What almost everybody agrees on is the fact that our country has tremendous potential. With the abundant natural resources and labour, we have the right mix for what could become a most vibrant private sector. However, this doesn't seem to be happening and it's not necessarily because of lack of capital. The country continues to attract foreign direct investment and has shown a capacity to mobilise local resources.

Local entrepreneurs have conceded that it's largely about failure by our own business leaders to take advantage of the numerous opportunities at their disposal. This is quite disappointing as, for nearly two decades, we have had a chance to make the private sector the engine of growth it's generally acknowledged to be. Today, the economy is no longer centrally planned, with the government as the main player. There is thus room for private initiatives to tap national wealth.

The current setback is hardly because the government has failed to implement economic and financial reforms. This has been happening at a relentless pace since the late 1980s. Foreign and domestic investments are flourishing in various sectors, with Tanzania having been among the Top 10 investment destinations between from 2000 to 2006.

But despite all these achievements, local enterprises are not growing as they should. Most of our businesses have stagnated. And local entrepreneurs are to blame for failing to rise to the occasion and take advantage of the available opportunities. It's a pity that in a country with a lucrative mining sector, for instance, local entrepreneurs have failed completely to make any headway. Unfortunately, this has given the impression that foreigners are wallowing in natural wealth at our expense.

Some of the problems hampering local enterprise can be easily solved. They include the reluctance to separate business ownership from management. Despite employing competent professionals owners still interfere in daily operations, creating unnecessary confusion and misunderstanding.

Most of those running their own businesses do not do so professionally. As a result, it becomes difficult for them to access loans for the expansion of their enterprises. We have no choice but to professionalise business management if we hope to boost local enterprise