Success Pillars That You Need As An African Entrepreneur

Do you want to be a business owner or an entrepreneur? This question should ring on your mind before you put that million dollar idea out there. There is a big difference between an entrepreneur and a business owner and many people fall in the latter category.

Have you ever asked yourself why more than 50% of startups never see their 5th birthday? One of the reason is the approach that people take when starting out a business. If you want to start a venture because you saw a friend start one and is making profits, then you are headed in the wrong direction. Africa is a continent endowed with a lot of resources and some entrepreneurs are already reaping huge. The following are some of the pillars that you need to succeed as an entrepreneur in Africa

1. Vision

Most organizations have visions inscribed in every department to inform others of what they do. As an entrepreneur, you need a different approach and not a copy-paste vision from others in the industry. Having a vision ensures that you are not just moving with the wave but creating ideas that are sustainable. Ask yourself where you want to be in 3 years’ time and work towards it. If you have employees ensure that you communicate the vision to them. A visionary entrepreneur is aware of the current trends and is able to capitalize on them. You are the first person to test something new even if it means losing some resources in the process.

2. Team

One of the biggest misconceptions that people have is that they can do everything on their own. However, this is not always the case because you require others to support and grow the venture during the early stages. You can get employees, help from family members, and search for partners or even investors to actualize your dream. Team up with the right people to ensure that you have a firm foundation from day one. The number of people you need to enlist will vary from one venture to the other depending on the specific sector that you operate in.

3. Execution

How many people have business ideas but never execute them? A good number of people have buried dreams of starting a business due to fear. You could be having an idea that will change the world but without execution, well those are just thoughts. Actual entrepreneurs actualize what they have in mind. They do not wait for others to come and execute such ideas on their behalf. Execution requires commitment, resilience and hard work because there will be challenges on the way. The team you have put behind you will pay a very important role in the execution of your idea.

4. Evolution

If you are not ready for change, then change will face you out. Internet cafes were popular ten years ago but know people can afford a smartphone and internet charges are also low. You must observe the trends and embrace them as they come. Do not be so rigid in your business but evolve to give customers what they are looking for. You do not have to sink into the comfort zone and think that your customers will flock to your business forever. Check for new ways of doing business that will also increase efficiency at your place of work.

The success of a business is not always guaranteed but having the above pillars is a strong foundation. A business owner can take a risk but an entrepreneur will go a step further and be ready for change and evolution.