I would rightly say it is bright. Before the reticent wave of Entrepreneurship blew across the globe, we had some seasoned and much savvy businessmen and women who worked relentlessly to create jobs, feed and ameliorate the living conditions of a few! In the current economic climate, more than ever before, the world and Africa most especially needs new sources of employment and wealth creation. They are doing this by creating platforms for actors in the entrepreneurial ecosystem, incubators, accelerator programs, funding, investments, training, and workshops for aspiring and seasoned entrepreneurs. As the African Development Bank pointed out this year, the continent needs between, $130 billion to $170 billion in infrastructure financing per year. In addition, there is no wailing about poverty, unemployment, or delinquency since everyone is busy looking for solutions and creating products and offering services that are transforming lives for the better. Required fields are marked *. I choose to look at the impact Entrepreneurship has got in Africa and a what better way forward. The creation of a single market could improve the availability of long-term financing in Africa and also, equity shares for stakeholders who are active builders of the ecosystem. The AfDB’s annual meeting prioritizes young Africans in its strategies and projects empowering young people for entrepreneurship empowering young people for entrepreneurship. Back in their days, so many didn’t know how feasible running one’s own company was until the notion of Entrepreneurship came to light. Ideas are flowing, they are being brought to life, African youth especially are engaged and focused on being responsible and part of the growth cycle of Africa’s growing economy, the spirit of Intrapreneurship is being nurtured, paving the way for more Leaders in our society. as of November 2019 and an African population of more than 1 billion, what excuse would one give for not being able to offer a skill or expertise, a talent or service or product in exchange for cash? Notify me of follow-up comments by email. Email for Us: As an Entrepreneur, I believe, I dream and we wait for that day when as Africans, we will have a single passport, a single currency to trade across African borders with ease. In Africa’s case, names like Aliko Dangote, Strive Masiyiwa, Tony Elemelu, Patrice Motsepe. #TheCentonomyEntrepreneur #EntrepreneurshipThe future of business in Africa is for businesses to run as businesses not side hustle. An age where the entire world has realized Africa’s high growth and profit potential. Crunching the Numbers. And so today, with the right mindset and the ardent desire to create change including the will to take risks to succeed. We can not conclude this piece without making mention of The African Continental Free Trade Area, AfCFTA a policy that will “save” African Businesses, promote free trade and facilitate market expansion in Africa. I would rightly say it is bright. The fact that an individual finds or discovers a solution and starts solving particular problems in society, makes them somehow a hero or an agent of change! It is When the likes of Mark Zuckerberg (Founder of Facebook), Sergey Brin (Co-Founder of Google) amongst others began reaping thousands and now billions of dollars from an idea that was seen as common, that it seemed as though eyes that were closed to opportunities around the world opened. For the most part, the demand for the enterprise needed to spur growth in Africa is of an … YASR is an annual Yale-wide African student-led feature of startups shaping the future of innovation and entrepreneurship in Africa. Also, market accessibility still remains a factor to remedy given that most manufacturers do not have distribution channels to let the product reach the consumer. In addition, if one considers a population index of 1.5 billion with 55% of women and 45% of the menfolk and a total of approximately 62% consisting of young people, investing in Africa would not be such a bad idea. Talks of developing African nations are quite frequent and current. However, with the reiteration by African Heads of State to Western powers that Africa needs not aid anymore but partnerships, trade, access to markets and long term investments based on mutual gain, development seems to be seeing the day in some African countries like Rwanda and Ghana. Search US According to the African Development Bank, 22 percent of Africa's working-age population are starting businesses.This is the highest entrepreneurship rate in the world. These events aim to promote originality, creativity, and ingenuity through local and global activities. This mindset, however, conflates entrepreneurship with innovation, where the distinction is critical—not all entrepreneurs are innovators, and not all innovators are entrepreneurs. Entrepreneurial Advice from some of Africa’s Richest Entrepreneurs. The word entrepreneurship has been defined as the “discovery, evaluation and exploitation of opportunities” but until just a few years ago, saying you were a young entrepreneur was a creative way to say you were in between jobs. As the African Development Bank pointed it out this year, the continent needs $130 Billion to $170 Billion in infrastructure financing per year so as to facilitate transportation and logistics for African Business people. Since its inception in late 2018, the Scenarios for Young African Entrepreneurs project has theorised about what the future might hold for very young (15 to 25-year-old) entrepreneurs in Africa. And so today, with the right mindset and the ardent desire to create change including the will to take risks to succeed, anyone can be an Entrepreneur. Africa’s youth need to be exposed to and encouraged to consider entrepreneurship from a very young age so that they can take the steps needed to prepare for future socio-economic scenarios. Entrepreneurs Create New Businesses. With an international network of over 30,000 partners, events during GEW designed to stimulate, inspire and encourage entrepreneurial activities through different stakeholder groups. The Review was born out of the shared desire of my colleagues and I to ensure the narrative of Africa’s innovation and entrepreneurship is included in the global startup ecosystem. Before the reticent wave of entrepreneurship blew across the globe, we had some seasoned and savvy businessmen and women who worked relentlessly to create jobs, feed and ameliorate the living conditions of a few! … especially knowing that there is no market without people! The spirit of intrapreneurship is being nurtured, paving the way for more leaders in our society. When a woman is financially independent, families flourish and society evolves. In November 2019, 10 million people in over 170 countries around the world are celebrating the 12th edition of Global Entrepreneurship Week (GEW) through 35,000 different events. Jivraj, a 27 year-old third generation Asian-Ugandan entrepreneur, is one of Africa’s … Involving them at various levels of the decision-making chain will benefit the ecosystem immensely. Women Entrepreneurs in the Global Economy increase steadily. In fact, women are an economic resource that economies—rich or poor alike—cannot afford to overlook. It is high time for investors to look to their own future, which lies in Africa. We're lifting the lid on the future, taking a peak under the bonnet of the entrepreneur ecosystem and casting a lens on the scrappy, super-smart students that … Student Startups. We cannot conclude this piece without making mention of the African Continental Free Trade Area (AfCFTA), a policy that will “save” African businesses, promote free trade, and facilitate market expansion in Africa. On April 24th, we're doing something really special. Piloted by Dr. Vera Songwe, Director at the United Nations Economic Commission for Africa, this policy upon implementation will ease Doing Business in Africa and will permit cross border value chains, will reduce import and export fees to other African countries, will permit investors to invest on a large scale and in long terms in varied sectors. We learned how to add value to people’s lives by selling to them what they need. Moreover, with a world population of 7.7 billion as of November 2019 and an African population of more than 1 billion, what excuse would one give for not being able to offer a skill or expertise, a talent or service or product in exchange for cash? Africans and global citizens have received a healthy dose of motivational speeches on Africa’s development this week. The spirit of intrapreneurship is being nurtured, paving the way for more leaders in our society. We wait for that day when as Africans, we will have a single passport, a single currency to trade across African borders with ease. Africa's female entrepreneurship rate is also the highest in the world; 27 percent of the female adult population is engaged in early-stage entrepreneurial activity. Heads of states seem to be working relentlessly to harness and promote entrepreneurship. We believe that Africa has what it takes to be great, but the solutions cannot be other than capacity building and innovative drive. Looking at all of this one will confidently say that by 2050 we will be headed to renown and economically and socially sound continent. An opening of borders, therefore, encourages such large scale financing. The future of Africa is you. Ask entrepreneurs and SMEs what they need through sustained dialogue, that focuses on job creation; What is the impact of entrepreneurship on society? With an international network of over 30,000 partners, events during GEW stimulate, inspire and encourage entrepreneurial activities through different stakeholder groups. BY RUTH TEMBE EPIE-In Commemoration of Global Entrepreneurship Week. In Africa in particular, Entrepreneurship is saving lives! One cannot undermine the significant role women play in. There are also those moments when demand supersedes supply and so, the entrepreneur gets into a fix and starts witnessing an uncertain future for their business. African youth, especially, are engaged and focused on being responsible and part of the growth cycle of Africa’s growing economy. In an African context, we want to have a look at government systems, business regulations, and tax systems because, in some African countries, tax rates are still very exorbitant, making it difficult for businesses to thrive. Juliana Rotich will be one of our highlight presenters at PTC’18 during the Monday Morning Keynotes on 22 January 2018. To take a detailed look at the future, the event had panels with founders and investors from all parts of the ecosystem. The story of how Mark Zuckerburg hacked The Crimson at […] Also, Market Accessibility still remains a factor to remedy given that most manufacturers do not have distribution channels to let the product reach the consumer, there is also the case where at times demand supersedes supply and so the Entrepreneur gets into a fix and starts witnessing an uncertain future for his business. We use the recent Deloitte study on Leadership for the 21st century to highlight the skills needed for the Future of Work and entrepreneurship: The number one skill cited by managers in the survey was “the ability to lead through more complexity and ambiguity.” Apply Now! As the Fourth Industrial Revolution (4IR) unfolds, the potential for economic growth in South Africa – and Africa – is on the rise. Why University Students Must Consider Entrepreneurship as the First Choice. Seedstars Index for Africa The Results: Highlights. The ever-growing world and African population is a salient factor that many harness to turn their lives around for the better through entrepreneurship.