Be an Entrepreneur for Africa

Entrepreneurship is the buzz word for business in Africa. Can it uplift the continent?

Across international communities, it is widely agreed that entrepreneurship is an important driver for development, particularly on the African continent. Successful entrepreneurship is viewed as a definite force in the struggle to alleviate poverty and create job opportunities in developing countries.

These days entrepreneurial activity can impact economic structural changes, increase competition, develop market niches and influence innovation. While traditional considerations of economic growth generally overlooked the effect of emergent businesses, SMEs (Small and Medium Enterprises) are now increasingly considered a positive route towards stimulating economic progress.

According to the 2009 Global Entrepreneur Monitor (GEM) report, entrepreneurship in developing countries is often driven by necessity rather than opportunity. In this case more and more individuals are propelling themselves into business with little previous experience. Under such circumstances, entrepreneurs can increasingly act as instruments of change in a time when people are required to adapt to uncertain economic circumstances to survive.

As part of the Global Entreprenueur Monitor research approach, entrepreneurship is seen as an evolving process where entrepreneurial activity is at different levels for individuals and countries. The success of entrepreneurial activities is therefore understood to be influenced by a broad range of factors from global and domestic economic climates, socio-political contexts to individual personalities. What is not debated is the major benefits to be gained by entrepreneurs through foreign investment and the continued need of financial aid to private sector development. Although entrepreneurship may still only be in early stages of growth on the continent, there is no doubt that it poses some kind of solution towards opening greater possibilities for Africa.