The African Entrepreneur: Being an Entrepreneur Beginning from a Point of Disadvantage

"Don’t get distracted. Never tell yourself that you need to be the biggest brand in the whole world. Start by working on what you need at the present moment and then what you need to do tomorrow. So, set yourself manageable targets." -Jas Bagniewski

Entrepreneurship can be as exciting or as daunting depending on where you come from. According to the World Bank African entrepreneurs face some of the world’s toughest business conditions. In developed world there are programs for nurturing entrepreneurs that may not be available in the developing world. Priorities for Governments and policy makers depending on how resource savvy they are differs between the poor nations and the rich ones. In some countries what are referred to as basic needs and issue of human rights are only privileges in the developing world. Same applies to entrepreneurship.

Advice on entrepreneurship from people living in the developed world sometimes is fiction to the developing world. Whereas in a developed world one can easily leave employment and start an enterprise and still continue to earn unemployment benefits in Africa, some Asian and Latin American countries the sacrifice of leaving your employment is far bigger than in the developed world. This analysis has made us realise that entrepreneurs need to asses advice and views from experts and juxtapose them to their local reality. Real life in America could be a fiction movie in developing world.

Most of us (entrepreneurs from less advantaged backgrounds) are coming from hunger, fighting to get enough and most of the times we are angry and hungry resulting in us being hangry. When someone is hangry, they make riskier and more impulsive decisions according to research. This brings me to a view that an entrepreneur must avoid being emotional when pursuing excellence. Your hunger (real) and hunger for success must not be an excuse for stupid decisions.

Silicon Valley has been very successful in churning out lots of game changing businesses. The cost of doing business in Silicon Valley is very high. It continues to be an epicentre of substantial capital funding, there are many Venture Capital firms that support such in the Silicon Valley but in Africa these are seldom available. In many developing places the financial markets are so inefficient and there is no such funding. Entrepreneurs in Africa therefore need to go an extra mile to get required funding and there is also a big opportunity in being the venture capital.

Another challenge that entrepreneurs from developing world face is corruption. corruption has a detrimental effect on business activity. In order to promote entrepreneurial growth in countries suffering from corruption, the corruption must be combated first. Most Governments struggle in this regard as corruption is getting out of control. As an entrepreneur one need to put in place measures in place to ensure that they thrive even faced with this scourge.

Entrepreneurship is about fighting challenges, disadvantages, unfairness and adversity and turning the negative and ride on them to bring out positive outcomes. Adversity, challenges and setbacks don't have to define an entrepreneur. An entrepreneur must learn to build up mental toughness and a mindset of defeating challenges than succumbing to them.

...Nothing can stop a made-up mind! If you are starting from a disadvantage use it as a stepping stone rather than a stumbling block, have a long-term plan… a purpose for your life and go after that purpose day and night. Some say opportunities favour the brave but I would hasten to say “opportunity favour the brave and the persistent!”....

What African Entrepreneurs need to understand is that they too can change the world. Ideas that start in Africa can rise to be global brands and powerhouses. Inspiration must be drawn from people like Dangote, Strive Masiiwa and others.

We too can do it!

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