JobnetAfrica's last blog gave some tips for expats living or wanting to live in Africa. In this new blog we are considering the (future) entrepreneurs in Africa. So read our 5 tips for entrepreneurs in Africa:
1. Calculated, not blind optimism
As an entrepreneur, you are naturally optimistic.
Your confidence is infectious and is one of your biggest strengths. However, you need to make sure it doesn’t become your weakness. You need to ensure you don’t become victim of blind optimism.
2. Cash is king
Cash dictates who you can hire, how long your business has to operate and how well you sleep at night. If you are not good with numbers then learn fast and hire someone who is. If you don’t, your company will die a very quick and painful death.
3. Sustainability is queen
If cash is king then sustainability is queen. From day one you want to focus on building a sustainable business. If your business is not sustainable you will lose any investor or talent you may have been able to convince with your vision.
4. Be decisive and be nimble
As an entrepreneur and founder of a company, you will constantly be asked to make decisions with limited amounts of data. You need to be able to make these decisions quickly, learn fast and iterate.
5. The long game
Brace yourself, as this is a long game. If you are an entrepreneur, you are likely to be one for life. Be ready for the extreme ups and downs, the sleepless nights, the feeling of being alone, the hope, elation and the excitement. Hang on to your courage!
You can read more about these tips for entrepreneurs in Africa on How we made it in Africa.
In the meantime follow JobnetAfrica via Twitter, Facebook, Linkedin. Make sure you will receive our Vacancy Newsletter by signing up on our website so you are updated on new job openings in Africa regularly.