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Challenges Facing African Entrepreneurs

At the sixth Global Entreprenenrship Summit held in Kenya where President Barack Obama, the research and policy arm of the Tony Elumelu Foundation (TED) – the Africapitalism Institute revealed a study.

The 86-page report, titled: “Unleashing Africa’s Entrepreneurs,”  identified and analysed  factors inhibiting the potential of entrepreneurs across Africa.

The study showed that  63 per cent of respondents said that government needs to “improve the general quality of infrastructure” as a key to reducing overall costs which are hurting their competitiveness.
Also,  82 percent of entrepreneurs said that access to a business start-up accelerator or resource center was “very important” to their business, while 66 percent indicated that they are currently part of a business incubator or accelerator.

The report’s insights were gained from surveys provided to the 20,000 emerging entrepreneurs from 54 African countries and territories in the Tony Elumelu Entrepreneurship Network. The resulting set of data were the world’s largest and most diverse assessment of entrepreneurship from the perspective of emerging African entrepreneurs themselves.

The business climate across the continent has fundamental challenges that inhibit the viability and competitiveness of entrepreneurial endeavors. The Africapitalism Institute conducted the study to better understand the specific constraints Africa’s entrepreneurs face, and to find solutions to present to public sector leaders for action.

“Entrepreneurship is the key to unlocking the abundance of untapped human potential across Africa,” the Chairman of Heirs Holdings and Founder of the TEF, Mr. Tony O Elumelu said.

“That is why I have endowed the Tony Elumelu Entrepreneurship Programme with $100 million in an effort to empower 10,000 entrepreneurs throughout Africa over the next 10 years,” he added.

“We want to improve the enabling environment for all of Africa’s existing, emerging and aspiring entrepreneurs,” the Chief Executive Officer, TEF, Parminder Vir said.

“With the results of this study, we have an opportunity to educate policy makers across Africa about the importance of empowering entrepreneurs, and the critical role government plays in removing the barriers that inhibit their success.”

 

Source: This Day Business News

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