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Entrepreneur's Corner

Empower Yourself As You Recreate Your Business: Wisdom From Africa’s Leading Entrepreneurs

BY Steve Biko Wafula · January 30, 2024 07:01 am

KEY POINTS

Create new things: Innovation, as seen in the work of Dr. Patrick Soon-Shiong, fosters progress and keeps businesses competitive.

Respect others: Mutual respect in the workplace, emphasized by successful entrepreneurs like Bethlehem Alemu, fosters a positive culture.

KEY TAKEAWAYS

Track progress: Regularly reviewing progress, as seen in the management style of James Mworia of Centum Investment, aids in course correction and strategy refinement.

Build a brand: Branding, much like Magatte Wade's efforts with Skin Is Skin, creates identity and value.

In the pursuit of success, entrepreneurs, self-employed individuals, and small to medium enterprise (SME) owners are continually seeking ways to enhance their personal growth and business acumen.

The journey of self-improvement is universal, but for those looking to make a mark in the competitive and dynamic markets of Africa, it can be particularly challenging. Drawing inspiration from the continent’s trailblazers, let’s delve into 30 transformative strategies that resonate deeply with African wisdom and entrepreneurial spirit.

Learn new skills: African entrepreneurs like Bethlehem Tilahun Alemu, founder of soleRebels, demonstrate the importance of acquiring new skills to innovate and compete globally.

Invest: Investment is key to growth. Tony Elumelu’s philosophy of “Africapitalism” emphasizes investing in Africa’s human and material resources for long-term prosperity.

Journal: Keeping a journal, akin to Ngozi Okonjo-Iweala’s meticulous record-keeping as Nigeria’s Finance Minister, helps in maintaining clarity and focus on objectives.

Read Also: Navigating Investment Waters: Caution And Advice To Young Investors

Wake up early: Vusi Thembekwayo, a renowned business mogul, advocates for starting the day early to maximize productivity and set a proactive tone.

Read daily: Strive Masiyiwa, the founder of Econet, is a voracious reader whose knowledge has fueled his innovative ventures.

Eat well: Health is wealth, as Adenike Ogunlesi of Ruff ‘n’ Tumble shows, maintaining well-being to stay at the top of her game.

Exercise regularly: Kagiso Mmusi, a Botswana entrepreneur, integrates exercise into his routine for mental and physical sharpness.

Judge less: Ashish J. Thakkar of Mara Group values open-mindedness, crucial for fostering a culture of innovation and inclusivity.

Set goals: Setting clear and achievable goals, as demonstrated by Aliko Dangote, Africa’s richest man, ensures a focused roadmap to success.

Plan ahead: Planning is key, as shown by Mo Ibrahim’s strategic moves in the telecommunications space.

Have a purpose: Find your ‘why,’ just like Dr. Precious Moloi-Motsepe, who uses her business to drive positive change.

Help others: SMEs thrive when they uplift the community, a principle seen in Julian Adyeri Omalla’s work, one of Uganda’s leading entrepreneurs.

Network: Networking, as practiced by Bethlehem Tilahun Alemu, opens doors to new opportunities and ideas.

Save money: Prudence in financial management by entrepreneurs like Mike Adenuga has been essential for sustainability and expansion.

Automate: Efficiency through automation, championed by tech leaders like Jason Njoku of IrokoTV, helps scale businesses effectively.

Delegate: Effective delegation, as exercised by Isabel dos Santos, enables leaders to focus on strategic growth.

Track finances: Keeping a close eye on finances has been instrumental in the success of entrepreneurs like Patrice Motsepe.

Learn from failures: Resilience in the face of setbacks, as shown by Kenyan entrepreneur Tabitha Karanja of Keroche Breweries, is vital.

Meditate: Mental clarity and focus through meditation can be seen in the practices of many successful entrepreneurs.

Get a mentor: Having a mentor for guidance, similar to how Fred Swaniker, founder of African Leadership Academy, mentors young leaders.

Stay productive: Productivity tactics are central to the success of SMEs, as shown by the rise of Flutterwave, founded by Iyinoluwa Aboyeji.

Read More:

Spend wisely: Fiscal responsibility by Funke Opeke in building MainOne has been key to its success.

Create new things: Innovation, as seen in the work of Dr. Patrick Soon-Shiong, fosters progress and keeps businesses competitive.

Respect others: Mutual respect in the workplace, emphasized by successful entrepreneurs like Bethlehem Alemu, fosters a positive culture.

Be ambitious: Ambition drives growth, as seen in the expansive vision of entrepreneurs like Elon Musk, who also has African roots.

Track progress: Regularly reviewing progress, as seen in the management style of James Mworia of Centum Investment, aids in course correction and strategy refinement.

Build a brand: Branding, much like Magatte Wade’s efforts with Skin Is Skin, creates identity and value.

Build relationships: Strong relationships, cultivated by entrepreneurs like Sudhir Ruparelia, are crucial for business longevity.

Inspire others: Entrepreneurs can lead by example, inspiring others to strive for excellence, similar to what Oprah Winfrey has achieved.

Keep learning: Lifelong learning, a trait exemplified by Naledi Pandor, South Africa’s Minister of International Relations and Cooperation, ensures adaptability and relevance.

Read Also: Maximizing Personal Growth As An Entrepreneur: A Comprehensive 6-Month Action Plan To Convert Yourself Into An ALPHA

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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