Africa is a continent brimming with potential, fired by the entrepreneurial spirit that burns in the hearts its people. The majority of the African population is under 25 years of age and these budding entrepreneurs envision a world full of possibilities and are eager to create their own success stories. It is the role of government, leadership and parents to harness this enthusiasm, develop their skills and cultivate this potential.
Opportunities for entrepreneurs
Entrepreneurs in Africa should take advantage of the massive potential in mobile tech. These two sectors, among others, have been identified by Saidah Nash Carter, senior vice president for innovation in Africa at Thomson Reuters, as providing tangible opportunity for South Africa to innovate and grow.
However many entrepreneurs lack the funding and mentorship needed to implement their ideas. This is where networking events like CEO SleepOut and skills development programs play a strategic role in the advancement of our youth. South Africa continues to play a significant role in the international business community and with the help of ever-increasing foreign investment, start-ups are perfectly placed to take advantage of global investment.
However, we should not rely on international investment, but continue to forge the Ubuntu spirit, by helping fellow young South Africans build this continent. Founder and CEO of the Discovery Group, Adrian Gore said, “becoming an entrepreneur is like jumping out of an airplane with silk worms instead of a parachute and hoping that they are over-achievers!” The words shared by this remarkable business man, highlight the importance of adequate support and the need to give entrepreneurs the necessary resources to flourish.
Resilience
Entrepreneurs need to build resilience to failure, adopt a flexible approach to change and pay close attention to changes in trends. True entrepreneurs are people with mental toughness their resilience enables them to to better manage stress, handle anxiety and demonstrate enhanced performance in these VUCA times.
Entrepreneurship is also underpinned by an ethos of connectedness and a strong focus on networking and creative resourcing. This includes the recognition of mentors, the development of loyal client bases and the aligning of significant people and resources.
Charisma
What do entrepreneurs Oprah Winfrey, Elon Musk and Brian Joffe have in common? Apart from their net worth, they are all highly charismatic. But what exactly is charisma?
Charisma is infectious energy that inspires others with enthusiasm and drives action. As leaders we need to make others feel more confident and instill a strong sense of self belief. If you exude self-belief, angel investors, prospective clients and followers on social media, will see your potential and be more inclined to invest in your business or buy your product.
There is a popular misconception that charisma is an innate quality of entrepreneurs. In fact, a lead researcher in charisma, Richard Wiseman, estimated that it is 50% innate and 50% learned. This would mean that just about anyone can bolster their charisma to help achieve their professional – and personal – goals.
Obstacles
Red tape stifling South Africa’s entrepreneurship. The 2015 SBP SME Growth Index Report, published by Business Environment Specialists (SBP) – a South African independent private sector development and research company, specialising in improving the environment for doing business, surveyed 500 firms that employ less than 50 people.
After surveying these entrepreneurs, the report outlined the factors impeding growth of these firms; and the first major factor, was government’s burdensome regulations – which accounted for 40% of the factors stifling business growth. And, sadly, the amount of red tape has increased over the past two years.
These burdensome regulations have made it very hard for these firms to survive, expand and compete in the market.
Lack of Skills
The second factor that hurts business growth, according to the 500 surveyed firms, is lack of skills. Entrepreneurs can only grow if they can find the talent they need in order to increase their production. And South Africa is known for the shortage of skills in many critical areas. Entrepreneurs find themselves struggling to attract and find the skills they need to compete and grow in the market – a serious setback.
Many entrepreneurs in Africa blame the bureaucratic red tape that follows business. Innovative ideas are often bogged down in long, confusing procedures. This is where a mentor or mentoring company can be so beneficial to getting through the process. Mentors can also assist in getting basic business practices in place so that the entrepreneur can focus on getting clients and promoting innovation in a constantly evolving business world.
Entrepreneurs are architects of the future. Create the tomorrow you want to live in, today.
