MANAGING A CREATIVE START-UP BUSINESS IN AFRICA

In Africa, the way business is conducted is quite rigorous because one is literally up against a lot. Talk about high illiteracy rates, poor infrastructure like power supply, access roads, multiple taxation, etc -  the list continues.

The mere decision to embark on a journey of entrepreneurship frightens most Africans to their bones. Parents are more often than not alarmed at a decision by their ward(s) to tow this unfamiliar and unpredictable path. It is usually a sore topic to discuss in family meetings and is a phenomenon usually associated with people who are not able to secure white collar jobs.

But where are the jobs??
Are there enough jobs in the world to go round everyone??


If all graduates across the globe were to apply for jobs, can they all be employed and remunerated to the proper value of their inputs?

IMPOSSIBLE!

This means a huge percentage of us must become entrepreneurs which is the whole purpose of this post. Here, I share with you some experiences and wisdom which we at CADRIGHT ICT have come to acquire in the course of our journey as entrepreneurs in the most populous black country - Nigeria.

1.0 Think Big, But Start Small

Starting out at all is the first thing you must do, plan out as far as you can imagine with the available resources.

2.0 Document Everything : Keep Records

If you dont keep track of how you are getting where you are going. Then you may have a hard time scaling up and if you manage to do so without proper records management system, you will bigger trouble managing the bigger business.

3.0 Set-Up a Formidable Team and Keep Them Well Motivated and Happy

No true and lasting success can ever be achieved alone. You must seek out, find and keep insightful, intellectual, committed and amiable fellows who will agree to work with you towards your definite chief aim.

4.0 Use I.C.T To Be More Efficient

This is the 21st century. No business or any other venture at all will go too far without digitizing her processes.

5.0 Know Your Industry In-Out

Study the existing industry giants and decide on your own unique strategy or be better guided as you tow along. If you are getting into an industry with some existing players, you will need to study their modus-operandi in order to understand the way the industry works, to enable you define your own space in the market. You must be able to clearly tell your customers whether you are providing the same solution those other players are providing but in a different way or you are coming out with a completely new solution to a different problem in the same niche or in another.

6.0 Financial Services

Everything from your company account to taxation to salary payment, product pricing and payment channels are dynamic matters to be treated with caution an adapted continually to ground conditions staying open to future possibilities.

7.0 Diversify Your Income Source To Keep Afloat

Do not make the common mistake of expecting to take out profit from your young business. It must e allowed to pass through all the stages of development from toddling to crawling, to walking to running. This means you necessarily need to find other sources of income that will fund and grow your baby. 

This model of business start-up financing is more effective for the entrepreneur because he is actively involved in both cases in contrast to a scenario where a huge amount of money is given to the entrepreneur without any prior experience in financial management.

What do you think about these points?

Do you think it is Ok to take a loan to start up a business or to scale it up?

Leave your comments in the box below, We 'll be glad to hear your thoughts.