African Entrepreneurial Forum

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 …

Bill Gates is an American business magnate, who co-founded Microsoft, the world’s largest personal computer software company. He consistently rank in the top list of the world wealthiest people, he is one of the world best known entrepreneur of the personal computer revolution. He is also the world most generous philanthropist, who has donated over $28 billion to charity. Here are his top 10 rules for success. 1.Have Energy: If you are going to start a company you need so much energy that you use to overcome your feeling of risk. At the beginning it’s going to look so scary especially given that you don’t have any experience as in the case for most startups, you are going to make a lot of mistakes but if you have so much energy rushing through you, you will be able to overcome your mistakes and that of your team, you will also be able to guide your team into achieving the desired result because energy is contagious.           2. Have a Bad Experience: Bill Gates is a college dropout who d…

Mark Elliot Zuckerberg is an American computer programmer and Internet entrepreneur. He is a co-founder of Facebook, and is currently its chairman and chief executive officer. Zuckerberg launched Facebook from his Harvard University dormitory room on February 4, 2004 with college roommates and fellow Harvard students Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes. The group then introduced Facebook to other college campuses. Facebook expanded rapidly, reaching one billion users by 2012. During this time, Zuckerberg became involved in various legal disputes brought by his friends and cofounders, who claimed they were due a share of the company based upon their involvement during its development phase. Early Life Mark Elliot Zuckerberg was born on May 14, 1984, and grew up in the suburbs of New York, Dobbs Ferry. He was the second of four children and the only son in the educated family. Mark’s father, Edward Zuckerberg, is a dentist and mother, Karen Zuckerberg, is …

We were just about to start our meeting on what next to post when one of our colleague came in with Forefront magazine and showed us this very inspiring story about overcoming problems in life. Here is the content of the story.

As hard as it may be, more problems might actually mean a closer window of opportunity. There is a saying that every single thing happens for a reason and whatever does not kill us makes us stronger. A story by Alijo Sylvester. The story goes like this:
A young woman went to meet her mom to tell her about her life and how things are so hard for her. She was about giving up and had no idea how she was going to make it. She was fed up of fighting and struggling. She complained of how after a problem, straight comes another one. Her mom called her to the kitchen. She filled three pots with water and put them on fire. The first pot, she placed carrot, the second she placed egg and the third she placed ground coffee bean. She let them boil without saying a word. In abou…

Bernard Jean Étienne Arnault was born on the 5th of March 1949. He is a French business magnate, an investor, and an art collector. Arnault is the chairman and Chief Executive Officer (CEO) of LVMH, the world's largest luxury-goods company. He is the richest person in France and the fourth richest person in the world according to Forbes magazine, with a net worth of $75.5 billion, as of March 2018.
EARLY LIFE After graduation, Arnault joined his father's company, in 1971. In 1976, he convinced his father to liquidate the construction division of the company for 40 million French francs and to change the focus of the company to real estate. Using the name Férinel, the new company developed a specialty in holiday accommodation. Named the Director of Company Development in 1974, he became the CEO in 1977. In 1979, he succeeded his father as president of the company.
CAREER In 1984, with the help of Antoine Bernheim, a senior partner of Lazard Frères, Arnault acquired the Financière A…

It is incorrect to conclude that pursuing Entrepreneurship is better or worse than pursuing a role of a senior corporate executive. Being an entrepreneur is not for everyone. However, not every successful entrepreneur has the skill set to thrive in a corporate environment. Life as an entrepreneur, especially during the early stages of a business, is very challenging. There is an element of uncertainty and risk that one will not face when he/she signs up for a stable job with a large corporate. Further, the perks at the office and the lifestyle are typically not as extravagant. There are various reasons why people choose to pursue the path of entrepreneurship. Solving a problem/Addressing a need - The root of entrepreneurship is often based in solving a particular problem. For many entrepreneurs, ideas are driven by real life problems that they have faced. A prime example for this can be Brian Chesky and Joe Gebbia, founders of Airbnb. The need for a pocket-friendly accommodation other t…