So, you thought about doing business in Africa? And there is a high probability that you will quickly think about WHAT kind of business you want to build and HOW you will get that started. Most of us spend a considerable amount of time on how exactly we will implement our plan: How will I find the right business concepts, how will I win local partners and clients, how will I get it all funded, and how on earth will I get this going while still being employed or having a hundred other things to do?
I would answer this way: Please pause.
Yes, sure the ‘what?’ and ‘how?’ are important questions, you cannot realize your ambitions without having clarity in this regard – but I have a question for you: Have you ever seriously thought about the ‘WHY?’
You may be quick to answer with a ‘sure, I have!’
You see, I had a quick ‘sure, I have’ when I got started a few years ago. It looked something like this: ‘I love Africa, always wanted to do something in Africa and right now I am looking for a change. And besides, I need some more money.’
But today, I know that was just a seed. A seed that – to be honest – was thrown into some kind of unfavourable conditions. I had no real business knowledge of the continent, no clear direction, no capital, and no business connections….I was based thousands of kilometres away from Africa and had two little children who needed my attention. In short, my answer to my ‘why’ was not one that would have had the power to turn this seed into a powerful magnificent tree any time soon. It looked more like it was left to germinate in the desert sand for the next few years – maybe until a more favourable climate would allow it to flourish.
But there was something that – now I know – was a blessing in disguise. I was not comfortable. I was in pain. For too long had I lived a mediocre life that was short of so many things I desired and knew I could achieve, if I just found the right path. Soon I realized the seed I had planted was all I really had to grow the desired fruits that could potentially feed my hungry soul. And hungry I was!
And that’s when I searched and I found my true ‘WHY’….my driver that would water my seed and grow it into a seedling and plant I already sincerely enjoy – against all odds…. (still want the magnificent tree though)
You see, most of us have been made aware that Africa is the next global market frontier. Yep, who would have thought!? The window of opportunity is opening wider by the day and looks great, let’s hop through it – right?! But here is the truth: for many of us, this will not be enough to lead us towards success in Africa.
It will not be enough to build a business that is both profitable and fulfilling.
Doing business in Africa approach – to which group do you belong?
There are two ways in which most people approach the idea of opening a business in Africa: Either the pragmatic-realistic and often profit-oriented way or the passionate-idealistic one. The first approach is led by rationality, weighing up the pros and cons, calculating, and making plans. The latter includes strong enthusiasm, desire, affinity, and love for your subject area and the people involved, you will find yourself reading, discussing, and dreaming about it.
You will hear the first group talk a lot about the latest profitable business opportunity, high ROI, immense demand, or the wish to make money.
The latter group will talk more about making a contribution to the continent, giving back to Africa, and serving the underprivileged.
But here is a revelation: the real power lies in combining the two! And there is hardly any better place than Africa to achieve this! Yet, the art of combining both is what not enough of us master or are even aware of.
I understand, the concept of building a commercially viable business that makes significant money for yourself seems to be in stark contrast to a philanthropic approach for the common good. And this contrast has been notoriously well plotted, mapped, and chronicled in Africa: Businesses serving small circles, in fact, often at the very expense of impoverished local communities. So in the past, profitability was undoubtedly the sole driver, more often than not hovering right through civil rights, conflicts, corruption, and human dignity.
The outcome? The images and stories of unreachable and un-empathetic leadership, both in business and politics, still stick with many of us. And because they do they have resulted in a lack of trust and confidence, and a distorted picture of Africa’s potential and our own potential as Africans. As a result, many Africans rather remain on safer shores – they stay out of the business sector…or for us in the Diaspora stay out of Africa altogether.
You will be amazed how many people I work with or who attended my Africa business boot camps were talking about helping the poor and almost felt guilty (or not confident) about building successful, large, hugely profitable businesses.
And others, in my view, are looking too much at quick trade deals, single profitable industry opportunities without allowing themselves to truly recognize the wider role they are able to play by potentially improving the lives of thousands or even millions if the business is built the right way.
In my opinion, here is the thing: by (mostly unconsciously) choosing one path over the other there is a great chance in not becoming fulfilled in life. If you are not concerned with profits, you may always struggle financially and that will immensely limit you in what you can do in life, but also in the extent to which you can actually help your family and others (if that is close to your heart). You deserve a grand lifestyle!
On the other side, by being only concerned with what is profitable, you may never see how rewarding it can be to positively contribute towards Africa and our world – and that you have a greater role to play outside of what was known to you thus far.
The power lies in the combination of both, and luckily, a significant number of the incredibly successful entrepreneurs in Africa who belong to a new generation of business leaders have not only recognized this, but they are consciously communicating and confidently building that path.
It took me a couple of years to realize the sheer power that lies in this combination, and I spent considerable time to spell it out for myself. And to repeat it again and again. Here it is:
This is my WHY.
It has become so powerful, that it serves as my engine, especially when I get stuck or down. I want to build a grand lifestyle for myself and my family – become financially independent while positively impacting on the lives of others in real terms!
Doing business is difficult anywhere, but doing business in Africa is going to be even more challenging. And if you want to get to that mountain top – where you can shine and lead a truly fulfilled life, you better have a very compelling reason to march on despite the many obstacles you will face.
In my view, the combination of both profit and contribution is exciting, meaningful, and above all, it will challenge you and allow you to grow as a person. Today, my WHY is so important to me, that there is simply no way back! Period.
As Africans and friends of Africa, we need to recognize and promote a new narrative for doing business in Africa, and design our very own compelling pursuit of happiness! Hence, I wrote this post to stir your soul and maybe some of my words will help you to find your own path.
The Interesting Case of Business & Love
Walt Disney, a business magnate of his time, once said: Disneyland is a work of love. We didn’t go into Disneyland just with the idea of making money.
It may be a strange example, but these are the words of an extremely successful business man and industry leader who was not shy to talk about ‘love’ as a driver to make money.
Indeed, we are coming closer to where I want to reach with you. What about: Doing business in Africa is a work of love. We didn’t go into Africa just with the idea of making money. We went for Africa to combine both!
Africa is a beautiful continent that has been bleeding for far too long. Now with new hope and a slowly but steadily improving collective African and global consciousness on the horizon, the continent needs our care and devotion, but it also needs a competitive driving force to boost its economy and continue to grow – find a way to fuse them both and you have a strong win-win combination: A responsible, large, and highly profitable business that provides products, services is improving the lives of Africans is today probably the greatest gift you can give Africa and YOURSELF.
Hence in reality, the narrative of doing business in Africa that we can use to empower ourselves reaches much deeper than we are being told.
I would love to hear what you think.
By the way, I decided to publish a second part. My part II will follow soon and is called: Revelations: The 10 REAL Reasons Why You Should Be Doing Business in Africa (Now!). You want to know this rare list, it’s powerful and all you need to have a strong case….
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Dr. Harnet Thanks for this article where you have touched the hearts of my fellow African and those who want to invest in Africa.As Zig Ziglar said ” Help More people get what they want,you will get what you want” In Africa if you want become financially independent,you have positively impacting on the lives of others in real terms then those who are committed,motivated,life-changed will en-light the way for your wealth because they are getting what they wanted .Thanks