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5 Steps: How To Be An Entrepreneur As An African

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Becoming an entrepreneur in Africa is the obvious option for most young people. Africa is known to be blessed for various natural resources but I dare say they aren’t the biggest resources the continent possesses. This thinking has resulted in paying attention to mining and exporting our natural resources which aren’t limitless. That’s, diminish over time. Our key resources are our problems. Problems mean more economic development. Some of Africa’s biggest problems is youth unemployment.

 

Africa Will Be The Most Populated Continent By 2050.

According to the World Bank, Youth account for 60% the unemployed in Africa. This is a huge problem. But with other problems, this could be a good opportunity to raise economic giants in Africa. That’s, our primary problem is untapped human resources. If we master this, we will be able to deal with the other problems which the second largest continent in size and population. Africa is set to be the most populated continent in 2050 accounting or more than half of the world’s population.

 

How Can We Make Good Use Of Our Population?

These are quite interesting statistics but what have they got to do with our problems and how to solve them? More importantly what is the link to entrepreneurship?

That’s a great question. My short answer is a lot. But of course, I shall explain.

Unemployment is one of Africa’s biggest problems. And so is population. We have various problems in environment, banking and finance, some societies lack basic needs, how can we create a shared success that makes sure everyone enjoys a healthy and worthwhile life? Now that’s where entrepreneurship comes in.

The basic requirements for entrepreneurship are opportunities and problems. And Africa has lots of that. There is no point denying that.

Entrepreneurship Is The Way

Entrepreneurship means our vastly untapped human resources can brainstorm solutions to our numerous problems, in so doing create employment for other youth. Everyone benefits. Everyone gets to do something productive. Something as basic as keeping a bookkeeping checklist for onboarding clients could make all the difference in a young business.

Tony O. Elumelu, CON, Founder of The Tony Elumelu Foundation says “It is a timely topic because the reality is that no advanced nation has achieved that status without prioritising and driving entrepreneurship and small business growth.”

Having made this point, how can we all become entrepreneurs knowing the problems that inhibit the development of entrepreneurship in Africa.

One of the best theories on how to become an entrepreneur based on a study conducted by Saras D. Saravathy is the Effectuation theory. In this article, I will delve into the five main principles behind effectuation and how you can use them to build a sustainable business which survives the storms of Africa.

Effectuation: How to Be an Entrepreneur as An African

  1. The Bird in Hand Principle

The bird in hand principle basically means aspiring entrepreneurs must look at what they currently have in terms of knowledge, resources such as money, people you know, and everything that will be useful in making a successful venture. This principle helps avoid looking for funding and outside support such as loans which may become debts if the venture fails.

Using the bird in hand principle helps you to think in terms of what you have and how best you can utilise them to build your business. It forces you to be resourceful. The basic principle of being resourceful is not what you have but what you are able to do with what you have even if it is little.

  1. The Affordable Loss Principle

You have identified your resources. The affordable loss principle asks you to consider which of your resources you are willing to sacrifice, to lose, to build your venture even if you aren’t assured of success.

In other words, you should only invest what you are willing to part with into your business.

What are the benefits of working with what you have instead of going to look for funding? A lot. One of them is a psychological. Using the affordable loss principle helps the entrepreneur reduce the tension on them to produce results as would be if the entrepreneur gets a bank loan. Businesses often take time to make ends meet. This cuts the perspective of the entrepreneur to making decisions for short term instead of long-term gains.

A good example (but probably unfair) is Snapchat which made no revenues prior to going public but had a valuation of $24 million putting a whooping $4 Million in their cash coffers alone.

Working with the principle of affordable loss helps you to minimize risk and potential loss. Taking off stress related to fears of losing what you don’t.

When you believe there’s not much to lose, you release your creative juices as you have the freedom to explore all that there is to. And that’s what has made some companies really successful. They played around with different industries, products and services before finding their ground.

  1. Crazy Quilt Principle

Let’s face, you can’t do everything. When you are starting out, you have few resources to work with. In most cases, you can partner with other players who aren’t competitors but can complement your business in certain areas.

An example is suppliers if you source raw materials. You can negotiate to have materials delivered and payment made over a period or when goods have been produced and sold.

If you operate a shipping and transport business, you can negotiate a deal to pay for your fuel after certain periods and in bulk.

The crazy quilt principles force the entrepreneur to think about how to forge alliances which can help the business grow by handling key aspects of the business at a negotiated, favourable payment plans or low-cost models.

In identifying those key players, the entrepreneur must be willing to learn from the partnerships and be willing to change direction of their company based on what works and not their “business plan”. This is partly because when you are starting out, much of what you do is based on guestimates and best practices. You have little “for sure” knowledge. In such stages of the business, your business model is still being developed. Hence, the need for open mindedness and development as the business grows.

 

  1. The Lemonade Principle

The key word here is iteration! The entrepreneurial journey is one ridden with mistakes, unproductive partnerships, and many avenues for learning. The lemonade principle says that detours and mistake are a part of the journey and the entrepreneur has to see them as learning opportunities for growth and development.

 

  1. The Pilot in the Plane Principle

Pilots have a lot of responsibility. Imagine manning an aircraft carrying over 100 people. They all depend on you for their safe arrival.

So must the entrepreneur see themselves. It is true that life can be unpredictable but the entrepreneur must act in their capacity as pilot in the plane of their business. They must take responsibility for creating the desired results without making excuses.

 

Uncertainty must be accepted and even embraced. Such an attitude clears the way for more proactive measures in areas such as planning, forecasting, making strategic decisions, adapting to change and running effectively.

In sum, the pilot in the plane principle says the future cannot be predicted as life is inherently inconsistent. But the future can be created through a conscious evaluation of options and making choices.

Conclusion

Effectuation works with the basic principle that we can all build a business through an iterative process of logic. Also, you cannot predict the future but you can control certain things to create the future you desire.

As Africa is in need of innovative solutions to our unemployment problems, I charge you to use these principles to take that step. You do not need the best idea in the world to become successful but you do have to get started to be successful.

 

This article was written by Enoch Kabange

Enoch W. Kabange is a passionate fellow who sees the best in every situation. He is the Founder of Wordinspired Media, a personal development brand and Alien Media.  Alien Media helps businesses and brands create digital assets which can deliver them higher visibility and enable them to grow like never before.

Enoch is a Digital Marketer, Brand Strategist/Consultant, and a Content Writer. 

His mission is to inspire millions of people to become entrepreneurs and to pursue their passions by motivating them to the greatness that resides within them.

Written by: Enoch Weguri Kabange

Contact: 

E: enochkabange@gmail.com

Website: EnochKabange.com / bit.ly/EnochKabange

 

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People & Lifestyle

DStv For Business Enhancing Customers’ Experience with The Right Mix of Entertainment

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At the heart of any business is the customer and at DStv Ghana, the goal is to evolve daily to meet the demands of the ever-changing and competitive market. In a bid to cater to its wide array of audiences, Africa’s number one Pay TV company, MultiChoice Africa has repositioned its commercial service “DStv For Business” with packages specially curated with the right edutainment content to suit various businesses.

According to the Acting Head, DStv For Business, Kelvin Kamasa, “our objective is to deliver a pay TV experience designed for your business. The content and packages are specifically curated to seamlessly fit into the way commercial customers consume it. Our solution for hotels for instance allows guest in different rooms to watch their choice of channels without the intervention of the front desk personnel. Your clientele can continue watching their favourite shows/channels whenever they are on the road for business or stop by your office, hotel, or pub. DStv For Business has a tailored package to suit your business size and pocket so you can have the best working moments with DStv.”

MultiChoice Ghana continues to improve its service offerings over time, with the addition of consultancy service for High-rise buildings, multiple user dwelling on how DStv can be installed. The DStv For Business unit can advise on countless options to ensure the incorporation of either our IPTV service or other alternatives to a seamless and cost-effective TV entertainment solution to your high rise or estate project. According to the Managing Director, MultiChoice Ghana, Alex Okyere, the business is all about the customer’s experience, and the greatest motivation for his team is to offer more value for money to not just our domestic users but commercial users.

DStv For Business has three main offers; DStv Work, DStv Play and DStv Stay. Each package is tailored to suit the needs of offices, bars, clubs, restaurants, hotels and so on. The essence of this, Kelvin Kamasa explains, is to tailor content to specific customers to enhance their viewing experience. Instead of having to watch a wide array of content, these DStv For Business packages now give you what you want based on business customers’ needs and preferences.

The DStv Work package offers the latest news headlines from around the world, sports, weather updates and other work-related entertainment. The goal here is to set the tone for a stimulating work environment and keep everyone well informed. The Work packages are best suited for offices, banks, and other corporate organizations.

The DStv Play packages are best suited for businesses such as pubs, restaurants, bars, clubs, café, and betting houses. These packages enhance the guest’s experience and ensure that they are always entertained with their favourite sports programmes and other first-class entertainment.

The DStv Stay packages are suited for hotels, motels, lodges, resorts, Air BnB’s and serviced apartments. Giving each guest whether a kid, adult or elderly a memorable in-room experience during their stay.

One important feature is that these packages they can be tailored to customers’ budget. This means that customers can enjoy entertainment at a certain threshold which is a unique offer. For less than Ghs 170, one can enjoy several channels. For instance, the DStv Stay (Basic), offers customers an array of entertainment with more than ten channels spanning sports, news, kiddies’ channel, and music with just GHs77.

Businesses also have the flexibility of choosing a package that perfectly suits your business model without worrying about not having the popular channels needed by customers. From small entrepreneurs to 5-star hotels, multinational corporations and government agencies, every business has something that works for them.

For hotels, their customers get a mix of carefully selected movies, music, and sports channels as well as documentary channels. This is the same for a financial establishment where customers are more concerned about the latest updates from the financial sector and latest news over that of a music or movie channel like Akwaaba Magic Abusua and ROK Gh. Similarly,  fast-food joints, pubs and clubs will be in tune with Trace Jama, Akwaaba Magic, SuperSports channels over National Geographic Channel or News channels.

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Fly Emirates to Dubai and enjoy a free night’s stay at Fairmont The Palm

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Ghanaian Travellers planning their next escape to Dubai and beyond who purchase an Emirates return ticket in First or Business Class can enjoy a complimentary night’s stay at one of Dubai’s most iconic hotels (more…)

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IIPGH, AFOS Foundation and partners launch Tech Job Fair (TJF) 2023

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Organisers and partners at the launch of Tech Job Fair 2023

Organisers of the annual Tech Job Fair (TJF) are geared up to give potential employees and employers yet another thrilling and exciting opportunity to recruit and be recruited into the job market after a media launch of the fair in Accra. (more…)

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Ghana’s Nana Yaa Serwaa Sarpong honoured as Female Entrepreneur of the Year at AWELFA 2023

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Ghana’s Nana Yaa Serwaa Sarpong has been honoured for her contribution to Women and Business in Africa at the Africa Women Economic and Leadership Forum and Awards (AWELFA 2023), held in Cameroon. During the forum, Miss Sarpong spoke on the “Impact, Opportunities and Strategies for Women in Entrepreneurship under the AfCFTA”. AWELFA later presented Miss Sarpong with an award as Female Entrepreneur of the Year. (more…)

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How to Start Playing in an Online Casino Safely

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When you’re ready to start playing in https://irelandbestcasinos.com/, it’s important to do so safely. Here are a few tips to follow:

  1. Make sure the casino is reputable and has a valid license.
  2. Only use trusted payment methods, such as credit cards or Paypal.
  3. Never share your personal information with the casino or anyone else.
  4. Keep your login information confidential and never let anyone else access your account.
  5. Make sure you understand the terms and conditions of the casino before you play.
  6. Play for fun, not to make money. Never gamble more than you can afford to lose.

The Risks and Rewards of New Online Casinos

When it comes to gambling, there’s no doubt that the internet has made things a lot more convenient for people all over the world. Instead of having to travel to a physical casino, players can now simply log on to their favourite online casino and enjoy all the action from the comfort of their own home.

While this has undoubtedly made gambling more accessible and enjoyable for many people, it has also led to the rise of a new breed of online casino – the so-called ‘newcomer’. These casinos are often established by relatively unknown companies and tend to offer players lower betting limits and a narrower range of games than more established brands.

So, what are the risks and rewards of playing at new online casinos? On the one hand, these casinos may be less reliable and secure than more established brands, so there is a risk that your personal information or money could be compromised. On the other hand, new casinos often offer generous bonuses and other promotions which can allow you to make some free money or get extra value for your bets.

Ultimately, whether or not you decide to play at a new online casino is up to you. However, if you do decide to take the plunge, it’s important to do your research first and make sure that you choose a reputable brand. With a little bit of care, you should be able to enjoy all the fun and excitement of online gambling without any major problems.

Benefits of Using a Good Betting Site

When it comes to gambling, there’s no doubt that the internet has made things a lot easier for people. These days, there are tons of great betting sites available online, and this means that you can enjoy all the convenience and excitement of gambling without ever having to leave your home.

But with so many different sites to choose from, it can be difficult to know which one is right for you. So what should you look for when choosing a betting site? Here are some of the key benefits of using a good betting site:

  1. Security and safety – One of the most important things to look for in a betting site is security. You want to make sure that your personal information and your money are safe and secure, and that the site has measures in place to protect you from fraud and other scams.
  2. Variety of games – A good betting site will offer a wide range of games, including slots, poker, blackjack, roulette and more. This means that you’ll always have something new to try and you’ll never get bored.
  3. Good customer service – A good betting site will have excellent customer service, with staff who are friendly and helpful and are happy to answer any questions you may have.
  4. Easy payment options – Another important thing to look for is easy payment options. The site should offer a range of payment methods such as credit card, debit card, PayPal and more. This makes it for you to deposit money and start playing right away.
  5. Bonus offers – Many betting sites offer bonus offers to their customers, such as free bets or match deposit bonuses. This can be a great way to boost your winnings and give you an edge over other players.

As you can see, there are plenty of great reasons to use a good betting site. So if you’re thinking about gambling online, be sure to choose a site that offers all of the above benefits.

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Everton Welcomes Ghana’s Ridge City Women as Club Partner

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Everton Welcomes Ghana's Ridge City Women as Club Partner

Everton is proud to announce that Ridge City has become the first women’s football club to join forces in an exciting new partnership.

The Ghanaian club, based in Accra and formed just four years ago, is the newest addition to Everton’s International Academy Affiliate Programme (EIAAP) as the Club looks to build on the huge progress made in the women’s game in recent years.

It is also the first African club to join the EIAAP programme, which aims to expand the knowledge and expertise of Everton’s player development processes to affiliated clubs across the world.

Everton aims to help expand the profile of Ridge City Football Club by facilitating and developing the women’s game in Ghana and offering a pathway for players.

The two clubs will also collaborate on player and coach development, coach education and helping Ridge City establish themselves as a foundation club for women in Ghana.

Formed in 2018, Ridge City FC has thrived following a truncated start as a professional club caused by the Covid pandemic: earning promotion to the Ghanaian Premier League in only their third season, as champions of Division One.

The club, which currently has around 30 women in its ranks, plus a burgeoning academy, has aims to facilitate the development and promotion of women’s football in Ghana.

Ridge City’s mission also includes creating career opportunities for girls and women as footballers and in the technical and managerial aspects of the game, and contributing positively to the upliftment of female football in Ghana.

Cleopatra Nsiah Nketiah, CEO of Ridge City, said: “I am super excited about the partnership. We have been looking for an opportunity like this for a long time and the most important thing for us is that women in Ghana are serious about playing football.

“I feel like our relationship with Everton will help us on that pathway and let our people know that in Ghana you can play football and that there can be a career path, perhaps even having a chance to travel to the UK and trial there.

“The environment and resources Everton can provide is a huge pull and the opportunity to have online coaching programmes to follow, and even potential visits by their coaches, is another real positive that we can tap into, to help our women feel that they are part of something bigger.

“I want to let the world know that we can see a pathway forward for Ridge City and this is a relationship we can’t wait to be a part of.”

The EIAAP initiative provides clubs at all tiers of the game with access to the finest coaching knowledge from Everton’s renowned Academy to support with growth – a level of support that sets it apart from more traditional models.

These include:

  • A holistic approach to player, coach and club development, offering technical support from Everton’s Finch Farm training complex and business and marketing support from its Royal Liver Building business headquarters
  • Weekly support from a dedicated Everton Academy coach
  • Full access to the Everton Academy curriculum

Under the EIAAP initiative, coaches from Ridge City will have access to Everton’s state-of-the-art Finch Farm complex – the home of Everton’s senior men’s, senior women’s and academy teams – for education and training.

Paddy Byrne, Everton’s International Technical Manager, plans to make a future visit to Ridge City to assist in sharing the Everton Academy curriculum and implement methods used at Finch Farm to develop both player and coaching skills.

In turn, this provides Ridge City Women with further knowledge and help grow their club to achieve their vision and objectives.

Byrne added: “We are delighted to welcome Ridge City as an inaugural women’s partner club to Everton’s International Academy Affiliate programme.

“I’m excited to work with Cleopatra and her team and help them to build on the solid foundations laid in only four years of existence.

“We feel there is plenty of opportunity for them to grow – and by sharing our values and coaching methods we will build on the affiliate programme in a new territory. 

“I am sure this will prove a fruitful partnership for both clubs, and we can’t wait to get started.”

Everton’s International Academy Affiliate Club programme, which is available to grassroots teams, professional sides, youth academies, girls’ and women’s teams, as well as colleges and universities, was launched in 2020.

The programme already has affiliates in the US, Canada, South America, Australia and Ireland.

To find out more, visit EvertonInternationalAcademy.com

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