succeed africa
Home Entertainment Business 3 Things Your Business Needs to Succeed in Africa
Business - June 14, 2022

3 Things Your Business Needs to Succeed in Africa

Most businesses have failed to succeed in Africa mostly due to poor, inconsistent, and harsh economic policies.

Africa needs growth, which governments cannot provide. It can only be provided by a vast number of entrepreneurs working in supportive ecosystems.

In a world where global development is faltering, Africa’s rapidly rising population and markets present significant business potential.

At the same time, more business innovation and investment are required to meet Africa’s unmet demand for goods and services, bridge infrastructural gaps, generate jobs, and reduce poverty.

Despite the constraints, popular African companies such as MTN, Chipper Cash, and Flutterwave have strived and succeeded.

Here are 3 things you need to succeed in Africa. 

RELATED:

5 African Business Leaders to be on the Lookout for on Social Media

1. Know your gap analysis 

A gap analysis is a method of evaluating the performance of a business to determine whether or not the business requirements or objectives are being fulfilled, and, if not, what steps should be taken to meet them?

A healthy gap analysis, both for the business and the entrepreneurs, is one of the things you will need to succeed in Africa.

A gap analysis will help you identify any flaws that need to be addressed. It will be easier to quantify or identify them in the long run, and it will help with improvement. 

According to Andrea Böhmert, co-founder and director of consultation firm Grindstone Accelerator, “As an entrepreneur, you’re going to be forced to do things outside of your comfort zone. You need to be prepared to get involved in all business areas, not just the things you like doing.  

“You can’t just go with any definition of success, but need to think clearly about your own goals and what your business is about.

“Be prepared for this from an early stage. If you neglect the things outside your comfort zone, it will come to bite you at a later stage.”

2. Have the right mindset toward failure 

There is so much noise in the business ecosystem about the need for startups to give their all to become unicorns and about them needing to raise funds and grow big. Anything less is regarded as a failure. 

What does it really mean to fail? It all boils down to the type of business you want to manage.

“You might never get beyond five employees, but is that a bad thing? Perhaps you own a lifestyle business where that would actually play to your advantage,” Böhmert says. 

“You can’t just go with any definition of success, but need to think clearly about your own goals and what your business is about.

“The definition of success is very personal but ensure that you are aligned in this definition with those who walk the journey with you.”

3. Get the right funding 

Too many businesses seek an investment with the mistaken belief that it will solve all their challenges. 

The reality is that it frequently results in the emergence of new issues. The main focus should be on determining whether the firm truly requires finance and, if so, finding the proper company and entrepreneur to link with the right investors.

Finding the right investor depends on the stage the company is in, their strengths and weaknesses. This makes the right investors know if the business is investable or not. 

NEXT:

3 Ways African Businesses are Already Leveraging the Metaverse

Leave a Reply

Check Also

How Nigerian Singer Sammie Okposo Died

Sammie Okposo, a leading Nigerian gospel performer, passed away early on Friday, the 25th …