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What economic benefits may arise from local entrepreneurship in Africa?

Posted By Sarah Skidmore, Monday, May 18, 2020

Sarah Skidmore, a member of our Emerging Fellows program inspects the economic aspect of local entrepreneurship in Africa through her fifth blog post. The views expressed are those of the author and not necessarily those of the APF or its other members.

 

In the early 2000s, the Africa Rising movement spurred the development of entrepreneurial opportunities in a contemporary way. But reflecting on the past two decades, what real momentum has come from entrepreneurship throughout the continent? What has hindered a lasting momentum and an enduring growth? Consider the impact that factionalism, tribalism, nepotism, and corruption have had on the successful long-term growth of entrepreneurship to date. Reflect on what real prosperity and development have accompanied the traditional political leadership model throughout the continent. Contemporary efforts of top-down development from African leaders over the past twenty years have not catapulted a robust existence of entrepreneurship across the general population. What can be done, starting now, so that a theme of thriving local entrepreneurship exists throughout the continent by 2050?

 

There is a real prospect for exponential growth related to entrepreneurial opportunities. As Africa seeks to unlock its potential by 2050, entrepreneurial ventures are essential to growth. However, an important nuance to a renewed effort involves an alternative approach. Consider the manifested impact that may arise for the African people as they adopt a bottom-up approach. How might ventures led by the African people opposed to a top-down approach from formal African leadership offer greater evolution? As systems of governmental instability, military rule, suppression, and genocide are overturned by grassroots efforts such as human rights, a growing feminist presence, educational advances, and increased networking, the continent is reshaped. Along with this evolution, entrepreneurship further opens the doors for new hope and prospects not before available to the people at large.

 

Transforming the continent calls for shifting values. A shift away from racism toward valuing human development. A shift away from communism and command economies toward appreciating open markets. A shift toward valuing educational and vocational programs. A shift away from poverty toward valuing a skilled workforce. A shift from destruction toward comparative progress and peace. Further, these values fuel long-term expansion and sustainability of a bottom-up form of entrepreneurship.

 

Local entrepreneurship lends itself to a variety of beneficial aspects for the African economy. Empowered local business owners, in turn, provide communities with sustainability, employment opportunities, internship and apprenticeship positions, and greater voice. At the same time, prosperous and meaningful local entrepreneurship disrupts historical power dynamics, contends against generational cycles of poverty, and encourages an end to the African brain drain. With the people driving the growth of local entrepreneurship, there is an exponential opportunity for higher discretionary spending throughout the economy from the bottom-up.

 

Another critical benefit of local entrepreneurship on the economy is its inclusive nature. Entrepreneurship is non-discriminating and can be inclusive across all geographies, industries, and cultures. Consider the economic benefits available to all sectors through local business innovations - businesses to address the infrastructure issues, climate change, oil and gas discoveries, preventative health care, urbanization, technological advances, living conditions, and agriculture, for example. Local entrepreneurship is the best hope for Africa and its people as they unlock their potential by 2050.

 

© Sarah Skidmore 2020

Tags:  Africa  economics  entrepreneurship 

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