Africa is a continent glowing with immense business opportunities.There are opportunities on the continent both for small and large scale business entities to thrive.There are however certain mistakes one must avoid when setting up a business in Africa.
Don’t sit on ideas for too long – Sense of urgency is everything in business. While market research and strategising are good to have, this must not hamper ones ability to implement ones ideas as quickly as possible. When you do too much planning, there is a tendency to think of one reason after another why what you are contemplating wont work. When you procrastinate, you tend to lose your enthusiasm.
Avoid choosing your market based on personal attachment – A good business person must make decisions based on market facts rather than personal attachments or perceptions. Avoid choosing a market because someone made it there or you know someone there, sentimentalisation should never be at the forefront of your decision making.
Aligning your business or investment concept with the wrong market -You are always safer choosing the right market after you have designed your business concept,then make further adjustments as you go along.One business idea may turn into a great venture in one market and completely fail in another.
Starting without knowing the local regulations – Many hopeful business people have started and then found themselves grappling with regulations and bottlenecks that had been visible if only they had taken notice. It is therefore important to research on local regulations before embarking on a business venture.
Waiting for start up capital – It is widely known there is scarcity of financial capital in Africa,in particular for start ups.Do not be held back by lack of capital,instead amend or change your business model. Open an online business,offer services instead of products,build a platform for existing products,enable networking or business matchmaking,start working from home,or get started from scratch in a unique Africa business niche with no competition.