Tips on Doing Business in Africa- What you should be Ready for

August 5, 2017
Entrepreneurs Talk- Forbes 30 under 30 finalists discuss the state of entrepreneurship in Africa
August 8, 2017
Show all

Tips on Doing Business in Africa- What you should be Ready for

Launching and successfully running a business in Africa is not as easy as it might seem. To succeed in your business, company’s or entrepreneurial organization in Africa, hard-work is but the least of your requirements for success. There are numerous other factors to consider if you want to stand out and be preeminent in your business sector.

Below are important factors you must consider for your business’s substantial growth and success.

1: Employ Right.

You’ll probably learn that in Africa, most company and business owners employ based on relationship connections and friendship reasons. This is very risky for any business.

You must employ people based on their qualifications, capabilities, competence and seriousness in your line of business. This is what will actually push your business or company towards growth.

Only employ amazing people you need to get the most out of your staff, so don’t employ anyone you aren’t sure about.

2: Take Risk.

Africa is endowed with numerous opportunities to grow your business across its countries and even out to other continents. The local markets in Africa today are so vibrant than any other in the world. This literally means that the chances, abilities and possibilities for your business’s growth are very present on the continent. However, you’ll naturally have to just stretch out your hand to get them.

This in other words means “taking risks”. Taking risks doesn’t mean daring to kill a lion in the Tanzanian national wild park. No! It means daring to venture into other propitious businesses on the continent (there are many of them), daring to do partnerships with local businesses to promote your product or service to a more higher level, daring to invest in the local council communities and regions.

Don’t be scared to take risks in growing your business, company or organization. This is because the biggest risk to your business, company or organization is when you don’t take any.

You must also be courageous enough to get rid of the people who don’t have your best interests at heart and continue trading. You will end up being the bad guy and you’ll possibly lose most of the friendships when you mount such actionable courage BUT it’s a wise way to restructure your business.

3: Consult Specialists and Experts.

Most potential business owners and ‘already’ business owners undermine the functions of specialists and experts until when in a crises. Many businesses and companies in Africa that fail, are those who think they know all. They believe they’re good and okay with the secondary data (information) they collect. They undermine, despise and disregard the potency of African business specialists and experts who’ve spent all their lives in studying the continents business trends and markets.
Don’t get me wrong, it’s okay to hire a foreign expert to do a business analysis for you but it’s so unwise to undermine the capabilities of an expert who practically resides in the area of your business prospects.

My top tip for anyone running a new business or planning to start one is to consult specialists, experts and business analysts. The greatest mistake to make as a business owner is to assume you know all. Consult specialists and experts who’ll continuously study the market to give you practical solutions for your business’s growth, train your staff for maximum productivity and keep your business / company financially healthy.

4: Be Liberal.

Most businesses in Africa operate with a particular notion. That notion is: “Make More Money”. I call it the three “M’s” that kill businesses.
True, there are are lots and lots of ways and opportunities to make more money in Africa. But the wrong approach to this fact and reality instead puts a bullet in your company’s forehead.

Think of it this way; How would you get a huge brick of gold placed in the mist of hungry Tigers? The same principle you’ll use to get this brick of gold is the same principle you’re to use for your business’s, company’s or organizations sustainable and continuous success.

To get the brick of gold, you simple need to give the tigers something that’s capable of distracting them – making them move away from the gold then you get it. This thing you’ll have to give could be a piece of chicken, a slice of meat or even a full turkey.

The key word here Ladies and gentlemen is “Giving”. This is the principle you must apply as you focus on the three M’s of business breakthrough in Africa if you must succeed. There is no way you can run a business, a company or an organization without giving back to the society. In business gramma, it’s called “Coperate Social Responsibility”.

Many businesses start to ignore communities and the immediate consumers of their products or services when they start making good money. Some select just top government officials and personnels in the country’s top management, give them an envelope and their CSR ends there. Of course, since the karma of life is real, competitors usually push such businesses, companies and organizations out of the market.

You must be liberal if you want to grow in life. It’s so unwise to always use people for your own benefits but not pay them back their deserved dues. If your customers, staff or partners can make you get to the top, it’s just but normal you pay your own dues. Be liberal if you must succeed in your business and in life in general.

Please feel free to contact OpportunitiesAfrica360 for business opportunity enquiries, possible propitious business ventures on the continent and any other business related queries.

Comments are closed.