Key Lessons From Africa’s Leading Entrepreneurs

If you already own a business or are in the process of starting one, then you already know that it is not that easy as most people seem to assume. It even gets harder when you are in this beautiful continent of ours known as Africa. It is true that Africa is endowed with abundant resources but it also has its fair share of challenges. Think about poor infrastructural development, unclear policies and competition from international companies. However, we have remarkable entrepreneurs who have decided to focus on the positives of Africa and are making a killing in this sector. The question is, what’s special about them? To answer this, we just have to analyze some lessons that we can learn from them

You have to think out of the box and work hard

You cannot talk about entrepreneurship in Kenya and fail to mention Chris Kirubi. In his words, “Business is always a struggle. There are always obstacles and competitors. There is never an open road, except the wide road that leads to failure. Every great success is always achieved with a fight. Every winner has scars.”

Kirubi was not raised up in a rich family but started buying and flipping houses to become the real estate investment icon we see today. Do not expect the road to be smooth if you want to succeed. You need to think beyond the customers and see how you will make your business model sustainable.

It is good to start small

How many of you are waiting to accumulate millions so that you can roll out your business? There are quite a number of you who fall under this category. Entrepreneurship, especially in Africa, might not be that easy but you have to test the water. This means that you will not dive or dip both feet in the water to test its depth.

Take baby steps and test the viability of your strategy along the way. Do not wait until you develop five products but you can start with one and grow with time. You can start small but your dreams do not have to be small. Dream big and work hard towards achieving these dreams.

Have a strong foundation

How do you choose a partner to help you run a business? This question troubles a lot of people and those who make the wrong choice find it hard sustaining their businesses. Your drive while determining a partner should be someone who shares the same vision. You do not necessarily have to possess the same skill set but your vision should be clear.

Iyinoluwa Aboyeji cofounded Andela with four other developers to train and match developers with emerging markets. Jumia has also redefined the online shopping space in Africa and was co-founded by two gentlemen who shared the same vision. Do not focus on owning 100% of your company but allow even your employees to own some stake in it. Employees will always be motivated when they know that their hard work also improves their stake in the company. Good examples of CEOs who own stake in their companies are James Mwangi and James Mworia of Equity Group and Centum Investment respectively.

Running a business in Africa is not impossible but somehow hard

Many people know Aliko Dangote to be the wealthiest man in Africa but not of his struggle to be where he is. Back in 2003, the Aliko Company had the roughest year where he almost lost everything. However, he was strong enough to keep grinding and make the company that has branches in over 18 countries in sub-Saharan Africa. The secret to making it is faking it until you make it. Do not expect the ride to be smooth and you should thus develop a thick skin.