Trends That Are Shaping African Entrepreneurial Landscape
There are a lot of misconceptions about the African continent. Some who have never visited the continent think that it is a single country in a big jungle. Some are of the opinion that its people still reside in the forests and civilization is still to take route. Only those who have visited the continent know of its wealth and beautiful tourists destinations.
The continent is also paving its space business-wise. Some entrepreneurs such as Aliko Dangote have already made to the prestigious Forbes Magazine many times. Africa houses more than 1.2 billion people and is home to 7 out of the 10 fastest growing economies. The following are some of the trends shaping its entrepreneurial landscape
E-commerce is taking shape
Trust has always been an issue in the African market but this is already changing. Previously, people were using international e-commerce sites such as eBay and Amazon to make online shopping. We now have retailers with local products such as Jumia which has branches in major African economies. E-retailers are on the rise and some are just using social media pages and websites to make sales. Shopping has never been easier and a good number of people are also making a living through commissions derived from affiliate sites.
Support communities and networks
The African spirit and culture are still being displayed in the business space. International corporations have realized that Africa is full of potential and they are partnering with various causes to make Africa a better continent. Some of the major corporations that are actively participating in such courses include IBM, Microsoft, Google and CocaCola. Africans on their part have not been left out in this quest. There are hundreds of business incubators and networking forums such as Yen Africa that has been on the forefront of creating business networks. Such ventures believe in the power of networking to take this continent to the next level.
The rise of social ventures
The challenges that Africans face are similar be it on the northern part, south, west or Eastern Africa. It is a 3rd world continent with high unemployment rates, low literacy levels, communicable diseases and high poverty levels. Most of the ventures that are thriving are working towards eradicating these challenges. Some international companies and organizations such as Google and World Bank have funded many entrepreneurs with creative ideas that tackle these problems. Some businesses that are capitalistic in nature have as well-founded social ventures to bridge this gap.
Focus on the bottom of the pyramid consumers
In the past, business owners focused on the upper and middle class in the society. Those who lived below the poverty line were uncovered. BoP is the largest consumer base and business owners are already realizing this. For instance in Kenya, banking was for the formally employed persons and business moguls before Equity bank came and disrupted this sector. Other banks had to adopt similar policies and we now have bank agents all over the country. The transport industry is also changing and some cab companies in Kenya like Taxify have varying means of transport such as luxury cabs, tuk-tuks and boda-bodas to cater for all
Africa is ripe for business and the rise of cities and malls all over can say a lot when it comes to trading. Adoption of new ways of doing business is also high and interest in emerging technologies such as the Blockchain is putting this continent on the right path.
