Common Problems and Solutions Met by First Time Entrepreneurs in Africa
Business is for everyone, but performing is not that easy
, especially if the place is somewhat complicated, like Investing in Africa. As what everyone suppose, the only way to become a successful is by spending years in a business school. But things aren't always exactly like that. Sometimes, the path going to success is dictated by dedication, focus and appropriate strategic planning ideas. For novices in African business market, you will need to take down a lot to make sure that your investment will have a long life. You should foresee the possible problems that may occur and of course, come up with solutions. Here are some common problems that are usually ignored by business people who invest in Africa.When businesses insist their strategy, that is the time that business start to fail. As we all know, the business setting in Africa is unique to themselves. It is all because the continent is using business and trade to meet their goals, which is economic development. The best thing to do is adapt with the new environment and consider the whole country/continent when constructing your Strategic Planning Ideas. It is too early to start a trend. The old ways will no longer be effective, it can only take you few steps to success. So to see your goals clearer, abandon the methods you are used of and welcome the new ones.
Underestimating the business climate and policies inside different countries. Africa has changed a lot now. They used to be very corrupt, but now, they have transformed into an organize region, making good deeds prevail. If you will just focus on making under-the-table transactions, you will lose all chances to manage and learn a lot in business doing. What you should do is trust Africa's business market. If you will try to make early researches, you will find out that most African countries received international recognitions when it comes to ease of doing businesses for foreign investors.
Making personal loan to fund business. There is so much risk if you do this. This has always been the cost of large financial distress. Once a business failed, the blame and weight will all be on the loaner. This happens because business people don't have much trust on financial providers in Africa. The best way to address this is never use any financial resources that will put your future or other dependents at risk.
When your focusing too much on the possible gains, then your business is not a good business. It may be prospering today, but don't expect that it will last that long. The nature of African market is more on the benefits of its people. Every ventures should balance the way they will profit. It should always be something sustainable so it can prolong its life. Author recommends Individual Coaching and Mentoring Africa and Investing in Africa
Common Problems and Solutions Met by First Time Entrepreneurs in Africa
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