Succeeding in Business in Africa!!

Wemton Entrepreneurship Radio

Succeeding in business in Africa. What will make or break your business in Africa? What determines if it will be a success? Here are few tips for consideration for a business in Africa making it succeed. 1.Individual investor!! Know yourself, your true motivational level, the amount of money you can risk, and what you're willing to do to be successful. 2.Organisation internationalisation!! Do you have a seperate dept set up to research the marketplace of your proposed destination? Understand the citizens, attitudinal and purchase power potential? The country's Economic strength and government policy? Monetary and fiscal with a view at your profit repartriations!!! 3. Brand development strategy. Sure, we all want to make millions of dollars. But what are you willing to give up to reach that goal? Considering the HOW FACTORS! How many hours a week will you work on an ongoing basis? How far out of your comfort zone are you willing to stretch? How far will your family stretch with you? To be successful, keep your business plans in line with your personal and family goals and resources. It all must be in tune with your nation of destination's culture, tradition, and reception to foreign investors. 4. Choose the right business for you or how your existing business fits into that nation of intention in Africa. The old formula – find a need and fill it – still works. It will always work. The key to success is finding needs that you can fill, that you want to fill, and that will produce enough income to build a profitable business in that African nation. Be sure there really is a market for what you want to sell. One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service because the business owner likes the ideas or knows one or two people who want the product or service. Or for example because NIGERIA's teeming bulging youths population, and expanding middle class. How powerful is their purchasing power backed up with ability to make payment.. To minimize your risk for loss, never assume there is a market. Research the idea. Talk to real potential prospects (who aren't family and friends) to find out if what you want to sell is something they'd be interested in buying, and if so, what they'd pay for the product or service. Research your potential existing competitors in those countries. Including their financial institutions. No matter what type of business you are starting or running, you will have competitors. Even if there is no other business offering exactly what you plan to sell, or offer in that country, there is very likely to be other products or services your target customers are using to satisfy their need currently. To be successful, you need to research the competition and find out as much as possible about what they sell and how they sell it. Competitive research is something you should plan on doing on an ongoing basis, too. If there really aren't any other competitors, it's possible there isn't a market or a real need for what you want to go sell, you may build consumerism education model into your bizplan. Plan to succeed. If you're not seeking investors or putting a huge sum of money into your business, you may not need an elaborate business plan, but you still do need a plan - one that specifies your goal – your destination – and then lays out at least a skeletal roadmap for how you'll get to where you want to go in those African countries. The plan will change as you progress and learn more about your country of destination customers and competition, but it will still help you stay focused and headed in the right direction. Use your business planning worksheet to help develop that basic plan, and schematic implementation day by day. Know the Operational Needs. Most people who are thinking about starting a business in Africa, focus majorly on what they’ll sell and who they’ll sell it too. What they often don’t consider --- Send in a voice message: https://podcasters.spotify.com/pod/show/enterpriseafrica/message