Several youths carry around the dream of becoming entrepreneurs. Funding and sometimes time can limit potential entrepreneurs in Africa but doesn’t make it impossible to start a business and build it to a multi-million dollar level.
There is no right path to building a multi-million business, however, exploiting the current environment and finding access to the latest technology sets a potential entrepreneur on that right path.
- New Google programme to support innovation in Africa, female entrepreneurship in TEF
- Tony Elumelu Foundation (TEF) Entrepreneurship Programme – Application 2021
- How Young Entrepreneurs in Africa Can Choose Funding Opportunity
- How SMEs, MSMEs in Nigeria can get business loans
How can you grow a multi-million business in Africa?
- Technology is the best business partners and automation is a full workforce. There is a wide range of technological tools from software to hardware that allows small business owners to automate their business.
- Several platforms, such as Upwork, offer thousands of freelancers all around the world for simple tasks that might take a lot of time.
- Invest in social media marketing. For several business segments, it can give a huge growth in revenues.
- Know who is worth taking advice from. Not all piece of advice is worth your consideration. You alone understand your business, the highs and low.
- Attend business conferences around the continent to understand the needs of the people.
- Connecting with other professionals with overlapping interests will be highly beneficial to you.
- Keep track of all the data you acquire from the very beginning. It will help you measure certain parameters in the future.
- Your customers are the inadvertent mentors you will always need. You don’t have to pay them for the things you learn from them by receiving feedbacks and criticism.
- Focus on sustainable growth. Keep your fixed payroll as small as possible and work mostly with freelancers in the start-up phase.