Starting a small business in Africa comes with unique challenges, as many do not survive past five years. However, avoiding common pitfalls can lead to success and growth. Key mistakes include focusing excessively on capital before starting and trying to implement rigid business strategies from other regions without adapting to local contexts. The article emphasizes the need for a mindset shift—it’s essential to prioritize innovation, wisdom, patience, and self-discipline over mere hustle to navigate the entrepreneurial landscape effectively.
Most small businesses in Africa never make it to their fifth birthday, but with the right strategies, survival and growth are possible.
Entrepreneurship in Africa requires a mindset shift from average hustling to one based on wisdom, patience, and self-discipline.
The misconception that you need capital to start a business prevents many from acting on their million-dollar ideas that could thrive without it.
Adhering strictly to 'by-the-book' strategies from different contexts can hinder growth in unique local business environments like Africa.
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