Entrepreneurship is the act of setting up, organizing managing, and sustaining an existing or new business venture or enterprise. A person who is into entrepreneurship is known as an entrepreneur. They are often called the risk bearer because they risk starting off a business against all odds.
Usually, most businesses start from a small scale before growing out into a very large and massive enterprise. The process of growth often comes with a lot of perseverance and an effective management system.
About The Entrepreneurial Ventures.
Entrepreneurship ventures are subdivided into four distinct categories namely; small businesses, scalable, start-ups, large companies, and social entrepreneurs. Often times, it is very common among entrepreneurs at different categories to think that other categories are not the real entrepreneurs as some people consider other categories less superior to the other. However, in a real sense, they are all risk bearers. Both small and large businesses are very important for the economy of a country. It is necessary to have a clear understanding of the differences between entrepreneurship ventures, individual and corporate ventures because they all have their contribution to economic functions while their potentials for innovation and growth are different. Entrepreneurship ventures target high returns with an equally high level of uncertainty. Most entrepreneur is willing to risk his or her financial security and career, spending time as well as capital on an uncertain venture, arranging for necessary capital, raw materials, manufacturing locations and skilled employees. Entrepreneurship has unique characteristics that are limitless with different levels of complexities. This includes a set goal, an element of risk, personal commitment, planning and preparation, a commitment of numerous resources.
Top Opportunities for African Entrepreneurs
- Africa Business Heroes: ABH aims to identify, support and inspire the next generation of African entrepreneurs who are making a difference in their local communities, working to solve the most pressing problems, and building a more sustainable and inclusive economy for the future. Each year, ten finalists are selected to compete in the ABH finale pitch competition for a share of US $1.5 million in grant money.
- African Leadership Academy’s Anzisha Prize: this entrepreneurship program is open to Africans between the ages of 15 and 22 years. The participants must be the founder of an existing business. The benefits of this program are Entrepreneurial Leadership training, free consultation and mentorship services as well as a share in $100 000 funding.
- She Leads Africa: This program is open only to female entrepreneurs in Nigeria and applicants must be between 18 and 35 years of age with an existing business based in Nigeria. The benefits include; media coverage to raise your profile, access to Nigeria’s best business minds, and 2 million Nigerian Naira in investment capital.
- Agric business Africa Window: this program is made available to private companies worldwide who have innovative business ideas in the fields of agric business, financial services and value chains that will benefit rural communities in Sub-Saharan Africa.
- Enhancing Growth in New Enterprises: this is funded by the UK Government and it seeks to equip Micro and Small Enterprises (MSEs) with the necessary skills and resources. Applicants must be Ghanaian citizens and of about 20 years or older with a proposition for an expansion on an already business or new business based in Ghana. Benefits include; capital to move the business forward, opportunities for expansion, and links to financial institutions.
- Tony Elumelu Entrepreneurship Programme: this program offers up to USD 100 million for young African entrepreneurs. The participants must be up to 18 years old and have an existing business up to 3 years old. Benefits include; 12 weeks of intensive training, mentoring, and seed capital.
- Ashden International Awards for Entrepreneurs in Developing Countries: this is one of the world’s biggest energy awards, which rewards innovative enterprises and entrepreneurs by playing a key part in enabling the delivery of sustainable energy systems and help build a low-carbon future. Benefits include; $20 000 to the winner in each of the six categories selected.
Entrepreneurial Contest
No matter the geographic location, entrepreneurship contest is unavoidable. Financial support is one of those things facilitating entrepreneurship, most businesses face these challenges especially when the business begins to thrive. In such a contest, small businesses are faced with more risk of losing balance as more stable businesses overpower them.
Social entrepreneurship
This is an approach adopted by start-up businesses and entrepreneurs in which they develop, fund, and implement solutions to social, cultural, or environmental issues. This concept may be adopted by a wide range of entrepreneurs. The aim of social entrepreneurship is to broaden the social, cultural, and environmental goals of voluntary sectors.
Although there are quite a number of challenges facing African entrepreneurs but even in the midst of that are several benefits available for entrepreneurs within the shores of Africa. Some investors however find some of these challenges experienced in Africa as an opportunity to thrive as an entrepreneur. Before now, investors and business owners prefer more advanced countries to set up their businesses but lately, many people are beginning to appreciate some of the great benefits of investing in Africa despite the numerous challenges faced. In other words, the benefits of starting off a business in Africa outweighs the odds. There quite a number of businesses in Africa that are promising and offer wealth and an increase in job opportunities. Most of these businesses focus on solving nagging problems in society.
There are lots of opportunities for African entrepreneurs offered every year. This includes business grants for African entrepreneurs; grants for startups in Africa, funding for African startups, and funding for African entrepreneurs
Start here to apply for funding and grants for entrepreneurs in Africa from national and international organizations.
