Africa is experiencing a new gold rush except it is not in the mining sector it is in the Agriculture and Agribusiness sector
All the answers to your unique business lifestage questions
Throughout Africa there is a new class of entrepreneurs emerging with remarkably ingenious success stories in various agricultural and agribusiness sectors.
Most of these businesses have developed from entrepreneurs seeing an opportunity and pursuing it.
50 per cent of the African population are below 25 years old, while 50 to 70 percent of the population rely on agriculture.
With six of the ten fastest growing countries in the world firmly seated in Africa, there is a new gold rush coming; only it’s not in the mining sector but rather in agribusiness.
Here are some challenges and tips for developing your agribusiness prospects in Africa:
The challenge - Human Capital. Africa continues to overcome the significant challenge of lack of human capital. In a bid to address this challenge University business schools have cropped up, specifically developing their own models so that the training is more specific to an African economic setting.
The advice - Think small. For businesses wanting to start operations in Africa, rather think small, instead of going in with large scale ideas. In an African context thinking small is pragmatic and will provide a platform for future growth.
The challenge - Consider the politics. Politics often have a different agenda to agriculture and agribusiness and can pose a threat to entrepreneurial development, while over regulation stifles entrepreneurship. Choose a country where the government has taken steps to support and grow entrepreneurs.
The advice - Diverse countries.For businesses looking at expanding into Africa it is also important to remember that Africa is a continent with 64 countries. One business model may not suit multiple roll outs in various countries. You may have to adapt your business to fit the circumstances on the ground.
Africa has many innovative businesses producing quality agriculture produce; from dried Marula fruit snacks in Botswana, shea production in Ghana, herb production in Kenya to even honey production in Uganda.
It’s a land of plenty, and, once you negotiate the intricacies of each country, Africa has a lot to offer expanding businesses.