Six Important Questions You Must Answer If You Want To Start A Business In Africa…
Here are 6 solid questions for new business in Africa. We can all agree that Africa is easily the richest spot in the world. Africa is rich in mineral resources, and also rich in human resources. The current estimated population of Africa is 1.5Billion people. With this combination of mineral, natural and human resources, someone with great initiative can create abounding wealth in Africa. Despite all the grand challenges Africa faces currently, the continent is a ripe one for financial exploits.
Below are five important question aspiring African entrepreneurs must answer extensively if you want to succeed in Africa;
1.WHAT KIND OF BUSINESS DO I WANT TO START?
Obviously, the first question is a question of business type. What products will your company be making and selling? Or What services will your business be providing?
In a subsequent post, we will give you a list of trending and lucrative start-up ideas that you can venture into in Africa.
2.AM I THE RIGHT PERSON FOR MY BUSINESS?
Running a business is a very demanding endeavor that can take most of your time and energy, your business probably will suffer if you’re unhappy. Your business can become problems that you cannot control if you don’t have the skills and temperament to run it.
Simply put, I’ve learned that no business, whether or not it has sound financial backing, is likely to succeed unless you evaluate yourself. As an aspiring CEO and company owner, you must honestly evaluate yourself to decide whether you possess the skills and personality trait needed to succeed in a small or large scale business. {We will also talk about skills and traits of a CEO in another post}.
3.WHAT LEGACY AM I LOOKING TO LEAVE BY STARTING A COMPANY?
Have you ever wondered why international companies have short and snappy slogan and mantras that goes with their logo and business models?
Microsoft says “Be what’s next!” Nike says “Just do it!” MTN says “Everywhere you go.”
These slogans/mantras are an attestation to the business legacy that these companies are working to establish in the world.
Also Read: https://inspireafrika.com/en/6-questions-to-ask-yourself-before-starting-a-business/
4.HOW DO I HIRE?
For a new business, during the initial stages of your venture, strive to engage with different facets of the business so you can identify the necessary skills for hiring. Unless you’re seeking a highly specialized skill set, consider bringing on interns and capable, inexperienced individuals, as they are typically eager to learn and can be trained.
For larger startups operating under formal business plans, you may want to consider hiring human resource consultants to help streamline the hiring process. To keep expenses low, utilize professional networking platforms like LinkedIn to connect with qualified candidates for various positions.
5. WHY DO I WANT TO START A BUSINESS? –
There are so many business groups in Africa currently struggling because they have failed to answer this question. And some others have answered it wrongly. It is worthy to note that Africa is in a perpetual state of economic instability, insecurity and poor public policies. This invariably means that ‘making money’ cannot be your primary purpose for starting a business in Africa. While you should obviously try to make profit, you must however, answer the question of value maximization and problem solving.
You might also be interested in: https://afrikanaffairs.com/2024/11/25/how-to-write-a-business-plan/
6.WHAT CHALLENGES AM I READY TO OVERCOME?
In an infant continent like Africa, the challenges that may abound for young entrepreneurs are looming. In your contemplation and planning stage, you must carefully list all the possible challenges that you might face and mentally map out strategies that would help you overcome such challenges.
I shall not forget to tell you that one head is better than one. As you stay in your contemplation zone, don’t forget to network, partner and corporate with people. Now more than ever the entrepreneurial stage in Africa needs a lot of strings of networks.
I hope these nuggets will help you keep your mind in the right place as you think about starting your own company. Ask your questions and make your comments below.
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