Entrepreneurship

Four types of entrepreneurial ventures you can thrive in as a young African this year

2 Mins read

Four types of entrepreneurial ventures you can thrive in as a young African this year

Introduction

The entrepreneurial potential of Africa is blossoming. Entrepreneurship is becoming increasingly popular as a means of addressing today’s global challenges. Let’s take a look at four different types of entrepreneurship that are flourishing in Africa this year.

Social entrepreneurship

One of the most common types of entrepreneurship in Africa is social entrepreneurship. It is understandable that this generation of young Africans is more determined to find innovative solutions to the majority of the continent’s social problems. Here are some African-owned social enterprises that are making a big difference on the continent.  Easy solarAko FreshSiyaBuddyCocoa360Eco-warriors, mPharma etc.

Easy Solar is securing a $5 million local currency secured credit facility from the Energy Inclusion Facility's Off-Grid Energy Access Fund (EIF OGEF). The funding will allow the company to continue electrifying rural areas via solar home systems.
  Easy Solar from Sierra Leone
AkoFresh is a green cold chain enterprise, offering farmers and traders solar powered cold storage preservation services
Ako Fresh -Ghana
What is social entrepreneurship?

Social entrepreneurship is a for-profit business model that aims to improve social issues or the environment.

Who is a social entrepreneur?

A social entrepreneur is a person who explores business opportunities that have a positive impact on their community, society, or the world.

 

Agriculture entrepreneurship

Africa has the best agricultural climate and natural environment. This year, I want to encourage a lot of young Africans to put their time, energy, and money into agriculture.

Some African countries have implemented sound agricultural policies and given farmers financial incentives. It’s an incredibly exciting time to be an African agricultural entrepreneur.

Research the type of agriculture you want to pursue and collaborate with others who share your vision. This year, you can reap more than you sow; remember, anything is possible in Africa.

John Dumelo, has urged Ghanaians to venture into cabbage farming, an investment he describes as highly profitable.
Dumelo Farms -Ghana

You can find inspiration from some of the continent’s agricultural entrepreneurs. Dumelo Farms (Ghana), African grain millers (Namibia)Eco Fix (Kenya)Flour Mill (Nigeria), and others are examples of successful African agricultural enterprises.

See also  Akufo-Addo Urges African Leaders to Foster Innovation and Entrepreneurship in Youth

Sports entrepreneurship

Sport entrepreneurship is not new to Africans; however, there is a greater awareness and understanding of how to turn sports into a business, which has encouraged the youth to invest in sports entrepreneurship.

In 2018, Rwandan President Kagame announced a controversial 30-million-pound deal with Arsenal in order to boost local tourism and strengthen Rwanda’s global brand. This is a strategy for promoting tourism in Rwanda. The main point, however, is that Africans are recognizing the business benefits of sports.

Rachel Ankomah, founder of Accra Majestics Rugby League Club and Accra Majestics Juniors in Accra, is another example of a proud African sports entrepreneur who is influencing change in Africa.

Rachel_Ankomah
Rachel Ankomah, founder of Accra Majestics Rugby League Club and Accra Majestics Juniors

Read about: the woman of steel, Rachel Ankomah

Private entrepreneurship

A self-employed person or a solopreneur is a private entrepreneur. In Africa, we can identify a lot of such people. They make up the largest group of entrepreneurs.

Some argue that a self-employed person is not the same as an entrepreneurial owner-manager of a business because they are not growing a business but are simply trying to make ends meet.

That, however, is not correct. There are many well-known African entrepreneurs who began as solopreneurs and have grown their businesses to multimillion-dollar enterprises.

Read about Dr. Osei Kwame Despite

You can also start as a solopreneur and work your way up to becoming a successful African entrepreneur. Remember, it’s never too late to start your own business.

 

Source: Entrepreneursplazza.com

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