We all want to become successful African entrepreneurs, right?! And while many of us strive towards making an impact in Africa, the revenue we generate will be significant in determining how successful we have really become. We want financial success. And no-one should feel guilty about that (I worked 13 years in the non-profit sector in Africa, so – trust me 🙂 ).
There is a tendency in the Diaspora to struggle with combining social impact with wealth creation in Africa, but the absolutely intriguing bottom line is that you can combine both in Africa.
In fact, I think you will lose out massively in life when you choose one and disregard the other. And think about it, if we do not generate wealth as Africans, others will always certainly do it without us. So what about seeing wealth creation not just as an opportunity, but also as a responsibility?
Having followed, researched, and personally met hundreds of Africa’s leading entrepreneurs, I can confidently say that most enjoy and very consciously pursue this power combination of creating wealth for themselves and their families, while making an amazing impact and contributing towards Africa’s development. In fact, you will find that the new generation of wealthy entrepreneurs now belong to the crucial engine that drives Africa forward. We should be proud of them, they are role models for every single one of us, regardless of our personal circumstance or upbringing.
Let’s learn, be resolute, and let us follow that path.
How Did They Become Successful African Entrepreneurs?
So how did they find the right business concept that soon started earning them millions?
What did they do that you are maybe not doing?
What can we learn from their immense successes?
I have studied the pattern, and it is a clear case. Let me start by telling you what they did not do. Almost none of them came up with an ingenious, unique million Dollar idea….nor did they have a perceived clever idea in mind and they tried to make that shoe fit the market….instead: Almost all of them observed a very concrete basic challenge locally and they decided to meet it. In fact, a significant number of the African entrepreneurs who made it on the continent faced that challenge themselves or someone in their family did. You will find such a ‘personalised start-up’ story among many of them. And all they did is simply decide they would offer a solution or a better solution than the one already out there. Then they focused all they had on achieving that.
That’s it.
This is the key to their success and it will be key to yours.
It’s simple.
Africa has a lot of – what we would consider as – basic needs, demands, and challenges; be it at consumer or at company level. You will find these needs, demands, and challenges in huge quantity – and when you are on the ground, they stare in your face, that’s how obvious they are when you are consciously looking. If you can meet them and give the market what it wants – you are in business.
This is probably one of the most important step towards becoming hugely successful in Africa.
So again:
1. Take a demand-driven approach (open your mind and horizon and translate the arrear of challenges and needs into what they are: your very own opportunity!). Was there maybe something concrete you complained about when being in Africa? Voila!
2. Adjust your product or service to the local context in the country of your choice
3. Add a simple unique aspect to your product or service – a unique selling point – allowing you to stand out and compete.
Now here is the thing: A demand-driven approach in Africa does not necessarily mean you have to start installing water pipes. The needs, challenges, and demands are so manifold and entail a huge range of lacking solutions across industries and various population segments that you can and will find something that aligns to your personal liking and circumstance. Because remember, that’s hugely important, too.
So when you walk through an African city the next time or you browse through Africa business news heighten your awareness and put your antenna up to spot these re-occurring challenges. Could you provide a solution? Be resourceful in your thinking!
I am thousands of miles away and don’t have much capital – what do I do?
First of all – pursue your vision of creating an African business regardless and don’t delay getting this started any longer!
If you are from the Diaspora, I want to make you aware that you can start building a business concept that is low in risk and that would work with a shoestring budget in hand; you do not even have to relocate to Africa if you are unable to. There are many of such approaches and I teach them in my training courses, but let me share one possible avenue with you today.
Start a training company, for example!
Let me explain.
I am sure you have some kind of knowledge, skill, or professional track record. Africa lacks a lot of that – even in high-income categories such as engineering, banking, cyber security, business management etc., you name it! You could provide high-quality training packages in the premises of a company. You don’t need any considerable budget for it (except for your plane ticket), nor would you need to worry about the risk in the market too much, as you are there for only a couple of days or weeks.
The contribution you will make towards Africa is of great value, and once you have your foot in the door there are many ways to expand your business venture to make it truly profitable.
I hope this helps.
If you want to find out more about the 5 Steps you have to take right now to get your Africa business off the ground successfully, get my FREE e-guide: 5 Secrets To Starting A Lucrative Business In Africa Within 6 Months. You get an immediate download and guidance how to get started.
And those of you who need in-depth hands-on guidance: Keep your eyes open for my upcoming Virtual Africa Business BootCamp training course. It will get intense, but you can’t earn millions by continuously wondering or going with the flow. That’s the challenge, and I wholeheartedly believe that those who are up for it will be rewarded in so many ways. Join the movement of becoming successful in Africa’s emerging markets.I invite you to take action.
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Hello Dr. Harnet I’ve been following your posts and love them. Thanks for the ebbok ‘5 Ways To Starting A Lucrative Business in Africa’ it’s a great read. This is great article. Educational and motivational. I’m from Africa and living in Minnesota, U.S and want to start my own business and looking forward to learning more of what Africa jumpstart has to offer. Thank you and continue to good work of creating more Africans entrepreneurs.