In the entrepreneurship landscape, as businesses grow, there is an increase in disposable income, unemployment and social vices decrease, countries' GDP growth skyrockets, and people live better. In order to change the face of the African continent, one of the cancers to be treated is commercial bankruptcy. In this article, let's discover some essential realities to know about starting a business in Africa.
A simple will will not be enough, it will be necessary to be sufficiently well motivated.
The most successful companies in the world are those with high motivation. Indeed, many people in Africa start their own businesses without exploring their motivations in depth, often ignoring the good or the bad. We do not embark on entrepreneurship to impress the women of the neighborhood, avoid working 8 to 10 hours a day (at the beginning especially), or even avoid the minimum wage or the tense atmosphere of work. But it will take a lot more. Entrepreneurship is a field full of uncertainties, turbulence and difficulties.
Therefore, it is necessary to have a deep conviction before starting a business. Otherwise, we unfortunately very often find ourselves with entrepreneurs who lose their footing and give up as soon as it starts to get difficult.
If you're not tough, don't get into entrepreneurship.
The entrepreneur's perseverance is manifested by the continuous and active maintenance of his entrepreneurial enthusiasm and positive commitment. This is crucial, because you are bound to make mistakes, big or small. It's easy to get discouraged when something goes wrong or you're not growing at the rate you want. When you give up too soon, you will lose the opportunity to learn from your mistakes and eventually fail.
The further you want to go, the more you will learn
Knowledge is power. You cannot run your business on old, obsolete knowledge and grow your business. No ! It doesn't happen like that. The more the entrepreneur learns, improves and develops, the more the company also grows. We note that Africans are people who do not like to read. Instead of constantly learning to continually grow their business, they use their old knowledge for their experiences in entrepreneurship. The best way to acquire this knowledge is that in addition to your academic knowledge, you must also educate yourself through the experience of people who have known the path before you.
Keeping a business simply open doesn't guarantee sales
When you want to start a business, you need to be able to accurately determine the market and target groups interested in your products or services. No product or service can be for everyone at the same time! Thanks to this positioning, you can determine prices, marketing strategies, communication channels, etc. Many African companies do not have a sales strategy. They don't even plan to build a sales team. They just open their doors and hope for the best. Success does not come to those who want it, but to those who work for it. Thanks to digital, new strategies allow companies to sell better Nowadays.
Avoiding the mistakes listed above, doing in-depth research, and finding the right business mentors will go a long way in ensuring that your business is able to survive the trap of untimely death that most startups find themselves in. This article has introduced you to 5 truths to know to succeed in your entrepreneurial adventure. Do you find them useful? Share them in your networks and subscribe to our news so as not to miss our next articles.
Electrician student with a professional license in Electrical and Computer Engineering. About twenty years old and of Beninese origin, he is passionate about leadership, cybersecurity and general culture.