Succeeding in Business in Africa!!

Published: Dec. 30, 2020, 3:47 p.m.

b"Succeeding in business in Africa.\\n\\nWhat will make or break your business in Africa? What determines if it will be a success?\\n\\nHere are few tips for consideration for a business in Africa making it succeed.\\n\\n1.Individual investor!!\\nKnow yourself, your true motivational level, the amount of money you can risk, and what you're willing to do to be successful.\\xa0\\n\\n2.Organisation internationalisation!!\\nDo you have a seperate dept set up to research the marketplace of your proposed destination?\\n\\nUnderstand the citizens, attitudinal and purchase power potential?\\n\\nThe country's Economic strength and government policy?\\n\\nMonetary and fiscal with a view at your profit repartriations!!!\\n\\n3.\\xa0 Brand development strategy.\\n\\nSure, we all want to make millions of dollars. But what are you willing to give up to reach that goal?\\n\\nConsidering the HOW FACTORS!\\n\\nHow many hours a week will you work on an ongoing basis?\\nHow far out of your comfort zone are you willing to stretch?\\nHow far will your family stretch with you?\\nTo be successful, keep your business plans in line with your personal and family goals and resources. It all must be in tune with your nation of destination's culture, tradition, and reception to foreign investors.\\n\\n4. Choose the right business for you or how your existing business fits into that nation of intention in Africa.\\xa0\\n\\nThe old formula \\u2013 find a need and fill it\\xa0\\u2013\\xa0still works. It will always work.\\n\\nThe key to success is\\xa0finding needs that you can fill, that you want to fill, and that will produce enough income to build a profitable business in that African nation.\\n\\nBe sure there really is a market for what you want to sell.\\xa0One of the biggest mistakes startups make is to assume a lot of people will want to buy a particular product or service because the business owner likes the ideas or knows one or two people who want the product or service.\\n\\nOr for example because NIGERIA's teeming bulging youths population, and expanding middle class. How powerful is their purchasing power backed up with ability to make payment..\\n\\nTo minimize your risk for loss, never assume there is a market.\\xa0\\n\\nResearch the idea.\\xa0Talk to real potential prospects (who aren't family and friends) to find out if what you want to sell is something they'd be interested in buying, and if so, what they'd pay for the product or service.\\xa0\\n\\nResearch your potential existing competitors in those countries. Including their financial institutions.\\n\\nNo matter what type of business you are starting or running, you will have competitors.\\n\\nEven if there is no other business offering exactly what you plan to sell, or offer in that country, there is very likely to be other products or services your target customers are using to satisfy their need currently.\\n\\nTo be successful, you need to\\xa0research the competition\\xa0and find out as much as possible about what they sell and how they sell it.\\n\\nCompetitive research is something you should plan on doing on an ongoing basis, too.\\xa0If there really aren't any other competitors, it's possible there isn't a market or a real need for what you want to go sell, you may build consumerism education model into your bizplan.\\n\\nPlan to succeed.\\xa0If you're not seeking investors or putting a huge sum of money into your business, you may not need an elaborate business plan, but you still do need a plan - one that specifies your goal \\u2013 your destination \\u2013 and then lays out at least a skeletal roadmap for how you'll get to where you want to go in those African countries.\\n\\nThe plan will change as you progress and learn more about your country of destination customers and competition, but it will still help you stay focused and headed in the right direction.\\n\\nUse your\\xa0business planning worksheet\\xa0to help develop that basic plan, and schematic implementation day by day.\\n\\nKnow the Operational Needs.\\xa0\\xa0Most people who are thinking about starting a business in Africa, focus majorly\\xa0 on what they\\u2019ll sell and who they\\u2019ll sell it too.\\xa0\\n\\nWhat they often don\\u2019t consider \\n\\n--- \\n\\nSend in a voice message: https://podcasters.spotify.com/pod/show/enterpriseafrica/message"