African Entrepreneurial Forum

Being a young entrepreneur is difficult, no matter where you are from. But in Africa, the challenges are often far more emphasised. Resources, financing, mentorship and supporting services are even scarcer. Yet despite this, the continent’s youth unemployment is higher than elsewhere, and for many young Africans, entrepreneurship is less of a choice, and more of a requisite for survival. Last year the Anzisha Prize, Africa’s premier award for entrepreneurs between the ages of 15-22, identified a handful of young entrepreneurs who are making it in Africa. Here are some of their tips for success.  1. The most important step is the first one Cameroonian Nteff Alain is the winner of the 2014 Anzisha Prize and is the entrepreneur behind GiftedMom, an e-content platform for pregnant women. He says having an idea is easy, but turning it into reality is a whole different story. The wall of challenges an entrepreneur faces can quickly de-motivate someone from following through on their vision. …

Twenty percent of small businesses fail within their first year. Entrepreneurship is no walk in the park. In fact, the amount of new businesses that fail exceed the number that succeed. That’s why it’s more important than ever to create a unique product or service that helps you stand out from the rest. However, don’t be discouraged. If you believe in your business, passion will prevail. On average, 75 percent of small-business owners are confident in their company. And why shouldn’t they be? They’ve turned their passion into profit. Yet, keep in mind it’s important not to be overly confident. Instead, take things one step at a time. Typically, 20 percent of small businesses fail in their first year, 50 percent in their fifth year and 70 percent after a decade of being in business. A number of factors play into a business’s closing, such as location, the current market, cash flow and more. The number of reason most small businesses fail is due to cash flow, and California cities such …

Getty Images We often talk a good game in the world about how entrepreneurship is a global phenomenon.  In the last week of October, we lived it. Headlined by Bill gates, the Microsoft giant drew some of the biggest names in technology together with more than 1,200 entrepreneurs from 170 countries, government leaders and Silicon Valley executives to Stanford University to put a spotlight on expanding entrepreneurship around the globe. From the start, the call was for championing entrepreneurship to help reduce global tensions and demonstrate a different path for youth living in troubled regions. We don't often enough connect the bottom line to efforts to make a safer world.  I applaud Gates call to action for this next generation of entrepreneurs, and those in the current generation, to support them. Gates proposed that the young entrepreneurs focus on three "generational challenges":  creating education tools to excite youth who may be at risk of radicalization, build…

Cletus M. Ibeto (born November 6, 1952) is a Nigerian businessman from the industrial city of Nnewi. He is head of The Ibeto Group, the largest business enterprise from Nnewi, a city unique for its entrepreneurial spirit. In the early 1980s, when the oil crash and a controversial importlicensing system was making a dent on the Nigerian manufacturingenvironment, Nnewi went through a growth period. The Ibeto Group under the Ibeto's leadership was a pace setter in the region and nation's trading and later manufacturing development.  His story teaches that no matter how your financial situation seems at any point in life, seeing and taking opportunities when others don’t, smart-hard work, perseverance, and the right network can change your status for good.
EARLY LIFE On January 22, 1966, at age 13, the highly spirited Ibeto got his school box and provisions all packed and set for school. Unknown to him, the academic phase of his life was about to crash, as his father decided that si…