Press Room

Entrepreneurship and the ‘African Dream’

We are all likely to have an idea of what the national ethos of United States (The American Dream) is; the ideal by which freedom includes the opportunity for prosperity and success, allowing the highest aspirations and goals to be achieved through hard work in a society with few barriers”.

But then, what is the African Dream? A dream influences decisions, actions and their consequences. In the case of a Nation; policies, partnerships and associations are inclusive.

Despite Africa’s possession of large quantity of natural resources, including diamonds, salt, gold, iron, cobalt, uranium, copper, bauxite, silver, petroleum, cocoa beans, tropical fruits and even the undiscovered ones, the continent still accounts for very little of the World’s GDP.

What then is the solution? Entrepreneurship, yes, Entrepreneurship!!!

Entrepreneurship is traditionally defined as the process of designing, launching and running a new business, which typically begins as a small business, such as a startup company, offering a product, process or service for sale or hire.  It is the “…capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit.

Africa’s development depends on sustainable investments in innovative startups and Africa definitely needs more conscious African entrepreneurs. This will not only reduce unemployment rate but also contribute to economic dynamism by stimulating innovation and encouraging competition. It’s all about Africa.

High rate of unemployment is one of the basic indicators of a bad economy. If Africa must eradicate poverty, then we need to create more jobs. To create more jobs, more Entrepreneurs need to start small and medium-sized enterprises (SMEs).

Also, the impact of innovation on economies can’t be overemphasized. A good example is Alibaba, single-handedly transforming the trade scene for SMEs in China, a country that was at that time infamous for its numerous trade entry barriers.

Very recently, the World Bank Group ranked economies from 1-190 on their ease of starting or sustaining business and most African countries held the lowest positions. Are you surprised? That definitely is a topic for another day!

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