ENTREPRENEURSHIP IS GROWING; MORE AND MORE AFRICANS TAKING THAT BOLD STEP – WHAT DOES THIS MEAN FOR THE CONTINENT?
Africa’s mighty middle class, 100 million strong, have a spending power of $400 million per day. They are hungry, aspirant and well accustomed to the “hustle” required to make a living in some of the world’s poorest regions – Bizcommunity. Story of the lives of quite a number of African people, hence the birth of entrepreneurship.
People want to make both their lives and that of their families better. However, entrepreneurship is beyond filling the belly, it’s about seeing a need and meeting it with innovative solutions. Right now 70% of jobs in our beloved continent as provided by medium and small scale businesses. Therefore, entrepreneurship is directly proportional to job creation (the more the entrepreneurs, the more the employment rate). MSMEs currently account for nearly 40% of the continents GDP and as such has commanded the government of nations to activate policies that has made operations easier. At least 42 African countries have explicit policies and strategies that provide SMEs with training, finance and an enabling environment.
Currently, the growth rate of entrepreneurship in Africa is not showing any signs of slowing down, owing to the increasing youth population, technological advancements, and government involvement.
If you have a business plan, there’s no better time to jump into execution mode other than now.