic entrepreneurial approach for sustainable growth of the commercial banking industry in Zimbabwe The study considered a positivism research philosophy, accompanied by a descriptive research design. Questionnaires and interviews were used to solicit data from the respondents mainly board members and executive management. The researchers made use of both probability and non-probability sampling techniques. The study concludes that the banking industry of Zimbabwe had limited presence of innovation, opportunity identification, organisational learning, culture entrepreneurship, evaluation strategy, risk taking and growth, flexibility and change. The banking industry was stifled of growth, with limited growth initiatives; hence the existing strategic entrepreneurship approaches were seen as not effective. The study noted that weaknesses of the banking industry was found in variety of financial services, bank charges, competence of personnel, entrepreneurial culture, cost structure of banks, brand recognition, capital base and infrastructure. The study recommendations for the banking industry to promote learning culture, knowledge management and form Strategic Alliances with other partners.