Entrepreneurs are the Real Avengers

AFRICA CONTINUES TO FLOURISH AS ENTREPRENEURS BEARS ITS FULL WEIGHT ON THEIR SHOULDERS.

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Nearly every definition you can find over the internet or in books around the word "Entrepreneur " is skewed towards portraying the entrepreneur as someone who starts a business or a “start-upper”. That doesn’t even nearly capture what the entrepreneur is about. His high coffee consumption, sleepless nights, persistent headaches aren’t just because he is trying to start a business but because he understands that he bears the weight of the world on his shoulder. He is saddled with the responsibility of providing a solution that caters for specific human needs – that’s how great businesses are born.

Entrepreneurs serve as a country's economic pillar, playing important roles in the country's economy, from creating new businesses, inventing goods and services which results in employment, thereby adding to the country's national income.

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Let me show you a direct representation of what entrepreneurs can do.

There are over 582 million entrepreneurs in the world. Africa as the second largest continent in the world has been blessed with an astonishing number of such individuals, with over 22 percent of its working population starting new businesses, which is the highest rate compared to any other region of the world. As a result of input from entrepreneurs, Nigeria's GDP increased by 1.9% in 2018 garnering $392.270 billion compared to 2017's $376.361billion. Nigeria's GDP has averaged $125.26 billion form 1960 until 2018 making an all-time high of $568.5 billion in 2014 – The Hill report.

Buoyed by a strong youth population, Africa is flourishing on the backs of these entrepreneurs. Vocational trainings are being introduced to both secondary and tertiary institutions in Nigeria in order to fuel the entrepreneurship drive in the nation. Thereby giving them the necessary tools to chart their own course.

The trend of entrepreneurship in Africa cannot go unnoticed as it leads the continent into a bright new future. They are the real avengers.

A.B.E.G

IN THIS NEW AGE WHERE DISRUPTION HAS TAKEN CENTER STAGE, IF YOU HAVE TO WIN YOU OUGHT TO BE UNDENIABLY INNOVATIVE AS AFRICA’S BURGEONING ENTREPRENEURSHIP GENERATION (A.B.E.G) IS RELENTLESS.

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Source: Unsplash

Regardless of the type of business you are into, you ought to read this article to the very last word, especially the So What section. It will point you in the right direction.

The 2018 Global Entrepreneurship Index (GEI) published by the Global Entrepreneurship and Development Institute (GEDI), put together the African ranking of entrepreneurship and this report saw Tunisia lead the park with a score. Botswana came second best with a 35 percent score; South Africa came next, as they clench third place with 33 percent; and Namibia ranks fourth with 31 percent. Runners up include Morocco with 29 percent; Egypt, 26 percent; Gabon, 25 percent; Algeria, 24 percent; Swaziland, 24 percent; Rwanda, 21 percent; Ghana, 21 percent; Nigeria, 20 percent; and Zambia with 20 percent. According to the report, Chad, Mauritania and Burundi are the worst countries for entrepreneurs in the world and in Africa.

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Source: Unsplash

This implies a great future for Africa as the increased number of entrepreneurs in impacting greatly on the middle class. As a result, that socio economic class is beginning to grow in Africa at an encouraging rate. According to Mckinsey, Africa now has the fastest-growing middle class in the world with a tremendous increase in consumer spending across the continent. It further highlighted that Africa will create 54 million new, stable wage-paying jobs by 2022, it will however not be enough to absorb the 122 million new entrants to the labour force over the same period. Which in my opinion is the reason many people are seeking other income generating ventures.

In addition, did you know that 22 percent of Africa’s working-age population are starting new businesses? This is the highest rate of any region in the world, according to the African Development Bank Group.

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Source: Unsplash

And so what?

So what if Africa’s burgeoning middle class shows tremendous growth potential for the continent? What if Africa is actually heading in the right direction? What if Africa one day leads the world in the number of entrepreneurs? What good will this do for you that is reading this article right now?

Well nothing essentially, the sole purpose of this article is to tell you to stop procrastinating and do that thing you wanted to do tomorrow today. As Africans all over the world are hungry for ideas, that idea you thought only you have will soon be executed by someone else. So get up and work.

Strength in Numbers – the Entrepreneurs Confidence

ENTREPRENEURSHIP IS GROWING; MORE AND MORE AFRICANS TAKING THAT BOLD STEP – WHAT DOES THIS MEAN FOR THE CONTINENT?

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Source: Unsplash

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.

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Source: Unsplash

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.

A-Z of Building a Successful Business in Africa

ENTREPRENEURSHIP IS RISING FAST AND HERE IS EVERYTHING YOU NEED TO GROW A SUCCESSFUL BUSINESS IN AFRICA

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Source: Unsplash

Plagued with high levels of unemployment, the African country is faced with an enormous task to create jobs for its exponentially growing population. I love this opening sentence because it goes out of its way to show me that people at the helm of affairs are thinking about their nation’s well-being, but I have a problem with this exponentially growing population bit. I guess those who sell birth control pills are not doing well at marketing.

However, this article isn’t about birth control but about birthing successful businesses in Africa and here is how:

1. Why are you doing what you are doing?

I know you want to make money, I know you want to employ people but if those are the reasons you want to start a business, you will end up shadow boxing till the day your business liquidates. You have to have an ultimate goal –your vision, and what you intend to achieve –your mission. These are beyond nice words for PR and company websites, because when the challenges that are associated with starting a business in Africa hits you, those words will form your character, culture, and drive.

2. Focus on growth not activities.

It is very easy for you to get sucked into a lot of operational activities and you forget to drive initiatives that with foster growth and sustainability. It would be a wrong move for you to let such happen. Decisively deal with the day-to-day tasks but ensure you have ample to implement growth initiatives.

3. All stakeholders must hold stakes.

Do not invest in a startup whom the person in charge has nothing at stake. He/she is likely not to have that extra zeal that sees a company through to success because as soon as there is a storm, the entrepreneur is likely to abandon ship. No one wants to invest in futility so dear entrepreneur do not leave everything to your investors, you must have your own quota.

4. A good product sells itself.

This I have found to be true in all my years of business. If your business is genuinely meeting a need then it is bound to see the future but if your business (products and service) is bad, then shut it down and send me the money so I can help you out.

The trend spotted in Africa that spurred us to writing this article is the increasing number of entrepreneurs. The entrepreneurial landscape in Africa is fast multiplying and in my book, its growth is at par with the exponential population increase.

Watch world, Africa is coming!

Rise of the KidPreneur

THE CHILDREN ARE REFUSING TO BE HELD BACK; THEY ARE MAKING MONEY FROM THEIR CRADLES.

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Source: Unsplash

No one is playing again. What did I do with my life when I was a child? Oh yes I remember, I was busy being a child, having fun and playing in the dirt, plenty of food, television and sleep. These days these things no longer interest kids –where did our children go? Everyone is an adult now. The kids want to stream videos online, create contents that will go viral, a little bit of eating here, sleeping there and then back to all that techy stuff again. Sometimes these kids intimidate older ones with the number of amazing things they can do with ease.

Very recently, Africa, particularly Nigeria recorded some ground breaking inventions done by kids and they are already making cool bucks from their inventions. When I was a kid I was only particular about those stipends mum would give me at the start of each day or the change I would make from running errands. Oh well, this article isn’t about me.

Two years ago, Nigerian brothers Osine and Anesi developed an Android web browser named Crocodile Browser Lite. Their invention was inspired by Google Chrome. The browser is functional, fast and adapted for low-end phones.

Also, Tomisin Ogunnubi, a 12-year-old school leaver of Vivian Fowler Memorial College, developed an Android mobile tracking application called, ‘My Locator’. The security app includes an alert system integrated to the Lagos State Emergency Service Number. Wow, how cool is that?

Guess you heard about Makoko Fresh, a website created by a 17 year old girl, Sharon, who designed it to help the fishermen in her community get value for their hard work. The website expands their fishing business as it opens them to a wider range of customers.

And there’s Chinonso Onyekwena, the 11 years old boy who ties gele (head gear) for a living. With his dexterous fingers, this young lad has become the talk on many ladies lips as his work at his age is impeccable.

These youngsters have started to rake in good income at their age just by using the resources available to them. They have refused to acknowledge the obstacles in their individual communities; instead they have used them as a platform to shine. I TINK its wrong to say children are the leaders of tomorrow, I TINK they are tomorrow.