Running a business and making it a success doesn’t comes as easy, and entrepreneurship itself is not a bed of roses as it may seem.
If you’re about starting your own business venture, then stay glued and see the e most important things that are vital to your success.
In a recent interview, Afua Osei, co-founder of , a community that helps young African women build successful careers and businesses shared her thoughts on things a entrepreneurs starting a business anywhere in Africa needs to know to run a successful venture.
Here advice was drawn from experiences she has had running SLA, and interacting with entrepreneurship experts.
According to Afua, the following are ingredients for a successful business venture:
1. Build a Great Team
“When building your company it is critical to build a team that will challenge each other, think creatively, and dig in to get the work done. “
Making a case for this by citing examples of successful male entrepreneurs, Afua believes, Africa’s richest business mogul, Aliko Dangote, and entrepreneurship philanthropist, Tony Elumelu did not drive their companies’ success alone.
“We see Dangote as the force behind the Dangote Group, Tony Elumelu as the force behind Heirs Holdings but, thousands of individuals drive the success of those companies. When building your company it is critical to build a team that will challenge each other, think creatively, and dig in to get the work done.”
With many entrepreneurs already bemoaning the dearth of a committed and high-spirited millennial workforce, how then does a business successful hire great talent? Afua who claims to experience the same with building SLA, believes thinking strategically when it comes to recruitment helps.
“As a growing business, we deal with the same challenges that everyone else does in terms of getting good talent. We overcome them by thinking strategically, planning for the long-term and learning from others who have gone before us.”
2. Forget the bandwagon opinion, funding opportunities abound in Africa
While many entrepreneurs have blamed the stagnatio of business lack of enough funding opportunities, Afua Osei believes there is “a lot of venture capital floating Africa” for entrepreneurs. All they need to do is present their “startups as real businesses”.
“Contrary to popular belief there is a lot of venture capital ﬂoating around Africa and investors are looking for talented entrepreneurs they can trust. By presenting your startup as a real business and not “cool idea”, young entrepreneurs are able to differentiate themselves. Learn how to speak the language of investors. When engaging with investors, all startups need to have a basic understanding of key ﬁnancial concepts including ROI, cash-ﬂow, income statements, balance sheets, etc.
3. Your plan will only take you so far – execution is critical
“Critical thinking and planning is essential but forcing action with a set timeline and launch date can motivate you to action. It’s very easy to over plan and over think when you don’t have the pressure of a launch date to give you clarity. In today’s market, your plan will only take you so far – execution is critical.”
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