It has been said, ‘The economic development and the financial success in any country, is directly related to the intensity of entrepreneurial activity, which takes place within the country’. Moreover, the thinkers are also of the view that the only two ways to add value to the society as a whole, while creating wealth is enterprise development and entrepreneurship.
What is an Entrepreneur?
An entrepreneur is basically an individual, who is a combination of three main things; creativity, passion and networking. The journey of an entrepreneur is a touch and rough one, and every single person does not possess the capability to carry it towards a successful future. The risks and achievements attached to an entrepreneurial journey can vary from time to time, and area to area.
Although the word entrepreneur might be spelled the same in every area, however, the challenges and opportunities an area-based entrepreneur faces are quite different. Africa is one of those areas, in which the entrepreneurial activity has been growing steadily for some time. In terms of this, an increasing number of people are looking to invest and set-up their business in Africa. However, most of these people are unaware of the challenges and opportunities Africa offers to its entrepreneurs.
- Scarce Affordable Human Resources:
The number of human resources, which are available in Africa are lesser than most of the other countries. This hinders the process of a firm and an African entrepreneur might find it a daunting task to find eligible candidates for company positions.
Most companies, for example a construction firm might have to search for months to find the right man for the job. However, the main reason behind this is the lack of platforms, which African talents might be able to use, in order to get in touch with a firm who can use their skills and ability.
- Varying Customer Demands:
The customer demand varies in most areas, and it is not easy to open a firm, which can meet the interests of every customer in the market. This does not offer many options to grow and develop and might even affect the cash flow negatively. For example, in the Southern part of Africa, the demand for viable clothing might be at a peak, however, in the same area, there might be some customers looking for the best air conditioning services. This creates a division between the niches of companies, limiting the opportunities to make a sale.
- Finding Investment:
One of the most daunting challenges an African entrepreneur faces is finding a steady funding, in order to expand the business or to start it in the initial stages. This might be the reason for the downfall of a firm in the future, and might even put you off track, in a race against your competitors. Moreover, if an entrepreneur does not have sufficient funding in a market like Africa's, proving your metal in the market can be nearly impossible. However, with the number of investors, planning to invest their money in African talent, the situation is being somewhat controlled.
- Growing Desire for Local Brands:
The most important thing about the African market is that is facing an increasing appetite for local brands. This provides an opportunity to the African entrepreneur to prove his or her metal on a national scale. For example, with the increasing demand of online shopping within Africa, the African-based digital warriors have the edge over the brick and mortar titans to prove their online presence in the market of Africa.
- Large-Scale Projects:
The number of large-scale projects, due to increasing numbers of investors is one of the most important pros, an African entrepreneur enjoys. International firms have been setting grounds in Africa, and these companies are looking to hire African talent to do their job for them. This provides the African people in not only kick-starting their professional career, but also optimizing a platform which might introduce their skills to other companies, globally.
- Fast-Moving Industry:
The African industry is fast-moving and can pose different opportunities in no time. An entrepreneur does not have to wait for an opportunity to drop by, in months. This means that the speed of success is faster than some other industries in the world. Moreover, the industry provides an opportunity to reap short-time, as well as long-time rewards, depending on the niche you have specialized in. This is a major turning point for people who are looking to make a mark in the market, in a short time-span.
- International Recognition:
One of the most important opportunities an African entrepreneur has is international recognition, which means that their services, companies or products will be considered by buyers sitting overseas. This is mostly in the case of online entrepreneurs. As the market in Africa is growing with time, and the African talent is being recognized by investors, setting their foot on the African land, gaining global recognition has grown easier with time.
The Final Verdict:
An entrepreneur, especially based in Africa might face some of the most daunting challenges in life, which might even throw them off-track at one point. However, the number of opportunities the African market is offering are not only unlimited, but also growing with time.
If you’re an African entrepreneur, looking to prove your metal in the African market, we can help you in the best way possible. Afrinection is a global network, which is a hub of entrepreneurs and professionals in every field and we make sure to maintain a healthy connection between them, prospective investors and employers, you and every other person-of-interest. Hence, if you need to get in contact with the right people to help take your respective venture to the next level, visit www.afrinection.com.