AFRICA ENTREPRENEURSHIP
How will countries with low-income people deal with Covid-19 and its aftermath? If there is one thing all economists have agreed on in 2020, it will be that low-income countries will be impacted more by the recent turn of events in the world. At the end of the day, it comes down to the livelihood and security of people. If the economy of any country is doing well, it will automatically reflect in the life of the people. Most low-income countries depend on foreign trades and businesses, but Covid-19 has unleashed a push-back and nations are recurring into their shells. But can African countries become self-reliant?
SELF-RELIANCE
Self-reliant is the ability to rely on ones own power and resources rather than those of others. The pandemic has caused many countries to shut their doors and become inwardly focused. Many countries are looking for new innovative ways to maintain and grow their economies. The trend for Countries to now focus on its strength won't be easy for most Africans countries which are heavily reliant on foreign investors and companies. But this pandemic is a wake-up call to leaders on the continent to keep searching possibilities inwardly to better the lives of their people. There should be a healthy balance in foreign-owned companies thriving on the continent by themselves and how these companies can team with local entrepreneurs to succeed together.
THE BACKBONE OF ECONOMIES
The pace of coming up with new ideas and the fact that the Africa population is growing is nothing new. Africa holds to the advantage of the continent that it posses one of the most youthful population. One will say this is the perfect ground to breed entrepreneurship. Entrepreneurship must be the backbone of the expected economic changes on the continent. It is good that Africa seeks more prominent firms and industrialisation but to neglect local entrepreneurs and not invest in enough in their story will be damaging when a crisis like COVID-19 arises. Being an African myself, In Africa, we love and have eyes for big things. Megalomania is predominant in our thinking, and a single-saviour mentality can cause systems to undermine small businesses. This is because the relevancy of grooming, nurturing and growing a company does not show right away. But neglect on this bases will be harmful to the many upcoming generations of entrepreneurs. Now is the time for African leaders, governments and policy-makers to look to their counterparts in Europe, America and advance countries and create a conducive environment for Entrepreneurs to emerge and flourish beyond their business plans. Africa will prosper when Africans take the leash entrepreneurially. We must understand to achieve economic growth and create jobs; we cannot undermine the need to train and develop local entrepreneurs intentionally
ENTREPRENEURSHIP PROGRAMS
The nation of Ghana has taken a step in the right direction for introducing the National Entrepreneurship and innovation program (NEIP). This program helps upcoming entrepreneurs and provide support for them locally. History has taught us that we cannot leave entrepreneurship to trial and errors in today's world where proven and successful methods exist. The time for programs that develops people who not only able to start something for themselves but can employ others has broken. And the continent has to start investing in people. If Africa will one day hold one of the largest population of young people in the world, then its leaders must marshal all their resources and direct it to the development of their capacities entrepreneurially.
People can provide a solution to their employment by becoming entrepreneurs. Entrepreneurship across the continent can boost cross-trade increase the wealth of ordinary people. There should be a better system to establish trust between banks and entrepreneurs. Governments must do their best to advocate for low-interest rate for entrepreneurs. Most entrepreneurs cannot do without borrowing money and for those who fortunate to have friends and family to borrow from that is good competitive-edge. Still, policy-makers should care enough for the plight of all will-be entrepreneurs.
CONCLUSION
It is time for all Africans entrepreneurs to flourish. The time for single table road-side sellers and hawkers are nearing their end. African entrepreneurship holds the key to bring prosperity and well-being to the continent, but for this to happen, we must use the tools available. We have to move people the consumer-user mentality to creative-thinking and train them for success.
More important than training is cohesion and cooperation. Stimulating and sensitising entrepreneurs to work together when their ideas align will hasten their success story. African entrepreneurs and entrepreneurship programs must focus on teaching people the power of forming teams and working together. Ideas flourish in multitudes. So if Africa can save itself and learn anything from Covid-19 is that invest in self-reliance by developing and creating an atmosphere for national businesses to thrive is the only way to go in the future.