Entrepreneurship is an important part of African economies, as an increasing number of individuals become business owners in an effort to provide for their families and create jobs for others. But starting and sustaining a business is not an easy task, and those African entrepreneurs who make it work build up knowledge and experience that can help others to tread the same path successfully.
We gathered 8 pieces of valuable advice from African entrepreneurs throughout the continent.
“It is okay to fail, but it is not okay to not know when you are failing. You need to know when something is going wrong and what is causing that very thing to go wrong.”
Chris Kirubi – Director, Centum Investment Company Limited | Kenya
“Visualize your past victories while visualizing and anticipating future victories. Planting the seeds of positive expectancy in your mind is the best way to reap.”
“Our people (staff) must be able to grow. They have clear career paths, clear KPIs, clear incentives. We set stretch targets but share all information necessary for them to achieve these targets.”
“Discipline, hard work, sacrifice. Success does not come on a platter. You have to work hard to be successful. You have to be disciplined and you have to make sacrifices. In addition to being creative, these are things you must have.”
Allon Raiz – CEO, Business Incubator Raizcorp | South Africa
“You have to ask ‘what if I try this, and what if I try that and how would the business operate if I changed that?’ All those are the types of questions you have to keep asking yourself as an entrepreneur.”
“For me the biggest business lesson I have learnt so far is the strength of networking and collaboration. Without working with other people in the industry, things would have taken much longer to get off the ground.”
David Sanni – Business Development Director, Damars Group | South Africa
“You’ll find that many business have acquired funding in order to access these markets but that cost (of corruption) was not factored in. So they refuse to engage in corruption, and this often delays the process by a much longer time, and in some cases it has led to businesses failing. However, if companies can stick it through and find a way to make it work, the rewards of being in those markets can be very big.”