Africa's Great Entrepreneurs
In Africa, there are several factors that adversely impact the success of start-ups and
management of business ventures, such as; funding constraints, inhibitive business
climate and inadequate entrepreneurial competency (Sriram & Mersha, 2006). African
entrepreneurial ventures are mostly small and range from solo operators to less than 10
employees. Start-up capital is usually scarce and as a result individuals take up
entrepreneurial activities as a last ditch survival technique. Nourishing and growing the
business through the accumulation of capital, even if it transpires, is often time
consuming and poses a serious challenge. There is a lack of a supportive business
environment for African entrepreneurs and they often run into multiple roadblocks in
their attempts to start and run a business. Regardless of these hurdles, a handful of
entrepreneurs acquire the necessary skills needed to circumnavigate the system and
succeed. Their businesses are effectively and efficiently managed, and they cultivate
and grow their business over time.
“Entrepreneurs have been the driving force for
growth in countries around the world. Their
ability to see opportunities, where others only
see issues, has helped transform communities
and economies. One of the most exciting places
where this entrepreneurial spirit is very alive is
Africa. I’ve had the great privilege to be
involved in several new businesses in Africa
and I’m constantly amazed by the incredible
energy, determination and innovation coming from entrepreneurs across the continent.
They give me great hope in a bright future for one of the most incredible regions of the
world.”
-Richard Branson