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Youth in Africa should turn to Entrepreneurship for Answers

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Considering the depressed state of the formal job market in Africa, it’s a good thing that more and more youth in Sub-Saharan Africa are looking to entrepreneurship to secure their future. Young people on the continent are more upbeat about their ability to become entrepreneurs than their peers in any other region, according to a recent global study. As many as 60% of 18 to 34-year-olds on the continent who took part in a joint study by the Global Entrepreneurship Monitor (GEM) and Youth Business International (YBI) were optimistic about the availability of good business opportunities, and believed they had the skills and knowledge to start a business. This compares to just over 17% of young people in the European Union, almost 17% in Asia Pacific and South Asia, and around 30% in North America. The only other region that came close to Sub-Saharan Africa’s optimism was Latin America and the Caribbean, where 40% of the youth believed they had the opportunities, skills and knowledge to st…

Vision, Strategy and Innovation. Key Ingredient to Entrepreneurship.

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During my first experience as an entrepreneur in Nigeria, we were part of a small company with only a few employees. One day, we were all overbooked with an important engagement. One of our major challenges was related to a very specific technical issue, and we couldn’t find someone to help us to fix it. Resources were scarce. Since we required the experts for only few days, even when we succeeded to find a resource, the expert wasn’t interested by such a small contract. Then, one weekend after, a friend of mine proposed to try a new place where you can have lunch, while sharing your table with strangers. At our table, some people were discussing a new innovative app that could help to better manage business cards. I was immediately attracted by their conversation and jumped on, and after some minutes, I found myself talking about my current issue with my engagement. Suddenly, the lady sitting on the other side of the table told me: “My cousin is in this area- I can ask him if he can h…

Entrepreneurship alone cant SKY Rocket you to Riches.

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You can't just be savvy about your business strategy. Keep these steps in mind to make your money work for you. Entrepreneurs become entrepreneurs for a number of reasons. Being your own boss ranks high on the list. The sense of accomplishment that comes with creating a company and making it a success is another motivation for some. The primary driver for many is the prospect of becoming extremely wealthy. While some entrepreneurs like the idea of being rich simply for the sake of being rich or for the hedonistic pleasures money makes possible, that’s not the case for most business owners. Generally, the desire to become really wealthy is accompanied by loftier goals, including taking care of loved ones and supporting non-profits. Many entrepreneurs are a personality type known as the family steward. They care deeply about the important people in their lives and want to be able to help them financially. And they also have a strong drive to give back by supporting charitable causes. Th…

Become a Guru in Entrepreneurship

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Becoming your own boss and socking it to the man (whoever the man is) can be life affirming. You are freeing yourself from the shackles of full time employment to go it alone and strive for financial freedom.
Sure, you’re saying goodbye to your steady wage, your office colleagues and your high flying career, but you’re saying hello to working from home, being your own boss, and taking more control over your work life balance. Every year, more people are choosing to turn their backs on being an employee in an effort to become self employed. Entrepreneurship is a tricky art to master. Just because you have a fantastic business idea, you have the funds to launch your startup, and you have a little black book of valuable contacts doesn’t mean that you will make a success of your money making venture. You will have to endure long hours initially, you will have to encounter the worry over where your next paycheck will come from, and you will no doubt have to say a fond farewell to your soci…

BLUEPRINT OF ENTREPRENEURSHIP.

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Contributed by Naval Goel The term' entrepreneur' is obtained from the French verb' entreprendre,' which implies' to start.' This relates to those who' carry' the threat of new businesses. An entrepreneur creates an enterprise. The creation process is called, 'Entrepreneurship.' Entrepreneurship is both the analysis of the creation of new companies and the actual practice of commencing a new business – the word is used interchangeably. Entrepreneurship is a method of an entrepreneur's behaviour who is an individual always searching for something fresh and putting such thoughts into gainful possibilities by embracing the company's threat and uncertainty. Who is an Entrepreneur? An entrepreneur is a person who establishes a new business, carries most of the risks, and enjoys most of the benefits. The entrepreneur is generally seen as a visionary, a source of new thoughts, products, facilities and processes. In any industry, entrepreneurs play a…