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The Impact of Technology on the Family – 4th Industrial Revolution

BOITSHEPO BOLELE

Internationally, statistics indicate that teenagers and receive around 3,700 texts a month – that's about 125 a day! We could assume these are innocent texts to family members. We cant run away from the fact that no matter the risks, technology does have its benefits e.g:
Coordination of busy schedules: No more stranding a child at school –  text/sms, phone or e-mail lets someone know plans have changed.

Safety: In a crazy world, you want to know where your family is and that they have a way to reach in trouble. A "new connectedness": Texting has opened doors between parents and teens; textting gives teens "optimal distance" from parents, allowing for communication that wouldn't happen otherwise. However, there's no doubt technology within family life has its conflicts. And the conflicts have only increased as the Internet and social media have joined distractions such as TV, the cell phone and the computer.

Kids who get too much "screen time" — through watching lots of TV, surfing the social media and playing video games — tend to perform poorly at school. When one watches TV or play video games – there is that heightened excitement or "stimulus surge”. With too much screen time, kids get desensitized and can't focus on something like a book without that super-stimulating effect. Some studies have found a link between video games and decline in reading skills;

It is evident that the desire to play video games just surpassed the time kids devote to reading and writing, thus bringing down their abilities. So, what's a parent to do, especially with computers a part of school curriculum these days? Limit screen time, especially if computer homework is a part of their evening. Talk with and read to your children — along with the quality time spent, this puts your kids in a language-rich environment.

Children are not the only culprits: between responding to e-mails during kids' activities, texting at meals, and constant phone time while driving, parents use technology almost as much as teens. This dynamic creates feelings of jealousy and distress in children since they now have to compete for both their parents' time and focus.

A benefit of a family is that children learn the give and take of society — how to interact with other people, the importance of the individual and the group, and how to communicate. However, with the inundation of technology in all facets of life, parents run the risk of raising a generation who can't relate to other people.

Children with unlimited gaming, computer and TV time may not get enough interpersonal face-to-face interaction needed to develop proper social skills.  A Wall Street Journal article called this "silent fluency," the ability to read cues like tone, body language and facial expressions. E-mail and texts don't convey empathy, tone or subtext the way face-to-face or phone conversations do. While the effects are still being quantified, the digital generation is at risk to lose their silent fluency abilities.

Larry Rosen, a well-known psychologist, has studied the psychology of Facebook interaction and feels that while it can be good practice for introverted kids to get comfortable talking to peers, it is no substitute for real-world interaction. "Our study showed that real-world empathy is more important for feeling as though you have solid social support," he writes. "Although those who had more virtual empathy did feel more socially supported, the impact was less than the real-world empathy."

So, if your child seems to spend most of her time on social media or texting, encourage her to talk to or make plans with friends. Or at least, with you. Once upon a time, a family's biggest technological nuisance was the phone ringing late at night. School stayed at school, work stayed at work, and those boundaries weren't crossed except in an emergency.

That was then; this is now. For adults, work doesn't end just because you leave the office; in fact, companies equip their people with smart phones and laptops so employees are accessible 24/7. Physicians are used to getting emergency calls, but now there are insurance emergencies, technology emergencies, sales emergencies, accounting emergencies and the list continues. Likewise, schools send out e-mails – announcements about homework and events — so kids are getting "business" as well as social messages when they're at home.

Once the walls between home and the outside world come down, it's hard to build them back up again
More than ever before, parents have to encourage, or even force their children to get outside and play. Kids spend more time inside because of school, homework, working parents and other factors dictating their schedules, but when they have free time, how do they spend it?

However, parents can manage their kids' "inside" time much like their screen time. Encourage outdoor time, and stick to it, otherwise we are raising a generation that is disconnected from nature and real community. Sending your kids outside while you sit inside and text or send e-mails just "sends" the wrong message.

Hlanganani ICT Botswana is a BQA Accredited ICT Institute located at Unit 21 THE OFFICE Fairgrounds. For more discourse on Digital Disruption in the Botswana Context, Contact Boitshepo Bolele on 3980483/ 3132255/ 72537788 or email boi.bolele@gmail.com

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Business

New study reveals why youth entrepreneurs are failing

21st July 2022
Youth

The recent study on youth entrepreneurship in Botswana has identified difficult access to funding, land, machinery, lack of entrepreneurial mindset and proper training as serious challenges that continue to hamper youth entrepreneurship development in this country.

The study conducted by Alliance for African Partnership (AAP) in collaboration with University of Botswana has confirmed that despite the government and private sector multi-billion pula entrepreneurship development initiatives, many young people in Botswana continue to fail to grow their businesses into sustainable and successful companies that can help reduce unemployment.

University of Botswana researchers Gaofetege Ganamotse and Rudolph Boy who compiled findings in the 2022 study report for Botswana stated that as part of the study interviews were conducted with successful youth entrepreneurs to understand their critical success factors.

According to the researchers other participants were community leaders, business mentors, Ministry of Trade and Industry, Ministry of Youth, Gender, Sport and Culture, financial institutions, higher education institutions, non-governmental institutions, policymakers, private organizations, and support structures such as legal and technical experts and accountants who were interviewed to understand how they facilitate successful youth entrepreneurship.

The researchers said they found that although Botswana government is perceived as the most supportive to businesses when compared to other governments in sub-Saharan Africa, youth entrepreneurs still face challenges when accessing government funding. “Several finance-related challenges were identified by youth entrepreneurs. Some respondents lamented the lack of access to start-up finance, whereas others mentioned lack of access to infrastructure.”

The researchers stated that in Botswana entrepreneurship is not yet perceived as a field or career of choice by many youth “Participants in the study emphasized that the many youth are more of necessity entrepreneurs, seeing business venturing as a “fall back. Other facilitators mentioned that some youth do not display creativity, mind-blowing innovative solutions, and business management skills. Some youth entrepreneurs like to take shortcuts like selling sweets or muffins.”

According to the researchers, some of the youth do not display perseverance when they are faced with adversity in business. “Young people lack of an entrepreneurial mindset is a common challenge among youth in business. Some have a mindset focused on free services, handouts, and rapid gains. They want overnight success. As such, they give up easily when faced with challenges. On the other hand, some participants argue that they may opt for quick wins because they do not have access to any land, machinery, offices, and vehicles.”

The researchers stated that most youth involved in business ventures do not have the necessary training or skills to maintain a business. “Poor financial management has also been cited as one of the challenges for youth entrepreneurs, such as using profit for personal reasons rather than investing in the business. Also some are not being able to separate their livelihood from their businesses.

Lastly, youth entrepreneurs reported a lack of experience as one of the challenges. For example, the experience of running a business with projections, sticking to the projections, having an accounting system, maintaining a clean and clear billing system, and sound administration system.”

According to the researchers, the participants in the study emphasized that there is fragmentation within the entrepreneurial ecosystem, whereby there is replication of business activities without any differentiation. “There is no integration of the ecosystem players. As such, they end up with duplicate programs targeting the same objectives. The financial sector recommended that there is a need for an intermediary body that will bring all the ecosystem actors together and serve as a “one-stop shop” for entrepreneurs and build mentorship programs that accommodate the business lifecycle from inception to growth.”

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Business

BHC yearend financial results impressive

18th July 2022
BHC

Botswana Housing Corporation (BHC) is said to have recorded an operating surplus of P61 Million, an improvement compared to the previous year. The housing, office and other building needs giant met with stakeholders recently to share how the business has been.

The P61 million is a significant increase against the P6 million operating loss realized in the prior year. Profit before income tax also increased significantly from P2 million in the prior year to P72 million which resulted in an overall increase in surplus after tax from P1 million prior year to P64 million for the year under review.

Chief of Finance Officer, Diratsagae Kgamanyane disclosed; “This growth in surplus was driven mainly by rental revenue that increased by 15% from P209 million to P240 million and reduction in expenditure from P272 million to P214 million on the back of cost containment.”
He further stated that sales of high margin investment properties also contributed significantly to the growth in surplus as well as impairment reversals on receivables amounting to P25 million.

It is said that the Corporation recorded a total revenue of P702 million, an 8% decrease when compared to the P760 million recorded in the prior year. “Sales revenue which is one of the major revenue streams returned impressive margins, contributing to the overall growth in the gross margin,” added Kgamanyane.

He further stated professional fees revenue line declined significantly by 64% to P5 million from P14 million in the prior year which attributed to suspension of planned projects by their clients due to Covid-19 pandemic. “Facilities Management revenue decreased by P 24 million from P69 million recorded in prior year to P45 million due to reduction in projects,” Kgamanyane said.

The Corporation’s strength is on its investment properties portfolio that stood at P1.4 billion at the end of the reporting period. “The Corporation continues its strategy to diversify revenue streams despite both facilities management income and professional fees being challenged by the prevailing economic conditions that have seen its major clients curtailing spending,” added the CEO.

On the one hand, the Corporation’s Strategic Performance which intended to build 12 300 houses by 2023 has so far managed to build 4 830 houses under their SHHA funding scheme, 1 240 houses for commercial or external use which includes use by government and 1 970 houses to rent to individuals.

BHC Acting CEO Pascaline Sefawe noted that; BHC’s planned projects are said to include building 336 flat units in Gaborone Block 7 at approximately P224 million, 100 units in Maun at approximately P78 million, 13 units in Phakalane at approximately P26 million, 212 units in Kazungula at approximately P160 million, 96 units at approximately P42 million in Francistown and 84 units at approximately P61 million in Letlhakane. Emphasing; “People tend to accuse us of only building houses in Gaborone, so here we are, including other areas in our planned projects.”

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Business

Commercial banks to cash big on high interest rates on loans

18th July 2022
Commercial-banks

Researchers from some government owned regulatory institutions in the financial sector have projected that the banking sector’s profitability could increase, following Bank of Botswana Monetary Policy Committee recent decision to increase monetary policy rate.

In its bid to manage inflation, Bank of Botswana Monetary Policy Committee last month increased monetary policy rate by 0.50 percent from 1.65 percent to 2.15 percent, a development which resulted with commercial banking sector increasing interest rate in lending to household and companies. As a result of BoB adjustment of Monetary Policy Rate, from 1.65 percent to 2.15 percent commercial banks increased prime lending rate from 5.76 percent to 6.26 percent.

Researchers from Bank of Botswana, the Non-Bank Financial Institutions Regulatory Authority, the Financial Intelligence Agency and the Botswana Stock Exchange indicated that due to prospects of high inflation during the second half of 2022, there is a possibility that the Monetary Policy Committee could further increase monetary policy rate in the next meeting in August 25 2022.

Inflation rose from 9.6 percent in April 2022 to 11.9 percent in May 2022, remaining above the Bank of Botswana medium-term objective range of 3 – 6 percent. According to the researchers inflation could increase further and remain high due to factors that include: the potential increase in international commodity prices beyond current forecasts, logistical constraints due to lags in production, the economic and price effects of the ongoing Russia- Ukraine conflict, uncertain COVID-19 profile, domestic risk factors relating to possible regular annual administered price adjustments, short-term unintended consequences of import restrictions resulting with shortages in supplies leading to price increases, as well as second-round effects of the recent increases in administered prices “Furthermore, the likelihood of further increases in domestic fuel prices in response to persistent high international oil prices could add upward pressure to inflation,” said the researchers.

The researchers indicated that Bank of Botswana could be forced to further increase monetary policy rate from the current 2.15 percent if inflation rises persistently. “Should inflation rise persistently this could necessitate an upward adjustment in the policy rate. It is against this background that the interest rate scenario assumes a 1.5 percentage points (moderate scenario) and 2.25 percentage points (severe scenario) upward adjustment in the policy rate,” said the researchers.

The researchers indicated that while any upward adjustment on BoB monetary policy rate and commercial banks prime lending rate result with increase in the cost of borrowing for household and compnies, it increase profitability for the banking sector. “Increases in the policy rate are associated with an overall increase in bank profitability, with resultant increases in the capital adequacy ratio of 0.1 percentage points and 0.2 percentage points for the moderate and severe scenarios, respectively,” said the researchers who added that upward adjustment in monetary policy rate would raise extra capital for the banking sector.

“The increase in profit generally reflects the banking industry’s positive interest rate gap, where interest earning assets exceed interest earning liabilities maturing in the next twelve months. Therefore, an increase of 1.5 percentage points in the policy rate would result in industry gains of P71.7 million (4.1 percent increase), while a 2.25 percentage points increase would lead to a gain of P173.9 million (6.1 percent increase), dominated by large banks,” said the researchers.

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